SUPPLEMENT TO PROSPECTUS
COVA FINANCIAL LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT FIVE
This supplement should be attached to your copy of the prospectus for the
variable annuity contracts issued by Cova Financial Life Insurance Company
("Cova Life") and Cova Variable Annuity Account Five ("Variable Account Five").
On December 31, 1998, the Securities and Exchange Commission issued an
order approving the substitution of shares of certain Portfolios of Cova Series
Trust ("Cova Trust") and of General American Capital Company ("General American
Fund") for shares of certain other Portfolios of Cova Trust and for shares of
Lord Abbett Series Fund, Inc. ("Lord Abbett Fund") held by Variable Account Five
to fund certain variable annuity contracts issued by Cova Life as follows: (1)
shares of the Large Cap Stock Portfolio of Cova Trust for shares of the Stock
Index Portfolio of Cova Trust; (2) shares of the Quality Bond Portfolio of Cova
Trust for shares of the Quality Income Portfolio of Cova Trust; (3) shares of
the Lord Abbett Growth and Income Portfolio of Cova Trust for shares of the VKAC
Growth and Income Portfolio of Cova Trust; (4) shares of the Lord Abbett Growth
and Income Portfolio of Cova Trust for shares of the Growth and Income Portfolio
of Lord Abbett Fund; and (5) shares of the Money Market Fund of the General
American Fund for shares of the Money Market Portfolio of Cova Trust.
If you wish, you may transfer without any charge your Contract value as
substituted into any other eligible sub-account. If you transfer within 30 days
from the date of the notice of substitution which you will receive shortly, the
transfer will not be subject to any charge on transfers described in the
Prospectus for the Contracts.
Should you have any questions, please feel free to call us at (800)
343-8496.
CC-4152 (12/98)
