AIM VARIABLE INSURANCE FUNDS INC
497, 1998-10-01
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<PAGE>   1
                       AIM VARIABLE INSURANCE FUNDS, INC.

AIM V.I. AGGRESSIVE GROWTH FUND                AIM V.I. BALANCED FUND
AIM V.I. CAPITAL APPRECIATION FUND             AIM V.I. CAPITAL DEVELOPMENT FUND
AIM V.I. DIVERSIFIED INCOME FUND               AIM V.I. GLOBAL UTILITIES FUND
AIM V.I. GOVERNMENT SECURITIES FUND            AIM V.I. GROWTH FUND
AIM V.I. GROWTH AND INCOME FUND                AIM V.I. HIGH YIELD FUND
AIM V.I. INTERNATIONAL EQUITY FUND             AIM V.I. MONEY MARKET FUND
                              AIM V.I. VALUE FUND

                        Supplement dated October 1, 1998
          to the Statement of Additional Information dated May 1, 1998


       The following information should be inserted within the discussion under
the heading  "MANAGEMENT--Directors and Officers":

<TABLE>
 <S>                                    <C>                 <C>
 "PREMA MATHAI-DAVIS (48)               Director            Chief Executive Officer, YWCA of
 350 Fifth Avenue, Suite 301                                the U.S.A.; Commissioner, New
 New York, NY 10118                                         York City Department for
                                                            the Aging; and  Member of the
                                                            Board of Directors, Metropolitan
                                                            Transportation Authority of New
                                                            York State.
</TABLE>

Mr. Kroeger resigned as a Director of the Company on June 11, 1998 and on that
date became a consultant to the Company."


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