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T. ROWE PRICE
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NO-LOAD VARIABLE ANNUITY
AN INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT
Supplement Dated September 2, 1998, to Prospectus Dated May 1, 1998
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ISSUED BY:
First Security Benefit Life Insurance
and Annuity Company of New York
70 West Red Oak Lane, 4th Floor
White Plains, New York 10604
1-914-697-4748
The following paragraph replaces the second paragraph of the Section "First
Security Benefit Life Insurance and Annuity Company of New York" found on page
14:
On July 31, 1998, Security Benefit Life Insurance Company ("SBL"), the
Company's parent company, converted from a mutual life insurance company
to a stock life insurance company ultimately controlled by Security
Benefit Mutual Holding Company, a Kansas mutual holding company.
Membership interests in SBL of persons who were contractowners of SBL as
of July 31, 1998, became membership interests in Security Benefit Mutual
Holding Company upon conversion, and persons who acquire policies from SBL
after that date automatically become members in the mutual holding
company.
