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Power Portfolio Variable Annuity
GNA Variable Investment Account
Great Northern Insured Annuity Corporation
Supplement to Prospectus dated November 22, 1995
Great Northern Insured Annuity Corporation ("GNA") is offering to exchange
Certificates under its Power Portfolio variable annuity - the contract described
in this Prospectus - for Certificates under its Paragon Power Portfolio variable
annuity in order to make available new investment options to Participants
holding Paragon Power Portfolio Certificates. A Participant who exchanges his or
her Paragon Power Portfolio Certificate for a Power Portfolio Certificate will
become eligible to invest in the GNA Value Portfolio of the GNA Variable Series
Trust and the GE Fixed Income Portfolio and the GE U.S. Equity Portfolio of the
Variable Investment Trust in addition to the GNA and GE portfolios currently
available under his or her Paragon Power Portfolio Certificate. The terms of the
Power Portfolio and Paragon Power Portfolio Certificates are identical except
for the investment options available. A description of the new investment
options available is set forth in the accompanying prospectuses of the GNA
Variable Series Trust and the Variable Investment Trust.
The exchange of Certificates will be made without the assessment of the
withdrawal charge or any market value adjustment under the terms of the Paragon
Power Portfolio Certificate, and no deduction of the Certificate Maintenance
Charge will be made at the time of the exchange unless the exchange is made on
December 31. In addition, no charge will be made for effecting the exchange. For
purposes of determining the minimum death benefit, the Certificate Anniversaries
upon which the "Reset Dates" of the minimum death benefit are based, the
maturity date on any funds invested in a fixed guarantee period and the
applicable withdrawal charge on any withdrawals made subsequent to the exchange,
the Power Portfolio Certificate will be deemed to have been issued on the date
that the Paragon Power Portfolio Certificate was issued. Likewise, a purchase
payment credited to a Paragon Power Portfolio Certificate will be deemed to have
been credited to the Power Portfolio Certificates on the date it was credited
under the Paragon Power Portfolio Certificate. See "Death Benefit" on pages
18-19, "Fixed Accumulation" on pages 12-13 and "Charges and Deductions on pages
22-25 of this Prospectus.
GNA believes that an exchange of a Certificate will not be a taxable event for
Federal tax purposes; however, any Participant considering an exchange should
consult a tax advisor.
The date of this supplement is December 11, 1995
