File Nos. 333-28765
Filed Under Rule 424(b)(3)
ING VARIABLE ANNUITIES
Golden American Life Insurance Company
Separate Account B of Golden American Life Insurance Company
PROSPECTUS SUPPLEMENT
Dated December 13, 2001
to the Supplement Dated November 6, 2001
to the Prospectus
Dated November 5, 2001 for
Deferred Combination Variable and Fixed Annuity Contracts
issued by Golden American Life Insurance Company
("GoldenSelect Access Prospectus")
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You should keep this supplement with your Profile and Prospectus.
You previously received a Supplement dated November 6, 2001 relating to a change
in the way your benefits are affected by allocations to Special Funds. The
purpose of this Supplement is to clarify that this change applies to all
contract owners in either category Yr-2001 or May-2001. Therefore, the words,
"or May-2001" should be inserted wherever the words, "Yr-2001" appear in this
Supplement.
Effective November 6, 2001, for contract owners in category Yr-2001, the effect
that your allocations to Special Funds have on your benefits will change. To
accomplish this, we have added a new minimum "floor" below which your death
benefit or living benefit will not fall. This means that we will calculate your
benefit as described in the prospectus, but will also calculate a different
amount as described below. The greater of the two values will be used to
determine the death benefit, in the event of your death, or any applicable
living benefit.
DEATH BENEFITS
Standard Death Benefit and Annual Ratchet Enhanced Death Benefit:
No existing subaccounts will be treated as Special Funds for purposes of
calculating the floor for these death benefits. Therefore, the floor will be
calculated as these benefits are described in the prospectus for Yr-2000
contract owners, except that the maximum age for Annual Ratchet will continue to
be 90 for Yr-2001 contract owners. Withdrawals will reduce the floor on a
pro-rata basis. Your death benefit will be the greater of the floor and the
death benefit determined as described in the prospectus for Yr-2001 contract
owners.
7% Solution Enhanced Death Benefit :
The minimum guaranteed death benefit will continue to be calculated as described
in your prospectus for Yr-2001 contract owners. The floor will be calculated in
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the same manner as the minimum guaranteed death benefit described in the
prospectus for Yr-2001 contract owners, except as follows.
If you transfer contract value to a Special Fund, the floor will not be reduced
by the transfer. Instead, a portion of the floor (pro rata to the contract value
transferred) just prior to the transfer will be frozen (with 0% subsequent
growth) unless the contract value is transferred back to the Non-Special Funds.
Upon such transfer back to Non-Special Funds, we will resume accumulating that
portion of the floor at the 7% annual effective rate as described in the
prospectus, subject to the age limit and the cap described in the prospectus.
Similarly, for contract value allocated directly to Special Funds, that portion
of the floor will be the contract value allocated, and will not accumulate while
invested in Special Funds. Withdrawals will reduce the floor as described for
the minimum guaranteed death benefit in the prospectus. Your death benefit will
be the greater of the floor and the death benefit determined as described in the
prospectus for Yr-2001 contract owners.
Max 7 Enhanced Death Benefit
The floor for the Annual Ratchet component and the 7% Solution component will be
calculated independently as described above, and the greater of the two amounts
will be the floor for the Max 7 Enhanced Death Benefit. Your death benefit will
be the greater of the floor and the death benefit determined as described in the
prospectus for Yr-2001 contract owners.
LIVING BENEFITS
Minimum Guaranteed Accumulation Benefit (10 year)
No existing subaccounts will be treated as Special Funds for purposes of
calculating the floor for this benefit. Therefore, the floor will be calculated
as this benefit is described in the prospectus for Yr-2000 contract owners.
Withdrawals and certain transfers will reduce the floor on a pro-rata basis. On
the Benefit Date, your MGAB will be based on the greater of the floor and the
MGAB Base determined as described in the prospectus for Yr-2001 contract owners.
Minimum Guaranteed Accumulation Benefit (20 year)
The MGAB Base will continue to be calculated as described in your prospectus for
Yr-2001 contract owners. The floor will be calculated in the same manner as the
MGAB Base described in the prospectus for Yr-2001 contract owners, except as
follows.
If you transfer contract value to a Special Fund more than 3 years before the
Benefit Date, the floor will not be reduced by the transfer. Instead, a portion
of the floor (pro rata to the contract value transferred) just prior to the
transfer will be frozen (with 0% subsequent growth) unless the contract value is
transferred back to the Non-Special Funds. Upon such transfer back to
Non-Special Funds, we will resume accumulating that portion of the floor at the
MGAB rate described in the prospectus. Similarly, for contract value allocated
directly to Special Funds, that portion of the floor will be the contract value
allocated, and will not accumulate while invested in Special Funds. Withdrawals
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and other transfers will reduce the floor as described for the MGAB Base in the
prospectus.
On the Benefit Date, your MGAB will be based on the greater of the floor and the
MGAB Base as described in the prospectus for Yr-2001 contract owners.
Minimum Guaranteed Withdrawal Benefit
No existing subaccounts will be treated as Special Funds for purposes of
calculating the floor for this benefit. Therefore, the floor will be calculated
as this benefit is described in the prospectus for Yr-2000 contract owners. Any
rider benefits payable will be based on the greater of the floor and the MGWB
Withdrawal Account determined as described in the prospectus for Yr-2001
contract owners.
Minimum Guaranteed Income Benefit
The MGIB Benefit Base will continue to be calculated as described in your
prospectus for Yr-2001 contract owners. The floor will be calculated in the same
manner as the MGIB Base described in the prospectus for Yr-2001 contract owners,
except as follows.
If you transfer contract value to a Special Fund, the floor will not be reduced
by the transfer. Instead, a portion of the floor (pro rata to the contract value
transferred) just prior to the transfer will be frozen (with 0% subsequent
growth) unless the contract value is transferred back to the Non-Special Funds.
Upon such transfer back to Non-Special Funds, we will resume accumulating that
portion of the floor at the MGIB rate described in the prospectus, subject to
the age limit and the Maximum described in the prospectus. Similarly, for
contract value allocated directly to Special Funds, that portion of the floor
will be the contract value allocated, and will not accumulate while invested in
Special Funds. Withdrawals will reduce the floor as described for the MGIB Base
in the prospectus.
On the Benefit Date, your MGIB Annuity Income will be based on the greater of
the floor and the MGIB Benefit Base as described in the prospectus for Yr-2001
contract owners.
ING VARIABLE ANNUITIES
Golden American Life Insurance Company
Golden American Life Insurance Company is a stock company domiciled in Delaware.
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