<PAGE>
PFL ENDEAVOR VARIABLE LIFE
Issued by
PFL Life Insurance Company
Supplement Dated October 9, 2000
to the
Prospectus dated May 1, 2000
Effective October 9, 2000, the following changes were made:
. Endeavor Opportunity Value Portfolio's advisor and investment policy
were changed and the portfolio and was renamed Jennison Growth
Portfolio (Endeavor Series Trust, subadvised by Jennison Associates
LLC); and
. Endeavor Value Equity Portfolio's advisor and investment policy were
changed and the portfolio and was renamed Capital Guardian Value
Portfolio (Endeavor Series Trust, subadvised by Capital Guardian Trust
Company); and
. Endeavor Select Portfolio's advisor and investment policy were changed
and the portfolio and was renamed Capital Guardian Global Portfolio
(Endeavor Series Trust, subadvised by Capital Guardian Trust Company);
and
All defined terms used herein, which are not defined herein, shall have the same
meanings as the same terms used in the accompanying prospectus.
_______________
PORTFOLIO ANNUAL EXPENSE TABLE
The following information hereby supplements the Portfolio Annual Expense Table
contained in the prospectus.
Annual Portfolio Operating Expenses/(1)/
(as a percentage of average net assets and after expense reimbursements)
<TABLE>
<CAPTION>
Total
Management Other Rule 12b-1 Annual
Fees Expenses Fees/(2)/ Expenses
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Guardian Global/(3)/ 1.05% 0.39% - 1.44%
-----------------------------------------------------------------------------------------------------------
Capital Guardian Value/(3)/ 0.85% 0.07% 0.08% 1.00%
-----------------------------------------------------------------------------------------------------------
Jennison Growth/(3)/ 0.85% 0.05% 0.06% 0.96%
-----------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ The expense table information relating to the underlying funds was
provided to PFL by the underlying funds, their investment advisers or
managers, and PFL has not and cannot independently verify the accuracy or
completeness of such information. Actual future expenses of the portfolios
may be greater or less than those shown in the Table. Therefore, PFL
disclaims any and all liability for such information.
/(2)/ The Board of Trustees of Endeavor Series Trust (the "Trust") have
authorized an arrangement whereby, subject to best price and execution,
executing brokers will share commissions with the Trust's affiliated
broker. Under supervision of the Trustees, the affiliated broker will use
the "recaptured commissions" to promote marketing of the Trust's shares.
The staff of the Securities and Exchange Commission believes that, through
the use of these recaptured commissions, the Trust is indirectly paying
for distribution expenses and such amounts are shown as 12b-1 fees in the
above table. The use of recaptured commissions to promote the sale of the
Trust's shares involves no additional costs to the Trust or any owner.
Endeavor Series Trust, based on advice of counsel, does not believe that
recaptured brokerage commissions should be treated as 12b-1 fees. For more
information on the Trust's Brokerage Enhancement Plan, see the Trust's
prospectus accompanying this prospectus.
/(3)/ Capital Guardian Global Portfolio was formerly Endeavor Select Portfolio,
Capital Guardian Value Portfolio was formerly Endeavor Value Equity
Portfolio and Jennison Growth Portfolio was formerly Endeavor Opportunity
Value Portfolio. On October 9, 2000, each Portfolio's advisor and
investment policy were changed. The "Other Expenses" shown for 1999 were
before these changes occurred. The "Management Fees" shown are the current
fees.
<PAGE>
APPENDIX A
PAST INVESTMENT EXPERIENCE
The following information hereby supplements the Past Investment Experience
contained in the prospectus.
Average Annual Total Return of the Portfolios
(through 12/31/99)
<TABLE>
<CAPTION>
10 Years+
or Life Inception
Portfolio 1 Year 5 Years of Portfolio Date
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Guardian Global 47.84% N/A 26.90% February 3, 1998
--------------------------------------------------------------------------------------------------------------------------------
Capital Guardian Value (3.06%) 16.74% 13.61% May 27, 1993
--------------------------------------------------------------------------------------------------------------------------------
Jennison Growth 18.16% N/A 27.39% November 18, 1996
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Adjusted Historical Average Annual Total Return of the Subaccounts
(through 12/31/99)
<TABLE>
<CAPTION>
10 Years+ or
Since Inception
Portfolio 1 Year 5 Years Inception Date Date
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Guardian Global/(1)/ 38.19% N/A 22.83% February 3, 1998
--------------------------------------------------------------------------------------------------------------------------------
Capital Guardian Value/(1)/ (9.70%) 13.50% 10.69% May 27, 1993
--------------------------------------------------------------------------------------------------------------------------------
Jennison Growth/(1)/ 10.26% N/A 23.16% November 18, 1996
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ Prior to October 9, 2000, Capital Guardian Global Subaccount was called
Endeavor Select Subaccount; Capital Guardian Value Subaccount was called
Endeavor Value Equity Subaccount; and Jennison Growth Subaccount was
called Endeavor Opportunity Value Subaccount. Their names were changed at
that time to reflect changes in the underlying portfolios' advisors and
investment policies. The performance figures shown reflect the portfolios'
performance before those changes.
The above subaccount performance figures do not reflect the surrender charge or
the cost of insurance charge, or rating or rider charges.
Performance information for any subaccount reflects only the performance of a
hypothetical investment in the subaccount during the particular time period on
which the calculations are based. Performance information should be considered
in light of the investment objectives and policies, characteristics and quality
of the portfolio in which the subaccount invests and the market conditions
during the given time period, and should not be considered as a representation
of what may be achieved in the future. Actual returns may be more or less than
those shown and will depend on a number of factors, including the investment
allocations by an owner and the different investment rates of return for the
portfolios.
2
