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SUPPLEMENT DATED AUGUST 1, 1997 TO
PROSPECTUS DATED MAY 1, 1997 FOR
INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACTS
ISSUED BY
NATIONWIDE LIFE INSURANCE COMPANY
THROUGH ITS
NATIONWIDE VARIABLE ACCOUNT - 5
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS. PLEASE
READ IT AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE INFORMATION.
THE "LOAN PRIVILEGE" SECTION OF THE PROSPECTUS IS AMENDED BY REPLACING THE SIXTH
PARAGRAPH OF SUCH SECTION WITH THE FOLLOWING:
Loans must be repaid in substantially level payments, not less frequently than
quarterly, within five years. Loans used to purchase the principal residence of
the Contract Owner must be repaid within 15 years. During the loan term, the
outstanding balance of the loan will continue to earn interest at an annual rate
as specified in the loan agreement. Loan repayments will consist of principal
and interest in amounts set forth in the loan agreement. Loan repayments will be
processed in the same manner as a Purchase Payment. Loan repayments will be
allocated among the Fixed and Variable Accounts in accordance with the Contract,
unless the Contract Owner and the Company agree to amend the Contract at a
later date on a case by case basis.
