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THE WATERHOUSE
VARIABLE
ANNUITY
Contracts Under Flexible
Premium Deferred
Combination Variable and
Fixed Annuity Contracts
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PROSPECTUS DATED
May 1, 1998
FORTIS-Registered Trademark-
FIRST FORTIS LIFE INSURANCE COMPANY
MAILING ADDRESS: STREET ADDRESS: PHONE: 1-800-591-7333
P.O. BOX 3249 SUITE 255
SYRACUSE 220 SALINA MEADOWS
NEW YORK 13220 PARKWAY
SYRACUSE
NEW YORK 13212
This Prospectus describes interests under flexible premium deferred combination
variable and fixed annuity contracts issued by First Fortis Life Insurance
Company ("First Fortis"). The minimum initial purchase payment is generally
$5,000 and is $500 for each subsequent purchase payment.
A Contract allows you to accumulate funds on a tax-deferred basis. You may elect
a guaranteed interest accumulation option through the Fixed Account or a
variable return accumulation option through Separate Account A (the "Variable
Account") of First Fortis, or a combination of these two options. Under the
variable rate accumulation option, you can choose among the following Portfolios
(see "The Portfolios" for limitations on the availability of certain Portfolios
in certain states):
Alliance Money Market Portfolio Lexington Natural Resources Trust
Alliance International Portfolio Lexington Emerging Markets Fund
Alliance Premier Growth Portfolio MFS Emerging Growth Series
American Century VP Balanced Fund MFS High Income Series
American Century VP Capital Appreciation MFS World Governments Series
Fund Montgomery Emerging Markets Fund
Federated High Income Bond Fund II Montgomery Growth Fund
Federated Utility Fund II Neuberger & Berman Limited Maturity
Federated American Leaders Fund II Bond
Federated Fund for U.S. Government Portfolio
Securities II Neuberger & Berman Partners Portfolio
Fortis S & P 500 Index Series SAFECO Equity Portfolio
INVESCO Industrial Income Portfolio SAFECO Growth Portfolio
INVESCO Health Services Portfolio Strong Discovery Fund II
INVESCO Technology Portfolio Strong International Stock Fund II
Van Eck Worldwide Bond Fund
Van Eck Worldwide Hard Assets Fund
The accompanying Prospectus for these Portfolios describes the investment
objectives, policies and risks of each of the Portfolios. You can choose among
10 different guarantee periods under the guaranteed interest accumulation
option, each of which has its own interest rate.
You have the right to examine a Contract during a "free look" period after you
receive the Contract and return it for a refund of the amount of the then
current Contract Value. The "free look" period is 10 days.
The Contract provides several different types of retirement and death benefits,
including fixed and variable annuity income options. You may make partial
surrenders of the Contract Value or may totally surrender the Contract for its
Cash Surrender Value.
This Prospectus gives prospective investors information about the Contracts that
they should know before investing. This Prospectus must be accompanied by a
current Prospectus of the Portfolios. These Prospectuses should be read
carefully and kept for future reference.
A Statement of Additional Information, dated May 1, 1998, about certain aspects
of the Contracts has been filed with the Securities and Exchange Commission and
is available without charge, from First Fortis at the address and phone number
printed above. The Table of Contents for the Statement of Additional Information
appears on page 23 of this Prospectus.
THESE POLICIES ARE NOT OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY BANK,
CREDIT UNION, BROKER-DEALER OR OTHER FINANCIAL INSTITUTION. THEY ARE NOT
FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL
RESERVE BOARD, OR ANY OTHER AGENCY; AND INVOLVE INVESTMENT RISKS, INCLUDING THE
POSSIBLE LOSS OF PRINCIPAL.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION, NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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- -Registered Trademark- and Fortis-Registered Trademark- are registered
servicemarks of Fortis AMEV and Fortis AG.
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PROSPECTUS SUPPLEMENT DATED JANUARY 1, 1999
TO FIRST FORTIS LIFE INSURANCE COMPANY
THE WATERHOUSE VARIABLE ANNUITY
(FORMERLY KNOWN AS THE VALUE ADVANTAGE PLUS ANNUITY)
PROSPECTUS DATED MAY 1, 1998
The prospectus is amended by removing the Lexington Emerging Markets Fund
portfolio as an available investment portfolio for Certificates issued on and
after January 1, 1999. Certificate holders who purchased their Certificate
prior to January 1, 1999 and who HAD certificate value allocated to the
Lexington Emerging Markets Fund portfolio as of January 1, 1999, may not
allocate purchase payments made after February 15, 1999, or make subsequent
transfers of certificate value, to the Lexington Emerging Markets Fund.
Certificate holders who purchased their Certificate prior to January 1, 1999
and who DID NOT have certificate value allocated to the Lexington Emerging
Markets Fund portfolio as of January 1, 1999, may not allocate purchase
payments made after January 1, 1999, or make subsequent transfers of
certificate value, to the Lexington Emerging Markets Fund.
