AMERITAS LIFE INSURANCE CORP SEPARATE ACCOUNT LLVL
497, 2000-06-30
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                   AMERITAS LIFE INSURANCE CORP. ("AMERITAS")

       SUPPLEMENT TO AMERITAS LOW-LOAD VARIABLE UNIVERSAL LIFE PROSPECTUS
                                DATED MAY 1, 2000

                         SUPPLEMENT DATED JUNE 30, 2000


Prospectus sections VALUATION DATE AND VALUATION PERIOD, page 20, and TRANSFERS,
page 23, are amended by replacing the sentence "The transaction  cutoff time for
receipt by us of Premium Payments and all transactions  with respect to Rydex is
1:30 p.m. Central time." with the sentence:

        The  transaction  cutoff time for receipt by us of premium  payments and
        all transactions with respect to Rydex is 1:30 p.m. Central time, or one
        hour before market close, for days on which the market closes early.


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.


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