WRL FREEDOM ELITE(SM)
                         SUPPLEMENT DATED MAY 1, 2001 TO
                          PROSPECTUS DATED MAY 1, 2001




     This Supplement discusses the Adjustable Term Insurance Rider and the Death
Benefit Extension Rider that are available under the WRL Freedom Elite(SM) (the
"Policy"). Terms used in this Supplement have the same meaning as the terms in
the prospectus.


     The following is added as a new subsection under the section entitled
"Supplemental Benefits (Riders)" on page 60 of the prospectus:


Adjustable Term Insurance Rider ("ATIR")


     The ATIR provides a death benefit upon the death of the insured that is in
addition to the death benefit under the Base Policy. This rider can only be
added at issue of your Policy and for issue ages 18 through 80. The amount of
the death benefit payable under the rider adjusts over time, subject to the
terms of the rider and the Policy. This rider is not available in all states and
currently may not be available through all distribution channels.


     We require an initial minimum ATIR target death benefit of $4,000.


     We cap the ATIR death benefit at four (4) times the total of the Base
Policy's specified amount and the amount of Primary Insured Rider Plus coverage.
In other words, if the Base Policy's specified amount is $1,000,000 and your
Primary Insured Rider Plus face amount is $500,000, the maximum ATIR death
benefit will be $6,000,000. Underwriting may place further limitations on the
maximum ATIR death benefit.


     During any policy year, we will not accept premiums that exceed two (2)
times the ATIR Maximum Target Death Benefit at issue, reduced by interest in
advance. The ATIR Maximum Target Death Benefit is the maximum ATIR death benefit
at issue, as specified in your Policy. If your payment should exceed this
amount, we will refund the excess premium amount. For more information, please
contact your agent.

 ATIR Death     Upon our receipt of due proof that the insured's death
 Benefit        occurred while the ATIR was in force, the amount of the
                death benefit payable under the ATIR will generally be the
                lesser of:
                o  the ATIR target death benefit you selected at the rider's
                   issue, as shown on the target death benefit page attached
                   to your Policy; or
                o  the return of premium(s) you paid on the Policy up to
                   an annual maximum, plus interest.


     The death benefit on the ATIR will automatically decrease on a
dollar-for-dollar basis when the Base Policy death benefit is increased due to
the operation of the "limitation percentage" required by federal tax
requirements. It is possible that the amount of the ATIR death benefit may be
zero if your Base Policy death benefit increases enough.


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     Even when the ATIR death benefit is reduced to zero by virtue of the
operation of the "limitation percentage," your rider remains in effect until you
remove it from your Policy. If later the base death benefit drops, the ATIR
coverage could reappear.


     At age 85, when the PIR Plus terminates, the face amount of coverage under
that rider may be added to coverage under the ATIR and the ATIR charge will
apply to the transferred coverage.




 ATIR charge     The ATIR charge is a cost of insurance charge that is
                 calculated by multiplying the monthly cost of insurance rate
                 for the ATIR by the ATIR death benefit in effect on each
                 Monthiversary. The cost of insurance rates for the ATIR are
                 based on the insured's issue age, gender, rate class, and
                 length of time that the rider has been in force. We deduct
                 the charge from each subaccount and the fixed account in
                 accordance with your current premium allocation
                 instructions.


     The total charges you pay may be less if you have greater coverage under an
ATIR rather than under the Base Policy and the PIR Plus rider. The monthly
guaranteed maximum costs of insurance rates for this rider are in your Policy.


     This rider is not available if you have chosen:
        --> Death Benefit Option B;
        --> the Disability Waiver Rider; or
        --> the Disability Waiver and Income Rider.


     The rider does not contribute to the Policy's cash value or cash surrender
value. It cannot be used for a Policy loan. We do not assess any additional
surrender charge for the ATIR.


     The rider will terminate on the earliest of:
        -->  the date the Policy terminates;
        -->  the effective date of any change in the Death Benefit Option type
             under the Policy;
        -->  the Monthiversary when the rider terminates at the owner's written
             request; or
        -->  the anniversary nearest the maturity date if maturity is elected
             under the Base Policy or if you elect to continue coverage after
             maturity with the Base Policy death benefit equal to the cash value
             (Option 1 under Benefits at Maturity on page 57 of the prospectus).
             However, at attained age 95, if the Death Benefit Extension Rider
             has been elected, coverage under the ATIR also continues. At
             attained age 100, if the Death Benefit Extension Rider is on the
             Policy, any death benefit associated with the ATIR will become part
             of the Base Policy's specified amount.


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     If you have the ATIR on your Policy, the following transactions will cause
any future scheduled increases in the maximum target death benefit to be
discontinued:

     o a cash withdrawal;
     o a decrease in the specified amount; or
     o taking a loan.

     The following is added to the section entitled "Risk Summary" on page 9 of
the prospectus:




 Leverage Risks     Please be aware that the investment returns under the Policy
                    are not guaranteed. If you purchase any portion of this
                    Policy using loan proceeds, and investment returns are less
                    than expected, or your loan and withdrawal history under
                    the Policy results in lower than expected cash value, you
                    may be required to pay additional premiums in order to
                    maintain the Policy in force. Such costs would be in
                    addition to the principal and interest accruing on loans
                    outside the Policy.


     The following is added at the end of the section entitled "Death Benefit --
Death Benefit Proceeds" on page 44 of the prospectus:


Effect of Adjustable Term Insurance Rider ("ATIR") on the Death Benefit

     The ATIR provides a death benefit upon the death of the insured that
supplements the death benefit under the Base Policy. Upon our receipt of due
proof that the insured's death occurred while the ATIR was in force, the amount
of the death benefit payable under the ATIR will generally be the lesser of:

        (a) the ATIR target death benefit you selected at the rider's issue and
            is agreeable to us, as shown on the target death benefit page
            attached to your Policy; or
        (b) the return of premium(s) you paid on the Policy each year up to an
            annual maximum, plus interest.

     The death benefit on the ATIR will automatically decrease on a
dollar-for-dollar basis when the Base Policy death benefit is increased due to
the operation of the "limitation percentage" required by federal tax
requirements. It is possible that the amount of the ATIR death benefit may be
zero if your Base Policy death benefit increases enough. When determining the
ATIR death benefit, no interest is credited on or after the Policy anniversary
on which the insured turns 100.

     The ATIR is not available with Death Benefit Option B. A change from Option
A to Option B will cause an ATIR to terminate.

     The following is added as a new subsection under the section entitled
"Other Policy Information" on page 56 of the prospectus:

Split Dollar Arrangements

     You may enter into a split dollar arrangement with another owner or another
person(s) whereby the payment of premiums and the right to receive the benefits
under

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the Policy (i.e., cash surrender value or insurance proceeds) are split between
the parties. There are different ways of allocating these rights.


     For example, an employer and employee might agree that under a Policy on
the life of the employee, the employer will pay the premiums and will have the
right to receive the cash surrender value. The employee may designate the
beneficiary to receive any insurance proceeds in excess of the cash surrender
value. If the employee dies while such an arrangement is in effect, the employer
would receive from the insurance proceeds the amount that he would have been
entitled to receive upon surrender of the Policy and the employee's beneficiary
would receive the balance of the proceeds.


     No transfer of Policy rights pursuant to a split dollar arrangement will be
binding on us unless in writing and received by us at our administrative office.
Split dollar arrangements may have tax consequences. You should consult a tax
advisor before entering into a split dollar arrangement.


     The following is added as a new subsection under the section entitled
"Supplemental Benefits (Riders)" on page 60 of the prospectus:


Death Benefit Extension Rider


     This rider will extend the life insurance coverage past attained age 100
with no administrative or cost of insurance charges at or after attained age
100. The then current mortality and risk charge associated with the base Policy
will apply. This rider can be elected at issue or, if then available, at any
time prior to attained age 81. This rider is not available in all states and
currently may not be available through all distribution channels.


     With this rider on your Policy, life insurance coverage automatically
extends on the maturity date (attained age 95) to attained age 100 with all
benefits and all charges as set forth in your Policy. At attained age 100, we
will discontinue taking monthly deductions for cost of insurance and
administrative charges.



 Death Benefit Extension      o   The rider is pre-funded. The charge is
 Rider charge                     deducted from your Policy's cash value each
                                  month from the date the rider is issued until
                                  attained age 100;

                              o   The charge is added to the cost of insurance
                                  charges deducted each month for the Base
                                  Policy, any ATIR and any PIR Plus; and

                              o   The charge is based on the insured's age when
                                  the rider is issued.

                              o   These charges may extend over a long period of
                                  time and may be significant. You should
                                  examine these charges carefully before you
                                  purchase this rider.

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Conditions on and after       o   All riders will terminate and the death
 age 100                          benefit under the ATIR will be added to the
                                  Base Policy's specified amount.

                              o   No future premium payments will be accepted
                                  without our consent unless required to prevent
                                  lapse of the Policy. Additional loan payments
                                  may be necessary to keep the Policy in force.

                              o   Loan interest will continue to accumulate on
                                  any outstanding Policy loans.

                              o   The death benefit may not be increased or
                                  decreased.


     If you elect the Death Benefit Extension Rider, the limitation percentage
would be 101% at your attained age 100%.


     The following paragraph is added after the second paragraph under the
section entitled "Federal Income Tax Considerations -- Tax Treatment of Policy
Benefits" on page 52 of the prospectus:


     Death Benefit Extension Rider. Under the Death Benefit Extension Rider, you
may continue your Policy after the insured attains age 100. The tax consequences
associated with continuing your Policy after attained age 100 are uncertain and
a tax advisor should be consulted about these consequences.



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