SEPARATE ACCOUNT ONE
                          SERVUS LIFE INSURANCE COMPANY

     SUPPLEMENT DATED AUGUST 5, 2002 TO THE PROSPECTUS DATED AUGUST 5, 2002


The following language is added at the end of the "Principal First" subsection
of "About Us" section of the prospectus:

     Qualified Contracts are subject to certain federal tax rules requiring that
     minimum distributions be withdrawn from the Contract on an annual basis,
     usually beginning after age 70 1/2. These withdrawals are called Required
     Minimum Distributions. A Required Minimum Distribution may exceed your
     Benefit Payment, causing a recalculation of your Benefit Amount.
     Recalculation of your Benefit Amount may result in a lower Benefit Payment
     in the future.

The following language is added at the end of subparagraph C.2.a.ii of the
"Federal Tax Considerations" section of the prospectus:

     It is unclear what value should be used in determining the "income on the
     contract." We believe that the current Contract value (determined without
     regard to surrender charges) is an appropriate measure. However, the IRS
     could take the position that the value should be the current Contract value
     (determined without regard to surrender charges) increased by some measure
     of the value of certain future benefits.

The following language is added at the end of subparagraph C.2.d.ii.4 of the
"Federal Tax Considerations" section of the prospectus and is also added at the
end of the fourth bullet under subparagraph 5(a) of "Appendix I - Information
Regarding Tax Qualified Retirement Plans":

     In determining whether a payment stream designed to satisfy this exception
     qualifies, it is possible that the IRS could take the position that the
     entire interest in the Contract should include not only the current
     Contract value, but also some measure of the value of certain future
     benefits.

The following language is added as new subparagraph C.2.g. in the "Federal Tax
Considerations" section of the prospectus:

     The addition of a rider to the Contract could cause it to be considered
     newly issued or entered into, for tax purposes, and thus could result in
     the loss of certain grandfathering with respect to the Contract. Please
     contact your tax advisor for more information.


  THIS SUPPLEMENT SHOULD BE RETAINED WITH THE PROSPECTUS FOR FUTURE REFERENCE.

HV-3813
333-65187