
<PAGE>
 
                                                                    EXHIBIT 99.5

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

                                  SCHEDULE 13D

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 3)*

                          JOHN ADAMS LIFE CORPORATION
                                (NAME OF ISSUER)

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

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

Alvin S. Milder, Esq., 134 Greenfield Ave., Los Angeles, CA 90049, Telephone No.
                                 (310) 475-9777
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)

                                  JULY 1, 1994
            ------------------------------------------------------
            (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    
      00
- ------------------------------------------------------------------------------
      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            1,530,000
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          0
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             1,280,000
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          0
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11  
      1,530,000
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                     [_] 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      50.8%
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN
- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7

                                      22
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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 securities acquired by Reporting Person that are the occasion for this
report are the results of a grant of options to purchase 150,000 shares of
Issuer's common stock.  The options were granted to Reporting Person pursuant to
an employment agreement between Issuer and Reporting Person.  Reporting Person
has not exercised his options to purchase any of said 150,000 shares.

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;

     (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; except that, due to
illness, one of the current members of the board has declined to stand for
reelection at the June 1995 annual meeting of shareholders and the Board of
Directors has, as authorized by the Issuer's bylaws, reduced the number of
directors of the Issuer to five;

     (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;
the Issuer's common stock is presently traded in the over-the-counter market;

     (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.

     (a) The aggregate number of the shares of Issuer's Common Stock, without
par value, beneficially owned by Reporting Person is 1,530,000 shares; this is
50.8% of Issuer's Common Stock, without par value, outstanding as of the date of
this Statement.

     (b) Reporting Person has the sole power to vote or direct the vote of all
1,530,000 shares held by Reporting Person.  Reporting Person has the sole power
to dispose or to direct the disposition of 1,280,000 shares of the 1,530,000
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 his Schedule 13D filed November 20, 1991.)
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.

     (c) There have been no other transactions by Reporting Person in the
Issuer's securities during the past sixty days.

     (d) No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of the
Issuer's securities owned by Reporting Person.

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 "1991 Agreement") between Reporting
Person and Issuer attached hereto as Exhibit A to Schedule 13D, filed by
Reporting Person on November 20, 1991; the 1991 Agreement imposes certain
restrictions on 250,000 of the shares of Issuer's Common Stock, without par
value, held by Reporting Person.  In addition, the additional 150,000 shares,
which are the subject of this report, are held by the Reporting Person under the
terms of Issuer's standard stock options agreement with employees.

                                      24
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ITEM 7.  MATERIAL TO BE FILED AS EXHIBITS.

The employment agreement, dated July 1, 1991, between Reporting Person and
Issuer, which is referred to in Item 6, is attached to Schedule 13D, filed by
Reporting Person on November 20, 1991.

                                   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.

                              April 12, 1995
                              --------------------------
                              Date

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

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