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SUPPLEMENT DATED JUNE 24, 1996
TO THE PROSPECTUS OF
GROUP AND INDIVIDUAL FLEXIBLE PREMIUM
VARIABLE LIFE INSURANCE POLICIES
ISSUED BY
PARAGON LIFE INSURANCE COMPANY
DATED MAY 1, 1996
THIS SUPPLEMENT UPDATES THE SECTION OF THE PROSPECTUS ENTITLED "THE COMPANY AND
THE SEPARATE ACCOUNT -- THE COMPANY" AND SHOULD BE READ AT THE END OF THAT
SECTION. THIS SUPPLEMENT, TOGETHER WITH THE PROSPECTUS PREVIOUSLY /
CONCURRENTLY FURNISHED TO YOU, CONSTITUTE A CURRENT PROSPECTUS.
The Company may from time to time publish in advertisements, sales
literature, and reports to Owners or Contractholders, the ratings and other
information assigned to it by one or more independent rating organizations such
as A. M. Best Company, Standard & Poor's Corporation, and Duff & Phelps. The
purpose of the ratings is to reflect the financial strength and/or claims paying
ability of the Company and should not be considered as bearing on the investment
performance of assets held in the Separate Account. Each year the A. M. Best
Company reviews the financial status of thousands of insurers, culminating in
the assignment of Best's ratings. These ratings reflect their current opinion
of the relative financial strength and operating performance of an insurance
company in comparison to the norms of the life/health insurance industry. In
addition, the claims paying ability of the Company as measured by Standard &
Poor's Insurance Ratings Services or Duff & Phelps may be referred to in
advertisements or sales literature or in reports to Owners or Contractholders.
These ratings are opinions of an operating insurance company's financial
capacity to meet the obligations of its insurance policies in accordance with
their terms. These ratings do not reflect the investment performance of the
Separate Account or the degree of risk associated with an investment in the
Separate Account.
The Company also may include in advertisements and other literature certain
rankings assigned to the Company by the National Association of Insurance
Commissioners ("NAIC"), and the Company's analyses of statistical information
produced by the NAIC. These rankings and analyses of statistical information
may describe, among other things, the Company's growth, premium income,
investment income, capital gains and losses, policy reserves, policy claims, and
life insurance in force. The Company's use of such rankings and statistical
information is not an endorsement by the NAIC.
Advertisements and literature prepared by the Company also may include
discussions of taxable and tax-deferred investment programs (including
comparisons based on selected tax brackets), alternative investment vehicles,
and general economic conditions.
