SUPPLEMENT DATED AUGUST 20, 1997
                                       TO
                          PROSPECTUS DATED MAY 1, 1997

                             WRL SERIES LIFE ACCOUNT

                   WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

         On  August  15,  1997,  Western  Reserve  Life  Assurance  Co.  of Ohio
("Western  Reserve") and several other  applicants filed an application with the
Securities  and  Exchange  Commission  ("SEC")  seeking an order  approving  the
substitution  of shares of the Bond Portfolio of the WRL Series Fund,  Inc. (the
"Fund") for shares of the Short-to-Intermediate Government Portfolio of the Fund
currently held by the  corresponding  Sub-Account of the WRL Series Life Account
(the  "Account").  To the extent required by law,  approvals of the substitution
will  also  be  obtained  from  the  state   insurance   regulators  in  certain
jurisdictions.

         If approved,  the effect of the share  substitution  will be to replace
the Short-to-Intermediate Government Portfolio with the Fund's Bond Portfolio as
an investment  option under the individual  flexible premium  deferred  variable
life insurance  policy (the "Policy")  described in your May 1, 1997 prospectus.
The Bond  Portfolio  is described in the Fund's  current  prospectus,  which you
previously received under separate cover.

         If approved,  Western Reserve would carry out the proposed substitution
as soon as all necessary regulatory approvals have been obtained (anticipated to
be before December 31, 1997), by redeeming the Short-to-Intermediate  Government
Portfolio  shares in cash and  purchasing  with the proceeds  shares of the Bond
Portfolio.  If carried  out,  the  proposed  substitutions  would  result in the
involuntary   reinvestment   of  Policy  owners'  Cash  Value  invested  in  the
Short-to-Intermediate Government Portfolio.

         The investment objective of the Fund's Bond Portfolio is:

         BOND  PORTFOLIO: seeks the highest possible  current  income within the
         confines of the primary goal of insuring the  protection  of capital by
         investing in debt securities issued  by  the  U.S. Government  and  its
         agencies and in medium to high-quality corporate debt securities.

         Contract owners and prospective  purchasers  should  carefully read the
prospectus  for  the  Fund.  Additional  copies  of the  Fund's  prospectus  are
available from Western Reserve (call 1-800-851-9777).

         From the date of this  Supplement  until 30 days  after the date of the
proposed substitution,  each Policy owner will be permitted to make one transfer
from the  Short-to-Intermediate  Government  Sub-Account  of all the Cash  Value
under the Policy invested in that Sub-Account to other available  Sub-Account(s)
without  that  transfer(s)  counting as one of the limited  number of  transfers
permitted in a Policy Year free of charge. In addition, Western Reserve will not
exercise  any  rights  reserved  by Western  Reserve  under the Policy to impose
additional  restrictions  on transfers until at least 30 days after the proposed
substitution.

         In connection with the proposed substitution, the Short-to-Intermediate
Government  Portfolio  will be closed to new  investment  on November  15, 1997.
After such date,  Policy  owners will not be  permitted to allocate net purchase
payments to or transfer Cash Value to the  Sub-Account of the Account  investing
in the Short-to-Intermediate Government Portfolio.

         Wire Transfers.  Effective  September 1, 1997,  Western Reserve will no
longer make payment for partial  withdrawals  or Surrenders  under the Policy by
wire transfer.