Rule 497(e)

File Nos. 333-70963

and 811-09201

Executive Benefit VUL - Prospectus

Executive Benefit VUL II – 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 May 14, 2014 to the

May 1, 2014 Prospectus

Please note the following change to your Prospectus.

Effective immediately, as a result of a reorganization which was effective on April 25, 2014, the reference to the American Century VP Vista Fund in the Prospectus is deleted in its entirety and replaced with the following:

American Century Investments VP Capital Appreciation Fund (Class I Shares) The Fund seeks capital growth.

This Supplement must be accompanied by or read in conjunction with the current Prospectus, dated May 1, 2014.

Please keep this Supplement for future reference.

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