<PAGE>

          SECURITIES AND EXCHANGE COMMISSION

          WASHINGTON, D.C. 20549

          FORM 10-Q

          (Mark One)

          [ X ]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
                  SECURITIES EXCHANGE ACT OF 1934

          For the quarterly period ended March 31, 2003

                                       OR

          [   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934

          For the transition period from           to

          Commission file number 33-46620

          FORTIS BENEFITS INSURANCE COMPANY
          (Exact name of registrant as specified in its charter)

          MINNESOTA
          (State or other jurisdiction of
          incorporation or organization)

          81-0170040
          (IRS Identification No.)

          576 BIELENBERG DRIVE, WOODBURY, MN                   55125
          (Address of principal executive offices)             (Zip code)

          Registrant's telephone number, including area code: 651-361-4000

          Indicate by check mark whether the registrant (1) has filed all
          reports required to be filed by Section 13 or 15 (d) of the Securities
          Exchange Act of 1934 during the preceding 12 months (or for such
          shorter period that the registrant was required to file such reports),
          and (2) has been subject to such filing requirements for the past 90
          days. Yes  X   No

          Indicate by check mark whether the registrant is an accelerated filer
          (as defined in Rule 12b-2 of the Exchange Act). Yes   No  X


<PAGE>


FORTIS BENEFITS INSURANCE COMPANY
BALANCE SHEETS
(In thousands, except share data)
--------------------------------------------------------------------------------

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

<Table>
<Caption>
                                                                                 MARCH 31,     DECEMBER 31,
                                                                                   2003           2002
                                                                                -----------   --------------
                                                                                (UNAUDITED)
<S>                                                                             <C>           <C>
                                     ASSETS

Investments:
    Fixed maturities, at fair value (amortized cost 2003 - $3,056,046;
        2002 - $2,884,670                                                       $ 3,253,722   $    3,044,689
    Equity securities, at fair value (cost 2002 - $167,241;
        2002 - $108,002)                                                            168,760          102,214
    Mortgage loans on real estate, less allowance for possible losses
        (2003-- $12,955, 2002--$13,228)                                             584,317          578,517
    Policy loans                                                                     10,352           10,301
    Short-term investments                                                          116,466          282,383
    Real estate and other investments                                                63,466           62,248
                                                                                -----------   --------------
                                                                                  4,197,083        4,080,352

Cash and cash equivalents                                                             7,255            9,660

Receivables:
    Uncollected premiums                                                             61,943           62,480
    Reinsurance recoverable on unpaid and paid losses                             1,151,021        1,151,186
    Other                                                                            23,736           16,183
                                                                                -----------   --------------

                                                                                  1,236,700        1,229,849

Accrued investment income                                                            51,932           45,584
Deferred policy acquisition costs                                                   128,695          123,813
Property and equipment at cost, less accumulated depreciation                         3,478            3,796
Federal income tax recoverable                                                        5,068            8,258
Deferred federal income taxes                                                       102,900          125,317
Other assets                                                                          7,560            7,746
Identifiable intangible assets, less accumulated amortization (2003 - $1,751;        25,749           27,400
      2002 - $1,400)
Goodwill                                                                            156,006          156,006
Assets held in separate accounts                                                  3,676,204        3,126,978
                                                                                -----------   --------------

      Total assets                                                              $ 9,598,630   $    8,944,759
                                                                                ===========   ==============
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       2

<PAGE>
FORTIS BENEFITS INSURANCE COMPANY
BALANCE SHEETS
(In thousands, except share data)
--------------------------------------------------------------------------------

<Table>
<Caption>
                                                                        MARCH 31,     DECEMBER 31,
                                                                          2003           2002
                                                                       -----------   --------------
                                                                       (UNAUDITED)
<S>                                                                    <C>           <C>
            POLICY RESERVES AND LIABILITIES AND SHAREHOLDER'S EQUITY

Policy reserves and liabilities:
    Future policy benefit reserves:
      Traditional and pre-need life insurance                          $ 1,909,076   $    1,881,137
      Interest sensitive and investment products                         1,036,017        1,020,724
      Accident and health                                                1,303,392        1,264,565
                                                                       -----------   --------------

                                                                         4,248,485        4,166,426

    Unearned revenues                                                       50,561           50,145
    Other policy claims and benefits payable                               243,829          257,880
    Policyholder dividends payable                                           1,856            1,876
                                                                       -----------   --------------
                                                                         4,544,731        4,476,327

    Accrued expenses                                                        87,335           96,099
    Other liabilities                                                      107,270           99,120
    Deferred gain on reinsurance ceded                                     292,864          308,167
    Due to affiliates                                                        5,807            3,842
    Liabilities related to separate accounts                             3,676,204        3,126,978
                                                                       -----------   --------------

      Total policy reserves and liabilities                              8,714,211        8,110,533
                                                                       -----------   --------------

Shareholder's equity:
    Common stock, $5 par value:  authorized, issued and outstanding
        shares - 1,000,000                                                   5,000            5,000
    Additional paid-in capital                                             516,570          516,570
    Retained earnings                                                      228,981          211,459
    Accumulated other comprehensive income                                 133,868          101,197
                                                                       -----------   --------------

      Total shareholder's equity                                           884,419          834,226
                                                                       -----------   --------------

      Total policy reserves and liabilities and shareholder's equity   $ 9,598,630   $    8,944,759
                                                                       ===========   ==============
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       3

<PAGE>

FORTIS BENEFITS INSURANCE COMPANY
STATEMENTS OF INCOME
(In thousands)
--------------------------------------------------------------------------------

<Table>
<Caption>
                                                        THREE MONTHS ENDED MARCH 31,
                                                            2003            2002
                                                        ------------    ------------
                                                         (UNAUDITED)     (UNAUDITED)
<S>                                                     <C>             <C>
Revenues:
    Insurance operations:
    Traditional and pre-need life insurance premiums    $    122,777    $    128,459
    Interest sensitive and investment product
        policy charges                                           441             648
    Accident and health insurance premiums                   307,830         289,726
                                                        ------------    ------------
                                                             431,048         418,833

    Net investment income                                     62,099          66,018
    Net realized (losses) gains on investments                (4,557)            454
    Amortization of gain on reinsured business                15,303          15,478
    Other income                                               2,939           2,950
                                                        ------------    ------------
      Total revenues                                         506,832         503,733

Benefits and expenses:
    Benefits to policyholders:
      Traditional and pre-need life insurance                116,718         117,059
      Interest sensitive investment products                     387           1,892
      Accident and health claims                             226,309         221,693
                                                        ------------    ------------
                                                             343,414         340,644

    Policyholder dividends                                        54              69
    Amortization of deferred policy acquisition costs         12,925          10,210
    Insurance commissions                                     39,801          34,833
    General and administrative expenses                       82,576          80,925
                                                        ------------    ------------
      Total benefits and expenses                            478,770         466,681
                                                        ------------    ------------

Income before income taxes                                    28,062          37,052

Federal income taxes                                           9,762          11,868
                                                        ------------    ------------
Net income                                              $     18,300    $     25,184
                                                        ------------    ------------

Other comprehensive income (loss):
Unrealized gain (loss) on investments                         32,671         (43,191)
                                                        ------------    ------------
Comprehensive income (loss)                             $     50,971    $    (18,007)
                                                        ============    ============
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       4


<PAGE>
FORTIS BENEFITS INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
(In thousands)
--------------------------------------------------------------------------------

<Table>
<Caption>
                                                                    THREE MONTHS ENDED MARCH 31,
                                                                        2003              2002
                                                                    -------------    -------------
                                                                     (UNAUDITED)       (UNAUDITED)
<S>                                                                 <C>              <C>
Cash flows from operating activities:
    Net income                                                      $      18,300    $      25,184
    Adjustments to reconcile net income to net cash provided by
        operating activities:
      Provision for depreciation and amortization of goodwill                 211              132
      Amortization of gain on reinsured business                          (15,303)         (15,478)
      Amortization of investment premiums (discounts), net                    192           (1,168)
      Net realized losses (gains) on sold investments                       4,557             (454)
      Policy acquisition costs deferred                                   (15,946)         (13,238)
      Amortization of deferred policy acquisition costs                    12,925           10,210
      Provision for deferred federal income taxes                           7,423           16,473
      Decrease (Increase) in income taxes recoverable                       3,326          (92,731)
      Change in receivables, accrued investment income, unearned
           premiums, accrued expenses, other assets, due to and
           from affiliates and other liabilities                           (9,647)         (33,208)
      Increase in future policy benefit reserves for traditional,
           interest sensitive and accident and health  policies            71,576           84,938
      Decrease in other policy claims and benefits and
           policyholder dividends payable                                 (14,076)          (1,193)
                                                                    -------------    -------------

      Net cash (provided by) used in operating activities                  63,538          (20,533)
                                                                    -------------    -------------

Cash flows from investing activities:
    Purchases of fixed maturity investments                              (370,950)        (706,820)
    Sales and repayments of fixed maturity investments                    199,564          482,302
    Purchases of short-term investments                                  (750,471)              --
    Sales and repayments of short-term investments                        916,398          252,860
    Purchases of other investments                                        (86,581)         (84,596)
    Sales of other investments                                             24,059           68,654
    Purchases of property and equipment                                        --              (33)
    Sales and repayments of property and equipment                            106               --
                                                                    -------------    -------------

      Net cash used in (provided by) investing activities                 (67,875)          12,367
                                                                    -------------    -------------

Cash flows from financing activities:
    Change in foreign exchange rate                                         1,932              (34)
                                                                    -------------    -------------

      Net cash (used in) provided by financing activities                   1,932              (34)
                                                                    -------------    -------------

Decrease in cash and cash equivalents                                      (2,405)          (8,200)

Cash and cash equivalents at beginning of year                              9,660           11,704
                                                                    -------------    -------------

Cash and cash equivalents at end of year                            $       7,255    $       3,504
                                                                    =============    =============
</Table>


    The accompanying notes are an integral part of the financial statements.

                                        5


<PAGE>
FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

       General: The accompanying unaudited financial statements of Fortis
       Benefits Insurance Company contain all adjustments necessary to present
       fairly the balance sheet as of March 31, 2003 and the related statement
       of income for the three months ended March 31, 2003 and 2002, and cash
       flows for the three months ended March 31, 2003 and 2002.

       Income tax receipts (payments) were $998 and $(88,134) for the three
       months ended March 31, 2003 and 2002, respectively.

       The classification of fixed maturity investments is to be made at the
       time of purchase and, prospectively, that classification is expected to
       be reevaluated as of each balance sheet date. At March 31, 2003, all
       fixed maturity and equity securities are classified as available-for-sale
       and carried at fair value.

       The amortized cost and fair values of investments available-for sale were
       as follows at March 31, 2003:

<Table>
<Caption>
                                                  GROSS        GROSS
                                   AMORTIZED    UNREALIZED   UNREALIZED      FAIR
                                     COST         GAINS        LOSSES       VALUE
                                   ----------   ----------   ----------   ----------
<S>                                <C>          <C>          <C>          <C>
Fixed maturities:
    Governments                    $  177,963   $   11,457   $      170   $  189,250
    Public utilities                  203,046       19,161        1,247      220,960
    Industrial and miscellaneous    2,136,179      161,734       12,467    2,285,446
    Other                             538,858       24,272        5,064      558,066
                                   ----------   ----------   ----------   ----------
Total fixed maturities              3,056,046      216,624       18,948    3,253,722
    Equity securities                 167,241        3,731        2,212      168,760
                                   ----------   ----------   ----------   ----------
Total                              $3,223,287   $  220,355   $   21,160   $3,422,482
                                   ==========   ==========   ==========   ==========
</Table>

       The amortized cost and fair value in fixed maturities at March 31, 2003,
       by contractual maturity, are shown below. Expected maturities will differ
       from contractual maturities because borrowers may have the right to call
       or prepay obligations with or without call or prepayment penalties.

                                       6

<PAGE>


FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

<Table>
<Caption>
                                                AMORTIZED       FAIR
                                                  COST         VALUE
                                                ----------   ----------
<S>                                             <C>          <C>
Due in one year or less                         $   37,965   $   44,711
Due after one year through five years              413,438      440,862
Due after five years through ten years             977,190    1,037,742
Due after ten years                              1,627,453    1,730,407
                                                ----------   ----------
Total                                           $3,056,046   $3,253,722
                                                ==========   ==========
</Table>

       Proceeds from sales of investments in fixed maturities in the three-month
       period ended March 31, 2003 and March 31, 2002 were $199,564 and $482,302
       respectively. Gross gains of $4,264 and $9,484 and gross losses of $8,583
       and $11,606 were realized on sales during the three month periods ended
       March 31, 2003 and 2002, respectively.

       Mortgage Loans

       The Company has issued commercial mortgage loans on properties located
       throughout the United States. Approximately 36% of outstanding principal
       is concentrated in the states of New York, California and Florida, at
       March 31, 2003. The Company has a diversified loan portfolio with a small
       average size, which greatly reduces any loss exposure. The Company has
       established a reserve for mortgage loans.

       Net Investment Income and Net Realized (Losses) Gains on Investments:
       Major categories of net investment income and realized (losses) gains on
       investments for the first three months of each year were as follows:

<Table>
<Caption>
                                                                      REALIZED GAIN (LOSS)
                                            INVESTMENT INCOME            ON INVESTMENTS
                                           2003          2002          2003          2002
                                        ----------    ----------    ----------    ----------
<S>                                     <C>           <C>           <C>           <C>
    Fixed maturities                    $   48,001    $   50,117    $   (4,319)   $   (2,122)
    Preferred stocks                         1,948         1,451          (248)           32
    Common stocks                               42         1,543            --         1,593
    Mortgage loans on real estate           12,150        13,494            --         1,029
    Policy loans                               138           129            --            --
    Short-term investments                     745            65            10           (78)
    Real estate and other investments        1,203         1,188            --            --
                                        ----------    ----------    ----------    ----------
                                            64,227        67,987    $   (4,557)   $      454
                                                                    ----------    ----------
    Expenses                                (2,128)       (1,969)
                                        ----------    ----------
                                        $   62,099    $   66,018
                                        ----------    ----------
</Table>

       Other than temporary impairments (OTTI) are included in realized gain and
       losses and consist of $7,511 and $0 for fixed maturities in 2003 and
       2002, respectively. OTTI write-downs are recorded at the end of each
       quarter based on the fair value of the security as of the reporting date.

                                       7

<PAGE>

FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            RESULTS OF OPERATIONS.

                    MARCH 31, 2003 COMPARED TO MARCH 31, 2002

REVENUES

Fortis Benefits Insurance Company (the "Company") distributes its products
through a network of independent agents, brokers and financial institutions. The
Company's major products offered are group disability, group dental, group life,
group medical, pre-need annuity and life and accidental death coverages.

The Company's increase in accident and health premium is primarily due to the
Company's increase in disability premium assumed. Accidental death premium in
the accident and health line increased as a result of increases in new business
sales. Offsetting the disability and accidental death premium increases is a
decrease in the group medical line due to higher lapse rates.

The group life products experienced slower sales and lower persistency during
the first quarter of 2003, reflecting lower life premium levels when compared to
the first quarter of 2002.

The Company continues to match investment portfolio composition to liquidity
needs and capital requirements. Investment income decreased from $66 million
during the three months ended March 31, 2002 to $62 million during the three
months ended March 31, 2003 due to lower yielding investment markets. Changes in
interest rates during the first quarter of 2002 and 2003 resulted in recognition
of realized gains and losses upon sales of securities. The Company had more
capital losses from fixed maturity investments in 2003 as compared to 2002.

BENEFITS

The total year-to-date policyholder benefit to premium ratio decreased from
81.3% to 79.7% for the three months ended March 31, 2002 to March 31, 2003,
respectively. The group disability, group dental, group life, group medical,
pre-need and accidental death benefit to premium ratios for the three months
ended March 31, were 89%, 67%, 84%, 69%, 106% and 40% respectively in 2003 and
89%, 72%, 84%, 69%, 102% and 67% respectively in 2002. The decrease in the
dental loss ratio was due to favorable claim experience.

EXPENSES

Commission rates have increased from levels in 2002. This is primarily due to
changes in the mix of business by product lines as well as the change in first
year versus renewal premiums.





                                       8
<PAGE>

FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

The Company's general and administrative expense to premium ratio remained flat
at 19% at the end of the first quarter of 2003 and 2002. The Company continues
to monitor expenses, striving to improve the expense to premium ratio, while
maintaining quality and timely services to policyholders.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

MARKET RISK AND RISK MANAGEMENT

Interest rate risk is the Company's primary market risk exposure. Substantial
and sustained increases and decreases in market interest rates can affect the
profitability of insurance products and market value of investments. The yield
realized on new investments generally increases or decreases in direct
relationship with interest rate changes. The market value of the Company's fixed
maturity and mortgage loan portfolios generally increases when interest rates
decrease and decreases when interest rates increase.

Interest rate risk is monitored and controlled through asset/liability
management. As part of the risk management process, different economic scenarios
are modeled, including cash flow testing required for insurance regulatory
purposes, to determine that existing assets are adequate to meet projected
liability cash flows. A major component of the Company's asset/liability
management program is structuring the investment portfolio with cash flow
characteristics consistent with the cash flow characteristics of the Company's
insurance liabilities. The Company uses computer models to perform simulations
of the cash flow generated from existing insurance policies under various
interest rate scenarios. Information from these models is used in the
determination of interest crediting strategies and investment strategies. The
asset/liability management discipline includes strategies to minimize exposure
to loss as market interest rates change. On the basis of these analyses,
management believes there is no material solvency risk to the Company with
respect to interest rate movements up or down of 100 basis points from year-end
levels.

Equity market risk exposure is not significant. Equity investments in the
general account are not material enough to threaten solvency and contract owners
bear the investment risk related to the variable products. Therefore, the risks
associated with the investments supporting the variable separate accounts are
assumed by contract owners, not by the Company. The Company provides certain
minimum death benefits that depend on the performance of the variable separate
accounts. Currently the majority of these death benefit risks are reinsured
which then protects the Company from adverse mortality experience and prolonged
capital market decline.

LIQUIDITY AND CAPITAL RESOURCES

The liquidity requirements of the Company have been met by funds provided from
operations, including investment income. Funds are principally used to provide
for policy benefits, operating expenses, commissions and investment purchases.
The impact of the declining inforce medical business has been considered in
evaluating the Company's future liquidity needs. The Company expects its
operating activities to continue to generate sufficient funds.


                                        9
<PAGE>

FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

The National Association of Insurance Commissioners has implemented risk-based
capital standards to determine the capital requirements of a life insurance
company based upon the risks inherent in its operations. These standards require
the computation of a risk-based capital amount which is then compared to a
company's actual total adjusted capital. Based upon current calculations using
these risk-based capital standards, the Company's percentage of total adjusted
capital is in excess of ratios, which would require regulatory attention.

The Company's fixed maturity investments consisted of 93% investment grade bonds
as of March 31, 2003 and the Company does not expect this percentage to change
significantly in the future.

REGULATION

The Company is subject to the laws and regulations established by the Minnesota
State Insurance Department governing insurance business conducted in Minnesota
State. Periodic audits are conducted by the Minnesota Insurance Department
related to the Company's compliance with these laws and regulations. To date,
there have been no adverse findings regarding the Company's operations.

ITEM 4.    CONTROLS AND PROCEDURES.

The Company, under the direction of the Chief Executive Officer and the Chief
Financial Officer, has established disclosure controls and procedures that are
designed to ensure that information required to be disclosed by the Company in
the reports that it files or submits under the Securities Exchange Act of 1934
is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms. The
disclosure controls and procedures are also intended to ensure that such
information is accumulated and communicated to the Company's management,
including the Chief Executive Officer and the Chief Financial Officer, as
appropriate to allow timely decisions regarding required disclosures.

Within 45 days of the filing of this report, the Chief Executive Officer and the
Chief Financial Officer have reviewed and evaluated the Company's disclosure
controls and procedures. Based on, and as of the date of, that review and
evaluation, the Chief Executive Officer and the Chief Financial Officer have
concluded that the Company's disclosure controls and procedures are effectively
serving the stated purposes. During the review and evaluation an internal
control issue was noted. It was determined that the preparation of certain cash
and suspense account reconciliations had been delayed and that reconciling items
had not been resolved on a timely basis. The Company promptly developed written
guidelines with regard to account reconciliation controls and implemented those
controls during first quarter of 2003.

In addition, there have been no significant changes in the Company's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their most recent evaluation. Other than as noted
above no significant deficiencies or material weaknesses in the internal
controls were identified during the evaluation and, as a consequence, no further
corrective action is required to be taken.

                                       10

<PAGE>


FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

PART II.   OTHER INFORMATION

Item 1.   Legal Proceedings

    None

Item 2.   Changes in Securities

    None

Item 3.   Defaults Upon Senior Securities

    None

Item 4.   Submission of Matters to a Vote of Security Holders

    None

Item 5.   Other Information

    None

Item 6.   Exhibits and Reports on Form 8-K

    a.   Written Statement of Chief Executive Officer (Exhibit 99.1)
         Written Statement of Chief Financial Officer (Exhibit 99.2)

    b.   None

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on it's behalf by the
undersigned thereunto duly authorized.

Fortis Benefits Insurance Company
(Registrant)

Date:  May 13, 2003


Larry Cains
Controller and Treasurer
(on behalf of the Registrant and as its
principal financial and chief
accounting officer)

                                       11



<PAGE>
FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

                        CERTIFICATION OF PERIODIC REPORT
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, the undersigned Chief Executive Officer of Fortis Benefits Insurance
Company (the "Company"), do hereby certify, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

         1. I have reviewed the Quarterly Report on Form 10-Q of the Company for
the period ended March 31, 2003 (this "Report");

         2. Based on my knowledge, this Report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the periods covered by this Report;

         3. Based on my knowledge, the financial statements, and other financial
information included in the Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Company as of,
and for, the periods presented in this Report;

         4. The Company's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Company and have:

         a)       Designated such disclosure controls and procedures to ensure
                  that material information relating to the Company, including
                  its consolidated subsidiaries, is made known to us by others
                  within those entities, particularly during the period in which
                  this Report is being prepared;

         b)       Evaluated the effectiveness of the Company's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this Report (the "Evaluation Date"); and

         c)       Presented in this Report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

         5. The Company's other certifying officers and I have disclosed, based
on our most recent evaluation, to the Company's auditors and the audit committee
of Company's board of directors (or persons performing the equivalent
functions):

         a)       All significant deficiencies in the design or operation of
                  internal controls which could adversely affect the Company's
                  ability to record, process, summarize and report financial
                  data and have identified for the Company's auditors any
                  material weaknesses in internal controls; and

         b)       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  Company's internal controls; and

         6. The Company's other certifying officers and I have indicated in this
Report whether there were significant changes in internal controls or in the
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: May 13, 2003

                             /s/ ROBERT B. POLLOCK
                             --------------------------
                             Robert B. Pollock
                             Chief Executive Officer


                                       12
<PAGE>
FORTIS BENEFITS INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
(In thousands)
--------------------------------------------------------------------------------

                        CERTIFICATION OF PERIODIC REPORT
            PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, the undersigned Chief Financial Officer of Fortis Benefits Insurance
Company (the "Company"), do hereby certify, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

         1. I have reviewed the Quarterly Report on Form 10-Q of the Company for
the period ended March 31, 2003 (this "Report");

         2. Based on my knowledge, this Report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the periods covered by this Report;

         3. Based on my knowledge, the financial statements, and other financial
information included in the Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Company as of,
and for, the periods presented in this Report;

         4. The Company's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Company and have:

         a)       Designated such disclosure controls and procedures to ensure
                  that material information relating to the Company, including
                  its consolidated subsidiaries, is made known to us by others
                  within those entities, particularly during the period in which
                  this Report is being prepared;

         b)       Evaluated the effectiveness of the Company's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this Report (the "Evaluation Date"); and

         c)       Presented in this Report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

         5. The Company's other certifying officers and I have disclosed, based
on our most recent evaluation, to the Company's auditors and the audit committee
of Company's board of directors (or persons performing the equivalent
functions):

         a)       All significant deficiencies in the design or operation of
                  internal controls which could adversely affect the Company's
                  ability to record, process, summarize and report financial
                  data and have identified for the Company's auditors any
                  material weaknesses in internal controls; and

         b)       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  Company's internal controls; and

         6. The Company's other certifying officers and I have indicated in this
Report whether there were significant changes in internal controls or in the
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: May 13, 2003

                             /s/ LARRY M. CAINS
                             --------------------------
                             Larry M. Cains
                             Chief Financial Officer

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