FORM OF
                      SUPPLEMENT DATED OCTOBER 22, 2001 TO
                        PROSPECTUS DATED MAY 1, 2001 FOR
                    CONSULTANT I FLEXIBLE PREMIUM INDIVIDUAL
                       DEFERRED VARIABLE ANNUITY CONTRACT
                     Issued by LINCOLN BENEFIT LIFE COMPANY
        In connection with LINCOLN BENEFIT LIFE VARIABLE ANNUITY ACCOUNT

This  supplement  updates  certain  information  contained in the prospectus and
supersedes any  inconsistent  information.  You should attach this supplement to
the prospectus and retain it with the prospectus for future  reference.  You may
obtain an  additional  copy of the  prospectus,  free of  charge,  by writing or
calling  Lincoln  Benefit  Life  Company  ("Lincoln  Benefit") at the address or
telephone number set forth below.

The  purpose of this  supplement  is to notify you of a proposal  to  substitute
shares of the Strong  Discovery  Fund II  Portfolio  with  shares of the T. Rowe
Price MidCap Growth Fund Portfolio.

Subaccounts  that  invest in the T. Rowe  Price  MidCap  Growth  Fund  Portfolio
already are currently available under your Contract. On October 19, 2001 Lincoln
Benefit filed an application  with the Securities and Exchange  Commission  (the
"Commission") requesting an order approving the Substitution. Upon obtaining the
order from the Commission approving the Substitutions,  and subject to any prior
approval  by  applicable  insurance  authorities,  Lincoln  Benefit  and Lincoln
Benefit Life Variable Annuity Account propose to effect the Substitution as soon
as is practicable.

Lincoln Benefit has proposed the Substitution  because the adviser to the Strong
Discovery  Fund II  Portfolio  has  determined  that it no longer is economic to
continue to offer  shares of the Strong  Discovery  Fund II  Portfolio,  and the
adviser  intends to close the  portfolio to new  investments  and  ultimately to
liquidate it. Lincoln  Benefit has selected the T. Rowe Price MidCap Growth Fund
Portfolio to replace the Strong Discovery Fund II Portfolio  because the T. Rowe
Price MidCap  Growth Fund  Portfolio  has similar  investment  objectives,  more
assets, better long-term performance, and lower expenses.

We currently  waive the transfer fee on all transfers  and, while we reserve the
right at any time to  impose  that fee on any  transfer  after the first in each
month, we have no current intention of collecting that fee.  Accordingly,  prior
to the  Substitution  you may make transfers  from the Strong  Discovery Fund II
Portfolio  without  any  transfer  fee or limit on the number of  transfers,  as
provided in our current prospectus. In addition,  Contract owners will receive a
Notice within five (5) days after the  Substitution  that the  Substitution  has
taken  place.  For a period of thirty  (30) days from the mailing of the Notice,
Contract owners may transfer all assets, as substituted,  to any other available
subaccount without limitation or charge. During the thirty (30) day period after
the Notice is mailed,  we will not  exercise  our right to impose a transfer fee
with respect to transfers involving the assets affected by the Substitution.

In preparation for the  Substitution,  starting on November 5, 2001, we will not
permit  you to  allocate  new  premiums  or  make  additional  transfers  to the
Subaccount  that invests in the Strong  Discovery Fund II Portfolio.  Even after
that date,  if you are enrolled in one of our  automatic  transaction  programs,
such  as  dollar  cost   averaging,   portfolio   rebalancing,   and  systematic
withdrawals,  we will continue to effect  automatic  transactions  involving the
Strong Discovery Fund II Portfolio. When the SEC approves our application and we
effect the  Substitution,  however,  we will substitute the T. Rowe Price MidCap
Growth  Fund  Portfolio  for the  Strong  Discovery  Fund II  Portfolio  for all
purposes  under  your  Contract.  Thus,  for  example,  unless you  instruct  us
otherwise,  we will allocate to the T. Rowe Price MidCap  Growth Fund  Portfolio
any  percentage of your new purchase  payments that  previously  would have been
allocated  to the  Strong  Discovery  Fund II  Portfolio.  Likewise,  unless you
instruct us otherwise,  we will  substitute the T. Rowe Price MidCap Growth Fund
Portfolio for the Strong  Discovery Fund II Portfolio in effecting  transactions
under  our  automatic  transaction  programs  such  as  dollar  cost  averaging,
portfolio rebalancing, and systematic withdrawals.

You may obtain a prospectus by writing or calling Lincoln Benefit at the address
or telephone number set out below.

                          Lincoln Benefit Life Company
             Street Address: 2940 South 84th St., Lincoln, NE 68506
            Mailing Address: P. O. Box 82532, Lincoln, NE 68501-2532
                        Telephone Number: 1-800-525-9287