SEPARATE ACCOUNT FUND C

Individual Equity Investment Fund Contracts

Issued by

TRANSAMERICA LIFE INSURANCE COMPANY

SUPPLEMENT DATED JULY 2, 2010

TO PROSPECTUS DATED MAY 1, 1998

The following hereby supplements the prospectus:

Signature Guarantees

As a protection against fraud, we require that the following transaction requests include a Medallion signature guarantee:

• All requests for surrenders (i.e. partial surrenders and full surrenders) over $250,000;

• Any non-electronic disbursement request made on or within 15 days of a change to the address of record for contract owner’s account;

• Any disbursement request made on or within 15 days of an ownership change;

• Any electronic disbursement on or within 15 days of a change to electronic funds transfer instructions;

• Any disbursement request when the Company has been directed to send the proceeds to a different personal address from the address of record for that contract owner’s account. PLEASE NOTE: This requirement will not apply to disbursement requests made in connection with exchanges of one annuity contract for another with the same owner in a “tax free exchange”;

• All requests for surrenders (i.e. partial surrenders and full surrenders) when the Company does not have an originating or guaranteed signature on file.

You can obtain a Medallion signature guarantee from more than 7,000 financial institutions across the United States and Canada that participate in the Medallion signature guarantee program. This includes many:

• National and state banks

• Savings banks and savings and loan association;

• Securities brokers and dealers; and

• Credit Unions.

The best source of a Medallion signature guarantee is a bank, savings and loan association, brokerage firm, or credit union with which you do business. Guarantor firms may, but frequently do not, charge a fee for their services.

A notary public cannot provide a Medallion signature guarantee. Notarization will not substitute for a Medallion signature guarantee.