FIRST COVA LIFE INSURANCE COMPANY
FIRST COVA VARIABLE ANNUITY ACCOUNT ONE
Supplement dated November 3, 1997
to Prospectus dated May 1, 1997, as amended September 8, 1997
This supplement should be attached to your copy of the Prospectus for the
variable annuity contracts issued by First Cova Life Insurance Company ("First
Cova") and First Cova Variable Annuity Account One ("Variable Account One").
Growth and Income Portfolio Substitution
The purpose of this supplement is to notify you of a proposal to substitute
shares of the Lord Abbett Growth and Income Portfolio of Cova Series Trust
("Cova Trust") for shares of the Growth and Income Portfolio of Lord Abbett
Series Fund, Inc. ("Lord Abbett Fund") held by Variable Account One to fund
certain flexible purchase payment variable annuity contracts ("Contracts")
issued by First Cova.
First Cova will file an application with the Securities and Exchange Commission
("Commission") on or about the date of this supplement requesting an order
approving the Substitution. Upon obtaining the order from the Commission
approving the Substitution, and subject to any prior approval by applicable
state insurance authorities, First Cova and Variable Account One propose to
effect the Substitution as soon as is practical.
A Contract owner, prior to the date of Substitution, may transfer his or her
Growth and Income Sub-Account Value to any other sub-account of Variable Account
One without any limitation or charge being imposed. Moreover, following the
Substitution for a period of 30 days, First Cova will permit transfers from the
Lord Abbett Growth and Income Sub-Account to any other sub-account of Variable
Account One available under your Contract without any limitation or charge being
imposed. After the 30 days, any transfers from the Lord Abbett Growth and Income
Sub-Account will be subject to the restrictions described in the Prospectus.
A complete list of all available Portfolios in which Variable Account One
invests is set forth in the Prospectus. You may obtain a Prospectus by writing
or calling First Cova at the address or telephone number set forth below.
First Cova will effect the Substitution by simultaneously placing an order to
redeem the shares of the Growth and Income Portfolio and an order to purchase
shares of the Lord Abbett Growth and Income Portfolio.
First Cova will bear the expenses attributable to the Substitution. First Cova
will send affected Owners a notice within five days after the Substitution.
CUSTOMER SERVICE: (800) 343-8496
Issued by: First Cova Life Insurance Company
Distributed by: Cova Life Sales Company
One Tower Lane, Suite 3000
Oakbrook Terrace, Illinois 60181-4644
CNY-3009 (10/97)
