WRL FREEDOM ELITE(R)
                       SUPPLEMENT DATED OCTOBER 5, 2001 TO
                         PROSPECTUS DATED MAY 1, 2001 AS
                          SUPPLEMENTED AUGUST 24, 2001

Effective October 5, 2001, American Century Investment Management, Inc. will
become sub-adviser to the International Equity (formerly, GE International
Equity) portfolio of the AEGON/Transamerica Series Fund, Inc.   Effective March
1, 2002, the name of the International Equity will be changed to American
Century International.  Prior to October 5, 2001, GE International Equity was
sub-advised by GE Asset Management Incorporated.

The following information is added to page 5 of the Prospectus under the heading
"Investment Options":

AEGON/TRANSAMERICA SERIES FUND, INC.

     WRL International Equity (formerly, WRL GE International Equity)

The following information is added to the Portfolio Annual Expense Table on page
13 of the Prospectus:


                         Management      Other     Rule 12b-1  Total Portfolio
      Portfolio             Fees        Expenses       Fees     Annual Expenses
--------------------------------------------------------------------------------
International Equity       1.00%         0.20%         N/A        1.20%
--------------------------------------------------------------------------------


The following is added to the table in footnote (8) on page 14 of the
Prospectus:


                          Expense     Reimbursement      Expense Ratio Without
      Portfolio            Limit         Amount              Reimbursement
--------------------------------------------------------------------------------
International Equity       1.20%*          N/A                  N/A
--------------------------------------------------------------------------------

*  Effective March 1, 2002 this expense limit will be increased to 1.50%.


The following information replaces the information regarding GE International
Equity on pages 19 of the Prospectus under the heading "The Separate Account and
the Portfolios - The Funds":


      Portfolio          Sub-Adviser or Adviser          Investment Objective
--------------------------------------------------------------------------------
                        American Century Investment   Seeks long-term growth of
International Equity        Management, Inc.          capital.
--------------------------------------------------------------------------------

All other references throughout the prospectus to WRL GE International Equity
are changed to WRL International Equity.