Rule 497(e)

File Nos. 333-70963 and 811-09201

Key Business VUL – Prospectus

A Flexible Premium Variable Universal Life Insurance Policy

Offered by Great-West Life & Annuity Insurance Company

In connection with its COLI VUL-2 Series Account

SUPPLEMENT Dated October 16, 2009

To the Prospectus dated May 1, 2009

Effective September 23, 2009, the name of the Alger American Fund was changed to the Alger Portfolios.  In addition, the name of the Alger American Small Cap Growth Portfolio (Class O) was been changed to the Alger Small Cap Growth Portfolio (Class I-2).

Accordingly, the reference to the Alger American Fund on page 15 of the Prospectus is deleted in its entirety and replaced with the Alger Portfolios.  In addition, the name Alger American Small Cap Growth Portfolio (Class O) on page 15 of the Prospectus should be deleted in its entirety and replaced with the Alger Small Cap Growth Portfolio (Class I-2).

This Supplement must be accompanied by, or read in conjunction with the

Prospectus dated May 1, 2009.  Please keep this Supplement for future reference.