SECURITY EQUITY SEPARATE ACCOUNT 27
497, 1999-09-10
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                     SECURITY EQUITY LIFE INSURANCE COMPANY
                              PROSPECTUS SUPPLEMENT
                              Dated August 31, 1999


This page supplements  Security Equity Life Insurance Company's variable product
prospectuses  as  set  forth  below.  Please  keep  this  supplement  with  your
prospectus for future reference.

GenAmerica  Corporation and Metropolitan Life Insurance Company have announced a
definitive   agreement   whereby   MetLife  will  acquire   GenAmerica  and  its
subsidiaries,  including Security Equity Life Insurance Company. The acquisition
will not affect any of the terms or  conditions of your contract or make MetLife
a party to your  contract.  The  transaction  is  expected  to be  completed  in
approximately  four to six  months and is subject  to  regulatory  approval  and
certain other conditions.

Headquartered  in New York City since  1868,  MetLife is a leading  provider  of
insurance and  financial  services to a broad  spectrum of individual  and group
customers.  The company, with approximately $357.7 billion worth of assets under
management as of December 31, 1998, provides individual insurance and investment
products to  approximately  9 million  households in the United States.  MetLife
also serves over 33 million people by providing  group  insurance and investment
products to corporations and other institutions.


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