AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVL
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1999
The low-load variable universal life prospectus is amended at page 13 to update
the INVESTMENT OBJECTIVES AND POLICIES OF THE FUNDS' PORTFOLIOS for the Vanguard
Variable Insurance Fund portfolios, as follows:
VANGUARD
MONEY MARKET PORTFOLIO seeks to provide a current income and a stable net
asset value of $1.00 per share. The Portfolio invests primarily in
high-quality short-term money market instruments issued by financial
institutions, nonfinancial corporations, and the U.S. Government, state and
municipal governments and their agencies or instrumentalities, as well as
repurchase agreements collateralized by such securities. An investment in the
Portfolio is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although the Portfolio seeks to
preserve the level of your investment at $1.00 per share, it is possible to
lose money by investing in the Portfolio.
HIGH-GRADE BOND PORTFOLIO seeks to provide a high level of income by
attempting to parallel the investment results (income plus capital change) of
a broad-based market index of publicly-traded, investment grade fixed-income
securities. The Portfolio invests in a diversified sample of fixed income and
mortgage-backed securities included in the Lehman Brothers Aggregate Bond
Index.
HIGH YIELD BOND PORTFOLIO seeks to provide a high level of current income by
investing in a diversified portfolio of lower quality, higher-risk,
high-yielding corporate debt securities (commonly referred to as "junk
bonds").
BALANCED PORTFOLIO seeks to conserve capital, while providing moderate income
and moderate long-term growth of capital and income. The Portfolio invests in
a diversified portfolio of common stocks and bonds.
EQUITY INCOME PORTFOLIO seeks to provide a relatively high level of current
income and the potential for long-term growth of capital and income by
investing principally in dividend-paying stocks with the potential for
capital appreciation.
EQUITY INDEX PORTFOLIO seeks to provide long-term growth of capital and
income by attempting to parallel the investment results of a broad-based
market index of stocks of large U. S. companies. The Portfolio invests
primarily in common stocks included in the Standard & Poor's 500 Composite
Stock Price Index.
GROWTH PORTFOLIO seeks to provide long-term growth of capital by investing
primarily in large capitalization stocks of high-quality seasoned U.S.
companies with records of superior growth.
SMALL COMPANY GROWTH PORTFOLIO seeks to provide long-term growth of capital
by investing primarily in equity securities of small companies deemed to have
favorable prospects for growth and price appreciation.
INTERNATIONAL PORTFOLIO seeks to provide long-term growth of capital by
investing primarily in equity securities of seasoned companies located
outside the United States.
The prospectus is further amended at page 29 to disclose the following EXPENSES
for the Vanguard Variable Insurance Fund portfolios:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
INVESTMENT ADVISORY OTHER TOTAL
PORTFOLIO & MANAGEMENT EXPENSES TOTAL (Reflecting waivers,
and/or reimbursements,
if any)
VANGUARD(1)
Money Market .16% .04% .20% .20%
High-Grade Bond .19% .04% .23% .23%
High Yield Bond .26% .03% .29% .29%
Balanced .27% .02% .29% .29%
Equity Income .31% .02% .33% .33%
Equity Index .17% .01% .18% .18%
Growth .33% .02% .35% .35%
Small Company Growth .45% .04% .49% .49%
International .38% .08% .46% .46%
</TABLE>
(1) 9/30/99 fiscal year end
The date of this Supplement is January 21, 2000.
