<PAGE>
ADVISOR'S EDGE VARIABLE ANNUITY
Issued by
Peoples Benefit Life Insurance Company
Supplement Dated November 30, 2000
to the
Prospectus dated May 1, 2000
The way in which purchases are allocated during the applicable Right to
Cancel Period under the Advisor's Edge Variable Annuity has changed. This
change impacts the allocation of purchase payments for contracts issued in the
state of Michigan only.
All capitalized terms used herein, which are not defined herein, shall have
the same meanings as the same terms used in the accompanying prospectus.
Paragraph two of the section "Allocation of Purchase Payment" appearing on
page 15 of the prospectus is hereby amended in its entirety to read as follows:
"If the state of issue of your Contract is Georgia, Idaho, Louisiana,
Missouri, Nebraska, New Hampshire, New Jersey, North Carolina, Oklahoma,
Oregon, South Carolina, Utah, Virginia or West Virginia, we will not
immediately invest your initial Net Purchase Payment in the Portfolios
shown on your customer order form until the Right to Cancel Period has
passed. Instead, those amounts will be invested in the Federated Prime
Money Portfolio until the Right to Cancel Period passes, at which time your
initial allocation instructions will be followed, except that any accrued
earnings will remain in the Federated Prime Money Portfolio if you selected
it as an initial allocation option. If the state of issue of your Contract
is any other state, then your initial Net Purchase Payment will be
immediately invested in the Portfolios in the percentages specified on your
customer order form without waiting for the Right to Cancel Period to pass.
In that case, you will bear full investment risk for any amounts allocated
to the Portfolios during the Right to Cancel Period."
This Prospectus Supplement must be accompanied
by the Prospectus for the
Advisor's Edge Variable Annuity dated May 1, 2000
<PAGE>
ADVISOR'S EDGE SELECT VARIABLE ANNUITY
Issued by
Peoples Benefit Life Insurance Company
Supplement Dated November 30, 2000
to the
Prospectus dated May 1, 2000
The way in which purchases are allocated during the applicable Right to
Cancel Period under the Advisor's Edge Select Variable Annuity has changed.
This change impacts the allocation of purchase payments for contracts issued in
the state of Michigan only.
All capitalized terms used herein, which are not defined herein, shall have
the same meanings as the same terms used in the accompanying prospectus.
Paragraph two of the section "Allocation of Purchase Payment" appearing on
page 14 of the prospectus is hereby amended in its entirety to read as follows:
"If the state of issue of your Contract is Georgia, Idaho, Louisiana,
Missouri, Nebraska, New Hampshire, New Jersey, North Carolina, Oklahoma,
Oregon, South Carolina, Utah, Virginia or West Virginia, we will not
immediately invest your initial Net Purchase Payment in the Portfolios
shown on your customer order form until the Right to Cancel Period has
passed. Instead, those amounts will be invested in the Federated Prime
Money Portfolio until the Right to Cancel Period passes, at which time your
initial allocation instructions will be followed, except that any accrued
earnings will remain in the Federated Prime Money Portfolio if you selected
it as an initial allocation option. If the state of issue of your Contract
is any other state, then your initial Net Purchase Payment will be
immediately invested in the Portfolios in the percentages specified on your
customer order form without waiting for the Right to Cancel Period to pass.
In that case, you will bear full investment risk for any amounts allocated
to the Portfolios during the Right to Cancel Period."
This Prospectus Supplement must be accompanied
by the Prospectus for the
Advisor's Edge Select Variable Annuity dated May 1, 2000
