
<PAGE>
 
                                                                    EXHIBIT 99.3

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 1)*

                          JOHN ADAMS LIFE CORPORATION
                                (NAME OF ISSUER)

                        COMMON STOCK, WITHOUT PAR VALUE
                         (TITLE OF CLASS OF SECURITIES)

                                   006246102
            -------------------------------------------------------
                                 (CUSIP NUMBER)

Alvin S. Milder, Esq., 10880 Wilshire Boulevard, Suite 1900,
Los Angeles, CA 90024, Telephone No. (310) 475-9777
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)

                               NOVEMBER 12, 1991
            -------------------------------------------------------
            (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].

Check the following box if a fee is being paid with the statement [_]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

Note:  Six copies of this statement, including all exhibits, should be filed
with the Commission.  See Rule 13d-1(a) for other parties to whom copies are to
be sent.

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to subject class of securities, and for
any subsequent amendment containing information which would alter disclosures
provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

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- -----------------------                                  ---------------------
  CUSIP NO. 006246102                   13D                PAGE 2 OF 5 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
     
      Benjamin A. DeMotto
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      Not Applicable                                            (b) [_]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 
- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      OO
- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
 5    ITEMS 2(D) OR 2(E)
                                                                    [_]
- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States of America
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            1,280,000
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          0
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             1,030,000
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          0
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11  
      1,280,000
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                     [_] 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      43.0%
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN
- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!

                                      13
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ITEM 1.   SECURITY AND ISSUER.

     The class of equity securities to which this Statement relates is the
Common Stock, without par value, of John Adams Life Corporation ("Issuer"), a
California corporation, which has its principal executive offices at 11845 W.
Olympic Boulevard, Suite 905, Los Angeles, California 90064.

ITEM 2.  IDENTITY AND BACKGROUND.

     The person filing this Statement is Benjamin A. DeMotto ("Reporting
Person"), a natural person, whose business address is 11845 W. Olympic
Boulevard, Suite 905, Los Angeles, California 90064.

     Reporting Person's principal occupation and employment is: Chairman of the
Board, CEO and President of John Adams Life Corporation, 11845 W. Olympic
Boulevard, Suite 905, Los Angeles, California 90064.

     During the last five years, Reporting Person has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors.).

     During the last five years, Reporting Person has not been a party to a
civil proceeding of a judicial or administrative body, which as a result of such
proceeding Reporting Person became subject to a judgment, decree or final order
enjoining future violations of or prohibiting or mandating activities subject to
Federal or State securities laws or finding any violation with respect to such
laws.

     Reporting Person is a citizen of the United States of America.

ITEM 3.  SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

     The additional 250,000 shares acquired by Reporting Person, which are the
occasion for this Statement, are shares of restricted stock (the "Shares")
issued to Reporting Person pursuant to an employment agreement (the "Agreement")
between Issuer and Reporting Person; the restrictions on the Shares expire as
set forth in sections 4.1.1 and 4.1.2 (on pages 3 and 4) of the Agreement (a
copy of which is attached hereto as Exhibit A and incorporated herein by this
reference).  The other 1,030,000 shares of Issuer's Common Stock, without par
value, owned by the Reporting Person were reported on Schedule 13G filed by
Reporting Person on January 30, 1986.

ITEM 4.  PURPOSE OF TRANSACTION.

     Reporting Person's acquisition of the securities of Issuer is for
investment purposes.  Reporting Person is not aware of any plans or proposals,
which relate to or would result in:

     (a) The acquisition by any person of additional securities of the Issuer,
or the disposition of securities of the Issuer; except that 193,600 shares of
Issuer's Common Stock, without par value, may be purchased by Issuer under a
stock repurchase plan authorized by Issuer's board of directors;

     (b) An extraordinary corporate transaction involving the Issuer or any of
its subsidiaries;

     (c) A sale or transfer of a material amount of assets of the Issuer or any
of its subsidiaries;

     (d) Any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;

     (e) Any material change in the present capitalization or dividend policy of
the Issuer;

     (f) Any other material change in the Issuer's business or corporate
structure;

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     (g) Changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;

     (h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;

     (i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or

     (j) Any action similar to any of those enumerated above.

ITEM 5.  INTEREST IN SECURITIES OF THE ISSUER.

     The aggregate number of the shares of Issuer's Common Stock, without par
value, beneficially owned by Reporting Person is 1,280,000 shares; this is 43.0%
of Issuer's Common Stock, without par value, outstanding as of the date of this
Statement.

     Reporting Person has the sole power to vote or direct the vote of all
1,280,000 shares held by Reporting Person.  Reporting Person has the sole power
to dispose or to direct the disposition of 1,030,000 shares of the 1,280,000
shares of Issuer's common stock, without par value, held by Reporting Person.
(The additional 250,000 shares held by Reporting Person are subject to the
restrictions referred to in Item 3 above.)  Reporting Person's Spouse, Patricia
DeMotto, has such rights in and to the securities owned by Reporting Person as
are provided by the community property laws of the State of California.

     Reporting Person acquired 250,000 shares of restricted stock from Issuer
pursuant to the employment agreement between Reporting Person and Issuer, a copy
of which is attached hereto as Exhibit A.  Reporting Person received the
certificate for the 250,000 shares of restricted stock issued to Reporting
Person pursuant to the employment agreement on November 2, 1991.

ITEM 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR
         RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

     Reporting Person has no contract, arrangements or understandings with any
person with respect to any securities of the Issuer except to the extent of the
provisions of the employment agreement (the "Agreement") between Reporting
Person and Issuer attached hereto as Exhibit A, which impose certain
restrictions, in sections 4.1.1, 4.1.2, 4.2 and 4.3.1 of the Agreement, on
250,000 of the shares of Issuer's Common Stock, without par value, held by
Reporting Person.

ITEM 7.  MATERIAL TO BE FILED AS EXHIBITS.

     The employment agreement, dated July 1, 1991, between Reporting Person and
Issuer is attached hereto as Exhibit A.

                                   SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

                               November 19, 1991
                               -------------------
                               Date

                               /s/  BENJAMIN A. DEMOTTO
                               ------------------------
                               Benjamin A. DeMotto


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