AMERITAS LIFE INSURANCE CORP. ("AMERITAS")
SUPPLEMENT TO AMERITAS LOW-LOAD SURVIVORSHIP VARIABLE UNIVERSAL LIFE
PROSPECTUS DATED MAY 1, 2000
SUPPLEMENT DATED MAY 11, 2000
The Neuberger Berman AMT Guardian and Mid-Cap Growth portfolios, which are
available as investment options under the Ameritas Low-Load Survivorship
Variable Universal Life Policy ("LLSVUL"), are not listed in the Fund Expense
Summary on page 9 of the current prospectus. The Growth and Partners portfolios
listed in the chart are not and have never been available as investment options
under the LLSVUL. Therefore, page 9 of the May 1, 2000 prospectus is corrected
by deleting the words "Growth" and "Partners" and the numbers in those lines
from the fund expense chart, and replacing them with the expenses for the
Guardian and Mid-Cap Growth portfolios. The Fund Expense Summary for Neuberger
Berman AMT, at page 9 of the LLSVUL prospectus, should read as follows:
<TABLE>
<CAPTION>
FUND EXPENSE SUMMARY
INVESTMENT WAIVERS AND/OR TOTAL
ADVISORY & OTHER REIMBURSEMENTS, (REFLECTING WAIVERS AND/OR
PORTFOLIO MANAGEMENT EXPENSES TOTAL IF ANY REIMBURSEMENTS, IF ANY)
<S> <C> <C> <C> <C> <C>
NEUBERGER BERMAN AMT(7)
Liquid Asset 0.65% 0.44% 1.09% 0.08%(8) 1.01%
Limited Maturity Bond 0.65% 0.11% 0.76% 0.00%(8) 0.76%
Guardian 0.85% 0.15% 1.00% 0.00%(8) 1.00%
Mid-Cap Growth 0.85% 0.23% 1.08% 0.08%(8) 1.00%
Balanced 0.85% 0.17% 1.02% 0.00%(8) 1.02%
</TABLE>
(7) Neuberger Berman Management Inc. ("NBMI") provides investment management
services to each Neuberger Berman AMT Series that include, among other
things, making and implementing investment decisions and providing
facilities and personnel necessary to operate the Series. NBMI provides
administrative services to each portfolio that include furnishing similar
facilities and personnel to the portfolio. With the portfolio's consent,
NBMI is authorized to subcontract some of its responsibilities under its
administration agreement with the portfolio to third parties.
Each portfolio bears all expenses of its operations other than those borne
by NBMI as administrator of the portfolio and as distributor of its shares.
Each series bears all expenses of its operations other than those borne by
NBMI as investment manager of the series. These expenses include, but are
not limited to, for the portfolios and the series, legal and accounting fees
and compensation for trustees who are not affiliated with NBMI; for the
portfolios, transfer agent fees and the cost of printing and sending reports
and proxy materials to shareholders; and for the series, custodial fees for
securities. Any expenses which are not directly attributable to a specific
series are allocated on the basis of the net assets of the respective
series.
(8) NBMI has undertaken through May 1, 2001 to reimburse certain operating
expenses, including the compensation of NBMI, and excluding taxes, interest,
extraordinary expenses, brokerage commissions and transaction costs, that
exceed, in the aggregate, 1% of the average daily net asset value of the
portfolios.
THIS SUPPLEMENT SHOULD BE RETAINED WITH THE CURRENT PROSPECTUS FOR YOUR VARIABLE
POLICY ISSUED BY AMERITAS LIFE INSURANCE CORP. IF YOU DO NOT HAVE A CURRENT
PROSPECTUS, PLEASE CONTACT AMERITAS AT 1-800-255-9678.
