<PAGE>
ADVISOR'S EDGE VARIABLE ANNUITY
Issued by
Peoples Benefit Life Insurance Company
Supplement Dated September 1, 2000
to the
Prospectus dated May 1, 2000
Effective September 1, 2000, the WRL Janus Global subaccount is closed to new
investors. This means the WRL Janus Global subaccount is not available to
anyone who purchases a policy after September 1, 2000. This also means that if
you purchased a policy before September 1, 2000, but did not have any policy
value in the WRL Janus Global subaccount on September 1, 2000, then you cannot
elect this investment option.
If you have policy value in the WRL Janus Global subaccount on September 1,
2000, you may do all of the following (subject to the terms and conditions
contained in the Prospectus) as long as you maintain a balance in the WRL Janus
Global subaccount:
. allocate additional premium payments to the WRL Janus Global subaccount;
. transfer into or out of the WRL Janus Global subaccount;
. withdraw amounts from the WRL Janus Global subaccount; and
. maintain your current investment in the WRL Janus Global subaccount.
--------------------------------------------------------------------------------
Please Note:
If at any time you transfer or withdraw all of your policy value from the
WRL Janus Global subaccount, then you can no longer invest in the WRL
Janus Global subaccount.
--------------------------------------------------------------------------------
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 September 1, 2000
to the
Prospectus dated May 1, 2000
Effective September 1, 2000, the WRL Janus Global subaccount is closed to new
investors. This means the WRL Janus Global subaccount is not available to
anyone who purchases a policy after September 1, 2000. This also means that if
you purchased a policy before September 1, 2000, but did not have any policy
value in the WRL Janus Global subaccount on September 1, 2000, then you cannot
elect this investment option.
If you have policy value in the WRL Janus Global subaccount on September 1,
2000, you may do all of the following (subject to the terms and conditions
contained in the Prospectus) as long as you maintain a balance in the WRL Janus
Global subaccount:
. allocate additional premium payments to the WRL Janus Global subaccount;
. transfer into or out of the WRL Janus Global subaccount;
. withdraw amounts from the WRL Janus Global subaccount; and
. maintain your current investment in the WRL Janus Global subaccount.
--------------------------------------------------------------------------------
Please Note:
If at any time you transfer or withdraw all of your policy value from the
WRL Janus Global subaccount, then you can no longer invest in the WRL Janus
Global subaccount.
--------------------------------------------------------------------------------
This Prospectus Supplement must be accompanied
by the Prospectus for the
Advisor's Edge Select Variable Annuity dated May 1, 2000
