Ameritas Life Insurance Corp.

("Ameritas Life")

Ameritas Variable Separate Account V

("Separate Account")

Supplement to:

Excel Performance VUL

Prospectus Dated May 1, 2017

Supplement Dated July 12, 2017

Effective July 1, 2017, the Morgan Stanley VIF U.S. Real Estate Portfolio, Class I has a revised fee waiver. The following table replaces the Portfolio Company Operating Expenses table in your Policy prospectus for the respective portfolio:

Subaccount’s underlying Portfolio Name *	Management Fees		12b-1 Fees**	Other Fees		Acquired Fund Fees and Expenses***	Total Portfolio Fees		Waivers and Reductions ****		Total Expenses after Waivers and Reductions,  if any
MORGAN STANLEY VIF, Class I
U.S. Real Estate	0.80	%	-	0.26	%	-	1.06	%	0.16	%	0.90	%	(1)

Morgan Stanley (1)  The Fund's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Portfolio Fees, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25% for Emerging Markets Equity and 0.90% for U.S. Real Estate.  The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Company's Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.

*	Short cites are used in this list.  The INVESTMENT OPTIONS section uses complete portfolio names.
**	Portfolios pay 12b-1 fees to us pursuant to Rule 12b-1 under the Investment Company Act of 1940, which allows investment companies to pay fees out of portfolio assets to those who sell and distribute portfolio shares.  Some portfolios may also pay 0.05 to 0.25 percent of annual portfolio assets for us to provide shareholder support and marketing services.
***	Some portfolios invest in other investment companies (the "acquired portfolios").  In these instances, portfolio shareholders indirectly bear the fees and expenses of the acquired portfolios.
****	Only contractual waivers guaranteed for one year or more after the effective date of each respective fund prospectus are used in the Waivers column of this chart.  See the respective portfolio footnotes above for specific details regarding any possible recoupment of waived fees.

All other provisions of your Policy remain as stated in your Policy and prospectus.

Please retain this Supplement with the current prospectus for your variable Policy issued by

Ameritas Life Insurance Corp.

If you do not have a current prospectus, please contact Ameritas Life at 800-745-1112.

IN 2154 7-17