RELIASTAR LIFE INSURANCE COMPANY
Select*Life II
Select*Life III
SVUL
Flexible Premium Variable Life Insurance Policies
Issued by Select*Life Variable Account of ReliaStar Life Insurance Company
Supplement Dated January 22, 1999 to
Prospectuses Dated May 1, 1998
Effective April 30, 1999, sub-accounts investing in the following Funds (the
"Closed Funds") are being closed to new monies, and will no longer accept
additional premiums or transfers:
o Fidelity VIP Overseas Portfolio
o Fidelity VIP II Asset Manager Portfolio
o Putnam VT Asia Pacific Growth Fund
o Putnam VT Diversified Income Fund
o Putnam VT Utilities Growth and Income Fund
If new premiums are received on or after April 30, 1999 for investment in one or
more of the Closed Funds, these premiums will automatically be re-allocated to
the Fidelity VIP Money Market Fund option, unless we receive instructions from
you to the contrary. If we receive additional premiums but you have already
reached the 17 Fund limitation (as outlined in the Prospectus), and the Fidelity
VIP Money Market Fund was not one of these Funds, then the additional premiums
will be re-allocated pro rata to the other Funds to which you have allocated
monies, and which are not being closed.
If you have elected the dollar cost averaging service, and one or more of the
transferee funds you have selected is a Closed Fund, then the service will be
terminated and you will be required to complete a new dollar cost averaging form
specifying new transferee fund(s).
If you have elected the portfolio rebalancing service, and one or more of the
Funds you have elected is a Closed Fund, then the service will be terminated. If
you wish to resume this service, you will be required to complete a new
portfolio rebalancing form, and re-allocate all monies currently allocated to
Closed Funds to Funds that have not been closed.
