CONNECTICUT MUTUAL INVESTMENT ACCOUNTS, INC.
                             (the "Company")

           SUPPLEMENT DATED NOVEMBER 20, 1995 TO THE PROSPECTUS
                           Dated October 1, 1995

                        Class A and Class B Shares
                CMIA LifeSpan Capital Appreciation Account
                      CMIA LifeSpan Balanced Account
                   CMIA LifeSpan Diversified Income Account
                       (the "LifeSpan Accounts")

     At a meeting of the Company's Board of Directors on November 17, 1995, the
Board approved several changes to the management of the Company and the 
LifeSpan Accounts as a result of the merger (the "Merger") between 
Connecticut Mutual Life Insurance Company ("Connecticut Mutual") and 
Massachusetts Mutual Life Insurance Company ("Massachusetts Mutual").  
Connecticut Mutual is the indirect parent company of G.R. Phelps & Co., Inc. 
("G.R. Phelps"), the current investment adviser to the LifeSpan Accounts.  The 
Merger is expected to be consummated during the first three months of 1996.

     The Board has approved the following changes subject to consummation of 
the Merger and to the approval of the LifeSpan Accounts' shareholders:

*     The selection of Oppenheimer Management Corporation ("Oppenheimer"),
      Two World Trade Center, New York, NY, as the investment adviser to the
      LifeSpan Accounts.  Oppenheimer is a registered investment adviser, which
      together with its affiliates, has over $38 billion in assets under
      management.  Oppenheimer is an indirect subsidiary of Massachusetts
      Mutual.  (Effective immediately after the consummation of the Merger
      and approval by shareholders.)

      The rate of the investment management fee applicable to each LifeSpan
      Account will not change as a result of Oppenheimer's assumption of the
      management of the Accounts.  Oppenheimer will be responsible to pay
      subadvisory fees directly to the LifeSpan Accounts' respective 
      subadvisers.

*     The selection of Babson-Stewart Ivory International ("Babson-Stewart"), a
      registered investment adviser and affiliate of Massachusetts Mutual, as 
      the subadviser to the International Component of each of LifeSpan Capital
      Appreciation Account and Balanced Account.  Scudder, Stevens & Clark, Inc.
      ("Scudder"), the current subadviser to the International Component of
      such Accounts, will not provide subadvisory services after the Merger.
      The rate of the subadvisory fee to be paid by Oppenheimer to Babson-
      Stewart is less than that paid by G.R. Phelps to Scudder.  However,
      unlike the current Scudder fee arrangement, Babson-Stewart's subadvisory 
      fee will not be calculated on the aggregate assets of the Accounts 
      managed by Babson-Stewart.  (Effective immediately after the consummation
      of the Merger and approval by shareholders.)

*     The amendment of each LifeSpan Account's Class A Rule 12b-1 distribution
      plan to permit the payment of service fees to OFD and others, including
      affiliates of OFD ("Qualified Recipients"). (Effective no later than 90
      days after the consummation of the Merger and approval by shareholders.)

         The maximum level of payment to OFD and Qualified Recipients pursuant
         to the Class A Rule 12b-1 plans will not be increased from the present
         maximum level.

*     The amendment of each LifeSpan Account's Class B Rule 12b-1 distribution
      plan to permit OFD and Qualified Recipients to be compensated for
      expenditures under the Class B Rule 12b-1 plan for the full amount of the
      authorized payment.  (Effective no later than 90 days after the
      consummation of the Merger and approval by shareholders.)

         The maximum level of payment to OFD and Qualified Recipients pursuant
         to the Class A Rule 12b-1 plans will not be increased from the present
         maximum level.

*     The nomination of twelve (12) new directors to serve as the Company's
      Board of Directors.  (Effective 90 days after the consummation of 
      the Merger and approval by shareholders.)

     The Board has also approved the appointment of Oppenheimer Shareholder
Services as the Company's transfer agent and shareholder servicing agent.

     Until the transition to full service by Oppenheimer and its affiliates to
the LifeSpan Accounts is completed during the 90 day period after the 
consummation of the Merger, distribution services will continue to be provided 
by Connecticut Mutual Financial Services, L.L.C. (the current distributor) and 
transfer agency and shareholder services will be provided by National Financial
Data Services (the current transfer agent).

November 20, 1995