<PAGE>
HARTFORD LIFE INSURANCE COMPANY
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STAG VARIABLE LIFE LAST SURVIVOR
SUPPLEMENT DATED SEPTEMBER 30, 1998 TO THE PROSPECTUS DATED AUGUST 3, 1998
FOR THE STAG VARIABLE LIFE LAST SURVIVOR
The Annual Fund Operating Expense Table and all accompanying footnotes of the
prospectus should be deleted and replaced with the following language:
The following Table shows Annual Fund Operating Expenses as of June 30, 1998:
ANNUAL FUND OPERATING EXPENSES
(as a percentage of net assets)
<TABLE>
<CAPTION>
MANAGEMENT FEES OTHER EXPENSES TOTAL FUND OPERATING
(BEFORE FEE (BEFORE EXPENSE EXPENSES (BEFORE
WAIVERS) REIMBURSEMENTS) WAIVERS/REIMBURSEMENTS)(1)
--------------- --------------- --------------------------
<S> <C> <C> <C>
Hartford Advisers Fund...................................... 0.634% 0.014% 0.648%
Hartford Bond Fund.......................................... 0.505% 0.017% 0.522%
Hartford Capital Appreciation Fund.......................... 0.641% 0.015% 0.656%
Hartford Dividend and Growth Fund........................... 0.662% 0.011% 0.673%
Hartford Growth and Income Fund (2)......................... 0.750% 0.150% 0.900%
Hartford Index Fund......................................... 0.400% 0.015% 0.415%
Hartford International Advisers Fund........................ 0.775% 0.094% 0.869%
Hartford International Opportunities Fund................... 0.699% 0.081% 0.780%
Hartford MidCap Fund........................................ 0.775% 0.071% 0.846%
Hartford Money Market Fund.................................. 0.450% 0.017% 0.467%
Hartford Mortgage Securities Fund........................... 0.450% 0.030% 0.480%
Hartford Small Company Fund................................. 0.772% 0.017% 0.789%
Hartford Stock Fund......................................... 0.458% 0.013% 0.471%
Putnam VT Asia Pacific Growth Fund.......................... 0.800% 0.270% 1.070%
Putnam VT Diversified Income Fund........................... 0.690% 0.110% 0.800%
Putnam VT Global Asset Allocation Fund...................... 0.660% 0.110% 0.770%
Putnam VT Global Growth Fund................................ 0.600% 0.150% 0.750%
Putnam VT Growth and Income Fund............................ 0.470% 0.040% 0.510%
Putnam VT Health Sciences Fund (3).......................... 0.700% 0.340% 1.040%
Putnam VT High Yield Fund................................... 0.660% 0.060% 0.720%
Putnam VT International Growth Fund (3)..................... 0.800% 0.470% 1.270%
Putnam VT International Growth and Income Fund.............. 0.800% 0.320% 1.120%
Putnam VT International New Opportunities Fund (3).......... 1.200% 0.680% 1.880%
Putnam VT Investors Fund (3)................................ 0.650% 0.330% 0.980%
Putnam VT Money Market Fund................................. 0.450% 0.090% 0.540%
Putnam VT New Opportunities Fund............................ 0.580% 0.050% 0.630%
Putnam VT New Value Fund.................................... 0.700% 0.150% 0.850%
Putnam VT OTC & Emerging Growth Fund (3).................... 0.700% 0.340% 1.040%
Putnam VT The George Putnam Fund of Boston (3).............. 0.650% 0.360% 1.010%
Putnam VT US Government and High Quality Bond Fund.......... 0.610% 0.080% 0.690%
Putnam VT Utilities Growth and Income Fund.................. 0.670% 0.070% 0.740%
Putnam VT Vista Fund........................................ 0.650% 0.220% 0.870%
Putnam VT Voyager Fund...................................... 0.540% 0.050% 0.590%
Fidelity VIP Equity-Income Portfolio(4)..................... 0.500% 0.080% 0.580%
Fidelity VIP Overseas Portfolio (4)......................... 0.750% 0.170% 0.920%
Fidelity VIP II Asset Manager Portfolio (4)................. 0.550% 0.100% 0.650%
</TABLE>
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(1) "Management Fees" generally represent the fees paid to the investment
adviser or its affiliate for investment and administrative services
provided. "Other Expenses" are expenses (other than "Management Fees") which
are deducted from the fund including legal, accounting and custodian fees.
For a complete description of the services provided in consideration of the
operating expenses deducted, please see the accompanying Funds prospectuses.
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2 HARTFORD LIFE INSURANCE COMPANY
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(2) Hartford Growth and Income Fund is a new Fund. "Total Fund Operating
Expenses" are based on annualized estimates of such expenses to be incurred
in the current fiscal year. HL Investment Advisors, Inc. has agreed to waive
its fees for the Hartford Growth and Income Fund until the assets of the
Funds (excluding assets contributed by companies affiliated with HL
Investment Advisors, Inc.) reach $20 million. After this waiver, the
"Management Fee" would be 0.200%, the "Other Expenses" would be 0.150% and
"Total Fund Operating Expenses" would be 0.350%.
(3) The "Management Fees" and "Other Expenses" shown in the table above do not
reflect an expense limitation. After an expense limitation, "Management
Fees," "Other Expenses" and "Total Fund Operating Expenses" would have been:
<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT FEES OTHER EXPENSES OPERATING EXPENSES
--------------- -------------- ------------------
<S> <C> <C> <C>
Putnam VT Health Sciences Fund*............................. 0.560% 0.340% 0.900%
Putnam VT International Growth Fund......................... 0.730% 0.470% 1.200%
Putnam VT International New Opportunities Fund.............. 0.920% 0.680% 1.600%
Putnam VT Investors Fund*................................... 0.520% 0.330% 0.850%
Putnam VT OTC & Emerging Growth Fund*....................... 0.560% 0.340% 0.900%
Putnam VT The George Putnam Fund of Boston*................. 0.490% 0.360% 0.850%
</TABLE>
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* Estimated "Management Fees," "Other Expenses" and "Total Fund Operating
Expenses."
(4) A portion of the brokerage commissions that certain funds pay was used to
reduce fund expenses. In addition, certain funds have entered into
arrangements with their custodian whereby credits realized, as a result of
uninvested cash balances were used to reduce custodian expenses. Including
these reductions, the "Total Operating Expenses" presented in the table
would have been 0.570% for Fidelity VIP Equity-Income Portfolio, 0.900% for
Fidelity VIP Overseas Portfolio and 0.640% for Fidelity VIP II Asset Manager
Portfolio.
Under the section entitled "Distribution of the Policies" delete the second
sentence of the second paragraph and replace with the following language:
HESCO is an affiliate of Hartford. Hartford's parent company indirectly owns
100% of HESCO.
HV-2273
33-89990
