Ameritas Advisor Services Ameritas No-Load VA 6150 Prospectus May 1, 2016

Transcription

1 Ameritas Advisor Services Ameritas No-Load VA 6150 Prospectus May 1, 2016 Ameritas Life Insurance Corp. PF

2 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA and Ameritas Life Insurance Corp. Separate Account LLVL ("Separate Accounts") Supplement to: Ameritas Low-Load Variable Universal Life and Ameritas Low-Load Survivorship Variable Universal Life Prospectuses Dated May 1, 2008 Ameritas No-Load Variable Annuity (4080) Prospectus Dated May 1, 2010 Ameritas NLVA 6150 Prospectus Dated May 1, 2013 Ameritas No-Load VA 6150 Prospectus Dated May 1, 2016 Supplement Dated August 1, 2017 On or about October 1, 2017, the Deutsche Global Growth VIP will be renamed Deutsche International Growth VIP. All references in the prospectus to Deutsche Global Growth VIP will be replaced with Deutsche International Growth VIP. All other provisions remain as stated in your Policy and prospectus as previously supplemented. Please retain this Supplement with the current prospectus for your variable Policy with Ameritas Life Insurance Corp. If you do not have a current prospectus, please contact Ameritas Life at PF

3 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA ("Separate Account") Supplement to: Ameritas NLVA 6150 Prospectus Dated May 1, 2013 Ameritas No-Load VA 6150 Prospectus Dated May 1, 2016 Supplement Dated May 1, Subaccount underlying portfolios available as variable investment options for your Policy are: FUND NAME INVESTMENT ADVISER Portfolio Name Subadviser(s) Portfolio Type / Summary of Investment Objective American Century Investments American Century Investment Management, Inc. American Century VP International Fund, Class I Capital growth. American Century VP Mid Cap Value Fund, Class I Long-term capital growth; income is secondary. Calvert Variable Products, Inc.* Calvert Research and Management Calvert VP EAFE International Index Portfolio, Class I Index: MSCI EAFE Index. Calvert VP Russell 2000 Small Cap Index Portfolio, Index: Russell 2000 Index. Class I Ameritas Investment Partners, Inc. ("AIP")** Calvert VP S&P 500 Index Portfolio*** AIP** Index: S&P 500 Index. Calvert VP Volatility Managed Growth Portfolio, Class F Growth and income. AIP** and Milliman Financial Risk Management, LLC ("Milliman") Calvert VP Volatility Managed Moderate Growth Portfolio, Income and growth. Class F AIP** and Milliman Calvert VP Volatility Managed Moderate Portfolio, Current income. Class F AIP** and Milliman Calvert Variable Series, Inc.* Calvert Research and Management Calvert VP SRI Balanced Portfolio, Class I Income and capital growth. Deutsche Variable Series I Deutsche Investment Management Americas Inc. Deutsche Capital Growth VIP Portfolio, Class A Long-term growth of capital. Deutsche Variable Series II Deutsche Investment Management Americas Inc. Deutsche Global Growth VIP Portfolio, Class A Long-term capital growth. Deutsche Small Mid Cap Value VIP Portfolio, Class A Long-term capital appreciation. DFA Investment Dimensions Group Inc. Dimensional Fund Advisors LP VA Global Bond Portfolio Dimensional Fund Advisors Ltd. ("DFAL") and DFA Australia Limited ("DFAA") Market rate of return for a fixed income portfolio with low relative volatility of returns. VA Global Moderate Allocation Portfolio Total return consisting of capital appreciation and current income. VA International Small Portfolio DFAL and DFAA Long-term capital appreciation. VA International Value Portfolio DFAL and DFAA Long-term capital appreciation. VA Short-Term Fixed Portfolio DFAL and DFAA Stable real return in excess of the rate of inflation with a minimum of risk. VA U.S. Large Value Portfolio Long-term capital appreciation. VA U.S. Targeted Value Portfolio Long-term capital appreciation. Fidelity Variable Insurance Products Fidelity Management & Research Company Fidelity VIP Contrafund Portfolio, Initial Class (2,4) Long-term capital appreciation. Fidelity VIP Equity-Income Portfolio, Initial Class (2,4) Index: S&P 500 Index. *** Fidelity VIP Government Money Market Portfolio, Current income. Initial Class (1,4) Fidelity VIP Growth Portfolio, Initial Class (2,4) Capital appreciation. Fidelity VIP High Income Portfolio, Initial Class (2,4) Income and growth. PF

4 FUND NAME INVESTMENT ADVISER Portfolio Name Subadviser(s) Portfolio Type / Summary of Investment Objective Fidelity VIP Investment Grade Bond Portfolio, Bond. Initial Class (1,4) Fidelity VIP Mid Cap Portfolio, Initial Class (2,4) Long-term growth. Fidelity VIP Overseas Portfolio, Initial Class (2,4) Long-term growth. Fidelity VIP Strategic Income Portfolio, Current income. Initial Class (1,2,3,4) Subadvisers: (1) Fidelity Investments Money Management, Inc.; (2) FMR Co., Inc.; (3) FIL Investment Advisors (UK) Limited; and (4) other investment advisers serve as sub-advisers for the fund. Franklin Templeton Franklin Advisers, Inc. Variable Insurance Products Trust Templeton Global Bond VIP Fund, Class 2 Current income, consistent with preservation of capital, with capital appreciation as secondary. AIM Variable Insurance Funds Invesco Advisers, Inc. (Invesco Variable Insurance Funds) Invesco V.I. American Franchise Fund, Series I Seek capital growth. Invesco V.I. International Growth Fund, Series I Long-term growth of capital. MFS Variable Insurance Trust Massachusetts Financial Services Company MFS Utilities Series, Initial Class Seeks total return. MFS Variable Insurance Trust II Massachusetts Financial Services Company MFS Research International Portfolio, Initial Class Seeks capital appreciation. Morgan Stanley Variable Insurance Fund, Inc. Morgan Stanley Investment Management Inc. Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I Morgan Stanley Investment Management Company and Morgan Stanley Investment Management Long-term capital appreciation by investing primarily in growth oriented equity securities of issuers in emerging market countries. Limited (named UIF Emerging Markets Equity Portfolio prior to May 1, 2017) Neuberger Berman Advisers Management Trust Neuberger Berman Investment Advisers LLC Neuberger Berman AMT Large Cap Value Portfolio, Seeks long-term growth of capital. Class I Neuberger Berman AMT Mid Cap Intrinsic Value Seeks growth of capital. Portfolio, Class I PIMCO Variable Insurance Trust Pacific Investment Management Company LLC PIMCO CommodityRealReturn Strategy Portfolio, Seeks maximum real return. Administrative Class PIMCO Total Return Portfolio, Administrative Class Seeks maximum total return. Rydex Variable Trust Guggenheim Investments Guggenheim Long Short Equity Fund Rydex Government Long Bond 1.2x Strategy Fund Rydex Inverse Government Long Bond Strategy Fund Rydex Inverse NASDAQ-100 Strategy Fund Rydex Inverse S&P 500 Strategy Fund*** Rydex NASDAQ-100 Fund PF Seeks long term capital appreciation. Seeks to provide investment results that correspond, before fees and expenses, to 120% of daily price movement of Long Treasury Bond. Seeks to provide total returns that inversely correlate, before fees and expenses, to the price movements of Long Treasury Bond - a benchmark for U.S. Treasury debt instruments or futures contracts on a specified debt instrument on a daily basis. Seeks to provide investment results that match, before fees and expenses, the inverse (opposite) performance of the Nasdaq-100 Index on a daily basis. Seeks to provide investment results that match, before fees and expenses, the inverse (opposite) performance of the S&P 500 Index on a daily basis. Seeks to provide investment results that correspond, before fees and expenses, to the NASDAQ-100 Index on a daily basis.

5 FUND NAME INVESTMENT ADVISER Portfolio Name Subadviser(s) Portfolio Type / Summary of Investment Objective Rydex Nova Fund Seeks to provide investment results that match, before fees and expenses, 150% of the performance of S&P 500 Index on a daily basis. *** Rydex Precious Metals Fund Seeks to provide capital appreciation by investing in U.S. and foreign companies that are involved in the precious metals sector. Rydex Russell x Strategy Fund Seeks to provide investment results that correlate, before fees and expenses, to 150% of performance of the Russell 2000 Index on a daily basis. T. Rowe Price Equity Series, Inc. T. Rowe Price Associates, Inc. T. Rowe Price Blue Chip Growth Portfolio Seeks to provide long-term capital growth. Income is a secondary objective. Third Avenue Variable Series Trust Third Avenue Management LLC Third Avenue Value Portfolio Long-term capital appreciation. Vanguard Variable Insurance Fund **** The Vanguard Group, Inc. (1) Wellington Management Company, LLP (2) Barrow, Hanley, Mewhinney & Strauss, LLC (3) Jackson Square Partners, LLC (4) William Blair & Company, L.L.C. (5) Schroder Investment Management North America, Inc. (6) Baillie Gifford Overseas Ltd. (7) ArrowMark Colorado Holdings, LLC (8) Vanguard Balanced Portfolio (2) Growth and Income. Vanguard Conservative Allocation Portfolio (1) Current income and low to moderate capital appreciation. Vanguard Diversified Value Portfolio (3) Growth and Income. Vanguard Equity Income Portfolio (1,2) Growth and Income. Vanguard Equity Index Portfolio (1) Index: Growth and Income. Vanguard Growth Portfolio (2,4,5) Growth. Vanguard High Yield Bond Portfolio (2) Income. Vanguard International Portfolio (6,7) Growth. Vanguard Mid-Cap Index Portfolio (1) Index: Growth. Vanguard Moderate Allocation Portfolio (1) Capital appreciation and a low to moderate level of current income. Vanguard REIT Index Portfolio (1) Index: Growth and Income. Vanguard Short-Term Investment-Grade Portfolio (1) Current income while maintaining limited price volatility. Vanguard Small Company Growth Portfolio (1,8) Growth. Vanguard Total Bond Market Index Portfolio (1) Index: Income. Vanguard Total Stock Market Index Portfolio (1) Index: Growth and Income. * Prior to December 31, 2016, these funds, the funds' previous investment adviser, and the funds' previous underwriter were part of Ameritas Mutual Holding Company ("Ameritas"), the ultimate parent of Ameritas Life. The funds are no longer affiliated with Ameritas, and the current investment adviser and the current underwriter are not affiliated with Ameritas. ** Ameritas Investment Partners, Inc. is an indirect subsidiary of Ameritas. *** "Standard & Poor's," "S&P 500," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations on behalf of S&P as set forth in the Licensing Agreement between us and S&P. **** Vanguard is a trademark of The Vanguard Group, Inc. PF

6 2. Please see the fund prospectuses for more information about subaccount underlying portfolios, including portfolio operating expenses for the year ended December 31, All other provisions of your Policy remain as stated in your Policy and prospectus as previously supplemented. Please retain this Supplement with the current prospectus for your variable Policy with Ameritas Life Insurance Corp. If you do not have a current prospectus, please contact Ameritas Life at PF

7 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA and Ameritas Life Insurance Corp. Separate Account LLVL ("Separate Accounts") Supplement to: Ameritas No-Load VA 6150, Ameritas Advisor No-Load VA, and Ameritas Advisor VUL Prospectuses Dated May 1, 2016 and Statements of Additional Information ("SAI") Supplement Dated February 1, Effective December 31, 2016, Ameritas Life is no longer affiliated with the Calvert Variable Products and Calvert Variable Series funds (the "Funds"). The Funds' new investment adviser and new underwriter are also not affiliated with Ameritas Life. All references to former Calvert affiliations in your prospectus and SAI are deleted. Ameritas Life continues to be affiliated with Ameritas Investment Partners, Inc., the subadviser to certain portfolios of the Funds. 2. The Portfolio Company Operating Expenses chart and the Variable Investment Options chart in your prospectus are revised by replacing information about the Calvert Variable Products and Calvert Variable Series portfolios with the respective information below. 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 CALVERT VARIABLE PRODUCTS (CVP) VP EAFE International 0.42 % % 0.01 % 0.72 % 0.23 % 0.49 % (1) (2) Index, Class I VP Russell 2000 Small Cap 0.37 % % % 0.33 % 0.38 % (1) (2) Index, Class I VP S&P 500 Index***** 0.30 % % % 0.13 % 0.28 % (1) (2) VP Volatility Managed 0.54 % 0.25 % 0.09 % 0.10 % 0.98 % 0.05 % 0.93 % (1) (2) Growth, Class F VP Volatility Managed 0.54 % 0.25 % 0.13 % 0.08 % 1.00 % 0.09 % 0.91 % (1) (2) Moderate Growth, Class F VP Volatility Managed Moderate, Class F 0.54 % 0.25 % 0.11 % 0.08 % 0.98 % 0.07 % 0.91 % (1) (2) CALVERT VARIABLE SERIES (CVS) VP SRI Balanced, Class I 0.53 % % % % (1) Calvert (1) Management fees are restated to reflect current contractual fees rather than the fees paid during the previous fiscal year. Calvert (2) Calvert Research and Management ("CRM") has agreed to reimburse the expenses of the portfolios listed below to the extent that Total Portfolio Fees exceed the following: VP EAFE International Index, Class I 0.48% VP Russell 2000 Small Cap Index, Class I 0.38% VP S&P 500 Index 0.28% VP Volatility Managed Growth, Class F 0.83% VP Volatility Managed Moderate Growth, Class F 0.83% VP Volatility Managed Moderate, Class F 0.83% This expense reimbursement will continue through April 30, Any amendment to or termination of this reimbursement would require approval of the Board of Directors. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by CRM during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year. The contractual administrative fee is 0.12%. The Adviser has agreed to contractually waive 0.02% of the administrative fee through April 30, PF

8 * 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 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. ***** "Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations of liabilities on behalf of S&P as set forth in the Licensing Agreement between us and S&P. FUND NAME INVESTMENT ADVISER Portfolio Name Subadviser(s) Portfolio Type / Summary of Investment Objective Calvert Variable Products, Inc.* Calvert Research and Management Calvert VP EAFE International Index Portfolio, Class I Index: MSCI EAFE Index. Calvert VP Russell 2000 Small Cap Index Portfolio, Index: Russell 2000 Index. Class I Ameritas Investment Partners, Inc. ("AIP")** Calvert VP S&P 500 Index Portfolio AIP** Index: S&P 500 Index. Calvert VP Volatility Managed Growth Portfolio, Class F Growth and income. AIP** and Milliman Financial Risk Management, LLC ("Milliman") Calvert VP Volatility Managed Moderate Growth Portfolio, Income and growth. Class F AIP** and Milliman Calvert VP Volatility Managed Moderate Portfolio, Current income. Class F AIP** and Milliman Calvert Variable Series, Inc.* Calvert Research and Management Calvert VP SRI Balanced Portfolio, Class I Income and capital growth. * Prior to December 31, 2016, these funds, the funds' previous investment adviser, and the funds' previous underwriter were part of Ameritas Mutual Holding Company ("Ameritas"), the ultimate parent of Ameritas Life. The funds are no longer affiliated with Ameritas, and the current investment adviser and current underwriter are not affiliated with Ameritas. ** Ameritas Investment Partners, Inc. is an indirect subsidiary of Ameritas. Please see the Portfolio prospectuses, as revised, for more information. All other provisions remain as stated in your Policy and prospectus, as previously supplemented. 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 PF

9 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA ("Separate Account") Supplement to: Ameritas No-Load VA 6150 and Ameritas Advisor No-Load VA Prospectuses Dated May 1, 2016 and Statements of Additional Information Supplement Dated November 22, Ameritas Life has been advised that on October 20, 2016, Calvert Investment Management, Inc. and Ameritas Holding Company, both affiliates of Ameritas Life, entered into an asset purchase agreement with Eaton Vance Management ("Eaton Vance"), a newly formed subsidiary of Eaton Vance to operate as Calvert Research and Management ("New Calvert"), and other parties, pursuant to which New Calvert has agreed to acquire the business assets of Calvert Investment Management, Inc. Completion of the transaction is subject to shareholder approvals of new investment advisory agreements, among other conditions, and is currently expected to occur by the end of 2016 or early The Portfolio Company Operating Expenses chart in your prospectus is revised by replacing information about the Invesco V.I., Series I American Franchise portfolio, International Growth portfolio and the UlF, Class I Emerging Markets Equity portfolio with the respective information below: 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 INVESCO V.I., Series I American Franchise 0.67 % % % % (1) International Growth 0.71 % % 0.01 % 0.93 % 0.01 % 0.92 % UIF, Class I Emerging Markets Equity 0.85 % (1) % % 0.06 % 1.25 % (2) Invesco (1) "Other Fees" have been restated to reflect current fees. Invesco (2) Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive a portion of the Fund's management fee in an amount equal to the net management fee that Invesco earns on the Fund's investments in certain affiliated funds, which will have the effect of reducing Acquired Fund Fees and Expenses. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, During its term, the fee waiver agreement cannot be terminated or amended to reduce the advisory fee waiver without the approval of the Board of Trustees. UIF (1) The Management Fees have been restated to reflect the decrease in the advisory fee schedule effective September 30, UIF (2) The Portfolios' "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Portfolio Fees, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.25%. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund's Board of Directors of The Universal Institutional Funds, Inc. (the "Fund") 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. ***** "Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations of liabilities on behalf of S&P as set forth in the Licensing Agreement between us and S&P. Please see the Portfolio prospectuses, as revised, for more information. All other provisions remain as stated in your Policy and prospectus, as previously supplemented. Please retain this Supplement with the current prospectus for your variable Policy issued by Ameritas Life Insurance Corp. PF If you do not have a current prospectus, please contact Ameritas Life at (1) (2)

10 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA ("Separate Account") Supplement to: Ameritas No-Load VA 6150 and Ameritas Advisor No-Load VA Prospectuses Dated May 1, 2016 Supplement Dated August 24, 2016 Effective August 1, 2016, the advisor to the American Century Investments VP International Fund and VP Mid Cap Value Fund has agreed to changes to the waivers of the funds' management fees. Accordingly, the Portfolio Company Operating Expenses chart in your prospectus is revised by replacing information about the funds with the information below. 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 AMERICAN CENTURY VP, Class I International 1.31 % % % 0.21 % 1.12 % (1) Mid Cap Value 1.00 % % % 0.14 % 0.87 % (2) American Century (1) Effective August 1, 2016, the advisor has agreed to waive 0.21 percentage points of the fund's management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. American Century (2) Effective August 1, 2016, the advisor has agreed to waive 0.14 percentage points of the fund's management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors. * 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. ***** "Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations of liabilities on behalf of S&P as set forth in the Licensing Agreement between us and S&P. Please see the Portfolio prospectuses, as revised, for more information. All other provisions of your Policy remain as stated in your Policy and prospectus as previously supplemented. 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 PF

11 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA ("Separate Account") Supplement to: Ameritas No-Load VA 6150 Prospectus Dated May 1, 2016 Supplement Dated July 28, The Board of Directors of Calvert Variable Products, Inc. (the "Board") has approved a resolution to reorganize the Calvert VP Natural Resources Portfolio into the Calvert VP Russell 2000 Small Cap Index Portfolio (the "Reorganization"). Each Portfolio is a series of Calvert Variable Products, Inc. The Board has recommended approval of the Reorganization by shareholders of the Calvert VP Natural Resources Portfolio. If the Reorganization is approved by the shareholders of the Calvert VP Natural Resources Portfolio, it will be merged into the Calvert VP Russell 2000 Small Cap Index Portfolio on or about September 23, If your variable annuity Policy remains allocated to the Subaccount corresponding to Calvert VP Natural Resources Portfolio at the time the Reorganization is consummated, those Subaccount units will be replaced by units in the Subaccount corresponding to the Calvert VP Russell 2000 Small Cap Index Portfolio, Class I, and thereafter the value of your Policy will depend on the performance of the Subaccount corresponding to the Calvert VP Russell 2000 Small Cap Index Portfolio, Class I, rather than the Subaccount corresponding to the Calvert VP Natural Resources Portfolio. The number of Calvert VP Russell 2000 Small Cap Index, Class I, Subaccount units you receive will depend on the value of your Calvert VP Natural Resources Subaccount units at the time the Reorganization takes place. Ameritas Life Insurance Corp. is adding the Calvert VP Russell 2000 Small Cap Index Portfolio, Class I Subaccount as an investment option to your Policy. The following information describes the underlying portfolio for this investment option. The list of variable investment options is revised to include the following: FUND NAME Portfolio Name Subadviser(s) INVESTMENT ADVISER Portfolio Type / Summary of Investment Objective Calvert Variable Products, Inc.* Calvert Investment Management, Inc. Calvert VP Russell 2000 Small Cap Index Portfolio, Class I - AIP Index: Russell 2000 Index. * This fund is part of Ameritas Mutual Holding Company ("Ameritas "), the ultimate parent of Ameritas Life. The fund's investment adviser and Calvert Investment Distributors, Inc., the underwriter for this fund, are indirect subsidiaries of Ameritas. PF

12 The table of PORTFOLIO COMPANY OPERATING EXPENSES for the year ended December 31, 2015, is revised to include the following: Subaccount s underlying Portfolio Name * Management Fees 12b-1 Fees** Other Fees CALVERT VARIABLE PRODUCTS (CVP) VP Russell 2000 Small Cap Index, 0.47 % % Class I Acquired Fund Fees and Expenses*** - Total Portfolio Fees Waivers and Reductions **** Total Expenses after Waivers and Reductions, if any 0.81 % 0.28 % 0.53 % (1) (2) CVP (1) Management fees are restated to reflect current contractual fees rather than the fees paid during the previous fiscal year. CVP (2) The Investment Advisor, Calvert Investment Management, Inc., has contractually agreed to limit direct net annual portfolio operating expenses through April 30, 2017, as shown below. Under the terms of the contractual expense limitation, operating expenses do not include acquired fund fees and expenses, interest expense, brokerage commissions, taxes and extraordinary expenses. Only the Board of Directors of the portfolios may terminate a portfolio s expense cap before the contractual period expires, upon 60 days' prior notice to shareholders. VP Russell 2000 Small Cap Index, Class I 0.53% The contractual administrative fee is 0.12%. Calvert has agreed to contractually waive 0.02% of the administrative fee through April 30, * 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. In addition, if the Reorganization is approved, at the time of the Reorganization, your Policy prospectus is revised by deleting all mention of the Calvert VP Natural Resources Portfolio. 2. Effective June 30, 2016, Morgan Stanley Investment Management Limited will no longer be a Sub-Adviser to the Universal Institutional Funds, Inc., Emerging Markets Equity Portfolio, Class I. Accordingly, effective June 30, 2016, the Investment Options chart in your prospectus is revised as follows: FUND NAME Portfolio Name Subadviser(s) The Universal Institutional Funds, Inc. UIF Emerging Markets Equity Portfolio, Class I Morgan Stanley Investment Management Company INVESTMENT ADVISER Portfolio Type / Summary of Investment Objective Morgan Stanley Investment Management Inc. Long-term capital appreciation by investing primarily in growth oriented equity securities of issuers in emerging market countries. Please see the Portfolio prospectuses, as supplemented, for more information. All other provisions of your Policy remain as stated in your Policy and prospectus as previously supplemented. 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 PF

13 Ameritas Life Insurance Corp. ("Ameritas Life") Ameritas Life Insurance Corp. Separate Account LLVA and Ameritas Life Insurance Corp. Separate Account LLVL ("Separate Accounts") Supplement to: Ameritas Low-Load Variable Universal Life and Ameritas Low-Load Survivorship Variable Universal Life Prospectuses Dated May 1, 2008 Ameritas No-Load Variable Annuity (4080) Prospectus Dated May 1, 2010 Ameritas NLVA 6150 Prospectus Dated May 1, 2013 Ameritas No-Load VA 6150, Ameritas Advisor No-Load VA and Ameritas Advisor VUL Prospectuses Dated May 1, 2016 Supplement Dated June 15, 2016 The subsection titled, "Substitution of Money Market Fund," is deleted and replaced with the following: Replacement of Money Market Fund The Securities and Exchange Commission ("SEC") provided guidance permitting the reallocation of contract value from certain money market funds to government money market funds under limited circumstances (a "Replacement") without the insurance company applying for an order from the SEC. Accordingly, we have withdrawn our substitution application to the SEC in favor of a Replacement. The guidance does not require the insurance company to reimburse Policy Owners for increased portfolio expenses, so we will not make such a reimbursement. On or around July 22, 2016, we will effect the Replacement by reallocating contract value allocated to the Vanguard Money Market Portfolio ("Existing Fund") to the Fidelity VIP Government Money Market Portfolio, Initial Class ("Replacement Fund"). Both funds are described in their respective summary prospectuses, which are available at no charge by contacting the Service Center at or by logging into your account at ameritasdirect.com. Until the date of the Replacement, Policy Value allocated to the Existing Fund may remain invested in the corresponding Subaccount, and transfers of Policy Value in and out of that Subaccount will be allowed without any charge or limitation (except potentially harmful transfers (See the "Disruptive Trading Procedures" section)). When carried out, the Replacement will result in any Policy Value you have allocated to the Existing Fund Subaccount being transferred at relative net asset value to the Replacement Fund Subaccount. We will pay all expenses incurred in connection with the Replacement. There will be no tax consequences resulting from the Replacement. After the Replacement, the Existing Fund Subaccount will no longer be available for investment under the Policy. Once the Replacement occurs, unless you instruct us otherwise, any existing or future instruction that designates the Existing Fund Subaccount will be deemed to be an instruction for the Replacement Fund Subaccount. This includes, but is not limited to, instructions for purchase payments, partial withdrawals, and transfer instructions (including instructions under any automatic or systematic transfer program). All references to the Existing Fund will be replaced with a reference to the Replacement Fund, and all references to a money market subaccount will refer to the Fidelity VIP Government Money Market Portfolio, Initial Class Subaccount. On the date of the Replacement and thereafter, this Policy will no longer include the Vanguard Money Market Portfolio Subaccount. PF

14 Information about the Replacement Fund, its investment policy, risks, fees and expenses and other aspects of its operations, can be found in its prospectus, which you should read carefully. There is no assurance that the Replacement Fund will achieve its stated objective. If you have any questions about the Replacement, please contact a Service Center representative at All other provisions of your Policy remain as stated in your Policy and prospectus as previously supplemented. 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 PF

15 PROSPECTUS: May 1, 2016 Ameritas No-Load VA 6150 Flexible Premium Deferred Variable Annuity Policy Ameritas Life Insurance Corp. Separate Account LLVA This prospectus describes the Policy, especially its Separate Account. The Policy is designed to help you, the Policy Owner, invest on a tax-deferred basis and meet long-term financial goals. As an annuity, it also provides you with several ways to receive regular income from your investment. An initial minimum payment is required. Further investment is optional. You may allocate all or part of your investment among variable investment options (where you have the investment risk, including possible loss of principal) with allocated indirect interests in the non-publicly traded portfolios below,* or you may allocate part of your investment to a Fixed Account fixed interest rate option (where we have the investment risk and guarantee a certain return on your investment). AMERICAN CENTURY VP Class I FIDELITY VIP Initial Class (cont'd) RYDEX (cont'd) International Growth Nova Mid Cap Value High Income Precious Metals CALVERT VARIABLE PRODUCTS ** Investment Grade Bond Russell x Strategy VP EAFE International Index, Class I Mid Cap T. ROWE PRICE VP Natural Resources Overseas Blue Chip Growth VP S&P 500 Index Strategic Income THIRD AVENUE VP Volatility Managed Growth, Class F FTVIPT Class 2 Value VP Volatility Managed Moderate Growth, Class F Templeton Global Bond VIP UIF Class I VP Volatility Managed Moderate, Class F INVESCO V.I. Series I Emerging Markets Equity CALVERT VARIABLE SERIES ** American Franchise VANGUARD VIF VP SRI Balanced, Class I International Growth Balanced DEUTSCHE VS I Class A MFS VIT Initial Class Conservative Allocation Capital Growth VIP Utilities Diversified Value DEUTSCHE VS II Class A MFS VIT II Initial Class Equity Income Global Growth VIP Research International Equity Index Small Mid Cap Value VIP NEUBERGER BERMAN AMT Class I Growth DIMENSIONAL FUND ADVISORS Large Cap Value High Yield Bond VA Global Bond Mid Cap Intrinsic Value International VA Global Moderate Allocation PIMCO VIT Administrative Class Mid-Cap Index VA International Small CommodityRealReturn Strategy Moderate Allocation VA International Value Total Return Money Market VA Short-Term Fixed RYDEX REIT Index VA U.S. Large Value Guggenheim Long Short Equity Short-Term Investment-Grade VA U.S. Targeted Value Government Long Bond 1.2x Strategy Small Company Growth FIDELITY VIP Initial Class Inverse Government Long Bond Strategy Total Bond Market Index Contrafund Inverse NASDAQ-100 Strategy Total Stock Market Index Equity-Income Inverse S&P 500 Strategy Government Money Market NASDAQ-100 * Short cites are used in this list. The INVESTMENT OPTIONS section uses complete fund and portfolio names. ** Affiliates. See note in the INVESTMENT OPTIONS, Separate Account Variable Investment Options section. Please Read this Prospectus Carefully and Keep It for Future Reference. It provides information you should consider before investing in a Policy. Prospectuses for the portfolios underlying the Subaccount variable investment options are available without charge from our Service Center. A Statement of Additional Information dated May 1, 2016, and other information about us and the Policy is on file with the Securities and Exchange Commission ("SEC") and is incorporated into this prospectus by reference. For a free copy, you may access it on the SEC's website ( or write or call us. The Table of Contents for the Statement of Additional Information is on the last page of this prospectus. POLICY GUARANTEES, WHICH ARE OBLIGATIONS OF THE GENERAL ACCOUNT, ARE SUBJECT TO THE CLAIMS PAYING ABILITY OF THE COMPANY. The SEC does not pass upon the accuracy or adequacy of this prospectus, and has not approved or disapproved the Policy. Any representation to the contrary is a criminal offense. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Ameritas Life Insurance Corp. (Company, we, us, our, Ameritas Life) Service Center, P.O. Box 81889, Lincoln, Nebraska ameritasdirect.com No-Load VA

16 TABLE OF CONTENTS DEFINED TERMS 3 POLICY OVERVIEW 4 Policy Operation and Features 4 Tax-Qualified Plans 5 CHARGES 5 Base Policy Charges 5 Portfolio Company Operating Expenses 5 Examples of Expenses 9 FINANCIAL INFORMATION 9 Accumulation Unit Values 9 Financial Statements 9 CHARGES EXPLAINED 9 Mortality and Expense Risk Charge 9 Administrative Charges 10 Transfer Fee 10 Tax Charges 10 Guaranteed Lifetime Withdrawal Benefit 2 ("GLWB2") Charge 10 Fees Charged by the Portfolios 10 Waiver of Certain Charges 10 INVESTMENT OPTIONS 10 Separate Account Variable Investment Options 11 Fixed Account Investment Option 15 Transfers 15 Third Party Services 17 Disruptive Trading Procedures 17 Systematic Transfer Programs 18 Possible Allocations Chart 19 Asset Allocation Program 19 Non-Program GLWB Models 21 IMPORTANT POLICY PROVISIONS 23 Policy Application and Issuance 23 Your Policy Value 24 Telephone Transactions 24 Death of Annuitant 25 Delay of Payments 25 Beneficiary 25 Minor Owner or Beneficiary 25 Policy Changes 26 Policy Termination 26 POLICY DISTRIBUTIONS 26 Withdrawals 26 Death Benefits 27 Annuity Income Benefits 29 GLWB2 Rider 30 FEDERAL INCOME TAX MATTERS 36 MISCELLANEOUS 38 About Our Company 38 Distribution of the Policies 38 Voting Rights 38 Legal Proceedings 38 APPENDIX A: Accumulation Unit Values 39 APPENDIX B: Tax-Qualified Plan Disclosures 50 Statement of Additional Information Table of Contents 56 Contacting Us. To have questions answered or to send additional premiums, contact your sales representative or write or call us at: Ameritas Life Insurance Corp., Service Center P.O. Box Lincoln, Nebraska OR 5900 O Street Lincoln, Nebraska Telephone: Fax: Interfund Transfer Request Fax: direct@ameritas.com Express mail packages should be sent to our street address, not our P.O. Box address. Remember, the Correct Form of Written Notice "in good order" is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. Facsimile Written Notice. To provide you with timely service, we accept some Written Notices by facsimiles. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon facsimile signatures that reasonably appear to us to be genuine. Make checks payable to: "Ameritas Life Insurance Corp." Ameritas and the bison design are registered service marks of Ameritas Life Insurance Corp. No-Load VA

17 DEFINED TERMS Defined terms, other than "we, us, our," "you and your," are shown using initial capital letters in this prospectus. Accumulation Units are an accounting unit of measure used to calculate the Policy value allocated to Subaccounts of the Separate Account. It is similar to a share of a mutual fund. The Policy describes how Accumulation Units are calculated. Annuitant is the person on whose life annuity payments involving life contingencies are based and who receives Policy annuity payments. Annuity Date is the date annuity income payouts are scheduled to begin. This date is identified on the Policy Specifications page of your Policy. You may change this date, as permitted by the Policy and described in this prospectus. Business Day is each day that the New York Stock Exchange is open for trading. Cash Surrender Value is the Policy value less applicable Policy fee and any premium tax charge not previously deducted. Company, we, us, our, Ameritas Life Ameritas Life Insurance Corp. Owner, you, your is you the person(s) or legal entity who may exercise all rights and privileges under the Policy. If there are joint Owners, the signatures of both Owners are needed to exercise rights under the Policy. Policy Date is the date two Business Days after we receive your application in good order and the initial premium. It is the date used to determine the Policy Year/Month/Anniversary dates. Policy Year/Month/Anniversary is measured from respective anniversary dates of the Policy Date of this Policy. Subaccount is a division within the Separate Account for which Accumulation Units are separately maintained. Each Subaccount corresponds to a single underlying non-publicly traded portfolio issued through a series fund. Written Notice Written notice, signed by you, on a form approved by or acceptable to us, that gives us the information we require and is received at Ameritas Life, Service Center, P.O. Box 81889, Lincoln, NE (or 5900 O Street, Lincoln, NE 68510), fax Call us if you have questions about what form or information is required. This prospectus may only be used to offer the Policy where the Policy may lawfully be sold. The Policy, and certain features described in this prospectus, may not be available in all states. If your Policy is issued as part of a qualified plan under the Internal Revenue Code, refer to any plan documents and disclosures for information about how some of the benefits and rights of the Policy may be affected. No-Load VA

18 POLICY OVERVIEW The following is intended as a summary. Please read each section of this prospectus for additional detail. The Ameritas No-Load VA 6150 is a variable annuity savings vehicle offering a variety of investment options to help meet long-term financial goals. Its costs are discussed in this prospectus' CHARGES and CHARGES EXPLAINED sections. You have a short time period to review your Policy and cancel it. The terms of this "right to examine" period vary by state (see the cover of your Policy). You can allocate your premiums among a wide spectrum of investments and transfer money from one underlying investment portfolio to another without tax liability. In the Separate Account variable investment options, you may gain or lose money on your investment. In the Fixed Account option, we guarantee you will earn a fixed rate of interest. The investment options are described in this prospectus' first page and in the INVESTMENT OPTIONS section. The Policy is not designed for use by market-timing organizations or other persons or entities that use programmed or frequent transfers among investment options. More information about our market-timing restrictions is in the INVESTMENT OPTIONS TRANSFERS and DISRUPTIVE TRADING PROCEDURES sections. A significant advantage of the Policy is that it provides the ability to accumulate capital on a tax-deferred basis. The purchase of a Policy to fund a tax-qualified retirement account does not provide any additional tax deferred treatment beyond the treatment provided by the tax-qualified retirement plan itself. However, the Policy does provide benefits such as lifetime income payments, family protection through death benefits and guaranteed fees. The Policy is a deferred annuity: it has an accumulation (or deferral) period and an annuity income period. Accumulation Period. During the accumulation period, any earnings that you leave in the Policy are not taxed. During this period you can invest additional money into the Policy, transfer amounts among the investment options, and withdraw some or all of the value of your Policy. Some restrictions may apply to transfers (especially to transfers into and out of the Fixed Account). Withdrawals may be subject to income tax and a penalty tax. Annuity Income Period. The accumulation period ends and the annuity income period begins on a date you select (or the later of the fifth Policy Anniversary or the Policy Anniversary nearest the Annuitant's 85 th birthday). During the annuity income period, we will make periodic payments to the Annuitant, unless you specify otherwise. You can select payments that are guaranteed to last for the Annuitant's entire life or for some other period. Some or all of each payment will be taxable. A feature of the Policy distinguishing it from non-annuity investments is its ability to guarantee annuity payments to you for as long as the Annuitant lives or for some other period you select. In addition, if you die before those payments begin, the Policy will pay a death benefit to your beneficiary. Policy guarantees, which are obligations of the general account, are subject to the claims paying ability of the Company. POLICY OPERATION AND FEATURES Premiums Minimum initial premium: $2,000. Minimum additional premium: $250, or $50 per month if through a regularly billed program. No additional premiums will be accepted after the earlier of the Annuity Date or the Policy Anniversary nearest your 85 th birthday without our approval. Prior approval is required for any premium resulting in more than $1 million in total premium of all annuities with us for the same Owner or Annuitant. Investment Options You may transfer among investments, subject to limits. Dollar cost averaging, portfolio rebalancing and earnings sweep systematic investment programs are available. Deductions from Assets (See CHARGES on next pages.) Withdrawals There are no withdrawal charges. Each withdrawal must be at least $250. An optional Guaranteed Lifetime Withdrawal Benefit 2 rider ("GLWB2") is also available. Annuity Income Several fixed annuity income options are available. No-Load VA