Supplement dated May 1, 2000
To the Prospectus dated May 1, 2000
Select*Annuity III
Select*Life II
Select*Life III
FlexDesign(TM) VUL
Variable Estate Design
ReliaStar Financial Corp. ("ReliaStar"), the parent company of ReliaStar Life
Insurance Company ("ReliaStar Life"), has entered into an Agreement and Plan of
Merger dated as of April 30, 2000 (the "Agreement"), with ING Groep N.V. ("ING")
and ING America Insurance Holdings, Inc. The Agreement provides for the
acquisition of ReliaStar and its subsidiaries by ING. The acquisition is
currently expected to be completed in the third quarter of 2000. The completion
of the transaction is subject to various contingencies and to the receipt of all
regulatory and shareholder approvals. Following the completion of the
transaction, ReliaStar Life will continue to be responsible for all contracts
issued by it.
ING is a global financial institution active in the field of insurance, banking,
and asset management in more than 60 countries, with almost 90,000 employees.
