IDS LIFE VARIABLE LIFE SEPARATE ACCOUNT, 485BPOS, 1996-04-29

IDS LIFE VARIABLE LIFE SEPARATE ACCOUNT
485BPOS, 1996-04-29

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PAGE 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

POST-EFFECTIVE AMENDMENT NO. 1 TO

FORM S-6

File No. 33-62457

FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2

A. Exact name of trust: IDS Life Variable Life Separate Account

B. Name of depositor: IDS LIFE INSURANCE COMPANY

C. Complete address of depositor's principal executive offices:

IDS Tower 10, Minneapolis, Minnesota 55440-0010

D. Name and complete address of agent for service:

Mary Ellyn Minenko, Esq.
IDS Life Insurance Company
IDS Tower 10
Minneapolis, Minnesota 55440-0010

E. Title and amount of securities being registered:

Flexible Premium Survivorship Variable Life Insurance
Policy

F. Proposed maximum aggregate offering price to the public of
the securities being registered.

Registration of Indefinite Amount of Securities Pursuant to
Rule 24f-2 under the Investment Company Act of 1940.

G. Amount of initial filing fee: NA

Registrant's Rule 24f-2 notice for its most recent fiscal
year was filed on or about February 23, 1996.

H. Approximate date of proposed public offering (check
appropriate space):

immediately upon filing pursuant to paragraph (b) of Rule 485
X on April 30, 1996, pursuant to paragraph (b) of Rule 485
60 days after filing pursuant to paragraph (a)i of Rule 485
on (date) pursuant to paragraph (a)i of Rule 485
This post-effective amendment designates a new effective date
for a previously filed post-effect amendment.
<PAGE>
PAGE 2
CROSS REFERENCE TO ITEMS REQUIRED
BY FORM N-8B-2

N-8B-2 Item Caption in Prospectus

1.............................Cover Page; The variable account
2.............................IDS Life
3.............................Not applicable
4.............................Distribution of the policy
5.............................The variable account
6.............................The variable account
7.............................Not applicable
8.............................Annual financial information
9.............................Legal proceedings
10............................Surrender charge; Total surrenders;
Partial surrenders; Taxation of
policy proceeds; Reinstatement;
Transfers between the fixed account
and the subaccounts; Keeping the
policy in force; Grace period;
Voting rights; Substitution of
investments; Payment of premiums;
The fixed account; Allocation of
premiums; Transfers between the
fixed account and the subaccounts;
Right to examine policy
11............................The fund
12............................The fund; Cover page
13............................Loads, fees, and charges; Keeping the
policy in force
14............................Purchasing your policy; Application
15............................Premiums; Payment of premiums;
Transfers between the fixed account
and the subaccounts; The fund
16............................Premiums; Payment of premiums;
Transfers between the fixed account
and the subaccounts; The fund
17............................Two ways to request a transfer, loan
or surrender; Policy surrenders
18............................The fund
19............................Reports
20............................Not applicable
21............................Policy loans; fixed account and
subaccounts; Two ways to request a
transfer, loan or surrender
22............................Not applicable
23............................Management of IDS Life
24............................Policy value; Proceeds payable upon
death; Payment of policy proceeds
25............................IDS Life
26............................Annual financial information
27............................IDS Life
28............................Management of IDS Life
29............................Ownership
30............................Not applicable
31............................Not applicable
32............................Not applicable
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PAGE 3
33............................Not applicable
34............................Not applicable
35............................IDS Life
36............................Not applicable
37............................Not applicable
38............................Distribution of the policy
39............................IDS Life; Distribution of the policy
40............................Annual financial information
41............................Distribution of the policy; IDS Life
42............................Management of IDS Life
43............................Not applicable
44............................Premiums; Transfers between the fixed
account and subaccounts; Subaccount
values
45............................Not applicable
46............................Subaccount values
47............................Relationship between portfolios and
subaccounts
48............................IDS Life
49............................Not applicable
50............................Not applicable
51............................The variable account
52............................Substitution of investments
53............................IDS Life's tax status
54............................Not applicable
55............................Policy illustrations
56............................Not applicable
57............................Not applicable
58............................Not applicable
59............................Annual financial information
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PAGE 4
Flexible Premium Survivorship Variable Life Insurance Policy

Prospectus April 30, 1996

The Flexible Premium Survivorship Variable Life Insurance Policy
described in this prospectus is designed to provide life insurance
coverage on two insureds, with a death benefit payable when the
last surviving insured dies while the policy is in force. The
policy is intended to qualify as a life insurance policy under
Sections 72, 101 and 7702 of the Internal Revenue Code.

You may allocate policy value to one or more of six subaccounts of
IDS Life Variable Life Separate Account. The subaccounts invest in
the portfolios of IDS Life Series Fund: Equity, Income, Money
Market, Managed, Government Securities and International Equity.
Policy values increase and decrease with investment experience and
reflect certain deductions and charges. There is no guaranteed
minimum policy value with respect to the subaccounts and you bear
the entire investment risk. You may also allocate policy value to
the fixed account which earns at least a guaranteed minimum
interest rate. The fixed account is the general investment account
of IDS Life Insurance Company (IDS Life).

You may withdraw a portion of the policy's cash surrender value
after the first policy year or surrender it in full at any time for
its cash surrender value. Surrender charges are described under
"Loads, fees and charges." You may also take out policy loans.

The frequency and amount of premium payments are flexible, subject
to certain restrictions and conditions. Payment of the scheduled
premium will not necessarily keep a policy from lapsing if the cash
surrender value is less than the amount needed to pay the monthly
deduction. (See "Loads, fees and charges.") However, a policy
will not lapse if the premiums needed to keep either the death
benefit guarantee to age 85 (DBG-85) or the death benefit guarantee
to age 100 (DBG-100) or the minimum initial premium period in
effect, are paid.

This prospectus contains detailed information about these and other
policy features, including certain restrictions and limitations
that apply. As in the case of other life insurance policies, it
may not be advantageous to purchase flexible premium survivorship
variable life insurance as a replacement for, or in addition to an
existing flexible premium variable or other life insurance policy.
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PAGE 5
IDS Life Variable Life Separate Account
Flexible Premium Survivorship Variable Life Insurance Policy

Issued and sold by: IDS Life Insurance Company, IDS Tower 10,
Minneapolis, MN 55440 Telephone: (612) 671-3131

THIS PROSPECTUS IS VALID ONLY WHEN ACCOMPANIED OR PRECEDED BY THE
PROSPECTUS OF THE IDS LIFE SERIES FUND, INC. ALL PROSPECTUSES
SHOULD BE RETAINED FOR FUTURE REFERENCE.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION, NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

IDS LIFE IS NOT A FINANCIAL INSTITUTION AND THE SECURITIES IT
OFFERS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY ANY FINANCIAL INSTITUTION NOR ARE THEY INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR
ANY OTHER AGENCY. INVESTMENTS IN THIS POLICY INVOLVE INVESTMENT
RISK INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
<PAGE>
PAGE 6
Table of contents

Key terms
The policy in brief
The variable account
The fund
Equity Portfolio
Income Portfolio
Money Market Portfolio
Managed Portfolio
Government Securities Portfolio
International Equity Portfolio
Portfolio objectives
Relationship between portfolios and subaccounts
Rates of return of the fund and subaccounts
The fixed account
Purchasing your policy
Application
Right to examine policy
Premiums
Keeping the policy in force
Death benefit guarantee to age 85
Death benefit guarantee to age 100
Minimum initial premium period
Grace period
Reinstatement
Loads, fees and charges
Premium expense charge
Monthly deduction
Surrender charge
Partial surrender fee
Mortality and expense risk charge
Fund expenses
Policy value
Fixed account value
Subaccount values
Proceeds payable upon death
Change in death benefit option
Changes in specified amount
Misstatement of age or sex
Suicide
Beneficiary
Transfers between the fixed account and subaccounts
Fixed account transfer policies
Minimum transfer amounts
Maximum transfer amounts
Maximum number of transfers per year
Two ways to request a transfer, loan or surrender
Automated transfers
Automated dollar-cost averaging
Policy loans
Policy surrenders
Total surrenders
Partial surrenders
Allocation of partial surrenders
Effects of partial surrenders
Taxes
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PAGE 7
Optional insurance benefits
Four-Year Term Insurance Rider
Policy Split Option Rider
Payment of policy proceeds
Federal taxes
IDS Life's tax status
Taxation of policy proceeds
Modified endowment contracts
Other tax considerations
IDS Life
Ownership
State regulation
Distribution of the policy
Legal proceedings
Experts
Management of IDS Life
Other information
Substitution of investments
Voting rights
Reports
Policy illustrations
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PAGE 8
Key terms

These terms can help you understand details about your policy.

Accumulation unit: An accounting unit used to calculate the policy
value of the subaccounts. It is a measure of the net investment
results of each of the subaccounts.

Attained insurance age: Each insured's insurance age plus the
number of policy anniversaries since the policy date. Attained
insurance age changes only on a policy anniversary.

Cash surrender value: Proceeds received if the policy is
surrendered in full, or the amount payable if the last surviving
insured's death occurs on or after the youngest insured's attained
insurance age 100. The cash surrender value equals the policy
value minus indebtedness, minus any applicable surrender charges.

Code: The Internal Revenue Code of 1986, as amended.

Close of business: Closing time of the New York Stock Exchange,
normally 3 p.m., Central time.

Death benefit guarantee to age 85 (DBG-85): A feature of the policy
guaranteeing that the policy will not lapse before the youngest
insured's attained insurance age 85 (or 15 policy years, if later).
This feature is in effect if you meet certain premium payment
requirements.

Death benefit guarantee to age 85 (DBG-85) premium: The premium
required to keep the DBG-85 in effect. The DBG-85 premium is shown
in your policy. It depends on each insured's sex, insurance age,
risk classification, optional insurance benefits added by rider and
the initial specified amount.

Death benefit guarantee to age 100 (DBG-100): A feature of the
policy guaranteeing that the policy will not lapse before the
youngest insured's attained insurance age 100. This feature is in
effect if you meet certain premium payment requirements.

Death benefit guarantee to age 100 (DBG-100) premium: The premium
required to keep the DBG-100 in effect. The DBG-100 premium is
shown in your policy. It depends on each insured's sex, insurance
age, risk classification, optional insurance benefits added by
rider and the initial specified amount.

Fixed account: The general investment account of IDS Life. The
fixed account is made up of all of IDS Life's assets other than
those held in any separate account.

Fixed account value: The portion of the policy value that is
allocated to the fixed account, including indebtedness.

Fund: IDS Life Series Fund, Inc., a diversified open-end management
investment company intended to meet a wide range of investment
goals with its six separate portfolios: Equity Portfolio, Income
Portfolio, Money Market Portfolio, Managed Portfolio, Government <PAGE>
PAGE 9
Securities Portfolio and International Equity Portfolio. Each of
six subaccounts of the variable account invests in a specific one
of these portfolios.

IDS Life: In this prospectus, "we," "us," "our" and "IDS Life"
refer to IDS Life Insurance Company.

Indebtedness: All existing loans on the policy plus interest that
has either been accrued or added to the policy loan.

Insurance age: Each insured's age based upon his or her last
birthday on the date of the application.

Insureds: The persons whose lives are insured by the policy.

Minimum initial premium period: A period of time during the early
years of the policy when the policy will not lapse even if the cash
surrender value is less than the amount needed to pay the monthly
deduction. This feature is in effect if you meet certain premium
payment requirements.

Monthly date: The same day each month as the policy date. If there
is no monthly date in a calendar month, the monthly date is the
first day of the next calendar month.

Net amount at risk: A portion of the death benefit, equal to the
total current death benefit minus the policy value. This is the
amount to which cost of insurance rates are applied in determining
the monthly cost of insurance.

Net premium: The premium paid minus the premium expense charge.

Owner: The entity(ies) to which, or individual(s) to whom, the
policy is issued, or to whom ownership is subsequently transferred.
In the prospectus "you" and "your" refer to the owner.

Policy anniversary: The same day and month as the policy date each
year the policy remains in force.

Policy date: The date the policy is issued and from which policy
anniversaries, policy years and policy months are determined.

Policy value: The sum of the fixed account value plus the variable
account value.

Proceeds: The amount payable under the policy as follows:

o Upon death of the last surviving insured prior to the
youngest insured's attained insurance age 100, proceeds will
be the death benefit in effect as of the date of that
insured's death, minus any indebtedness.

o Upon the death of the last surviving insured on or after the
youngest insured's attained insurance age 100, proceeds will
be the cash surrender value.
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PAGE 10
o On surrender of the policy the proceeds will be the cash
surrender value.

Risk classification: A group of insureds that IDS Life expects will
have similar mortality experience.

Scheduled premium: A premium, selected by the owner at the time of
application, of a level amount, at a fixed interval of time.

Specified amount: An amount used to determine the death benefit and
the proceeds payable upon death of the last surviving insured prior
to the youngest insured's attained insurance age 100. The initial
specified amount is shown in your policy.

Subaccount(s): One or more of the investment divisions of the
variable account, each of which invests in a particular fund
portfolio.

Surrender charge: A contingent deferred issue and administration
expense charge assessed against the policy value at the time of
surrender during the first 15 years of the policy.

Valuation date: A normal business day, Monday through Friday, on
which the New York Stock Exchange is open.

Valuation period: The interval commencing at the close of business
on each valuation date and ending at the close of business on the
next valuation date.

Variable account: IDS Life Variable Life Separate Account
consisting of subaccounts, each of which invests in a particular
mutual fund portfolio. The policy value in each subaccount depends
on the performance of the particular portfolio.

Variable account value: The sum of the values that are allocated to
the subaccounts of the variable account.

The policy in brief

The Flexible Premium Survivorship Variable Life Insurance Policy
(the policy) is designed to provide insurance protection on two
insureds and to build policy value. The policy provides a death
benefit that is payable to the beneficiary upon the last surviving
insured's death. The policy allows you, as the owner, to allocate
your net premiums or transfer policy value, to:

The variable account, consisting of subaccounts, each of
which invests in a mutual fund portfolio with a particular
investment objective. You may direct premiums to any or all
of six of these subaccounts. Your policy's value may
increase or decrease daily, depending on the investment
return. No minimum amount is guaranteed. (p. )

The fixed account, which earns interest at rates that are
adjusted periodically by IDS Life. This rate will never be
lower than 4%. (p. )
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PAGE 11
The fund: Six subaccounts of the variable account invest in IDS
Life Series Fund, Inc., a series mutual fund for which IDS Life is
investment manager. The fund includes Equity, Income, Money
Market, Managed, Government Securities and International Equity
portfolios. (p. )

Purchasing your policy: To apply, send a completed application and
premium payment to IDS Life's home office. For your application to
be accepted, you will need to provide medical and other evidence
that the persons you propose to insure meet the requirements of our
underwriting rules. (p. )

Right to examine policy: You may return your policy for any reason
and receive a full refund of your premiums by mailing us the policy
and a written request for cancellation within a specified period.
(p. )

Premiums: In applying for your policy, you state how much you
intend to pay and whether you will pay quarterly, semiannually or
annually. You may make additional unscheduled premium payments
subject to certain limits. No premium payments can be made on or
after the youngest insured's attained insurance age 100. We may
refuse premiums in order to comply with the Code. (p. )

DBG-85: A feature of the policy guaranteeing that the policy will
not lapse before the youngest insured's attained insurance age 85
(or 15 policy years, if later). This feature is in effect if you
meet certain premium payment requirements. (p. )

DBG-100: A feature of the policy guaranteeing that the policy will
not lapse before the youngest insured's attained insurance age 100.
This feature is in effect if you meet certain premium payment
requirements. (p. )

Grace period: If the cash surrender value of your policy becomes
less than the amount needed to pay the monthly deduction, and
neither of the death benefit guarantees nor the minimum initial
premium period is in effect, you will have 61 days to pay the
premium needed so that the next three monthly deductions can be
paid. If you don't, the policy will lapse. (p. )

Reinstatement: If your policy lapses, it can be reinstated within
five years. The reinstatement is subject to certain conditions
including evidence of insurability satisfactory to IDS Life and the
payment of a sufficient premium. Neither the DBG-85 nor DBG-100 can
be reinstated. (p. )

Loads, fees and charges: Your policy is subject to the following
charges, which compensate IDS Life for administering and
distributing the policy as well as paying policy benefits and
assuming related risks:<PAGE>
PAGE 12
o Premium expense charge -- charge deducted from each premium
payment to cover some distribution expenses, state and local
premium taxes and federal taxes. (p. )

o Monthly deduction -- charged against the value of your policy
each month (prior to the youngest insured's attained insurance age
100), covering the cost of insurance, cost of issuing the policy,
certain administrative expenses and optional insurance benefits.
(p. )

o Surrender charge -- applies if you surrender your policy for its
full cash surrender value, or the policy lapses, during the first
15 years. The surrender charge is a deferred charge for costs of
issuing the policy. It is based on the initial specified amount.
(p. )

o Partial surrender fee -- applies if you surrender part of the
value of your policy; equals $25 or 2% of the amount surrendered,
whichever is less. (p. )

o Mortality and expense risk charge -- applies only to the
subaccounts; equals, on an annual basis, 0.9% of the average daily
net asset value of the subaccounts. (p. )

o Fund expenses -- applies only to the fund portfolios. The
investment management fee equals, on an annual basis, 0.5% of the
average daily net assets of the Money Market Portfolio, 0.95% of
International Equity Portfolio and 0.7% of the average daily net
assets of the other portfolios. The fund also pays taxes,
brokerage commissions and nonadvisory expenses. IDS Life has
agreed to a voluntary limit of 0.1%, on an annual basis, of the
average daily net assets of each portfolio for these nonadvisory
expenses. (p. )

Proceeds payable upon death: Prior to the youngest insured's
attained insurance age 100, your policy's death benefit can never
be less than the specified amount, less outstanding indebtedness.
The relationship between the policy value and the death benefit
depends on which of two options you choose:

o Option 1 level amount: The death benefit is the greater of the
specified amount or a percentage of policy value.

o Option 2 variable amount: The death benefit is the greater of
the specified amount plus the policy value or a percentage of
policy value.

You may change the death benefit option or specified amount within
certain limits; doing so will generally affect policy charges.

On or after the youngest insured's attained insurance age 100, the
proceeds payable upon the death of the last surviving insured will
be the cash surrender value.
(p. )
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PAGE 13
Transfers between the fixed account and subaccounts: You may, at no
charge, transfer policy value from one subaccount to another or
between subaccounts and the fixed account. (Certain restrictions
apply to transfers involving the fixed account.) We reserve the
right to limit transfers to no more than five transfers per year by
phone or mail. You can also arrange for automated transfers on a
monthly, quarterly, semiannual or annual basis. (p. )

Policy loans: You may borrow against your policy's cash surrender
value. A policy loan, even if repaid, can have a permanent effect
on the death benefit and policy value. A loan may also have tax
consequences if your policy lapses or you surrender it. (p. )

Policy surrenders: You may cancel this policy while it is in force
and receive its cash surrender value. The cash surrender value is
the policy value minus indebtedness, minus any applicable surrender
charges. (p. )

Exchange right: For two years after the policy is issued, you can
exchange it for one that provides benefits that do not vary with
the investment return of the subaccounts. Because the policy
itself offers a fixed return option, all you need to do is transfer
all of the policy value in the subaccounts to the fixed account.
(p. )

Payment of policy proceeds: Proceeds will be paid when you
surrender the policy or the last surviving insured dies. You or
the beneficiary may choose whether payment is to be made in a lump
sum or under one or more of certain options. (p. )

Federal taxes: The death benefit is not considered part of the
beneficiary's income and thus is not subject to federal income
taxes. When the proceeds are paid after the youngest insured's
attained insurance age 100, if the amount received plus any
indebtedness exceeds your investment in the policy, the excess may
be taxable as ordinary income. Part or all of any proceeds
received through full or partial surrender, lapse, policy loan or
assignment of policy value may be subject to federal income tax as
ordinary income. Proceeds other than death benefits from certain
policies, classified as "modified endowments," are taxed
differently from proceeds of conventional life insurance contracts
and may also be subject to an additional 10% IRS penalty tax if you
are younger than 59 1/2. A policy is considered to be a modified
endowment if it was applied for or materially changed after June
21, 1988, and premiums paid in the early years exceed certain
modified endowment limits. (p. )

The variable account

You can direct your premiums to any or all of six subaccounts of
the variable account. These subaccounts invest in portfolios of
IDS Life Series Fund, Inc.:
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PAGE 14
Subaccount invests exclusively in shares of
U Equity Portfolio
V Income Portfolio
W Money Market Portfolio
X Managed Portfolio
Y Government Securities Portfolio
IL International Equity Portfolio

The variable account was established on October 16, 1985, under
Minnesota law and is registered as a single unit investment trust
under the Investment Company Act of 1940. Such registration does
not involve any SEC supervision of the account's management or
investment practices or policies. Subaccount IL was added to the
variable account on October 28, 1994.

The variable account meets the definition of a "separate account"
under federal securities laws. Income, capital gains or capital
losses of each subaccount are credited to or charged against the
assets of that subaccount alone. No subaccount will be charged
with liabilities of any other subaccount or of any other business
conducted by IDS Life.

At all times, IDS Life will maintain assets in the subaccounts with
total market value at least equal to the reserves and other
liabilities required to cover insurance benefits under all
contracts participating in the subaccount.

The fund

IDS Life Series Fund, Inc., a Minnesota corporation, is a
diversified, open-end management investment company incorporated on
May 8, 1985. The International Equity portfolio was added to the
fund on October 28, 1994. The fund currently consists of six
portfolios:
Equity Portfolio

Objective: capital appreciation. Invests primarily in common
stocks and other securities convertible into common stock.

Income Portfolio

Objective: to maximize current income while attempting to conserve
the value of the investment and to continue the high level of
income for the longest period of time. At least 50% of net assets
will normally be invested in high-quality, lower-risk corporate
bonds, unrated corporate bonds believed to have the same investment
qualities and government bonds. Other investments may include
lower-rated corporate bonds, bonds and common stocks sold together
as a unit, preferred stock and foreign securities.

Money Market Portfolio

Objective: to provide maximum current income consistent with
liquidity and conservation of capital. Invests in relatively
short-term money market securities, such as marketable debt
securities issued or guaranteed as to principal and interest by the
U.S. government or its agencies or instrumentalities, bank<PAGE>
PAGE 15
certificates of deposit, bankers' acceptances, letters of credit
and high-grade commercial paper.

Managed Portfolio

Objective: to maximize total investment return through a
combination of capital appreciation and current income. If the
investment manager believes the stock market will be moving higher,
it can emphasize stocks that offer potential for appreciation. At
other times, the manager may increase the portfolio's holdings in
bonds and money-market securities providing high current income.

Government Securities Portfolio

Objective: to provide a high current return and safety of
principal. Invests primarily in debt obligations issued or
guaranteed as to principal and interest by the U.S. government, its
agencies and instrumentalities.

International Equity Portfolio

Objective: capital appreciation. Invests primarily in common
stocks of foreign issuers and foreign securities convertible into
common stock. Other investments may include certain international
bonds if the portfolio manager believes they have greater potential
for capital appreciation than equities.

Portfolio objectives

Portfolio objectives can be changed only if holders of a majority
of outstanding shares agree. Because portfolio investments are
subject to the risk of changing economic conditions and the ability
of the investment manager to anticipate such changes, there can be
no guarantee that the investment objectives of a portfolio will be
achieved.

Relationship between portfolios and subaccounts

Shares of each portfolio are sold to the appropriate subaccount at
net asset value without a sales charge. Dividends and capital gain
distributions from a portfolio are reinvested at net asset value
without a sales charge and retained as an asset of the appropriate
subaccount. Portfolio shares will be redeemed by the appropriate
subaccount, without fee to the subaccount, to the extent necessary
to make death benefit or other payments under the policy.

Portfolio shares are sold only to fund life insurance benefits
under variable life insurance policies issued by IDS Life and IDS
Life Insurance Company of New York. Currently, shares are sold
only to:

o the respective subaccounts of the variable account;
o IDS Life Variable Account for Smith Barney;
o IDS Life of New York Account 7; and
o IDS Life of New York Account 8.
<PAGE>
PAGE 16
Also, there are additional subaccounts of the variable account that
fund other insurance policies issued by IDS Life which are not
discussed here.

Shares may, in the future, be sold to other separate accounts to
fund benefits of other variable life insurance policies and
variable annuity contracts.

IDS Life acts as the investment manager of the fund and receives a
fee for its services as described under "Loads, fees and charges."
American Express Trust Company acts as custodian of the fund's
investments.

Detailed information about the fund, its investment objectives,
policies and risks, and its separate investment portfolios may be
found in its prospectus.

Diversification: The Internal Revenue Service (IRS) has issued
final regulations relating to the diversification requirements
under Section 817(h) of the Code. Each fund portfolio intends to
comply with these requirements.

Ownership rules: The U.S. Treasury and the IRS have indicated they
may provide additional guidance concerning how many subaccounts may
be offered and how many exchanges among subaccounts may be allowed
before the owner is considered to have investment control and thus
is currently taxed on income earned within subaccount assets. We
do not know at this time what the additional guidance will be or
when action will be taken. We reserve the right to modify the
policy, as necessary, to ensure that the owner will not be subject
to current taxation as the owner of the subaccount assets.

Rates of return of the fund and subaccounts

This section presents actual rates of return, first for the six
portfolios of the fund and then for the six corresponding
subaccounts. Rates of return are different in the two cases
because those of the subaccounts reflect additional charges. All
charges and expenses mentioned in the section are explained fully
under "Loads, fees and charges."

Rates of return of fund portfolios

In the following table are average annual rates of return based on
the actual investment performance of the fund portfolios after
deduction of applicable portfolio expenses (including the
investment management fees and nonadvisory expenses) for the
periods indicated. These rates do not reflect charges that apply
to the subaccounts or the policy and therefore do not illustrate
how actual investment performance will affect policy benefits.
Moreover, these rates of return are not an estimate or guarantee of
future performance.
<PAGE>
PAGE 17
Period ending 12/31/95

Portfolio 1 year 3 years 5 years Since inception*
Equity 38.29% 17.26% 23.04% 14.74%
Income 21.04 9.97 10.97 8.57
Money Market 5.21 3.82 4.09 5.53
Managed 19.04 12.83 15.93 13.73
Government Securities 18.02 7.99 9.35 7.88
International Equity 39.33 - - 30.86

*The portfolios of the fund commenced operations on January 20,
1986. International Equity Portfolio commenced operations on
October 28, 1994.

Rates of return of subaccounts

Average annual rates of return in the following table reflect all
charges incurred by the portfolios and charges against the
subaccounts (including the mortality and expense risk charge). The
rates do not reflect the premium expense charge, surrender charge
or monthly deduction.
<TABLE><CAPTION>
Subaccount Investment 1 year 3 years 5 years Since inception*
<S> <C> <C> <C> <C> <C>
U Equity 37.16% 16.21% 21.94% 12.83%
V Income 19.97 9.00 9.99 8.34
W Money Market 4.37 2.94 3.18 4.54
X Managed 17.76 11.75 14.84 12.17
Y Government Securities 16.97 7.03 8.38 7.74
IL International Equity 37.84 - - 29.90

*The subaccounts commenced operations on June 17, 1987. Subaccount IL investing in
International Equity portfolio commenced operations on October 28, 1994.
</TABLE>
The fixed account

You can allocate premiums to the fixed account or transfer policy
value from the subaccounts to the fixed account (with certain
restrictions, explained in "Transfers between the fixed account and
subaccounts").

The fixed account is the general investment account of IDS Life.
It includes all assets owned by IDS Life other than those in the
variable account and other separate accounts. Subject to
applicable law, IDS Life has sole discretion to decide how assets
of the fixed account will be invested.

Placing policy value in the fixed account does not entitle you to
share in the fixed account's investment experience, nor does it
expose you to the account's investment risk. Instead, IDS Life
guarantees that the policy value you place in the fixed account
will accrue interest at an effective annual rate of at least 4%,
independent of the actual investment experience of the account.
IDS Life bears the full investment risk for amounts allocated to
the fixed account.

IDS Life is not obligated to credit interest at any rate higher
than 4%, although we may do so at our sole discretion. <PAGE>
PAGE 18
Interest in excess of 4% will not be credited on any portion of
policy value in the fixed account against which you have a policy
loan outstanding.

Because of exemptive and exclusionary provisions, interests in the
fixed account have not been registered under the Securities Act of
1933 and the fixed account has not been registered as an investment
company under the Investment Company Act of 1940. Accordingly,
neither the fixed account nor any interests in it are subject to
the provisions of these Acts and the staff of the SEC
has not reviewed the disclosures in this prospectus relating to the
fixed account. Disclosures regarding the fixed account may,
however, be subject to certain generally applicable provisions of
the federal securities laws relating to the accuracy and
completeness of statements made in prospectuses.

Purchasing your policy

Application

To apply for coverage, complete an application and send it with
your premium payment to IDS Life's home office. In your
application, you:

o select a specified amount of insurance;
o select a death benefit option;
o designate a beneficiary; and
o state how premiums are to be allocated among the fixed
account and/or the subaccounts.

Insurability: Before issuing your policy, IDS Life requires
satisfactory evidence of the insurability of the persons whose
lives you propose to insure. Our underwriting department will
review your application and any medical information or other data
required to determine whether the proposed individuals are
insurable under our underwriting rules. Your application may be
declined if a person fails to meet the underwriting requirements
and any premiums you have paid will be returned.

Age limit: IDS Life generally will not issue a policy to persons
over the insurance age of 85. It may, however, do so at its sole
discretion.

Risk classification: The risk classification for each insured is
based on that insured's health, occupation or other relevant
underwriting standards. This classification will affect the
monthly deduction. (See "Loads, fees and charges" and "Optional
insurance benefits.")

Other conditions: In addition to proving insurability, you and the
insureds must also meet certain conditions, stated in the
application form, before coverage will become effective and your
policy is issued to you. The lives insured may be covered under
the terms of a conditional insurance agreement prior to a policy
being issued.
<PAGE>
PAGE 19

Incontestability: IDS Life will have two years from the effective
date of your policy to contest the truth of statements or
representations in your application. After the policy has been in
force during the lifetime of both insureds for two years from the
policy date, IDS Life cannot contest the policy.

Right to examine policy

You may return your policy for any reason and receive a full refund
of all premiums paid. To do so, you must mail or deliver the
policy to IDS Life or your financial advisor, with a written
request for cancellation, by the latest of:

o the 10th day after you receive it (15th day in Colorado,
20th day in North Dakota);
o the 10th day after IDS Life mails or personally delivers a
written notice of withdrawal right (15th day in Colorado,
20th day in North Dakota); or
o the 45th day after you sign your application.

On the date your request is postmarked or received, the policy will
immediately be considered void from the start.

Premiums

Payment of premiums:

In applying for your policy, you decide how much you intend to pay
and how often you will make payments. During the early policy
years until the policy value is sufficient to cover the surrender
charge, IDS Life requires that you pay the minimum initial
premiums.

You may schedule payments annually, semiannually or quarterly.
(Payment at any other interval must be approved by IDS Life.) This
premium schedule is shown in your policy.

The scheduled premium serves only as an indication of your intent
as to the frequency and amount of future premium payments. You may
skip scheduled premium payments at any time if your cash surrender
value is sufficient to pay the monthly deduction, or if you have
paid sufficient premium to keep the DBG-85, the DBG-100 or the
minimum initial premium period in effect.

You may also change the amount and frequency of scheduled premium
payments by written request. IDS Life reserves the right to limit
the amount of such changes. Any change in the premium amount is
subject to applicable tax laws and regulations.

Although you have flexibility in paying premiums, the amount and
frequency of your payments will affect the policy value, cash
surrender value and length of time your policy will remain in
force, as well as affect whether the DBG-85, DBG-100 or the minimum
initial premium period remain in effect.
<PAGE>
PAGE 20
Premium limitations:

You may make unscheduled premium payments at any time and in an
amount of at least $50. IDS Life reserves the right to limit the
number and amount of unscheduled premium payments.

No premium payments, scheduled or unscheduled, are allowed on or
after the youngest insured's attained insurance age 100.

Also, in order to receive favorable tax treatment under the Code,
premiums paid during the life of the policy must not exceed certain
limitations. To comply with the Code, IDS Life can either refuse
excess premiums as they are paid, or refund excess premiums with
interest no later than 60 days after the end of the policy year in
which they were paid.

Allocation of premiums:

Until the policy date, we hold all premiums in the fixed account,
and we credit interest on the net premiums (gross premiums minus
premium expense charge) at the current fixed account rate. As of
the policy date, we will allocate the net premiums plus accrued
interest to the account(s) you have selected in your application.
At that time, we will begin to assess the various loads, fees and
charges.

Any amount allocated to a subaccount is converted into accumulation
units of that subaccount, as explained under "Policy value."
Similarly, when transferring value between subaccounts,
accumulation units in one subaccount are converted into a cash
value, which is then converted into accumulation units of the
second subaccount.

Keeping the policy in force

This section includes a description of the policy provisions that
determine if the policy will remain in force or lapse (terminate).
It is important that you understand them so the appropriate premium
payments are made to ensure that insurance coverage meets your
objectives.

If you wish to have a guarantee that the policy will remain in
force until the youngest insured's attained insurance age 100
regardless of investment performance, you should pay at least the
DBG-100 premiums.

If you wish to pay a lower premium and are satisfied to have a
guarantee that the policy will remain in force until the youngest
insured's attained insurance age 85 (or 15 policy years, if later)
regardless of investment performance, you should pay at least the
DBG-85 premiums.

If you wish to pay yet a lower premium and are not concerned with a
long-term guarantee that the policy will remain in force regardless
of investment performance, you can pay premiums so that the cash
surrender value on each monthly date is sufficient to pay the
monthly deduction. However, during the minimum initial premium<PAGE>
PAGE 21

period, you must pay at least the minimum initial premium until the
policy value is greater than the surrender charge and the cash
surrender value is sufficient to pay the monthly deduction.

Death benefit guarantee to age 85

The DBG-85 provides that your policy will remain in force until the
youngest insured reaches attained insurance age 85 (or 15 policy
years, if later) even if the cash surrender value is insufficient
to pay the monthly deduction. The DBG-85 will remain in effect, as
long as:

the sum of premiums paid minus partial surrenders minus
outstanding indebtedness

equals or exceeds the DBG-85 premiums due since the policy
date.

The DBG-85 premium is shown in the policy.

If, on a monthly date, you have not paid enough premiums to keep
the DBG-85 in effect, an additional period of 61 days will be
allowed for you to pay a premium sufficient to bring your total up
to the required minimum. If you do not pay this amount within 61
days, the DBG-85 will terminate. Your policy will also lapse
(terminate) if the cash surrender value is less than the amount
needed to pay the monthly deduction and the minimum initial premium
period is not in effect. Although the policy can be reinstated as
explained below, the DBG-85 cannot be reinstated.

Death benefit guarantee to age 100

The DBG-100 provides that your policy will remain in force until
the youngest insured's attained insurance age 100 even if the cash
surrender value is insufficient to pay the monthly deduction. The
DBG-100 will remain in effect, as long as:

the sum of premiums paid minus partial surrenders minus
outstanding indebtedness

equals or exceeds the DBG-100 premiums due since the policy
date.

The DBG-100 premium is shown in the policy.

If, on a monthly date, you have not paid enough premiums to keep
the DBG-100 in effect, an additional period of 61 days will be
allowed for you to pay a premium sufficient to bring your total up
to the required minimum. If you do not pay this amount within 61
days, the DBG-100 will terminate. If you have paid sufficient
premiums, the DBG-85 will be in effect. If the DBG-85 and DBG-100
are not in effect, your policy will lapse (terminate) if the cash
surrender value is less than the amount needed to pay the monthly
deduction and the minimum initial premium period is not in effect.
Although the policy can be reinstated as explained below, the DBG-
100 cannot be reinstated.<PAGE>
PAGE 22
Minimum initial premium period

To allow you to purchase this policy for the lowest premium
possible, you may choose to pay only the minimum initial premium
during the minimum initial premium period as long as the policy
value minus indebtedness equals or exceeds the monthly deduction.
The policy will not enter the grace period during the minimum
initial premium period as shown in your policy under "Policy Data,"
if:

1. on a monthly date, the policy value minus indebtedness equals
or exceeds the monthly deduction for the policy month following
such monthly date; and
2. the sum of all premiums paid, minus any partial surrenders,
and minus any indebtedness equals or exceeds the minimum initial
premium, as shown in your policy under "Policy Data," times the
number of months since the policy date, including the current
month.

The minimum initial period is

4 years if the youngest insured's insurance age is 20-29
3 years if the youngest insured's insurance age is 30-39
2 years if the youngest insured's insurance age is 40-49
1 year if the youngest insured's insurance age is 50 and
over

Grace period

If the cash surrender value of the policy becomes less than that
needed to pay the monthly deduction and neither of the death
benefit guarantees nor the minimum initial premium period is in
effect, you will have 61 days to pay the required premium amount.
If the required premium is not paid, the policy will lapse.

IDS Life will mail a notice to your last known address, requesting
payment of the premium needed so that the next three monthly
deductions can be made. If we receive this premium before the end
of the 61-day grace period, we will use the payment to pay all
monthly deductions and any other charges then due. Any balance
will be added to the policy value and allocated in the same manner
as other premium payments.

If a policy lapses with outstanding indebtedness, any excess of the
outstanding indebtedness over the premium paid generally will be
taxable to the owner. (See "Federal taxes.") If the last
surviving insured dies during the grace period, any overdue monthly
deductions will be deducted from the death benefit.

Reinstatement

Your policy may be reinstated within five years after it lapses,
unless you surrendered it for cash. To reinstate, IDS Life will
require:

o a written request;
<PAGE>
PAGE 23
o evidence satisfactory to IDS Life that both insureds remain
insurable or evidence for the last surviving insured and due
proof that the first death occurred before the date of lapse;

o payment of a premium that will keep the policy in force for
at least three months (one month in Virginia);

o payment of the monthly deductions that were not collected
during the grace period; and

o payment or reinstatement of any indebtedness.

The effective date of a reinstated policy will be the monthly date
on or next following the day IDS Life accepts your application for
reinstatement. The suicide period (see "Proceeds payable upon
death") will apply from the effective date of reinstatement (except
in Georgia, Oklahoma, Tennessee, Utah and Virginia). Surrender
charges will also be reinstated.

IDS Life will have two years from the effective date of
reinstatement (except in Virginia) to contest the truth of
statements or representations in the reinstatement application.

Loads, fees and charges

Policy charges compensate IDS Life for:

o providing the insurance benefits of the policy;
o issuing the policy;
o administering the policy;
o assuming certain risks in connection with the policy; and
o distributing the policy.

Some of these charges are deducted from your premium payments.
Others are deducted periodically from your policy value in the
fixed account and/or subaccounts. You may also be assessed a
charge if you surrender your policy or the policy lapses.

Premium expense charge

We deduct this charge from each premium payment. The amount
remaining after the deduction, called the net premium, is credited
to the account(s) you have selected. The premium expense charge
has three parts:

Sales charge: 7.25% of all premiums paid. Partially compensates
IDS Life for expenses in distributing the policy, including
agents' commissions, advertising and printing of prospectuses and
sales literature.
<PAGE>
PAGE 24
Premium tax charge: 2.5% of each premium payment. Compensates
IDS Life for paying taxes imposed by certain states and
governmental subdivisions on premiums received by insurance
companies. All policies in all states are charged the average rate
of 2.5% even though state premium taxes vary from 2.0% to 3.5%.
This 2.5% rate may be different than the actual premium tax IDS
Life expects to pay in your state.

Federal tax charge: 1.25% of each premium payment. Compensates IDS
Life for paying Federal taxes resulting from the sale of the policy
and is a reasonable charge in relation to IDS Life's federal tax
burden. IDS Life reserves the right to change the amount of this
charge (except in Oregon) if applicable federal law changes IDS
Life's federal tax burden.

Monthly deduction

On each monthly date we deduct from the value of your policy in the
fixed account and/or subaccounts an amount equal to the sum of:

1. the cost of insurance for the policy month;
2. the policy fee shown in your policy; and
3. charges for any optional insurance benefits provided by
rider for the policy month.

Each of the three components is explained below.

You specify, in your policy application, what percentage of the
monthly deduction from 0% to 100% will be taken from the fixed
account and from each of the subaccounts. You may change these
percentages for future monthly deductions by written request.

Monthly deductions will be taken from the fixed account and the
subaccounts on a pro rata basis if:

o you do not specify the accounts from which the monthly
deduction is to be taken;
o the value in the fixed account or any subaccount is
insufficient to pay the portion of the monthly deduction you
have specified; or
o you purchased the policy in Texas.

If the cash surrender value of your policy is not enough to pay the
monthly deduction on a monthly anniversary, the policy may lapse.
However, the policy will not lapse if the DBG-85, DBG-100 or the
minimum initial premium period is in effect. (See "Death benefit
guarantee to age 85, Death benefit guarantee to age 100, Minimum
initial premium period;" also "Grace period" and "Reinstatement.")

Components of the monthly deduction:

1. Cost of insurance: the cost providing the death benefit under
your policy.
<PAGE>
PAGE 25
The cost of insurance for a policy month is calculated as:

[a x (b - c)] + d
where:

(a) is the monthly cost of insurance rate based on each insureds
insurance age, duration of coverage, sex (unless unisex rates are
required by law) and risk classification. Generally, the cost of
insurance rate will increase as the attained insurance age of each
insured increases.

Rates are set by IDS Life, based on its expectations as to future
mortality experience. We may change the rates from time to time;
any change will apply to all individuals of the same risk
classification. However, rates will not exceed the Guaranteed
Maximum Cost of Insurance Rates shown in your policy, which are
based on the 1980 Commissioners Standard Ordinary Smoker or
Nonsmoker Mortality Tables, Age Last Birthday.

(b) is the death benefit on the monthly date divided by 1.0032737
(which reduces IDS Life's net amount at risk, solely for computing
the cost of insurance, by taking into account assumed monthly
earnings at an annual rate of 4%);

(c) is the policy value on the monthly date. At this point, the
policy value has been reduced by the policy fee and any charges for
optional riders;

(d) is any flat extra insurance charges assessed as a result of
special underwriting considerations.

2. Policy fee: $30 per month for the first 15 policy years. This
charge reimburses IDS Life for expenses of issuing the policy, such
as processing the application (primarily underwriting) and setting
up computer records; and of administering the policy, such as
processing claims, maintaining records, making policy changes and
communicating with owners. IDS Life does not expect to make any
profit on this charge. We reserve the right to change the charge
in the future, but guarantee that it will never exceed $30 per
month.

3. Optional insurance benefit charges: charges for any optional
benefits added to the policy by rider. See "Optional insurance
benefits."

Surrender charge

If you surrender your policy or the policy lapses during the first
15 policy years, a surrender charge will be assessed. The
surrender charge is a contingent deferred issue and administration
expense charge. It reimburses IDS Life for costs of issuing the
policy, such as processing the application (primarily underwriting)
and setting up computer records. IDS Life does not expect to make
a profit on this charge. This charge is $4 per thousand dollars of
initial specified amount. It remains level during the first five
policy years and then decreases monthly until it is zero at the end
of 15 policy years.
<PAGE>
PAGE 26
Partial surrender fee

If you surrender part of the value of your policy, you will be
charged $25 (or 2% of the amount surrendered, if less). This fee
is guaranteed not to increase for the duration of your policy. IDS
Life does not expect to make a profit on this fee.

Mortality and expense risk charge

This charge applies only to the subaccounts and not to the fixed
account. It is equal, on an annual basis, to 0.9% of the daily net
asset value of the subaccounts -- a level guaranteed for the life
of the policy. Computed daily, the charge compensates IDS Life
for:

o Mortality risk -- the risk that the cost of insurance charge
will be insufficient to meet actual claims.

o Expense risk -- the risk that the policy fee and the
contingent deferred issue and administration expense charge
(described above) may be insufficient to cover the cost of
administering the policy.

IDS Life may profit from the mortality and expense risk charge.
Any such profit would be available to IDS Life for any proper
corporate purpose including, among others, payment of sales and
distribution expenses, which we do not expect to be covered by the
sales charge discussed earlier. Any further deficit will have to
be made up from IDS Life's general assets.

Fund expenses

IDS Life receives a fee for its services as investment manager of
the fund. The fund also pays taxes, brokerage commissions and
nonadvisory expenses. IDS Life has agreed to a voluntary limit of
0.1%, on an annual basis, of the average daily net assets of each
portfolio for these nonadvisory expenses, such as custodian and
trustee fees, registration fees for shares, postage, fidelity and
security bond costs, legal fees and other miscellaneous fees and
charges. IDS Life reserves the right to discontinue limiting these
nonadvisory expenses at 0.1%. However, its present intention is to
continue the limit until the time that actual expenses are less
than the limit.

The investment management fee is deducted from the fund portfolios
daily and paid to IDS Life monthly.

The investment management fee equals, on an annual basis:

o Money Market Portfolio -- 0.5% of aggregate average daily
net assets
o Equity, Income, Managed and Government Securities Portfolios
-- 0.7% of aggregate average daily net assets
o International Equity Portfolio -- 0.95% of aggregate average
daily net assets<PAGE>
PAGE 27
Other information on charges:

IDS Life may reduce or eliminate various fees and charges when we
incur lower sales costs and/or perform fewer administrative
services than usual.

Policy value

The value of your policy is the sum of values in the fixed account
and each subaccount of the variable account.

Fixed account value

The value in the fixed account on the policy date (when the policy
is issued) equals the portion of your initial net premium that you
have allocated to the fixed account, plus interest accrued before
the policy date, minus the portion of the monthly deduction for the
first policy month that you have allocated to the fixed account.

On any later date, the value in the fixed account equals:

o the value on the previous monthly date; plus
o net premiums allocated to the fixed account since the last
monthly date; plus
o any transfers to the fixed account from the subaccounts,
including loan transfers, since the last monthly date; plus
o accrued interest on all of the above; minus
o any transfers from the fixed account to the subaccounts,
including loan repayment transfers, since the last monthly
date; minus
o any partial surrenders or partial surrender fees allocated
to the fixed account since the last monthly date; minus
o interest on any transfers or partial surrenders, from the
date of the transfer or surrender to the date of
calculation; minus
o any portion of the monthly deduction for the coming month
that is allocated to the fixed account if the date of
calculation is a monthly date.

Subaccount values

The value in each subaccount changes daily, depending on the
investment performance of the fund portfolio in which that
subaccount invests and on other factors detailed below. There is
no guaranteed minimum subaccount value. You, as owner, bear the
entire investment risk.

Calculation of subaccount value: The value in each subaccount on
the policy date equals the portion of your initial net premium
allocated to that subaccount plus interest accrued before the
policy date, minus the portion of the monthly deduction for the
first policy month that you have allocated to that subaccount. The
value of each subaccount on each subsequent valuation date equals:
<PAGE>
PAGE 28
o the value of the subaccount on the preceding valuation date,
multiplied by the net investment factor for the current valuation
period (explained below); plus
o net premiums received and allocated to the subaccount during the
current valuation period; plus
o any transfers to the subaccount (from the fixed account or
other subaccounts, including loan repayment transfers) during the
period; minus
o any transfers from the subaccount including loan transfers
during the current valuation period; minus
o any partial surrenders and partial surrender fees allocated to
the subaccount during the period; minus
o any portion of the monthly deduction allocated to the subaccount
during the period.

The net investment factor measures the investment performance of a
subaccount from one valuation period to the next. Because
performance may fluctuate, the value of a subaccount may increase
or decrease from day to day.

Accumulation units: The policy value allocated to each subaccount
is converted into accumulation units. Each time you direct a
premium payment or transfer policy value into one of the
subaccounts, a certain number of accumulation units are credited to
your policy for that subaccount. Conversely, each time you take a
partial surrender or transfer value out of a subaccount, a certain
number of accumulation units are subtracted.

Accumulation units are the true measure of investment value in each
subaccount. For subaccounts investing in the fund portfolios,
they're related to, but not the same as, the net asset value of the
corresponding fund portfolio. The dollar value of each
accumulation unit can rise or fall daily, depending on the
investment performance of the underlying fund portfolio and on
certain charges. Here's how unit values are calculated:

Number of units: To calculate the number of units for a particular
subaccount, we divide your investment (net premium or transfer
amount) by the current accumulation unit value.

Accumulation unit value: The current value for each subaccount
equals the last value times the current net investment factor.

Net investment factor: Determined at the end of each valuation
period, this factor equals (a divided by b) - c, where:

(a) equals:

o net asset value per share of the portfolio; plus

o per-share amount of any dividend or capital gain distribution
made by the relevant fund portfolio to the subaccount; plus

o any credit or minus any charge for reserves to cover any tax
liability resulting from the investment operations of the
subaccount.
<PAGE>
PAGE 29
(b) equals:

o net asset value per share of the portfolio at the end of the
preceding valuation period; plus

o any credit or minus any charge for reserves to cover any tax
liability in the preceding valuation period.

(c) is a percentage factor representing the mortality and expense
risk charge, as described in "Loads, fees and charges," above.

Factors that affect subaccount accumulation units:

Accumulation units may change in two ways; in number and in value.
Here are the factors that influence those changes:

The number of accumulation units you own may fluctuate due to:

o additional purchase payments allocated to the subaccounts;
o transfers into or out of the subaccount(s);
o partial surrenders and partial surrender fees;
o surrender charges; and/or
o monthly deductions

Accumulation unit values may fluctuate due to:

o changes in underlying fund portfolio(s) net asset value;
o dividends distributed to the subaccount(s);
o capital gains or losses of underlying fund portfolios;
o fund portfolio operating expenses; and/or
o mortality and expense risk fees.

Proceeds payable upon death

We will pay a benefit to the beneficiary of the policy when the
last surviving insured dies.

If that death is prior to the youngest insured's attained insurance
age 100, the amount payable is based on the specified amount and
death benefit option you have selected, as described below, less
any indebtedness.

If the last surviving insured's death is on or after the youngest
insured's attained insurance age 100, the amount payable is the
cash surrender value.

Option 1 (level amount): Under this option, the policy's value is
part of the specified amount. The Option 1 death benefit is the
greater of:

o the specified amount on the date of the last surviving
insured's death; or

o the applicable percentage of the policy value on the date of
the last surviving insured's death, if that death occurs on a
valuation date, or on the next valuation date following the
date of death. (See table below.)<PAGE>
PAGE 30

Youngest insured's attained insurance age in the table below refers
to the youngest life insured or the age such person would have
reached.

Applicable percentage table

Youngest Applicable Youngest Applicable
Insured's percentage of Insured's percentage of
attained policy attained policy
insurance value insurance value
age age

40 or younger 250% 61 128%
41 243 62 126
42 236 63 124
43 229 64 122
44 222 65 120
45 215 66 119
46 209 67 118
47 203 68 117
48 197 69 116
49 191 70 115
50 185 71 113
51 178 72 111
52 171 73 109
53 164 74 107
54 157 75-95 105
55 150 96 104
56 146 97 103
57 142 98 102
58 138 99 101
59 134 100 100
60 130

The percentage is designed to ensure that the policy meets the
provisions of Federal tax law, which require a minimum death
benefit in relation to policy value for your policy to qualify as
life insurance.

Option 2 (variable amount): Under this option, the policy value is
added to the specified amount. The Option 2 death benefit is the
greater of:

o the policy value plus the specified amount; or
o the applicable percentage of policy value on the date of the
last surviving insured's death, if that death occurs on a
valuation date, or on the next valuation date following the
date of death. (See table above.)
<PAGE>
PAGE 31
Examples: Option 1 Option 2

specified amount $1,000,000 $1,000,000
policy value $50,000 $50,000
death benefit $1,000,000 $1,050,000
policy value increases to $80,000 $80,000
death benefit $1,000,000 $1,080,000
policy value decreases to $30,000 $30,000
death benefit $1,000,000 $1,030,000

If you want to have premium payments and favorable investment
performance reflected partly in the form of an increasing death
benefit, you should consider Option 2. If you are satisfied with
the specified amount of insurance protection and prefer to have
premium payments and favorable investment performance reflected to
the maximum extent in the policy value, you should consider Option
1. Under Option 1, the cost of insurance is lower because IDS
Life's net amount at risk is generally lower; for this reason, the
monthly deduction is less, and a larger portion of your premiums
and investment returns is retained in the policy value.

Change in death benefit option

You may make a written request to change the death benefit option
once per policy year. A change in the death benefit option also
will change the specified amount. You do not need to provide
additional evidence of insurability.

If you change from Option 1 to Option 2: The specified amount will
decrease by an amount equal to the policy value on the effective
date of the change. You cannot change from Option 1 to Option 2 if
the resulting specified amount would fall below the minimum
specified amount shown in policy.

If you change from Option 2 to Option 1: The specified amount will
increase by an amount equal to the policy value on the effective
date of the change.

An increase or decrease in specified amount resulting from a change
in the death benefit option will affect the monthly deduction
because the cost of insurance charge depends on the specified
amount. The charge for certain optional insurance benefits may
also change. The surrender charge, however, will not be affected.

Changes in specified amount

Subject to certain limitations, you may make a written request to
decrease the specified amount once each policy year after the
first. Decreases in specified amount may have tax implications,
discussed in the section "Modified endowment contracts" under
"Federal taxes."

Decreases: Any decrease in specified amount will take effect on the
monthly anniversary on or next following our receipt of your
written request. The specified amount remaining after the decrease
may not be less than the minimum specified amount shown in the
policy. If, following a decrease in specified amount, the policy<PAGE>
PAGE 32
would no longer qualify as life insurance under federal tax law,
the decrease may be limited to the extent necessary to meet these
requirements.

A decrease in specified amount will affect your costs as follows:

o Your monthly deduction will decrease because the cost of
insurance charge depends on the specified amount.
o Charges for certain optional insurance benefits may
decrease.
o The surrender charge will not change.

Increases: Increases in specified amount are not permitted. If
you wish to purchase additional insurance, you should purchase an
additional policy. Currently, we do not charge the policy fee for
the additional policy.

No surrender charge is imposed when you request a decrease in the
specified amount.

Misstatement of age or sex

If an insured's age or sex has been misstated, the proceeds payable
upon the last surviving insured's death will be:

o the policy value on the date of death; plus
o the amount of insurance that would have been purchased by the
cost of insurance deducted for the policy month during which
death occurred, if that cost had been calculated using rates
for the correct age and sex; minus
o the amount of any outstanding indebtedness on the date of
death.

Suicide

If either of the insureds dies by suicide while sane or insane
within two years from the policy date, the only amount payable will
be the premiums paid, minus the amount of any outstanding
indebtedness. The policy will terminate as of the date of the
first death by suicide.

In Colorado and North Dakota, the suicide period is shortened to
one year. In Missouri, IDS Life must prove that the insured
intended to commit suicide at the time he or she applied for
coverage.

Beneficiary

Initially, the beneficiary will be the person you designate in your
application for the policy. You may change the beneficiary by
giving written notice to IDS Life, subject to requirements and
restrictions stated in the policy. If you do not designate a
beneficiary, or if the designated beneficiary dies before the last
surviving insured, the beneficiary will be you or your estate.
<PAGE>
PAGE 33
Transfers between the fixed account and subaccounts

You may transfer policy values from one subaccount to another or
between subaccounts and the fixed account. For most transfers, if
we receive your request before the close of business, we will
process it that day. Requests received after the close of business
will be processed the next business day. There is no charge for
transfers. Before transferring policy value, you should consider
the risks involved in switching investments.

We may suspend or modify the transfer privilege at any time.
Transfers involving the fixed account are subject to the
restrictions below.

Fixed account transfer policies

o Transfers from the fixed account must be made during a 30-day
period starting on a policy anniversary, except for automated
transfers, which can be set up for monthly, quarterly or semiannual
transfer periods.

o If we receive your request to transfer funds from the fixed
account within 30 days before the policy anniversary, the transfer
will become effective on the anniversary.

o If we receive your request on or within 30 days after the policy
anniversary, the transfer will be effective on the day we receive
it.

o We will not accept requests for transfers from the fixed account
at any other time.

o If you have made a transfer from the fixed account to one or more
subaccounts, you may not make a transfer from any subaccount back
to the fixed account until the next policy anniversary. We will
waive this limitation once during the first two policy years if you
exercise the policy's right to exchange provision. (See "Exchange
right.")

Minimum transfer amounts

From a subaccount to another subaccount or the fixed account: For
mail and phone transfers, $250 or the entire subaccount balance,
whichever is less. For automated transfers, $50.

From the fixed account to a subaccount: $250 or the entire fixed
account balance minus any outstanding indebtedness, whichever is
less. For automated transfers, $50.

Maximum transfer amounts

From a subaccount to another subaccount or the fixed account: None.

From the fixed account to a subaccount: Entire fixed account
balance minus any outstanding indebtedness.
<PAGE>
PAGE 34
Maximum number of transfers per year

We reserve the right to limit mail and telephone transfers to five
per policy year. Twelve automated transfers per policy year are
allowed.

Two ways to request a transfer, loan or surrender

Provide your name, policy number, Social Security Number or
Taxpayer Identification Number when you request a transfer, loan or
partial surrender.

1 By letter

Regular mail:

IDS Life Insurance Company
P.O. Box 499
Minneapolis, MN 55440-0499

Express mail:

IDS Life Insurance Company
733 Marquette Ave.
Minneapolis, MN 55402

2 By phone

Call between 7 a.m. and 6 p.m. Central Time:
1-800-437-0602 (toll free) or
(612) 671-4738 (Minneapolis/St. Paul area)

TTY service for the hearing impaired:
1-800-285-8846 (toll free)

o We answer phone requests promptly, but you may experience
delays when call volume is unusually high. If you are unable
to get through, use mail procedure as an alternative.

o We will honor any telephone transfer, loan or partial
surrender requests believed to be authentic and will use
reasonable procedures to confirm that they are. These
include asking identifying questions and tape recording
calls. As long as these procedures are followed, neither IDS
Life nor its affiliates will be liable for any loss resulting
from fraudulent requests.

o Telephone transfers, loans and partial surrenders are
automatically available. You may request that telephone
transfers, loans and partial surrenders not be authorized
from your account by writing IDS Life.

Automated transfers

In addition to written and phone requests, you can arrange to have
policy value transferred from one account to another automatically.
Your financial advisor can help you set up an automated transfer.<PAGE>
PAGE 35
Automated transfer policies:

o Minimum automated transfer: $50

o Frequency: monthly, quarterly, semiannually or annually

o Only one automated transfer arrangement can be in effect at any
time. Policy values may be transferred to one or more subaccounts
and the fixed account, but can be transferred from only one
account.
o You can start or stop this service by written request. You must
allow seven days for us to change any instructions that are
currently in place.

o Automated transfers from the fixed account may not exceed an
amount that, if continued, would deplete the fixed account within
12 months.

o If you have made a transfer from the fixed account to one or more
subaccounts, you may not make a transfer from any subaccount back
to the fixed account until the next policy anniversary.

o If your request is submitted with an application for a policy, it
will not take effect until the policy is issued.

o If the value of the account from which policy value is being
transferred is less than the $50 minimum, the transfer arrangement
will automatically be stopped.

o Automated transfers are subject to all other policy provisions
and terms including provisions relating to the transfer of money
between the fixed account and the subaccounts.

Automated dollar-cost averaging

You can use automated transfers to take advantage of dollar-cost
averaging -- investing a fixed amount at regular intervals. For
example, you might have a set amount transferred monthly from a
relatively conservative subaccount to a more aggressive one, or to
several others.

This systematic approach can help you benefit from fluctuations in
accumulation unit value, caused by fluctuations in the market
value(s) of the underlying fund portfolio. Since you invest the
same amount each period, you automatically acquire more units when
the market value falls, fewer units when it rises. The potential
effect is to lower your average cost per unit.

How dollar-cost averaging works

Amount Accumulation Number of units
Month invested unit value purchased

Jan $100 $20 5.00
Feb 100 16 6.25
Mar 100 9 11.11
Apr 100 5 20.00
<PAGE>
PAGE 36
May 100 7 14.29
June 100 10 10.00
July 100 15 6.67
Aug 100 20 5.00
Sept 100 17 5.88
Oct 100 12 8.33

(footnotes to table) By investing an equal number of dollars each
month...

(arrow in table pointing to April) you automatically buy more units
when the per unit market price is low.

(arrow in table pointing to August) and fewer units when the per
unit market price is high.

You have paid an average price of only $10.81 per unit over the 10
months, while the average market price actually was $13.10.

Dollar-cost averaging does not guarantee that any subaccount will
gain in value, nor will it protect against a decline in value if
market prices fall. However, if you can continue to invest
regularly throughout changing market conditions, it can be an
effective strategy to help meet your long-term goals.

Policy loans

You may borrow against your policy by written or telephone request.
(See chart under "Transfers between the fixed account and
subaccounts" for address and phone numbers for your requests.) A
loan request received before close of business will be processed
the same day. A request received after close of business will be
processed the following business day. (Loans by telephone are
limited to $50,000.)

Interest rate: The interest rate for policy loans is 6% per year.
After the policy's 10th anniversary we expect to reduce the loan
interest rate to 4% per year. Interest is charged daily and due at
the end of the policy year.

Minimum loan: $500 ($200 for Connecticut residents) or the
remaining loan value, whichever is less.

Maximum loan:

o In Texas, 100% of the policy value in the fixed account,
minus a pro rata portion of surrender charges.
o In Virginia, 90% of the policy value minus surrender
charges.
o In Alabama, 100% of the policy value minus surrender
charges.
o In all other states, 85% of the policy value minus surrender
charges.
<PAGE>
PAGE 37
We will compute the maximum loan value as of the end of the
valuation period during which we receive your loan request. The
amount available at any time for a new loan is the maximum loan
value less any existing indebtedness. In doing so, we reserve the
right to deduct from the loan value interest for the period until
the next policy anniversary and monthly deductions that will be
taken until the next policy anniversary.

Payment of loaned funds: Generally, we will pay loans within seven
days after we receive your request (with certain exceptions -- see
"Deferral of payments," under "Payment of policy proceeds").

Allocation of loans to accounts: If you do not specify whether the
loan is to come from the fixed account or the subaccounts, it will
be made from the subaccounts and the fixed account in proportion to
their values, minus indebtedness. When a loan is made from a
subaccount, accumulation units are redeemed and the proceeds
transferred into the fixed account. We will credit the policy
value loaned with 4% annual interest.

Repayments: Loan repayments will be allocated to subaccounts and/or
the fixed account using the premium allocation percentages in
effect unless you tell us otherwise. Repayments must be in amounts
of at least $50.

Overdue interest: If accrued interest is not paid when due, we will
increase the amount of indebtedness in the fixed account to cover
the amount due. Interest added to a policy loan will be charged
the same interest rate as the loan itself. We will take such
interest from the fixed account and/or subaccounts, using the
monthly deduction allocation percentages. If the value in the
fixed account or any subaccount is not enough to pay the interest
so allocated, all of the interest will be taken from all of the
accounts in proportion to their value, minus indebtedness.

Effects of policy loans: If you do not repay your loan, it will
reduce the death benefit and policy value. Even if you do repay
it, your loan can have a permanent effect on death benefits and
policy values, because money borrowed against the subaccounts will
not share in the investment results of the relevant portfolio(s).
A loan may terminate the DBG-85, the DBG-100 or the minimum initial
premium period. The loan amount is deducted from total premiums
paid, which may reduce the total below the level required to keep
the DBG-85, the DBG-100 or the minimum initial premium period in
effect.

Taxes: If your policy lapses or you surrender it with an
outstanding indebtedness, and the amount of outstanding
indebtedness plus the cash surrender value is more than the sum of
premiums you paid, you will generally be liable for taxes on the
excess. (See "Federal taxes.")
<PAGE>
PAGE 38
Policy surrenders

You may surrender your policy in full or in part by written or
telephone request. (See chart under "Transfers between the fixed
account and subaccounts.") A surrender request received before
close of business will be processed the same day. A request
received after close of business will be processed the following
business day. We may require that you return your policy.

We will normally process your payment within seven days; however,
we reserve the right to defer payment. (See "Deferral of
payments," under "Payment of policy proceeds.")

Total surrenders If you surrender your policy totally, you receive
its cash surrender value -- the policy value minus outstanding
indebtedness and applicable surrender charges. (See "Loads, fees
and charges.") We will compute the value of each subaccount as of
the end of the valuation period during which your request is
received.

Partial surrenders After the first policy year, you may surrender
any amount from $500 up to 85% of the policy's cash surrender
value. (Partial surrenders by telephone are limited to $50,000.)
You will be charged a partial surrender fee, described under
"Loads, fees and charges."

Allocation of partial surrenders Unless you specify otherwise, IDS
Life will make partial surrenders from the fixed account and
subaccounts in proportion to their values at the end of the
valuation period during which your request is received. In
determining these proportions, we first subtract the amount of any
outstanding indebtedness from the fixed account value.

Effects of partial surrenders

o The policy value will be reduced by the amount of the partial
surrender and fee.

o The death benefit will be reduced by the amount of the
partial surrender and fee, or, if the death benefit is based
on the applicable percentage of policy value, by an amount
equal to the applicable percentage times the amount of the
partial surrender.

o A partial surrender may terminate the DBG-85, the DBG-100 or
the minimum initial premium period. The surrender amount is
deducted from total premiums paid, which may reduce the total
below the level required to keep the DBG-85, the DBG-100 or
the minimum initial premium period in effect.

o If Option 1 is in effect, the specified amount will be
reduced by the amount of the partial surrender and fee.

Because they reduce the specified amount, partial surrenders may
affect the cost of insurance. IDS Life will not allow a partial
surrender if it would reduce the specified amount below the
required minimum. (See "Decreases" under "Proceeds payable upon<PAGE>
PAGE 39
death.")

o If Option 2 is in effect, a partial surrender does not affect
the specified amount.

Taxes Upon surrender, you will generally be liable for taxes on
any excess of the cash surrender value plus outstanding
indebtedness over the premium paid. (See "Federal taxes.")

Exchange right

For two years after the policy is issued, you can exchange it for
one that provides benefits that do not vary with the investment
return of the subaccounts. Because the policy itself offers a
fixed return option, all you need to do is transfer all of the
policy value in the subaccounts to the fixed account. We will
automatically credit all future premium payments to the fixed
account unless you request a different allocation.

Such transfer will not count against the five-transfers-per-year
limit. Also, any restrictions on transfers into the fixed account
will be waived.

There will be no effect on the policy's death benefit, specified
amount, net amount at risk, risk classification(s) or issue age.
Only the method of funding the policy value will be affected.

Optional insurance benefits

You may choose to add the following benefits to your policy at an
additional cost, in the form of riders (if certain requirements are
met). More detailed information on these benefits are in your
policy.

Four-Year Term Insurance Rider (FYT) FYT provides four-year term
insurance. An additional death benefit is paid if both insureds
die during the first four years of the policy.

Policy Split Option Rider (PSO) PSO permits a policy to be split
into two individual permanent plans of life insurance then offered
by IDS Life for exchange, one on the life of each insured, upon the
occurrence of a divorce of the insureds or certain changes in
federal estate tax law. (See "Federal taxes.")

Payment of policy proceeds

Proceeds will be paid when:

o you surrender the policy; or
o the last surviving insured dies.

All proceeds will be paid by check. We will compute the amount of
the death benefit and pay it in a single sum unless you select one
of the payment options below. We will pay interest at a rate not
less than 4% per year (8% in Arkansas, 11% in Florida) on single
sum death proceeds, from the date of the last surviving insured's
death to the settlement date (the date on which proceeds are paid<PAGE>
PAGE 40
in a lump sum or first placed under a payment option).

Payment options:

During an insured's lifetime, you may request in writing that we
pay policy proceeds under one or more of the three payment options
below. (The beneficiary may also select a payment option, unless
you say that he or she can't.) You decide how much of the proceeds
will be placed under each option (minimum: $5,000). Any such
amount will be transferred to IDS Life's general account. Unless
we agree otherwise, payments under all options must be made to a
natural person.

You may also, by written request, change a prior choice of payment
option or elect a payment option other than the three below, if we
agree.

If you elect a payment option for pre-death proceeds, payments
under this option may be subject to federal income tax as ordinary
income. If you elect Option A, the full pre-death proceeds will be
taxed as a full surrender as described in "Taxation of policy
proceeds" and may also be subject to an additional 10% penalty tax
if the policy is a modified endowment. The interest paid under
Option A will be ordinary income subject to income tax in the year
earned. The interest payments will not be subject to the 10%
penalty tax.

If you elect Option B or Option C for payment of pre-death
proceeds, any indebtedness at the time of election will be taxed as
a partial surrender as described in "Taxation of policy proceeds"
and may also be subject to an additional 10% penalty tax if the
policy is a modified endowment. The remainder of the proceeds will
be used to make payments under the option elected. A portion of
each payment will be taxed as ordinary income and a portion of each
payment will be considered a return of the investment in the policy
and will not be taxed. An owner's investment in the policy is
described in "Taxation of policy proceeds." All payments made
after the investment in the policy is fully recovered will be
subject to tax. Amounts paid under Option B or Option C that are
subject to tax may also be subject to an additional 10% penalty
tax. (See "Penalty tax.")

Death benefit proceeds applied to any payment option are not
considered part of the beneficiary's income and thus are not
subject to federal income tax. Payments of interest under Option A
will be ordinary income subject to tax. Under Option B or Option
C, a portion of each payment will be ordinary income subject to
tax, and a portion of each payment will be considered a return of
the beneficiary's investment in the policy. The beneficiary's
investment in the policy is the death benefit proceeds applied to
the payment option. All payments made after the investment in the
policy is fully recovered will be subject to tax.

Option A -- Interest payments We will pay interest on any proceeds
placed under this option at a rate of 4% per year compounded
annually, at regular intervals and for a period that is agreeable
to both you and us. At the end of any payment interval, you may<PAGE>
PAGE 41
withdraw proceeds in amounts of at least $100. At any time, you
may withdraw all of the proceeds that remain, or you may place them
under a different payment option approved by us.

Option B -- Payments for a specified period: We will make fixed
monthly payments for any number of years you specify. Here are
examples of monthly payments for each $1,000 placed under this
option:

Payment period Monthly payment per $1,000
(years) placed under Option B

10 $9.61
15 6.87
20 5.51
25 4.71
30 4.18

Monthly amounts for other payment periods will be furnished at your
request, free of charge.

Option C -- Lifetime income: We will make monthly payments for the
life of the person (payee) who is to receive the income. Payment
will be guaranteed for 10, 15 or 20 years. The amount of each
monthly payment per $1,000 placed under this option will be based
on the table of settlement rates in effect at the time of the first
payment. The amount depends on the sex and adjusted age of the
payee on that date. Adjusted age means the age of the payee (on
the payee's last birthday) minus an adjustment as follows:

Calendar year of Adjustment Calendar year of Adjustment
payee's birth payee's birth

Before 1920 0 1945-1949 6
1920-1924 1 1950-1959 7
1925-1929 2 1960-1969 8
1930-1934 3 1970-1979 9
1935-1939 4 1980-1989 10
1940-1944 5 After 1989 11

The amount of each monthly payment per $1,000 placed under this
option will not be less than amounts shown in the next table.

Monthly amounts for any adjusted age not shown will be furnished at
your request, without charge.

Adjusted
age Life income per $1,000 with
payee payments guaranteed for
10 years 15 years 20 years
Male Female Male Female Male Female
50 $4.22 $3.89 $4.17 $3.86 $4.08 $3.82
55 4.62 4.22 4.53 4.18 4.39 4.11
60 5.14 4.66 4.96 4.57 4.71 4.44
65 5.81 5.22 5.46 5.05 5.02 4.79
70 6.61 5.96 5.96 5.60 5.27 5.12
75 7.49 6.89 6.38 6.14 5.42 5.35<PAGE>
PAGE 42
Deferral of payments:

We reserve the right to defer payments of cash surrender value,
policy loans or variable death benefits in excess of the specified
amount if:

o the payments derive from a premium payment made by a check that
has not cleared the banking system (good payment has not been
collected);
o the NYSE is closed (other than customary weekend and holiday
closings);
o in accordance with SEC rules, trading on the NYSE is restricted
or, because of an emergency, it is not practical to dispose of
securities held in the subaccount or determine the value of the
subaccount's net assets.

Any loans or surrenders from the fixed account may be delayed up to
six months from the date we receive the request. If we postpone
the payment of surrender proceeds more than 30 days, we will pay
you interest on the amount surrendered at an annual rate of 3% for
the period of postponement.

Federal taxes

The following is a general discussion of the policy's federal
income tax implications. It is not intended as tax advice.
Because the effect of taxes on the value and benefits of your
policy depends on your individual situation as well as IDS Life's
tax status, YOU SHOULD CONSULT A TAX ADVISOR TO FIND OUT HOW THESE
GENERAL CONSIDERATIONS APPLY TO YOU. The discussion is based on
our understanding of federal income tax laws as currently
interpreted by the Internal Revenue Service (IRS); both the laws
and their interpretation may change.

The policy is intended to qualify as a life insurance policy for
federal income tax purposes. To that end, the provisions of the
policy are to be interpreted to ensure or maintain this tax
qualification. IDS Life reserves the right to change the policy in
order to ensure that it will continue to qualify as life insurance
for tax purposes. We will send you a copy of any changes.

IDS Life's tax status

IDS Life is taxed as a life insurance company under the Code. For
federal income tax purposes, the subaccounts are considered a part
of IDS Life, although their operations are treated separately in
accounting and financial statements. Investment income from the
subaccounts is reinvested and becomes part of the subaccounts'
value. This investment income, including realized capital gains,
is not taxed to IDS Life, and therefore no charge is made against
the subaccounts for federal income taxes. IDS Life reserves the
right to make such a charge in the future if there is a change in
the tax treatment of variable life insurance contracts or in IDS
Life's tax status as we currently understand it.
<PAGE>
PAGE 43
Taxation of policy proceeds

The death benefit is not considered part of the beneficiary's
income and thus is not subject to federal income taxes. When the
proceeds are paid after the youngest insured's attained insurance
age 100, if the amount received plus any indebtedness exceeds your
investment in the policy, the excess may be taxable as ordinary
income. Part or all of any pre-death proceeds received through
full surrender, lapse, partial surrender, policy loan or assignment
of policy value, or payment options may be subject to federal
income tax as ordinary income. (See the following table.) In some
cases, the tax liability depends on whether the policy is a
modified endowment (explained following the table). The taxable
amount may also be subject to an additional 10% penalty tax if the
policy is a modified endowment.

Source of proceeds Taxable portion of pre-death proceeds

Full surrender: Amount received plus any
indebtedness, minus your
investment in the policy.*

Lapse: Any outstanding indebtedness minus
your investment in the policy.*

Partial surrenders Lesser of:
(modified endowments): the amount received or policy
value minus your investment in the
policy.*

Policy loans and Lesser of:
assignments the amount of the loan/assignment
(modified endowments): or policy value minus your
investment in the policy.*

Partial surrenders Generally, if the amount received
(other policies): is greater than your investment in
the policy,* the amount in excess
of your investment is taxable.
However, during the first 15
policy years, a different amount
may be taxable if the partial
surrender results in or is
necessitated by a reduction in
benefits.

Policy loans and None
assignments
(other policies):

Payment options: If proceeds of the policy will be
paid under one of the payment
options, see the "Payment option"
section for tax information.
<PAGE>
PAGE 44
* The owner's investment is equal to premiums paid, minus the
nontaxable portion of any previous partial surrenders, plus the
taxable portion of any previous policy loans.

Modified endowment contracts

In 1988, Congress created a new class of life insurance policies
called "Modified Endowment Contracts," which are taxed differently
from conventional life insurance contracts. Policies applied for,
or materially changed, on or after June 21, 1988, are considered to
be modified endowments if premiums paid in the first seven years of
the policy, or the first seven years following a material change,
exceed certain limits. (Also, any life insurance policy received in
exchange for a modified endowment is itself a modified endowment.)

We have established procedures for monitoring whether a contract
may become a modified endowment contract.

Modified endowment limits are calculated when the policy is issued,
and are based on the benefits provided and on the risk
classification of the insureds. They are later recalculated if
certain reductions in benefits occur.

Reductions in benefits: When benefits are reduced, the limits are
recalculated as if the reduced level of benefits had always been in
effect. In most cases, this recalculation will further restrict
the amount of premium that can be paid without exceeding modified
endowment limits. If premiums already paid exceed the recalculated
limits, the policy becomes a modified endowment even if no further
premiums are paid.

Distributions affected: Modified endowment rules apply to
distributions in the year the policy becomes a modified endowment
and in all subsequent years. In addition, the rules apply to
distributions taken two years before the policy becomes a modified
endowment, which are presumed to be taken in anticipation of that
event.

Serial purchase of modified endowments: All modified endowments
issued by the same insurer (or affiliated companies of the insurer)
to the same owner during any calendar year are treated as one
policy in determining the amount of any loan or distribution that
is taxable.

Penalty tax: If a policy is a modified endowment, the taxable
portion of pre-death proceeds from a full surrender, lapse, partial
surrender, policy loan or assignment of policy value, or certain
payment options may be subject to a 10% penalty tax unless:

o the distribution occurs after the owner attains age
59-1/2;
o the distribution is attributable to the owner becoming
disabled (within the meaning of Code Section 72(m)(7);
or<PAGE>
PAGE 45

o the distribution is part of a series of substantially
equal periodic payments made at least once a year over
the life (or life expectancy) of the owner or over the
joint lives (or life expectancies) of the owner and the
owner's beneficiary.

Other tax considerations

Policy Split Option Rider: The Policy Split Option Rider permits a
policy to be split into two individual permanent plans of insurance
then offered by IDS Life for exchange, one on the life of each
insured, upon the occurrence of a divorce of the insureds or
certain changes in federal estate tax law. A policy split could
have adverse tax consequences; for example, it is not clear whether
a policy split will be treated as a nontaxable exchange under
Sections 1031 through 1043 of the Code. If a policy split is not
treated as a nontaxable exchange, a split could result in the
recognition of taxable income in an amount up to any gain in the
policy at the time of the split. In addition, it is not clear
whether, in all circumstances, the individual contracts that result
from a policy split would be treated as life insurance contracts
for federal income tax purposes and, if so treated, whether the
individual contracts would be classified as modified endowment
contracts. Before you exercise rights provided by the policy split
option, it is important that you consult with a competent tax
advisor regarding the possible consequences of a policy split.

Interest paid on policy loans: If the loan is used for personal
purposes, such interest is not tax-deductible. Other rules apply
if the loan is used for trade or business or investment purposes,
or if the policy is owned by a business or a corporation.

Policy changes: Changing ownership, exchanging or assigning the
policy may have tax consequences, depending on the circumstances.

Other taxes: Federal estate tax, state and local estate tax,
inheritance tax, gift tax and other tax consequences of ownership
or receipt of policy proceeds will also depend on the
circumstances.

Qualified retirement plans: The policy may be used in conjunction
with certain qualified plans. Since the rules governing such use
are complex, a purchaser should consult a competent pension
consultant.

On July 6, 1983, the Supreme Court held in Arizona Governing
Committee v. Norris that optional annuity benefits provided under
an employee's deferred compensation plan could not, under Title VII
of the Civil Rights Act of 1964, vary between men and women on the
basis of sex. Since the policy's cost of insurance rates and
purchase rates for certain settlement options distinguish between
men and women, employers and employee organizations should consult
with legal counsel before purchasing the policy for any
employment-related insurance or benefit program.
<PAGE>
PAGE 46
IDS Life

IDS Life is a stock life insurance company organized under the laws
of the State of Minnesota in 1957. Our address is IDS Tower 10,
Minneapolis, MN 55440.

IDS Life conducts a conventional life insurance business in the
District of Columbia and all states except New York. A wholly
owned subsidiary of IDS Life, IDS Life Insurance Company of New
York, conducts a substantially identical business in New York.
IDS Life has been in the variable annuity business since 1968 and
has sold a number of different variable annuity contracts and
variable life insurance policies, utilizing other separate
accounts, unit investment trusts and mutual funds.

Ownership

IDS Life is a wholly owned subsidiary of American Express Financial
Corporation (AEFC); AEFC, a Delaware corporation, is a wholly owned
subsidiary of American Express Company.

State regulation

IDS Life is subject to the laws of Minnesota governing insurance
companies and to regulation by the Minnesota Department of
Commerce. In addition, IDS Life is subject to regulation under the
insurance laws of other jurisdictions in which it may operate. An
annual statement in a prescribed form is filed with Minnesota's
Department of Commerce and in each state in which IDS Life does
business. IDS Life's books and accounts are subject to review by
the Minnesota Department of Commerce at all times and a full
examination of its operations is conducted periodically. Such
regulation does not, however, involve any supervision of management
or investment practices or policies.

Distribution of the policy

IDS Life is the sole distributor of the policy. IDS Life is
registered as a broker-dealer under the Securities Exchange Act of
1934 and is a member of the National Association of Securities
Dealers, Inc. (NASD). Representatives of IDS Life are licensed
insurance and annuity agents, and are registered with the NASD as
representatives of IDS Life.

IDS Life pays its representatives a commission of up to 50% of the
initial target premium (annualized) when the policy is sold, plus
2% of all premiums in excess of the target premium. Each year, IDS
Life pays a service fee not greater than 0.3% of the policy value,
net of indebtedness. IDS Life also pays approximately 27% of the
total representative's commission to the field vice presidents and
district sales managers of the selling representative.

Legal proceedings

As an insurance company, IDS Life is involved in a number of items
of litigation. We believe that these items are not material and we
do not expect to incur significant losses resulting from the<PAGE>
PAGE 47
litigation.

Experts

The consolidated financial statements of IDS Life Insurance
Company at Dec. 31, 1995 and 1994, and for each of the three years
in the period ended Dec. 31, 1995, and the financial statements of
the segregated asset subaccounts of the IDS Life Variable Life
Separate Account for Flexible Premium Survivorship Variable Life
Insurance (comprising, respectively, the U, V, W, X, Y and IL
subaccounts) at Dec. 31, 1995, and for each of the three years in
the period ended Dec. 31, 1995, except for the IL subaccount which
is for the period Oct. 28, 1994 (commencement of operations) to
Dec. 31, 1995, appearing in this prospectus have been audited by
Ernst & Young LLP, independent auditors, as set forth in their
reports thereon appearing elsewhere herein, and are included in
reliance upon such reports given upon the authority of such firm as
experts in accounting and auditing.

Actuarial matters included in the prospectus have been examined by
James M. Jensen, F.S.A., M.A.A.A., Vice President, Insurance
Product Development, as stated in his opinion filed as an exhibit
to the Registration Statement.

Management of IDS Life

Directors

David R. Hubers
Director since September 1989; president and chief executive
officer, AEFC, since August 1993, and director, AEFC, since January
1984; senior vice president, finance and chief financial officer,
AEFC, from January 1984 to August 1993.

Richard W. Kling
Director since February 1984; president since March 1994.
Executive vice president, Marketing and Products, from January 1988
to March 1994. Vice President, AEFC, since January 1988; director
of IDS Life Series Fund, Inc. and chairman of the board of managers
of IDS Life Variable Annuity Funds A & B.

Paul F. Kolkman
Director since May 1984; executive vice president since March 1994;
vice president, Finance, from May 1984 to March 1994; vice
president, AEFC, since January 1987.

Janis E. Miller
Director and executive vice president, Variable Assets, since March
1994; vice president, AEFC, since June 1990; director, Mutual Funds
Product Development and Marketing, AEFC, from May 1987 to May 1990;
director of IDS Life Series Fund, Inc. and member of the board of
managers of IDS Life Variable Annuity Funds A & B.

James A. Mitchell
Chairman of the board since March 1994; director since July 1984;
chief executive officer since November 1986; president from July
1984 to March 1994; executive vice president, AEFC, since March<PAGE>
PAGE 48
1994; director, AEFC, since July 1984; senior vice president, AEFC,
from July 1984 to March 1994.

Barry J. Murphy
Director and executive vice president, Client Service since March
1994; senior vice president, Operations, Travel Related Services
(TRS), a subsidiary of American Express Company, since July 1992;
vice president, TRS, from November 1989 to July 1992; chief
operating officer, TRS, from March 1988 to November 1989.

Stuart A. Sedlacek
Director and executive vice president, Assured Assets, since March
1994; vice president, AEFC, since September 1988.

Melinda S. Urion
Director and controller since September 1991; executive vice
president since March 1994; vice president and treasurer from
September 1991 to March 1994; senior vice president, chief
financial officer and director, AEFC, since November 1995;
corporate controller, AEFC from April 1994 to November 1995; vice
president, AEFC, from September 1991 to November 1995; chief
accounting officer, AEFC, from July 1988 to September 1991.

Officers Other Than Directors

Morris Goodwin Jr.
Vice president and treasurer since March 1994; vice president and
corporate treasurer, AEFC, since July 1989; chief financial officer
and treasurer, American Express Trust Company, from January 1988 to
July 1989.

William A. Stoltzmann
Vice president, general counsel and secretary since 1985; vice
president and assistant general counsel, AEFC, since November 1985.

The address for all of the directors and principal officers is:
IDS Tower 10, Minneapolis, MN 55440.

The officers, employees and sales force of IDS Life are bonded, in
the amount of $100 million, by virtue of a blanket fidelity bond
issued to American Express Company by Saint Paul Fire and Marine,
the lead underwriter.

Other information

A registration statement has been filed with the Securities and
Exchange Commission (SEC) under the Securities Act of 1933, as
amended. For further information concerning the policy, its
separate account (the variable account) and IDS Life, please refer
to the registration statement, as amended, with exhibits.

Substitution of investments

If shares of any fund portfolio are unavailable for purchase by the
appropriate subaccount or if, in the judgment of IDS Life's
management, further investment in such shares is no longer
appropriate, shares of another registered, open-end <PAGE>
PAGE 49
management investment company may be substituted.

If deemed by IDS Life to be in the best interest of persons having
voting rights under the policy, the variable account may be
operated as a management company under the Investment Company Act
of 1940, or it may be deregistered under the Act if such
registration is no longer required.

In the event of any such substitution or change, IDS Life may,
without the consent or approval of owners, amend the policy and
take whatever action is necessary and appropriate. However, no
such substitution or change will be made without any necessary
approval of the SEC or state insurance departments. IDS Life will
notify owners within five days of any substitution or change.

Voting rights

All shares issued by the fund are the same class (kind) -- capital
stock. They are fully paid and nonassessable and can be redeemed
or transferred. They can be issued as full shares or fractions.
All shares have equal voting rights; a fraction of a share has the
same kind of rights and privileges as a full share.

Each of the fund's six portfolios issues its own series of common
stock. The shares of each portfolio represent an interest only in
that portfolio's assets (and profits or losses) and in the event of
liquidation, each share of a portfolio would have the same rights
to dividends and assets as every other share of that portfolio.

Each share of a portfolio has one vote. On some issues, such as
election of directors, all shares of the fund vote together as one
series. When electing directors, all shares have cumulative voting
rights. Cumulative voting means that shareholders are entitled to
a number of votes equal to the number of shares they hold
multiplied by the number of directors to be elected and they have
the right to divide votes among candidates.

On an issue affecting only one portfolio -- for example, a
fundamental investment restriction pertaining only to that
portfolio -- its shares vote as a separate series. If shareholders
of a particular portfolio vote approval of the Investment
Management and Services Agreement, the agreement becomes effective
with respect to that portfolio, whether or not it is approved by
shareholders of the other portfolios.

IDS Life is the owner of all fund shares and as such holds all
voting rights. However, IDS Life will vote the shares of each
portfolio in accordance with instructions received from owners. If
we do not receive timely instructions from you, we will vote your
shares in the same proportion as the shares for which instructions
are received. Fund shares that are not otherwise attributable to
owners will also be voted by IDS Life in the same proportion as
those shares in that subaccount for which instructions are
received.

We determine the number of fund shares in each subaccount for which
you may give instructions by applying your percentage interest in
the subaccount to the total number of votes attributable to the<PAGE>
PAGE 50
subaccount. The number will be determined as of a date chosen by
IDS Life, but not more than 60 days before the meeting of the fund.

Fractional votes are counted. You will receive notice of each
shareholder meeting, together with any proxy solicitation materials
and a statement of the number of votes for which you are entitled
to give instructions.

If required by state insurance officials, IDS Life may disregard
voting instructions that would change the goals of one or more of
the fund's portfolios or would result in approval or disapproval of
an investment advisory contract. In addition, IDS Life itself may
disregard voting instructions that would require changes in the
investment policy or investment advisor of one or more of the
fund's portfolios, if IDS Life reasonably disapproves such changes
in accordance with applicable federal regulations. If IDS Life
does disregard voting instructions, it will, in its next report to
owners, advise them of that action and the reasons for it.

Reports

At least once a year IDS Life will mail to you, at your last known
address of record, a report containing all information required by
law or regulation, including a statement showing the current policy
value.

Policy illustrations

The following tables illustrate how policy values, cash surrender
values and death benefits may change with the investment experience
of the subaccount. The tables show how these amounts might vary,
for a male insurance age 55 and a female insurance age 55, both
nonsmokers, if:

o the annual rate of return of the fund is 0%, 6% or 12%.

o the cost of insurance rates are current rates or guaranteed
rates.

Any such illustration involves a number of detailed assumptions.
(See chart, "Understanding the illustrations.") To the extent that
your own circumstances differ from those assumed in the
illustrations, your expected results would also differ.

Upon request, you will be furnished with comparable tables
illustrating death benefits, policy values and cash surrender
values based on the actual ages of the persons you propose to
insure and on an initial specified amount and premium payment
schedule. In addition, after you have purchased a policy, you may
request illustrations based on policy values at the time of
request.

Understanding the illustrations:

Rates of return: assumed to be uniform, gross, after-tax, annual
rates of 0%, 6%, or 12% for the fund. Results would differ
depending on allocations among the subaccounts, if returns averaged<PAGE>
PAGE 51
0%, 6% and 12% for the fund as a whole, but differed across
portfolios.

Insureds: assumed to be a male insurance age 55 and a female
insurance age 55, in a standard risk classification, qualifying for
the nonsmoker rate. Results would be lower if one or both of the
insureds were in a substandard risk classification or did not
qualify for the non-smoker rate.

Premiums: A $15,000 premium is assumed to be paid in full at the
beginning of each policy year. Results would differ if premiums
were paid on a different schedule.

Policy loans and partial withdrawals: It is assumed that none have
been made. (Since indebtedness is assumed to be zero, the cash
surrender value in all cases equals the policy value minus the
surrender charge.)

Effect of expenses and charges: The net investment return of the
subaccounts, shown in the tables, is lower than the gross,
after-tax return of the fund because expenses paid by the fund and
charges made against the subaccounts have been deducted. These
include:

o the daily investment management fee paid by the fund, assumed to
be equivalent to an annual rate of 0.7% of the fund's aggregate
average daily net assets;
o the daily mortality and expense risk charge, equivalent to 0.9%
of the daily net asset value of the subaccounts annually; and
o a nonadvisory expense charge of 0.1% of each portfolio's
aggregate average daily net assets for direct expenses incurred
by the fund.

The nonadvisory expense charge is capped by IDS Life at 0.1%, even
though actual expenses have been higher. Although IDS Life
reserves the right to discontinue capping these expenses, our
present intent is to continue the cap indefinitely until actual
expenses are less than the cap. Should IDS Life discontinue the
cap prior to that time, the policy values and death benefits in the
tables generally would be less.

(After deduction of the above expenses and charges, the illustrated
gross annual investment rates of return of 0%, 6% and 12%
correspond to approximate net annual rates of -1.69%, 4.21% and
10.11%, respectively.)

Taxes: Results shown in the tables reflect the fact that IDS Life
does not currently charge the subaccounts for federal income tax.
If such a charge is taken in the future, the portfolios will have
to earn more than they do now in order to produce the death
benefits and policy values illustrated.<PAGE>
PAGE 52
<TABLE><CAPTION>
Illustration

Initial specified amount $1,000,000 Male - Insurance age 55 - Nonsmoker Current costs assumed
Death benefit Option 1 Female - Insurance age 55 - Nonsmoker annual premium $15,000
Premium Death benefit (1)(2) Policy value (1)(2) Cash surrender value (1)(2)
accumulated assuming hypothetical gross assuming hypothetical gross assuming hypothetical gross
End of with annual annual investment return of annual investment return of annual investment return of
policy interest
year at 5% 0% 6% 12% 0% 6% 12% 0% 6% 12%
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 15750 1000000 1000000 1000000 12651 13424 14196 8651 9424 10196
2 32288 1000000 1000000 1000000 25091 27415 29830 21091 23415 25830
3 49652 1000000 1000000 1000000 37208 41880 46926 33208 37880 42926
4 67884 1000000 1000000 1000000 48899 56727 65520 44899 52727 61520
5 87029 1000000 1000000 1000000 60287 72093 85888 56287 68093 81888

6 107130 1000000 1000000 1000000 71159 87781 107990 67559 84181 104390
7 128237 1000000 1000000 1000000 81642 103927 132130 78442 100727 128930
8 150398 1000000 1000000 1000000 91530 120341 158315 88730 117541 155515
9 173668 1000000 1000000 1000000 100843 137053 186782 98443 134653 184382
10 198102 1000000 1000000 1000000 109597 154091 217796 107597 152091 215796

11 223757 1000000 1000000 1000000 117705 171386 251558 116105 169786 249958
12 250695 1000000 1000000 1000000 125288 189070 288490 124088 187870 287290
13 278979 1000000 1000000 1000000 132259 207081 328874 131459 206281 328074
14 308678 1000000 1000000 1000000 138531 225360 373048 138131 224960 372648
15 339862 1000000 1000000 1000000 144222 244042 421558 144222 224042 421558

20 520789 1000000 1000000 1000000 164007 345156 751285 164007 345156 751285
25 751702 1000000 1000000 1362530 151963 449820 1297647 151963 449820 1297647
30 1046412 1000000 1000000 2280735 46519 529397 2172129 46519 529397 2172129
35 1422545 0 1000000 3716419 0 526059 3539447 0 526059 3539447
40 1902596 0 1000000 5931791 0 341804 5649324 0 341804 5649324
45 2515277 0 0 9069560 0 0 8979762 0 0 8979762

(1) Assumes no policy loans or partial withdrawals have been made.

(2) Assumes a $15,000 premium is paid at the beginning of each policy year. Values will be different if premiums are paid in
different amounts or with a different frequency.

<PAGE>
PAGE 53

Illustration
Initial specified amount $1,000,000 Male - Insurance age 55 - Nonsmoker Guaranteed costs assumed
Death benefit Option 1 Female - Insurance age 55 - Nonsmoker annual premium $15,000
Premium Death benefit (1)(2) Policy value (1)(2) Cash surrender value (1)(2)
accumulated assuming hypothetical gross assuming hypothetical gross assuming hypothetical gross
End of with annual annual investment return of annual investment return of annual investment return of
policy interest
year at 5% 0% 6% 12% 0% 6% 12% 0% 6% 12%
1 15750 1000000 1000000 1000000 12651 13424 14196 8651 9424 10196
2 32288 1000000 1000000 1000000 25091 27415 29830 21091 23415 25830
3 49652 1000000 1000000 1000000 37208 41880 46926 33208 37880 42926
4 67884 1000000 1000000 1000000 48899 56727 65520 44899 52727 61520
5 87029 1000000 1000000 1000000 60287 72093 85888 56287 68093 81888

11 223757 1000000 1000000 1000000 117288 170973 251160 115688 169373 249560
12 250695 1000000 1000000 1000000 124256 188039 287501 123056 186839 286301
13 278979 1000000 1000000 1000000 130212 205026 326914 129412 204226 326114
14 308678 1000000 1000000 1000000 135078 221870 369736 134678 221470 369336
15 339862 1000000 1000000 1000000 138775 238514 416371 138775 238514 416371

20 520789 1000000 1000000 1000000 129561 310821 724728 129561 310821 724728
25 751702 1000000 1000000 1302265 23194 325124 1240252 23194 325124 1240252
30 1046412 0 1000000 2163670 0 167003 2060638 0 167003 2060638
35 1422545 0 0 3476899 0 0 3311332 0 0 3311332
40 1902596 0 0 5409153 0 0 5151574 0 0 5151574
45 2515277 0 0 7983928 0 0 7904880 0 0 7904880

(1) Assumes no policy loans or partial withdrawals have been made.

(2) Assumes a $15,000 premium is paid at the beginning of each policy year. Values will be different if premiums are paid in
different amounts or with a different frequency.

The above hypothetical investment results are illustrative only and should not be deemed a representation of past or future
investment results. Actual investment results may be more or less than those shown. The death benefit, policy value and cash
surrender value would be different from those shown if returns averaged 0%, 6% and 12% over a period of years, but fluctuated above
and below those averages for individual policy years. No representation can be made that these hypothetical rates of return can be
achieved for any one year or sustained over any period of time.
<PAGE>
PAGE 54
Illustration
Initial specified amount $1,000,000 Male - Insurance age 55 - Nonsmoker Current costs assumed
Death benefit Option 2 Female - Insurance age 55 - Nonsmoker annual premium $15,000
Premium Death benefit (1)(2) Policy value (1)(2) Cash surrender value (1)(2)
accumulated assuming hypothetical gross assuming hypothetical gross assuming hypothetical gross
End of with annual annual investment return of annual investment return of annual investment return of
policy interest
year at 5% 0% 6% 12% 0% 6% 12% 0% 6% 12%
1 15750 1012650 1013422 1014195 12650 13422 14195 8650 9422 10195
2 32288 1025086 1027410 1029825 25086 27410 29825 21086 23410 25825
3 49652 1037195 1041864 1046909 37195 41864 46909 33195 37864 42909
4 67884 1048862 1056683 1065469 48862 56683 65469 44862 52683 61469
5 87029 1060214 1072004 1085780 60214 72004 85780 56214 68004 81780

6 107130 1071019 1087604 1107768 71019 87604 107768 67419 84004 104168
7 128237 1081406 1103617 1131726 81406 103617 131726 78206 100417 128526
8 150398 1091143 1119816 1157604 91143 119816 157604 88343 117016 154804
9 173668 1100242 1136207 1185594 100242 136207 185594 97842 133807 183194
10 198102 1108715 1152801 1215912 108715 152801 215912 106715 150801 213912

11 223757 1116452 1169483 1248666 116452 169483 248666 114852 167883 247066
12 250695 1123585 1186379 1284229 123585 186379 284229 122385 185179 283029
13 278979 1130005 1203375 1322758 130005 203375 322758 129205 202575 321958
14 308678 1135607 1220355 1364430 135607 220355 364430 135207 219955 364030
15 339862 1140521 1237439 1409686 140521 237439 409686 140521 237439 409686

20 520789 1154361 1323780 1703041 154361 323780 703041 154361 323780 703041
25 751702 1130471 1388619 2131448 130471 388619 1131448 130471 388619 1131448
30 1046412 1007126 1352982 2694292 7126 352982 1694292 7126 352982 1694292
35 1422545 0 1067303 3330814 0 67303 2330814 0 67303 2330814
40 1902596 0 0 4052478 0 0 3052478 0 0 3052478
45 2515277 0 0 4424523 0 0 3424523 0 0 3424523

(1) Assumes no policy loans or partial withdrawals have been made.

(2) Assumes a $15,000 premium is paid at the beginning of each policy year. Values will be different if premiums are paid in
different amounts or with a different frequency.

The above hypothetical investment results are illustrative only and should not be deemed a representation of past or future
investment results. Actual investment results may be more or less than those shown. The death benefit, policy value and cash
surrender value would be different from those shown if returns averaged 0%, 6% and 12% over a period of years, but fluctuated above
and below those averages for individual policy years. No representation can be made that these hypothetical rates of return can be
achieved for any one year or sustained over any period of time.
<PAGE>
PAGE 55
Illustration
Initial specified amount $1,000,000 Male - Insurance age 55 - Nonsmoker Guaranteed costs assumed
Death benefit Option 2 Female - Insurance age 55 - Nonsmoker annual premium $15,000
Premium Death benefit (1)(2) Policy value (1)(2) Cash surrender value (1)(2)
accumulated assuming hypothetical gross assuming hypothetical gross assuming hypothetical gross
End of with annual annual investment return of annual investment return of annual investment return of
policy interest
year at 5% 0% 6% 12% 0% 6% 12% 0% 6% 12%
1 15750 1012650 1013422 1014195 12650 13422 14195 8650 9422 10195
2 32288 1025086 1027410 1029825 25086 27410 29825 21086 23410 25825
3 49652 1037195 1041864 1046909 37195 41864 46909 33195 37864 42909
4 67884 1048862 1056683 1065469 48862 56683 65469 44862 52683 61469
5 87029 1060214 1072004 1085780 60214 72004 85780 56214 68004 81780

6 107130 1071019 1087604 1107768 71019 87604 107768 67419 84004 104168
7 128237 1081406 1103617 1131726 81406 103617 131726 78206 100417 128526
8 150398 1091143 1119816 1157604 91143 119816 157604 88343 117016 154804
9 173668 1100242 1136207 1185594 100242 136207 185594 97842 133807 183194
10 198102 1108596 1152679 1215786 108596 152679 215786 106596 150679 213786

11 223757 1115980 1168989 1248149 115980 168989 248149 114380 167389 246549
12 250695 1122410 1185130 1282904 122410 185130 282904 121210 183930 281704
13 278979 1127665 1200852 1320041 127665 200852 320041 126865 200052 319241
14 308678 1131648 1216014 1359674 131648 216014 359674 131248 215614 359274
15 339862 1134260 1230470 1401932 134260 230470 401932 134260 230470 401932

20 520789 1114956 1277423 1648090 114956 277423 648090 114956 277423 648090
25 751702 0 1217641 1912766 0 217641 912766 0 217641 912766
30 1046412 0 0 2085053 0 0 1085053 0 0 1085053
35 1422545 0 0 1925001 0 0 925001 0 0 925001
40 1902596 0 0 1056450 0 0 56450 0 0 56450
45 2515277 0 0 0 0 0 0 0 0 0

(1) Assumes no policy loans or partial withdrawals have been made.

(2) Assumes a $15,000 premium is paid at the beginning of each policy year. Values will be different if premiums are paid in
different amounts or with a different frequency.

IDS Life Variable Life Separate Account -- Flexible Premium Survivorship Variable Life Subaccounts

Statements of Net Assets Dec. 31, 1995

Segregated Asset Subaccounts
Assets U V W X Y
<S> <C> <C> <C> <C> <C>
Investments in shares of mutual fund portfolios,
at market value:
IDS Life Series
Fund Equity Portfolio --
12,277,238 shares at
net asset value of
$25.70 per share
(cost $226,671,368).... $315,514,887 $ -- $ -- $ -- $ --
IDS Life Series Fund
Income Portfolio --
3,982,304 shares at net
asset value of $10.50
per share (cost
$39,208,896)........... -- 41,822,065 -- -- --
IDS Life Series Fund
Money Market Portfolio
- -- 10,656,314 shares at
net asset value of
$1.00 per share
(cost $10,655,498)...... -- -- 10,655,369 -- --
IDS Life Series Fund
Managed Portfolio --
14,823,205 shares at net
asset value of $16.10
per share
(cost $211,415,326).... -- -- -- 238,676,941 --
IDS Life Series Fund
Government Securities
Portfolio -- 713,767
shares at net asset
value of $10.57 per
share (cost $7,204,630). -- -- -- -- 7,546,468
IDS Life Series Fund
International Equity
Portfolio -- 1,846,762 shares
at net asset value of $13.46
per share (cost $20,541,794) -- -- -- -- --
315,514,887 41,822,065 10,655,369 238,676,941 7,546,468
Dividends receivable.... -- 214,036 37,949 -- 33,928
Accounts receivable from
IDS Life for contract
purchase payments....... 322,311 124,155 276,175 191,137 --
Receivable from mutual
fund portfolios
for redemptions.. -- -- -- -- 3,826
Total assets............ 315,837,198 42,160,256 10,969,493 238,868,078 7,584,222
</TABLE>
<PAGE>
PAGE 57
<TABLE><CAPTION>
Statements of Net Assets (continued) Dec. 31, 1995
Combined
Segregated Asset Subaccounts Variable
Assets IL Account
<S> <C> <C>
Investments in shares of mutual fund portfolios,
at market value:
IDS Life Series
Fund Equity Portfolio --
12,277,238 shares at
net asset value of
$25.70 per share
(cost $226,671,368).... $ -- $315,514,887
IDS Life Series Fund
Income Portfolio --
3,982,304 shares at net
asset value of $10.50
per share (cost
$39,208,896)........... -- 41,822,065
IDS Life Series Fund
Money Market Portfolio
- --10,656,314 shares at
net asset value of
$1.00 per share
(cost $10,655,498)..... -- 10,655,369
IDS Life Series Fund
Managed Portfolio --
14,823,205 shares at net
asset value of $16.10
per share
(cost $211,415,326).... -- 238,676,941
IDS Life Series Fund
Government Securities
Portfolio -- 713,767
shares at net asset
value of $10.57 per
share (cost $7,204,630). -- 7,546,468
IDS Life Series Fund
International Equity
Portfolio -- 1,846,762 shares
at net asset value of $13.46
per share
(cost $20,541,794)....... 24,855,346 24,855,346
24,855,346 639,071,076
Dividends receivable.... -- 285,913
Accounts receivable from
IDS Life for contract
purchase payments....... 151,715 1,065,493
Receivable from mutual
fund portfolios
for redemptions.. -- 3,826
Total assets............ 25,007,061 640,426,308
</TABLE>
<PAGE>
PAGE 58
<TABLE>
<CAPTION>

Statements of Net Assets (continued) Dec. 31, 1995

Segregated Asset Subaccounts
Liabilities U V W X Y
<S> <C> <C> <C> <C> <C>
Payable to IDS Life for:
Mortality and expense
risk fee................ 447,650 29,429 7,203 339,446 5,354
Contract terminations... -- -- -- -- 3,826
Payable to mutual fund
portfolios for investments
purchased............... 322,310 308,762 306,921 191,137 28,574
Total liabilities....... 769,960 338,191 314,124 530,583 37,754
Net assets applicable
to Variable Life contracts
in accumulation period..$315,067,238 $41,822,065 $10,655,369 $238,337,495 $7,546,468
Accumulation units
outstanding............. 112,397,698 21,093,984 7,292,031 89,225,571 3,992,247
Net asset value per
accumulation unit.......$ 2.80 $ 1.98 $ 1.46 $ 2.67 $ 1.89

See accompanying notes to financial statements.
</TABLE><TABLE><CAPTION>
Dec. 31, 1995
Combined
Segregated Asset Subaccounts Variable
Liabilities IL Account
<S> <C> <C>
Payable to IDS Life for:
Mortality and expense
risk fee................ 32,523 861,605
Contract terminations... --- 3,826
Payable to mutual fund
portfolios for investments
purchased............... 151,715 1,309,419
Total liabilities....... 184,238 2,174,850
Net assets applicable
to Variable Life contracts
in accumulation period. $24,822,823 $638,251,458
Accumulation units
outstanding............. 18,302,995
Net asset value per
accumulation unit....... $ 1.36

See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 59
<TABLE>
<CAPTION>

IDS Life Variable Life Separate Account - Flexible Premium Survivorship Variable Life Subaccounts

Statements of Operations Year ended Dec. 31,1995

Segregated Asset Subaccounts
U V W X Y IL
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend income from
mutual fund portfolios... $ 5,405,186 $2,256,517 $ 369,544 $ 9,316,974 $ 425,859 $ 168,339
Expenses:
Mortality and expense
risk fee (Note 3)........ 2,240,441 298,775 64,375 1,761,361 62,389 112,228
Investment income--net... 3,164,745 1,957,742 305,169 7,555,613 363,470 56,111

Realized and Unrealized Gain (Loss) on Investments -- net
Realized gain (loss) on sales of
investments in mutual
fund portfolios:
Proceeds from sales...... 2,030,794 1,262,058 4,382,642 2,054,955 1,009,224 19,482
Cost of investments sold.. 1,586,450 1,260,160 4,382,780 1,946,416 1,005,908 17,414
Net realized gain (loss) on
investments.............. 444,344 1,898 (138) 108,539 3,316 2,068
Net change in unrealized
appreciation or depreciation
of investments........... 72,066,408 4,051,945 60 26,093,487 713,207 4,338,153
Net gain (loss) on
investments.............. 72,510,752 4,053,843 (78) 26,202,026 716,523 4,340,221
Net increase in
net assets resulting from
operations............... $75,675,497 $6,011,585 $ 305,091 $33,757,639 $1,079,993 $4,396,332

See accompanying notes to financial statements.
</TABLE><TABLE><CAPTION>
Statements of Operations
Year ended Dec. 31, 1995
Combined
Segregated Asset Subaccounts Variable
Account
<S> <C>
Investment income:
Dividend income from
mutual fund portfolios... $ 17,942,419
Expenses:
Mortality and expense
risk fee (Note 3)........ 4,539,569
Investment income--net... 13,402,850
Realized and Unrealized Gain (Loss) on Investments -- net
Realized gain on sales of
investments in mutual
fund portfolios:
Proceeds from sales..... 10,759,155
Cost of investments
sold..................... 10,199,128
Net realized gain (loss) on
investments.............. 560,027
Net change in unrealized
appreciation or
depreciation of
investments.............. 107,263,260
Net gain (loss) on
investments.............. 107,823,287
Net increase in net assets
resulting from operations $121,226,137

See accompanying notes to financial statements.
<PAGE>
PAGE 60

</TABLE>
<TABLE><CAPTION>
IDS Life Variable Life Separate Account - Flexible Premium Survivorship Variable Life Subaccounts

Statements of Operations Year ended Dec. 31,1994

Segregated Asset Subaccounts
U V W X Y IL*
<S> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Dividend income from
mutual fund portfolios... $13,315,288 $ 1,852,616 $ 200,930 $14,283,336 $ 431,043 $ --
Expenses:
Mortality and expense
risk fee (Note 3)........ 1,252,075 232,967 49,351 1,197,216 57,443 2,115
Total expenses........... 1,252,075 232,967 49,351 1,197,216 57,443 2,115
Investment income
(loss) -- net............ 12,063,213 1,619,649 151,579 13,086,120 373,600 (2,115)

Realized and Unrealized Gain (Loss) on Investments -- net
Realized gain (loss) on sales
of investments in mutual
fund portfolios:
Proceeds from sales...... 39,266 2,392,412 4,239,196 601,333 1,065,052 --
Cost of investments sold.. 36,448 2,442,459 4,239,286 578,188 1,090,577 --
Net realized gain (loss) on
investments.............. 2,818 (50,047) (90) 23,145 (25,525) --
Net change in unrealized
appreciation or depreciation
of investments........... (7,104,030) (2,959,460) (199) (13,046,187) (718,640) (24,601)
Net loss on investments.. (7,101,212) (3,009,507) (289) (13,023,042) (744,165) (24,601)
Net increase (decrease) in
net assets resulting from
operations............... $ 4,962,001 $(1,389,858) $ 151,290 $ 63,078 $ (370,565) $(26,716)
* For the period Oct. 28, 1994 (commencement of operations) to Dec. 31, 1994.
See accompanying notes to financial statements.
</TABLE><TABLE><CAPTION>
Statements of Operations
Year ended Dec. 31,1994
Combined
Variable
Account
<S> <C>
Investment income (loss):
Dividend income from
mutual fund portfolios... $30,083,213
Expenses:
Mortality and expense
risk fee (Note 3)........ 2,791,167
Total expenses........... 2,791,167
Investment income
(loss) -- net............ 27,292,046
Realized and Unrealized Gain (Loss) on Investments -- net
Realized gain (loss) on
sales of investments in
mutual fund portfolios:
Proceeds from sales...... 8,337,259
Cost of investments
sold..................... 8,386,958
Net realized gain (loss) on
investments.............. (49,699)
Net change in unrealized
appreciation or
depreciation of
investments.............. (23,853,117)
Net loss on investments.. (23,902,816)
Net increase (decrease) in net assets
resulting from operations $ 3,389,230
* For the period Oct. 28, 1994 (commencement of operations) to Dec. 31, 1994.
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE 61
<TABLE><CAPTION>
IDS Life Variable Life Separate Account -- Flexible Premium Survivorship Variable Life Subaccounts

Statements of Operations Year ended Dec. 31, 1993

Segregated Asset Subaccounts
U V W X Y
<S> <C> <C> <C> <C> <C>
Investment income:
Dividend income from
mutual fund portfolios... $ 2,317,662 $1,222,509 $ 103,803 $ 7,255,056 $314,966
Expenses:
Mortality and expense
risk fee (Note 3)........ 736,850 156,515 35,692 693,795 44,107
Total expenses........... 736,850 156,515 35,692 693,795 44,107
Investment income
- -- net................... 1,580,812 1,065,994 68,111 6,561,261 270,859

Realized and Unrealized Gain (Loss) on Investments -- net
Realized gain on sales of
investments in mutual
fund portfolios:
Proceeds from sales...... 824,122 851,169 2,093,868 387,697 654,074
Cost of investments sold. 679,089 786,183 2,093,843 354,103 601,305
Net realized gain on
investments.............. 145,033 64,986 25 33,594 52,769
Net change in unrealized
appreciation or
depreciation of
investments.............. 9,696,478 904,140 (28) 7,262,233 144,644
Net gain (loss) on
investments.............. 9,841,511 969,126 (3) 7,295,827 197,413
Net increase in net
assets resulting from
operations............... $11,422,323 $2,035,120 $ 68,108 $13,857,088 $468,272
</TABLE>
See accompanying notes to financial statements.
<TABLE><CAPTION>
Statements of Operations
Year ended Dec. 31, 1993
Combined
Variable
Account
<S> <C>
Investment income:
Dividend income from
mutual fund portfolios... $11,213,996
Expenses:
Mortality and expense
risk fee (Note 3)........ 1,666,959
Total expenses........... 1,666,959
Investment income
- -- net................... 9,547,037

Realized and Unrealized Gain (Loss) on Investments -- net
Realized gain on sales of
investments in mutual fund
portfolios:
Proceeds from sales...... 4,810,930
Cost of investments sold. 4,514,523
Net realized gain on
investments.............. 296,407
Net change in unrealized
appreciation or
depreciation of
investments.............. 18,007,467
Net gain (loss) on
investments.............. 18,303,874
Net increase in net
assets resulting from
operations............... $27,850,911

See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 62
<TABLE>
<CAPTION>

IDS Life Variable Life Separate Account -- Flexible Premium Survivorship Variable Life Subaccounts

Statements of Changes in Net Assets Year ended Dec. 31, 1995

Segregated Asset Subaccounts
Operations U V W X Y IL
<S> <C> <C> <C> <C> <C> <C>
Investment income
- -- net.... $ 3,164,745 $ 1,957,742 $ 305,169 $ 7,555,613 $ 363,470 $ 56,111
Net realized gain (loss)
on investments.... 444,344 1,898 (138) 108,539 3,316 2,068
Net change in unrealized
appreciation or
depreciation of
investments....... 72,066,408 4,051,945 60 26,093,487 713,207 4,338,153
Net increase
in net assets resulting
from operations... 75,675,497 6,011,585 305,091 33,757,639 1,079,993 4,396,332

Contract Transactions
Variable life
contract purchase
payments.......... 65,899,530 8,927,561 3,827,646 53,655,655 1,708,490 8,359,743
Net transfers*.... 26,661,981 4,547,910 1,986,781 15,550,065 (413,095) 10,873,809
Transfers for
policy loans...... (3,999,311) (424,646) (139,379) (2,605,848) (62,672) (159,345)
Policy charges
(Note 3)......... (17,285,517) (2,859,472) (698,384) (15,283,083) (785,784) (958,424)
Contract terminations:
Surrender benefits
(Note 6).......... (8,829,772) (1,144,868) (425,657) (7,032,033) (328,204) (231,490)
Death benefits.... (245,450) (68,976) (8,227) (300,012) (35,240) (2,966)
Increase from contract
transactions...... 62,201,461 8,977,509 4,542,780 43,984,744 83,495 17,881,327
Net assets at
beginning of year...177,190,280 26,832,971 5,807,498 160,595,112 6,382,980 2,545,164
Net assets at end
of year.......... $315,067,238 $41,822,065 $10,655,369 $238,337,495 $7,546,468 $24,822,823

Accumulation Unit Activity
Units outstanding
at beginning of
year.............. 86,671,509 16,248,127 4,147,565 70,902,569 3,949,666 2,581,651
Contract purchase
payments.......... 27,401,979 4,900,338 2,667,651 22,373,025 977,297 7,327,340
Net transfers*.... 10,887,309 2,417,994 1,361,557 6,465,711 (244,047) 9,554,177
Transfers for
policy loans...... (1,647,099) (231,730) (95,887) (1,089,571) (35,608) (137,740)
Policy charges.... (7,207,668) (1,574,630) (487,738) (6,377,740) (448,607) (829,452)
Contract terminations:
Surrender
benefits.......... (3,608,606) (628,575) (295,330) (2,922,433) (186,158) (190,349)
Death benefits.... (99,726) (37,540) (5,787) (125,990) (20,296) (2,632)
Units outstanding
at end of year ... 112,397,698 21,093,984 7,292,031 89,225,571 3,992,247 18,302,995
* Includes transfer activity from (to) other subaccounts and transfers from (to) IDS Life's Fixed Account.
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE 63
Statements of Changes in Net Assets
Year ended Dec. 31, 1995
<TABLE><CAPTION>
Combined
Variable
Operations Account
<S> <C>
Investment income
- -- net............ $ 13,402,850
Net realized gain (loss)
on investments.... 560,027
Net change in unrealized
appreciation or
depreciation of
investments....... 107,263,260
Net increase
in net assets
resulting from
operations........ 121,226,137

Contract Transactions
Variable life
contract purchase
payments.......... 142,378,625
Net transfers*.... 59,207,451
Transfers for
policy loans...... (7,391,201)
Policy charges
(Note 3).......... (37,870,664)
Contract terminations:
Surrender benefits
(Note 6).......... (17,992,024)
Death benefits.... (660,871)
Increase from contract
transactions...... 137,671,316
Net assets at
beginning of year. 379,354,005
Net assets at end
of year........... $638,251,458
*Includes transfer activity from (to) other subaccounts and transfers from (to) IDS Life's Fixed Account.
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE 64
<TABLE><CAPTION>
IDS Life Variable Life Separate Account -- Flexible Premium Survivorship Variable Life Subaccounts

Statements of Changes in Net Assets Year ended Dec. 31, 1994

Segregated Asset Subaccounts
Operations U V W X Y IL*
<S> <C> <C> <C> <C> <C> <C>
Investment income
(loss) -- net.... $ 12,063,213 $ 1,619,649 $ 151,579 $ 13,086,120 $ 373,600 $ (2,115)
Net realized gain (loss)
on investments.... 2,818 (50,047) (90) 23,145 (25,525) --
Net change in unrealized
appreciation or
depreciation of
investments....... (7,104,030) (2,959,460) (199) (13,046,187) (718,640) (24,601)
Net increase (decrease)
in net assets resulting
from operations... 4,962,001 (1,389,858) 151,290 63,078 (370,565) (26,716)

Contract Transactions
Variable life
contract purchase
payments.......... 53,662,326 8,536,627 3,045,575 47,393,912 2,349,108 479,249
Net transfers**... 31,299,656 674,364 (558,467) 29,895,792 (387,467) 2,131,779
Transfers for
policy loans...... (2,091,783) (300,575) (58,150) (2,044,233) (54,511) 2,570
Policy charges
(Note 3).......... (13,474,555) (2,647,918) (607,708) (12,642,019) (803,474) (32,704)
Contract terminations:
Surrender benefits
(Note 6).......... (6,281,648) (1,072,188) (131,954) (6,054,959) (240,666) (9,014)
Death benefits.... (140,601) (66,862) (526) (174,073) (12,924) --
Increase from contract
transactions...... 62,973,395 5,123,448 1,688,770 56,374,420 850,066 2,571,880
Net assets at
beginning of year. 109,254,884 23,099,381 3,967,438 104,157,614 5,903,479 --
Net assets at end
of year.......... $177,190,280 $26,832,971 $5,807,498 $160,595,112 $6,382,980 $2,545,164

Accumulation Unit Activity
Units outstanding
at beginning of
year.............. 54,422,093 13,255,311 2,911,403 45,869,757 3,444,125 --
Contract purchase
payments.......... 27,492,793 5,083,028 2,210,496 21,082,609 1,429,074 476,913
Net transfers**... 16,014,201 346,533 (394,967) 13,252,188 (244,851) 2,144,481
Transfers for
policy loans...... (1,070,031) (178,817) (42,438) (910,619) (33,478) 2,570
Policy charges.... (6,903,443) (1,581,088) (440,906) (5,623,402) (490,857) (33,133)
Contract terminations:
Surrender
benefits.......... (3,212,348) (637,064) (95,759) (2,691,231) (146,375) (9,180)
Death benefits.... (71,756) (39,776) (264) (76,733) (7,972) --
Units outstanding
at end of year.... 86,671,509 16,248,127 4,147,565 70,902,569 3,949,666 2,581,651
* For the period Oct. 28, 1994 (commencement of operations) to Dec. 31, 1994.
** Includes transfer activity from (to) other subaccounts and transfers from (to) IDS Life's Fixed Account.
See accompanying notes to financial statements.
/TABLE
<PAGE>
PAGE 65
<TABLE><CAPTION>
Statements of Changes in Net Assets Year ended Dec. 31, 1994

Combined
Variable
Operations Account
<S> <C>
Investment income
- -- net............ $ 27,292,046
Net realized gain (loss)
on investments.... (49,699)
Net change in unrealized
appreciation or
depreciation of
investments....... (23,853,117)
Net increase
in net assets
resulting from
operations........ 3,389,230

Contract Transactions
Variable life
contract purchase
payments.......... 115,466,797
Net transfers**... 63,055,657
Transfers for
policy loans...... (4,546,682)
Policy charges
(Note 3).......... (30,208,378)
Contract terminations:
Surrender benefits
(Note 6).......... (13,790,429)
Death benefits.... (394,986)
Increase from contract
transactions...... 129,581,979
Net assets at
beginning of year. 246,382,796
Net assets at end
of year........... $379,354,005

See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 66
<TABLE><CAPTION>

IDS Life Variable Life Separate Account -- Flexible Premium Survivorship Variable Life Subaccounts

Statements of Changes in Net Assets Year ended Dec. 31, 1993

Segregated Asset Subaccounts
Operations U V W X Y
<S> <C> <C> <C> <C> <C>
Investment income
- -- net................ $ 1,580,812 $ 1,065,994 $ 68,111 $ 6,561,261 $ 270,859
Net realized gain on
investments........... 145,033 64,986 25 33,594 52,769
Net change in
unrealized appreciation
or depreciation of
investments........... 9,696,478 904,140 (28) 7,262,233 144,644
Net increase in net
assets resulting from
operations............ 11,422,323 2,035,120 68,108 13,857,088 468,272

Contract Transactions
Variable life contract
purchase payments..... 32,464,306 6,060,987 1,554,484 25,900,710 1,749,312
Net transfers*........ 16,961,735 4,584,703 (789,340) 20,407,541 583,218
Transfers for policy
loans................. (1,694,630) (401,220) (134,351) (1,551,680) (104,939)
Policy charges
(Note 3).............. (9,014,789) (1,763,330) (518,029) (7,618,154) (523,818)
Contract terminations:
Surrender benefits
(Note 6).............. (4,699,668) (915,691) (205,110) (4,918,800) (209,353)
Death benefits........ (96,332) (40,471) (907) (170,109) (114)
Increase (decrease)
from contract
transactions.......... 33,920,622 7,524,978 (93,253) 32,049,508 1,494,306
Net assets at
beginning of year..... 63,911,939 13,539,283 3,992,583 58,251,018 3,940,901
Net assets at end
of year............... $109,254,884 $23,099,381 $3,967,438 $104,157,614 $5,903,479
</TABLE><TABLE><CAPTION>
Statements of Changes in Net Assets Year ended Dec. 31, 1993

Combined
Variable
Operations Account
<S> <C>
Investment income
- -- net................ $ 9,547,037
Net realized gain on
investments........... 296,407
Net change in
unrealized appreciation
or depreciation of
investments........... 18,007,467
Net increase in net
assets resulting from
operations............ 27,850,911

Contract Transactions
Variable life contract
purchase payments..... 67,729,799
Net transfers*........ 41,747,857
Transfers for policy
loans................. (3,886,820)
Policy charges
(Note 3).............. (19,438,120)
Contract terminations:
Surrender benefits
(Note 6).............. (10,948,622)
Death benefits........ (307,933)
Increase (decrease)
from contract
transactions.......... 74,896,161
Net assets at
beginning of year..... 143,635,724
Net assets at end
of year............... $246,382,796
/TABLE
<PAGE>
PAGE 67
<TABLE>
<CAPTION>

Statement of Changes in Net Assets (continued) Year ended Dec. 31, 1993

Segregated Asset Subaccounts
Accumulation Unit Activity U V W X Y
<S> <C> <C> <C> <C> <C>
Units outstanding at
beginning of year..... 35,764,760 8,848,353 2,980,646 30,474,795 2,556,038
Contract purchase
payments.............. 17,974,062 3,595,255 1,149,908 12,553,727 1,042,048
Net transfers*........ 9,237,097 2,669,509 (584,109) 9,754,851 345,119
Transfers for policy
loans................. (940,191) (240,726) (99,408) (754,930) (61,875)
Policy charges........ (5,003,599) (1,050,173) (383,329) (3,709,711) (312,977)
Contract terminations:
Surrender benefits.... (2,558,225) (543,579) (151,638) (2,364,877) (124,154)
Death benefits........ (51,811) (23,328) (667) (84,098) (74)
Units outstanding at
end of year -- 54,422,093 13,255,311 2,911,403 45,869,757 3,444,125
*Includes transfer activity from (to) other subaccounts and transfers from (to) IDS Life's Fixed Account.
See accompanying notes to financial statements.

</TABLE>
<PAGE>
PAGE 68
Notes to Financial Statements

___________________________________________________________________
1. Organization

IDS Life Variable Life Separate Account (the Variable Account) was
established on Oct. 16, 1985 as a segregated asset account of IDS
Life Insurance Company (IDS Life) under Minnesota law and is
registered as a single unit investment trust under the Investment
Company Act of 1940. Operations of the Variable Account commenced
on Jan. 20, 1986.

The Variable Account is comprised of various subaccounts. The
assets of each subaccount of the Variable Account are not
chargeable with liabilities arising out of the business conducted
by any other subaccount, account or by IDS Life. The assets of the
Variable Account shall be available, however, to cover the
liabilities of IDS Life to the extent the assets of the Variable
Account exceed its liabilities arising under the policies supported
by it. Flexible Premium Survivorship Variable Life policy owners
allocate their premium payment to one or more of the six
subaccounts which are used in connection with those policies. Such
funds are then invested in shares of six portfolios of IDS Life
Series Fund, Inc. (the mutual fund).

The mutual fund, which commenced operations Jan. 20, 1986, is
registered under the Investment Company Act of 1940 as a
diversified, open-end management investment company. Funds are
allocated to the subaccounts which are used in connection with
Flexible Premium Survivorship Variable Life policies; Subaccount U
invests in the shares of the Equity Portfolio; Subaccount V invests
in the shares of the Income Portfolio; Subaccount W invests in the
shares of the Money Market Portfolio; Subaccount X invests in the
shares of the Managed Portfolio; Subaccount Y invests in the shares
of the Government Securities Portfolio and Subaccount IL invests in
the shares of the International Equity Portfolio.

IDS Life serves as manager, investment adviser and distributor for
the Variable Account and the underlying series mutual fund.

___________________________________________________________________
2. Summary of Significant Accounting Policies

Investments in Mutual Fund
Investments in shares of the mutual fund portfolios are stated at
market value which is the net asset value per share as determined
by the respective portfolios. Investment transactions are
accounted for on the date the shares are purchased and sold. The
cost of investments sold and redeemed is determined on the average
cost method. Dividend distributions received from the portfolios
are reinvested, net of any expenses payable to IDS Life, in
additional shares of the portfolios and are recorded as income by
the subaccounts on the ex-dividend date.

<PAGE>
PAGE 69
___________________________________________________________________
2. Summary of Significant Accounting Policies (continued)

Unrealized appreciation or depreciation of investments in the
accompanying financial statements represents the subaccounts' share
of the portfolios' undistributed net investment income,
undistributed realized gain or loss and the unrealized appreciation
or depreciation on their investment securities.

Federal Income Taxes
IDS Life is taxed as a life insurance company. The Variable Account
is treated as part of IDS Life for federal income tax purposes.

Under existing federal income tax law, no income taxes are payable
with respect to any investment income of the Variable Account.

___________________________________________________________________
3. Mortality and Expense Risk Fee and Policy Charges

IDS Life makes contractual assurances to the Variable Account that
possible future adverse changes in administrative expenses and
mortality experience of the policy owners and beneficiaries will
not affect the Variable Account. The mortality and expense risk
fee paid to IDS Life is computed daily and is equal, on an annual
basis, to 0.9 percent of the daily net asset value of the Variable
Account. A monthly deduction is made for the cost of insurance,
the policy fee and the cost of any riders. The cost of insurance
for the policy month is determined on the monthly date by
determining the net amount at risk, as of that day, and by then
applying the cost of insurance rates to the net amount at risk
which IDS Life is assuming for the succeeding month. The monthly
deduction will be taken from the subaccounts as specified in the
application for the policy.

IDS Life deducts a policy fee of $30 per month for the first 15
years. This charge reimburses IDS Life for expenses incurred in
administering the policy, such as processing claims, maintaining
records, making policy changes and communicating with owners of
policies. IDS Life does not anticipate that it will make any
profit on this charge. IDS Life reserves the right to change this
charge in the future, but guarantees that it will never exceed
$30.00 per month.

___________________________________________________________________
4. Optional Insurance Benefit Charge

Each month IDS Life deducts charges for any optional insurance
benefits added to the policy by rider.

___________________________________________________________________
5. Premium Expense Charge

IDS Life deducts a sales charge and a charge for premium taxes from
each premium payment. The total of these charges is called the
premium expense charge.
<PAGE>
PAGE 70
___________________________________________________________________
5. Premium Expense Charge (continued)

A sales charge of 7.25 percent of each premium payment will be
deducted to compensate IDS Life for expenses relating to the
distribution of the policy, including agents' commissions,
advertising, and the printing of the prospectuses and sales
literature. In addition, IDS Life may charge a contingent deferred
sales charge if the policy is surrendered or lapses.

The policy provides that a charge of 2.5 percent of each premium
payment will be deducted to cover the premium taxes assesed by
various states. Premium taxes vary from state to state. This
charge is the average rate which IDS Life expects to pay on
premiums from all states.

The policy provides that a charge of 1.25 percent of each premium
payment will be deducted to cover the federal taxes resulting from
the sale of the policy. IDS Life reserves the right to change
this charge in the future if applicable federal law changes.

___________________________________________________________________
6. Surrender Charge

There are surrender charges for full surrender in the first 15
years of the policy. They are generally level for 5 years and
decreasing the next 10 years. The surrender charge is $4.00 per
$1,000 of the amount used to determine the death benefit (specified
amount). This surrender charge reimburses IDS Life for the cost of
issuing the policy. Charges by IDS Life for surrenders are not
available on an individual segregated asset account basis. Charges
for all segregated asset accounts amounted to $10,125,762 in 1995,
$6,969,493 in 1994 and $4,408,562 in 1993. Such charges are not an
expense of the subaccounts or Variable Account. They are deducted
from contract surrender benefits paid by IDS Life.

___________________________________________________________________
7. Investment Transactions

The subaccounts' purchases of portfolio shares, including
reinvestment of dividend distributions, were as follows:
<TABLE>
<CAPTION>

Year Ended Dec. 31,
1995 1994 1993
<S> <C> <C> <C> <C>
Subaccount Investment

U Equity Portfolio.................$ 67,589,599 $ 75,168,483 $36,394,018
V Income Portfolio................. 12,197,309 9,135,509 9,442,140
W Money Market Portfolio........... 9,230,592 6,079,545 2,068,726
X Managed Portfolio................ 53,726,907 70,115,877 39,065,458
Y Government Securities Portfolio.. 1,456,189 2,288,718 2,419,239
IL* International Equity Portfolio... 17,987,335 2,571,873 ----
$162,187,931 $165,360,005 $89,389,581
*Commenced operations on Oct. 28, 1994.
</TABLE>
<PAGE>
PAGE 71
Annual Financial Information

Report of Independent Auditors

The Board of Directors
IDS Life Insurance Company

We have audited the accompanying individual and combined statements
of net assets of the segregated asset subaccounts of IDS Life
Variable Life Separate Account for Flexible Premium Survivorship
Variable Life Insurance (comprising, respectively, the U, V, W, X,
Y and IL subaccounts) as of December 31, 1995, and the related
statements of operations and changes in net assets for each of the
three years in the period then ended, except for the IL subaccount
which is for the period October 28, 1994 (commencement of
operations) to December 31, 1995. These financial statements are
the responsibility of the management of IDS Life Insurance Company.
Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned at December 31, 1995 with
the affiliated mutual fund manager. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the individual and combined
financial position of IDS Life Variable Life Separate Account for
Flexible Premium Survivorship Variable Life Insurance at December
31, 1995 and the individual and combined results of their
operations and the changes in their net assets for the periods
described above, in conformity with generally accepted accounting
principles.

ERNST & YOUNG LLP
Minneapolis, Minnesota
March 15, 1996
<PAGE>
PAGE 72
<TABLE>
<CAPTION>
Condensed Financial Information (unaudited)
Period from
June 17 to
Year Ended Dec. 31, Dec. 31,
1995 1994 1993 1992 1991 1990 1989 1988 1987*
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Subaccount U (Equity)
Accumulation unit value at beginning of
period.................................... $2.04 $2.01 $1.79 $1.71 $1.04 $1.10 $0.90 $0.83 $1.00
Accumulation unit value at end of period.. $2.80 $2.04 $2.01 $1.79 $1.71 $1.04 $1.10 $0.90 $0.83
Number of accumulation units outstanding
at end of period (000 omitted)............ 112,398 86,672 54,422 35,765 20,713 13,993 9,013 5,110 1,602
Subaccount V (Income)
Accumulation unit value at beginning of
period.................................... $1.65 $1.74 $1.53 $1.41 $1.23 $1.17 $1.06 $0.99 $1.00
Accumulation unit value at end of period.. $1.98 $1.65 $1.74 $1.53 $1.41 $1.23 $1.17 $1.06 $0.99
Number of accumulation units outstanding
at end of period (000 omitted)............ 21,094 16,248 13,255 8,848 6,088 4,646 3,207 1,423 267
Subaccount W (Money Market)
Accumulation unit value at beginning of
period.................................... $1.40 $1.36 $1.34 $1.31 $1.25 $1.17 $1.08 $1.03 $1.00
Accumulation unit value at end of period.. $1.46 $1.40 $1.36 $1.34 $1.31 $1.25 $1.17 $1.08 $1.03
Number of accumulation units outstanding
at end of period (000 omitted)............ 7,292 4,148 2,911 2,981 2,876 2,221 1,497 562 192
Subaccount X (Managed)
Accumulation unit value at beginning of
period.................................... $2.27 $2.27 $1.91 $1.75 $1.34 $1.25 $0.97 $0.90 $1.00
Accumulation unit value at end of period.. $2.67 $2.27 $2.27 $1.91 $1.75 $1.34 $1.25 $0.97 $0.90
Number of accumulation units outstanding
at end of period (000 omitted)............ 89,226 70,903 45,870 30,475 21,753 15,649 10,496 8,247 3,550
Subaccount Y (Government Securities)
Accumulation unit value at beginning of
period.................................... $1.62 $1.71 $1.54 $1.46 $1.26 $1.20 $1.05 $1.00 $1.00
Accumulation unit value at end of period.. $1.89 $1.62 $1.71 $1.54 $1.46 $1.26 $1.20 $1.05 $1.00
Number of accumulation units outstanding
at end of period (000 omitted)............ 3,992 3,949 3,444 2,556 1,504 1,096 491 271 55
Subaccount IL (International Equity)**
Accumulation unit value at beginning of
period.................................... $0.99 $1.00 -- -- -- -- -- -- --
Accumulation unit value at end of period.. $1.36 $0.99 -- -- -- -- -- -- --
Number of accumulation units outstanding
at end of period (000 omitted)............ 18,303 2,582 -- -- -- -- -- -- --
*Operations commenced on June 17, 1987.
**Subaccount IL commenced operations on Oct. 28, 1994.

</TABLE>
<PAGE>
PAGE 73
IDS Life Financial Information

The financial statements shown below are those of the insurance
company and not those of any other entity. They are included in
the prospectus for the purpose of informing investors as to the
financial condition of the insurance company and its ability to
carry out its obligations under its variable contracts.
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED BALANCE SHEETS

Dec. 31, Dec. 31,
ASSETS 1995 1994
(thousands)
<S> <C> <C>
Investments:
Fixed maturities:
Held to maturity, at amortized cost (Fair value:
1995, $11,878,377; 1994 $10,694,800) $11,257,591 $11,269,861
Available for sale, at fair value (Amortized cost:
1995, $10,146,136; 1994 $8,459,128) 10,516,212 8,017,555
Mortgage loans on real estate
(Fair value: 1995, $3,184,666; 1994, $2,342,520) 2,945,495 2,400,514
Policy loans 424,019 381,912
Other investments 146,894 51,795

Total investments 25,290,211 22,121,637

Cash and cash equivalents 72,147 267,774
Receivables:
Reinsurance 114,387 80,304
Amounts due from brokers - 7,933
Other accounts receivable 33,667 49,745
Premiums due 5,441 1,594

Total receivables 153,495 139,576

Accrued investment income 348,008 317,510
Deferred policy acquisition costs 2,025,725 1,865,324
Deferred income taxes - 124,061
Other assets 36,410 30,426
Separate account assets 14,974,082 10,881,235

Total assets $42,900,078 $35,747,543
========== ==========
<PAGE>
PAGE 74

IDS LIFE INSURANCE COMPANY
CONSOLIDATED BALANCE SHEETS (continued)
Dec. 31, Dec. 31,
LIABILITIES AND STOCKHOLDER'S EQUITY 1995 1994
(thousands)

Liabilities:
Fixed annuities--future policy benefits $21,404,836 $19,361,979
Universal life-type insurance--future policy benefits 3,076,847 2,896,100
Traditional life insurance--future policy benefits 209,249 206,754
Disability income, health and long-term care
insurance--future policy benefits 327,157 244,077
Policy claims and other policyholders' funds 56,323 50,068
Deferred income taxes 112,904 -
Amounts due to brokers 121,618 226,737
Other liabilities 285,354 291,902
Separate account liabilities 14,974,082 10,881,235

Total liabilities 40,568,370 34,158,852

Stockholder's equity:
Capital stock, $30 par value per share;
100,000 shares authorized, issued and outstanding 3,000 3,000
Additional paid-in capital 278,814 222,000
Net unrealized gain (loss) on investments 230,129 (275,708)
Retained earnings 1,819,765 1,639,399

Total stockholder's equity 2,331,708 1,588,691

Total liabilities and stockholder's equity $42,900,078 $35,747,543
========== ==========

Commitments and contingencies (Note 6)

See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
PAGE 75
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF INCOME
Years ended Dec. 31,
1995 1994 1993
(thousands)
<S> <C> <C> <C>
Revenues:
Premiums:
Traditional life insurance $ 50,193 $ 48,184 $ 48,137
Disability income and long-term care insurance 111,337 96,456 79,108

Total premiums 161,530 144,640 127,245

Policyholder and contractholder charges 256,454 219,936 184,205
Management and other fees 215,581 164,169 120,139
Net investment income 1,907,309 1,781,873 1,783,219
Net realized loss on investments (4,898) (4,282) (6,737)

Total revenues 2,535,976 2,306,336 2,208,071

Benefits and expenses:
Death and other benefits - Traditional life
insurance 29,528 28,263 32,136
Death and other benefits - Universal life-type
insurance and investment contracts 71,691 52,027 49,692
Death and other benefits - Disability income,
health and long-term care insurance 16,259 13,393 13,148

Increase (decrease) in liabilities for future
policy benefits:
Traditional life insurance (1,315) (3,229) (4,513)
Disability income, health and
long-term care insurance 51,279 37,912 32,528

Interest credited on universal life-type
insurance and investment contracts 1,315,989 1,174,985 1,218,647
Amortization of deferred policy acquisition costs 280,121 280,372 211,733
Other insurance and operating expenses 211,642 210,101 241,974

Total benefits and expenses 1,975,194 1,793,824 1,795,345

Income before income taxes 560,782 512,512 412,726

Income taxes 195,842 176,343 142,647

Net income $ 364,940 $ 336,169 $ 270,079
========= ========= =========

See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
PAGE 76
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY
Three years ended December 31, 1995 (thousands)

Additional Net Unrealized
Capital Paid-In Gain (Loss) on Retained
Stock Capital Investments Earnings Total
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1992 $3,000 $ 22,000 $ 214 $1,223,151 $1,248,365
Net income 270,079 270,079
Change in net unrealized
gain (loss) on investments - - (100) - (100)
Capital contribution from parent - 200,000 - - 200,000
Cash dividends - - - (25,000) (25,000)

Balance, December 31, 1993 3,000 222,000 114 1,468,230 1,693,344
Net income - - - 336,169 336,169
Change in net unrealized
gain (loss) on investments - - (275,822) - (275,822)
Cash dividends - - - (165,000) (165,000)

Balance, December 31, 1994 3,000 222,000 (275,708) 1,639,399 1,588,691
Net income - - - 364,940 364,940
Change in net unrealized
gain (loss) on investments - - 505,837 - 505,837
Capital contribution from parent - 56,814 - - 56,814
Loss on reinsurance transaction
with affiliate - - - (4,574) (4,574)
Cash dividends - - - (180,000) (180,000)

Balance, December 31, 1995 $3,000 $278,814 $230,129 $1,819,765 $2,331,708
====== ======== ======== ========== ==========

See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
PAGE 77
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended Dec. 31,
1995 1994 1993
(thousands)
<S> <C> <C> <C>
Cash flows from operating activities:
Net income $ 364,940 $ 336,169 $ 270,079
Adjustments to reconcile net income to
net cash provided by operating activities:
Policy loan issuances, excluding universal
life-type insurance (46,011) (37,110) (35,886)
Policy loan repayments, excluding universal
life-type insurance 36,416 33,384 29,557
Change in reinsurance receivable (34,083) (25,006) (55,298)
Change in other accounts receivable 16,078 (28,286) (1,364)
Change in accrued investment income (30,498) (10,333) (22,057)
Change in deferred policy acquisition costs, net (196,963) (192,768) (211,509)
Change in liabilities for future policy
benefits for traditional life, disability income,
health and long-term care insurance 85,575 55,354 79,695
Change in policy claims and other policyholders' funds 6,255 5,552 (5,383)
Change in deferred income taxes (33,810) (19,176) (44,237)
Change in other liabilities (6,548) (122) 56,515
Amortization of premium (accretion
of discount), net (22,528) 30,921 (27,438)
Net loss on investments 4,898 4,282 6,737
Premiums related to universal life--type insurance 465,631 409,035 397,883
Surrenders and death benefits related to
universal life--type insurance (306,600) (290,427) (255,133)
Interest credited to account balances related
to universal life--type insurance 162,222 150,955 156,885
Policyholder and contractholder charges, non-cash (140,506) (126,918) (115,140)
Other, net 2 (8,974) (1,907)

Net cash provided by operating activities $ 324,470 $ 286,532 $ 221,999
<PAGE>
PAGE 78

IDS LIFE INSURANCE COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
Years ended Dec. 31,
1995 1994 1993
(thousands)

Cash flows from investing activities:
Fixed maturities held to maturity:
Purchases $(1,007,208) $ (879,740) $ -
Maturities, sinking fund payments and calls 538,219 1,651,762 -
Sales 332,154 58,001 -
Fixed maturities available for sale:
Purchases (2,452,181) (2,763,278) -
Maturities, sinking fund payments and calls 861,545 1,234,401 -
Sales 136,825 374,564 -
Fixed maturities:
Purchases - - (6,548,852)
Maturities, sinking fund payments and calls - - 3,934,055
Sales - - 487,983
Other investments, excluding policy loans:
Purchases (823,131) (634,807) (553,694)
Sales 160,521 243,862 123,352
Change in amounts due from brokers 7,933 (2,214) 14,483
Change in amounts due to brokers (105,119) (124,749) 92,832

Net cash used in investing activities (2,350,442) (842,198) (2,449,841)

Cash flows from financing activities:
Activity related to investment contracts:
Considerations received 3,723,894 3,157,778 2,843,668
Surrenders and death benefits (2,834,804) (3,311,965) (1,765,869)
Interest credited to account balances 1,153,767 1,024,031 1,071,917
Policy loan issuances, universal
life-type insurance (84,700) (78,239) (70,304)
Policy loan repayments, universal
life-type insurance 52,188 50,554 46,148
Capital contribution from parent - - 200,000
Cash dividend to parent (180,000) (165,000) (25,000)

Net cash provided by financing activities 1,830,345 677,159 2,300,560

Net (decrease) increase in cash and
cash equivalents (195,627) 121,493 72,718

Cash and cash equivalents at
beginning of year 267,774 146,281 73,563

Cash and cash equivalents at
end of year $ 72,147 $ 267,774 $ 146,281
========== ========== ==========

See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
PAGE 79
IDS LIFE INSURANCE COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ thousands)

1. Summary of significant accounting policies

Nature of business

IDS Life Insurance Company (the Company) is a stock life insurance
company organized under the laws of the State of Minnesota. The
Company is a wholly owned subsidiary of American Express Financial
Corporation, which is a wholly owned subsidiary of American Express
Company. The Company serves residents of all states except New
York. IDS Life Insurance Company of New York is a wholly owned
subsidiary of the Company and serves New York State residents. The
Company also wholly owns American Enterprise Life Insurance
Company, American Centurion Life Assurance Company (ACLAC), and
American Partners Life Insurance Company.

The Company's principal products are deferred annuities and
universal life insurance, which are issued primarily to
individuals. It offers single premium and annual premium deferred
annuities on both a fixed and variable dollar basis. Immediate
annuities are offered as well. The Company's insurance products
include universal life (fixed and variable), whole life, single
premium life and term products (including waiver of premium and
accidental death benefits). The Company also markets disability
income and long-term care insurance.

The Company's principal annuity product in terms of amount in force
is the fixed deferred annuity. The annuity contract guarantees a
minimum interest rate during the accumulation period (the time
before annuity payments begin), although the Company normally pays
a higher rate reflective of current market rates. The fixed
annuity provides for a surrender charge during the first seven to
ten years after a purchase payment is made. The Company has also
adopted a practice whereby the higher current rate is guaranteed
for a specified period. The Company also offers a variable annuity
product under the name Flexible Annuity. This is a fixed/variable
annuity offering the purchasers a choice among mutual funds with
portfolios of equities, bonds, managed assets and/or short-term
securities, and the Company's general account, as the underlying
investment vehicles. With respect to funds applied to the variable
portion of the annuity, the purchaser, rather than the Company,
assumes the investment risks and receives the rewards inherent in
the ownership of the underlying investment. The Flexible Annuity
provides for a surrender charge during the first six years after a
purchase payment is made.

The Company's principal insurance product is the flexible-premium,
adjustable-benefit universal life insurance policy. In this type
of insurance policy, each premium payment accumulates interest in
a cash value account. The policyholder has access to the cash
surrender value in whole or in part after the first year. The size
of the cash value of the fund can also be controlled by the
policyholder by increasing or decreasing premiums, subject only to
<PAGE>
PAGE 80
1. Summary of significant accounting policies (continued)

maintaining a required minimum to keep the policy in force.
Monthly deductions from the cash value of the policy are made for
the cost of insurance, expense charges and any policy riders.

Basis of presentation

The accompanying consolidated financial statements include the
accounts of the Company and its wholly owned subsidiaries, IDS Life
Insurance Company of New York, American Enterprise Life Insurance
Company, American Centurion Life Assurance Company and American
Partners Life Insurance Company. All material intercompany
accounts and transactions have been eliminated in consolidation.

The accompanying consolidated financial statements have been
prepared in conformity with generally accepted accounting
principles which vary in certain respects from reporting practices
prescribed or permitted by state insurance regulatory authorities.

The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.

Investments

Fixed maturities that the Company has both the positive intent and
the ability to hold to maturity are classified as held to maturity
and carried at amortized cost. All other fixed maturities and all
marketable equity securities are classified as available for sale
and carried at fair value. Unrealized gains and losses on
securities classified as available for sale are carried as a
separate component of stockholder's equity.

Management determines the appropriate classification of fixed
maturities at the time of purchase and reevaluates the
classification at each balance sheet date.

Mortgage loans on real estate are carried principally at the unpaid
principal balances of the related loans. Policy loans are carried
at the aggregate of the unpaid loan balances which do not exceed
the cash surrender values of the related policies. Other
investments include interest rate caps, equity securities and real
estate investments. When evidence indicates a decline, which is
other than temporary, in the underlying value or earning power of
individual investments, such investments are written down to the
fair value by a charge to income. Equity securities are carried
at market value and the related net unrealized appreciation or
depreciation is reported as a credit or charge to stockholder's
equity.

Realized investment gain or loss is determined on an identified
cost basis.
<PAGE>
PAGE 81
1. Summary of significant accounting policies (continued)

Prepayments are anticipated on certain investments in mortgage-
backed securities in determining the constant effective yield used
to recognize interest income. Prepayment estimates are based on
information received from brokers who deal in mortgage-backed
securities.

Statements of cash flows

The Company considers investments with a maturity at the date of
their acquisition of three months or less to be cash equivalents.
These securities are carried principally at amortized cost which
approximates fair value.

Supplementary information to the consolidated statement of cash
flows for the years ended Dec. 31 is summarized as follows:
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Cash paid during the year for:
Income taxes $191,011 $226,365 $188,204
Interest on borrowings 5,524 1,553 2,661
</TABLE>

Recognition of profits on fixed annuity contracts and insurance
policies

The Company issues single premium deferred annuity contracts that
provide for a service fee (surrender charge) at annually decreasing
rates upon withdrawal of the annuity accumulation value by the
contract owner. No sales fee is deducted from the contract
considerations received on these contracts ("no load" annuities).
All of the Company's single premium deferred annuity contracts
provide for crediting the contract owners' accumulations at
specified rates of interest. Such rates are revised by the Company
from time to time based on changes in the market investment yield
rates for fixed-income securities.

Profits on single premium deferred annuities and installment
annuities are recognized by the Company over the lives of the
contracts and represent the excess of investment income earned from
investment of contract considerations over interest credited to
contract owners and other expenses.

The retrospective deposit method is used in accounting for
universal life-type insurance. This method recognizes profits over
the lives of the policies in proportion to the estimated gross
profits expected to be realized.

Premiums on traditional life, disability income, health and long-
term care insurance policies are recognized as revenue when
collected or due, and related benefits and expenses are associated
with premium revenue in a manner that results in recognition of
profits over the lives of the insurance policies. This association
is accomplished by means of the provision for future policy
benefits and the deferral and subsequent amortization of policy
acquisition costs.

<PAGE>
PAGE 82
1. Summary of significant accounting policies (continued)

Deferred policy acquisition costs

The costs of acquiring new business, principally sales
compensation, policy issue costs, underwriting and certain sales
expenses, have been deferred on insurance and annuity contracts.
The deferred acquisition costs for single premium deferred
annuities and installment annuities are amortized based upon
surrender charge revenue and a portion of the excess of investment
income earned from investment of the contract considerations over
the interest credited to contract owners. The costs for universal
life-type insurance are amortized over the lives of the policies as
a percentage of the estimated gross profits expected to be realized
on the policies. For traditional life, disability income, health
and long-term care insurance policies, the costs are amortized over
an appropriate period in proportion to premium revenue.

Liabilities for future policy benefits

Liabilities for universal life-type insurance, single premium
deferred annuities and installment annuities are accumulation
values.

Liabilities for fixed annuities in a benefit status are based on
the Progressive Annuity Table with interest at 5 percent, the 1971
Individual Annuity Table with interest at 7 percent or 8.25
percent, or the 1983a Table with various interest rates ranging
from 5.5 percent to 9.5 percent, depending on year of issue.

Liabilities for future benefits on traditional life insurance have
been computed principally by the net level premium method, based on
anticipated rates of mortality (approximating the 1965-1970 Select
and Ultimate Basic Table for policies issued after 1980 and the
1955-1960 Select and Ultimate Basic Table for policies issued prior
to 1981 and the 1975-1980 Select and Ultimate Basic Table for term
insurance policies issued after 1984), policy persistency derived
from Company experience data (first year rates ranging from
approximately 70 percent to 90 percent and increasing rates
thereafter), and estimated future investment yields of 4 percent
for policies issued before 1974 and 5.25 percent for policies
issued from 1974 to 1980. Cash value plans issued in 1980 and
later assume future investment rates that grade from 9.5 percent to
5 percent over 20 years. Term insurance issued from 1981 to 1984
assumes an 8 percent level investment rate, term insurance issued
from 1985-1993 assumes investment rates that grade from 10 percent
to 6 percent over 20 years and term insurance issued after 1993
assumes investment rates that grade from 8 percent to 6.5 percent
over 7 years.

Liabilities for future disability income policy benefits have been
computed principally by the net level premium method, based on the
1964 Commissioners Disability Table with the 1958 Commissioners
Standard Ordinary Mortality Table at 3 percent interest for persons
disabled in 1980 and prior, 8 percent interest for persons disabled
from 1981 to 1991, 7 percent interest for persons disabled in 1992
and 6 percent interest for persons disabled after 1992.
<PAGE>
PAGE 83
1. Summary of significant accounting policies (continued)

Liabilities for future benefits on long-term care insurance have
been computed principally by the net level premium method, using
morbidity rates based on the 1985 National Nursing Home Survey and
mortality rates based on the 1983a Table. The interest rate basis
is 9.5 percent grading to 7 percent over ten years for policies
issued from 1989 to 1992, 7.75 percent grading to 7 percent over
four years for policies issued after 1992, 8 percent for claims
incurred in 1989 to 1991, 7 percent for claims incurred in 1992 and
6 percent for claims incurred after 1992.

Reinsurance

The maximum amount of life insurance risk retained by the Company
on any one life is $750 of life and waiver of premium benefits plus
$50 of accidental death benefits. The maximum amount of disability
income risk retained by the Company on any one life is $6 of
monthly benefit for benefit periods longer than three years. The
excesses are reinsured with other life insurance companies on a
yearly renewable term basis. Graded premium whole life and long-
term care policies are primarily reinsured on a coinsurance basis.

Federal income taxes

The Company's taxable income is included in the consolidated
federal income tax return of American Express Company. The Company
provides for income taxes on a separate return basis, except that,
under an agreement between American Express Financial Corporation
and American Express Company, tax benefit is recognized for losses
to the extent they can be used on the consolidated tax return. It
is the policy of American Express Financial Corporation to
reimburse a subsidiary for any tax benefit.

Included in other liabilities at Dec. 31, 1995 is $13,415 payable
to American Express Financial Corporation for federal income taxes.
Included in other receivables at Dec. 31, 1994 is $22,034
receivable from American Express Financial Corporation for federal
income taxes.

Separate account business

The separate account assets and liabilities represent funds held
for the exclusive benefit of the variable annuity and variable life
insurance contract owners. The Company receives investment
management and mortality and expense assurance fees from the
variable annuity and variable life insurance mutual funds and
separate accounts. The Company also deducts a monthly cost of
insurance charge and receives a minimum death benefit guarantee fee
and issue and administrative fee from the variable life insurance
separate accounts.

The Company makes contractual mortality assurances to the variable
annuity contract owners that the net assets of the separate
accounts will not be affected by future variations in the actual
life expectancy experience of the annuitants and the beneficiaries
from the mortality assumptions implicit in the annuity contracts.
<PAGE>
PAGE 84
1. Summary of significant accounting policies (continued)

The Company makes periodic fund transfers to, or withdrawals from,
the separate accounts for such actuarial adjustments for variable
annuities that are in the benefit payment period. The Company
guarantees, for the variable life insurance policyholders, the
contractual insurance rate and that the death benefit will never be
less than the death benefit at the date of issuance.

Accounting changes

The Financial Accounting Standards Board's (FASB) SFAS No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to Be Disposed Of," is effective January 1, 1996. The
new rule is not expected to have a material impact on the Company's
results of operations or financial condition.

The Company's adoption of SFAS No. 114 as of January 1, 1995 is
discussed in Note 2.

The Company adopted SFAS No. 115, "Accounting for Certain
Investments in Debt and Equity Securities." The effect of adopting
the new rule was to increase stockholder's equity by approximately
$181 million, net of tax, as of January 1, 1994, but the adoption
had no impact on the Company's net income.

Reclassification

Certain 1994 and 1993 amounts have been reclassified to conform to
the 1995 presentation.

2. Investments

Fair values of investments in fixed maturities represent quoted
market prices and estimated values when quoted prices are not
available. Estimated values are determined by established
procedures involving, among other things, review of market indices,
price levels of current offerings of comparable issues, price
estimates and market data from independent brokers and financial
files.

Net realized gain (loss) on investments for the years ended Dec. 31
is summarized as follows:

1995 1994 1993
Fixed maturities $ 9,973 $(1,575) $ 20,583
Mortgage loans (13,259) (3,013) (25,056)
Other investments (1,612) 306 (2,264)
$ (4,898) $(4,282) $ (6,737)

Changes in net unrealized appreciation (depreciation) of
investments for the years ended Dec. 31 are summarized as follows:

1995 1994 1993
Fixed maturities:
Held to maturity $1,195,847 $(1,329,740) $ --
Available for sale 811,649 (720,449) --
Investment securities -- -- 323,060
Equity securities 3,118 (2,917) (156)<PAGE>
PAGE 85
2. Investments (continued)

The amortized cost, gross unrealized gains and losses and fair
values of investments in fixed maturities and equity securities at
Dec. 31, 1995 are as follows:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Held to maturity Cost Gains Losses Value
<S> <C> <C> <C> <C>
U.S. Government agency
obligations $ 64,523 $ 3,919 $ -- $ 68,442
State and municipal obligations 11,936 362 32 12,266
Corporate bonds and obligations 8,921,431 620,327 36,786 9,504,972
Mortgage-backed securities 2,259,701 42,684 9,688 2,292,697
$11,257,591 $667,292 $46,506 $11,878,377

Gross Gross
Amortized Unrealized Unrealized Fair
Available for sale Cost Gains Losses Value

U.S. Government agency
obligations $ 84,082 $ 3,248 $ 50 $ 87,280
State and municipal obligations 11,020 1,476 -- 12,496
Corporate bonds and obligations 2,514,308 186,596 3,451 2,697,453
Mortgage-backed securities 7,536,726 206,288 24,031 7,718,983
Total fixed maturities 10,146,136 397,608 27,532 10,516,212
Equity securities 3,156 361 -- 3,517
$10,149,292 $397,969 $27,532 $10,519,729
</TABLE>

The amortized cost, gross unrealized gains and losses and fair
values of investments in fixed maturities and equity securities at
Dec. 31, 1994 are as follows:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Held to maturity Cost Gains Losses Value
<S> <C> <C> <C> <C>
U.S. Government agency
obligations $ 21,500 $ 43 $ 4,372 $ 17,171
State and municipal obligations 9,687 132 -- 9,819
Corporate bonds and obligations 8,806,707 100,468 459,568 8,447,607
Mortgage-backed securities 2,431,967 10,630 222,394 2,220,203
$11,269,861 $111,273 $686,334 $10,694,800

Gross Gross
Amortized Unrealized Unrealized Fair
Available for sale Cost Gains Losses Value

U.S. Government agency
obligations $ 128,093 $ 756 $ 1,517 $ 127,332
State and municipal obligations 11,008 702 -- 11,710
Corporate bonds and obligations 1,142,321 24,166 7,478 1,159,009
Mortgage-backed securities 7,177,706 9,514 467,716 6,719,504
Total fixed maturities 8,459,128 35,138 476,711 8,017,555
Equity securities 4,663 -- 2,757 1,906
$8,463,791 $ 35,138 $479,468 $ 8,019,461
</TABLE>

The amortized cost and fair value of investments in fixed
maturities at Dec. 31, 1995 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.
<PAGE>
PAGE 86
2. Investments (continued)

Amortized Fair
Held to maturity Cost Value
Due in one year or less $ 268,363 $ 272,808
Due from one to five years 1,692,030 1,783,047
Due from five to ten years 5,467,302 5,833,309
Due in more than ten years 1,570,195 1,696,516
Mortgage-backed securities 2,259,701 2,292,697
$11,257,591 $11,878,377

Amortized Fair
Available for sale Cost Value

Due in one year or less $ 118,996 $ 120,019
Due from one to five years 849,800 913,175
Due from five to ten years 1,301,191 1,397,237
Due in more than ten years 339,423 366,798
Mortgage-backed securities 7,536,726 7,718,983
$10,146,136 $10,516,212

During the year ended Dec. 31, 1995, fixed maturities classified as
held to maturity were sold with proceeds of $332,154 and gross
realized gains and losses on such sales were $14,366 and $15,720,
respectively. The sale of these fixed maturities was due to
significant deterioration in the issuers' creditworthiness. As a
result of adopting the FASB Special Report, "A Guide to
Implementation of Statement 115 on Accounting for Certain
Investments in Debt and Equity Securities," the Company
reclassified securities with a book value of $91,760 and net
unrealized gains of $881 from held to maturity to available for
sale in December 1995.

In addition, fixed maturities available for sale were sold during
1995 with proceeds of $136,825 and gross realized gains and losses
on such sales were $nil and $5,781, respectively.

During the year ended Dec. 31, 1994, fixed maturities classified as
held to maturity were sold with proceeds of $58,001 and gross
realized gains and losses on such sales were $226 and $3,515,
respectively. The sale of these fixed maturities was due to
significant deterioration in the issuers' creditworthiness.

In addition, fixed maturities available for sale were sold during
1994 with proceeds of $374,564 and gross realized gains and losses
on such sales were $1,861 and $7,602, respectively.

At Dec. 31, 1995, bonds carried at $12,761 were on deposit with
various states as required by law.

Net investment income for the years ended Dec. 31 is summarized as
follows:
<PAGE>
PAGE 87
2. Investments (continued)

<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Interest on fixed maturities $1,656,136 $1,556,756 $1,589,802
Interest on mortgage loans 232,827 196,521 175,063
Other investment income 35,936 38,366 29,345
Interest on cash equivalents 5,363 6,872 2,137
1,930,262 1,798,515 1,796,347
Less investment expenses 22,953 16,642 13,128
$1,907,309 $1,781,873 $1,783,219
</TABLE>

At Dec. 31, 1995, investments in fixed maturities comprised 86
percent of the Company's total invested assets. These securities
are rated by Moody's and Standard & Poor's (S&P), except for
securities carried at approximately $2.3 billion which are rated by
American Express Financial Corporation internal analysts using
criteria similar to Moody's and S&P. A summary of investments in
fixed maturities, at amortized cost, by rating on Dec. 31 is as
follows:

Rating 1995 1994

Aaa/AAA $ 9,907,664 $ 9,708,047
Aaa/AA 3,112 --
Aa/AA 279,403 242,914
Aa/A 154,846 119,952
A/A 3,104,122 2,567,947
A/BBB 871,782 725,755
Baa/BBB 4,417,654 3,849,188
Baa/BB 657,633 796,063
Below investment grade 2,007,511 1,719,123
$21,403,727 $19,728,989

At Dec. 31, 1995, 95 percent of the securities rated Aaa/AAA are
GNMA, FNMA and FHLMC mortgage-backed securities. No holdings of
any other issuer are greater than 1 percent of the Company's total
investments in fixed maturities.

At Dec. 31, 1995, approximately 11.6 percent of the Company's
invested assets were mortgage loans on real estate. Summaries of
mortgage loans by region of the United States and by type of real
estate at Dec. 31, 1995 and 1994 are as follows:
<TABLE>
<CAPTION>
Dec. 31, 1995 Dec. 31, 1994
On Balance Commitments On Balance Commitments
Region Sheet to Purchase Sheet to Purchase
<S> <C> <C> <C> <C>
East North Central $ 720,185 $ 67,206 $ 581,142 $ 62,291
West North Central 303,113 34,411 257,996 7,590
South Atlantic 732,529 111,967 597,896 63,010
Middle Atlantic 508,634 37,079 408,940 34,478
New England 244,816 40,452 209,867 23,087
Pacific 168,272 23,161 138,900 --
West South Central 61,860 27,978 50,854 --
East South Central 58,462 10,122 67,503 --
Mountain 184,964 16,774 122,668 18,750
2,982,835 369,150 2,435,766 209,206
Less allowance
for losses 37,340 -- 35,252 --
$2,945,495 $369,150 $2,400,514 $209,206
<PAGE>
PAGE 88
2. Investments (continued)

Dec. 31, 1995 Dec. 31, 1994
On Balance Commitments On Balance Commitments
Property type Sheet to Purchase Sheet to Purchase
Apartments $1,038,446 $ 84,978 $ 904,012 $ 56,964
Department/retail stores 985,660 134,538 802,522 88,325
Office buildings 464,381 62,664 321,761 21,691
Industrial buildings 255,469 22,721 232,962 18,827
Nursing/retirement homes 80,864 4,378 89,304 4,649
Mixed Use 53,169 -- -- --
Hotels/motels 31,335 48,816 32,666 --
Medical buildings 57,772 2,495 36,490 15,651
Other 15,739 8,560 16,049 3,099
2,982,835 369,150 2,435,766 209,206
Less allowance
for losses 37,340 -- 35,252 --
$2,945,495 $369,150 $2,400,514 $209,206
</TABLE>

Mortgage loan fundings are restricted by state insurance regulatory
authorities to 80 percent or less of the market value of the real
estate at the time of origination of the loan. The Company holds
the mortgage document, which gives the right to take possession of
the property if the borrower fails to perform according to the
terms of the agreement. The fair value of the mortgage loans is
determined by a discounted cash flow analysis using mortgage
interest rates currently offered for mortgages of similar
maturities. Commitments to purchase mortgages are made in the
ordinary course of business. The fair value of the mortgage
commitments is $nil.

As of January 1, 1995, the Company adopted Statement of Financial
Accounting Standards No. 114, "Accounting by Creditors for
Impairment of a Loan" (SFAS No. 114), as amended by Statement of
Financial Accounting Standards No. 118, "Accounting by Creditors
for Impairment of a Loan - Income Recognition and Disclosures".
The adoption of the new rules did not have a material impact on the
Company's results of operations or financial condition.

SFAS No. 114 applies to all loans except for smaller-balance
homogeneous loans, that are collectively evaluated for impairment.
Impairment is measured as the excess of the loan's recorded
investment over its present value of expected principal and
interest payments discounted at the loan's effective interest rate,
or the fair value of collateral. The amount of the impairment is
recorded as a reserve for investment losses.

Based on management's judgment as to the ultimate collectibility of
principal, interest payments received are either recognized as
income or applied to the recorded investment in the loan until it
has been recovered. Once the recorded investment has been
recovered, any additional payments are recognized as interest
income.

The reserve for investment losses is maintained at a level that
management believes is adequate to absorb estimated credit losses
in the portfolio. The level of the reserve account is determined
based on several factors, including historical experience, expected
future principal and interest payments, estimated collateral
values, and current and anticipated economic and political
conditions. Management regularly evaluates the adequacy of the
reserve for investment losses.
<PAGE>
PAGE 89
2. Investments (continued)

At Dec. 31, 1995, the Company's recorded investment in impaired
loans was $83,874 with a reserve of $19,307. During the year, the
average recorded investment in impaired loans was $74,567.

The Company recognized $5,014 of interest income related to
impaired loans for the year ended Dec. 31, 1995.

The following table presents changes in the reserve for investment
losses related to all loans:

1995

Balance, Jan. 1 $35,252

Provision for investment losses 15,900
Sales of related loans (6,600)
Loan payoffs (5,300)
Other (1,912)

Balance, Dec. 31 $37,340

At Dec. 31, 1995, the Company had commitments to purchase real
estate investments for $54,897. Commitments to purchase real
estate investments are made in the ordinary course of
business. The fair value of these commitments is $nil.

3. Income taxes

The Company qualifies as a life insurance company for federal
income tax purposes. As such, the Company is subject to the
Internal Revenue Code provisions applicable to life insurance
companies.

Income tax expense consists of the following:

1995 1994 1993
Federal income taxes:
Current $218,040 $186,508 $180,558
Deferred (33,810) (19,175) (44,237)
184,230 167,333 136,321

State income taxes-current 11,612 9,010 6,326
Income tax expense $195,842 $176,343 $142,647

Increases (decreases) to the federal tax provision applicable to
pretax income based on the statutory rate are attributable to:

<PAGE>
PAGE 90
3. Income taxes (continued)

<TABLE>
<CAPTION>
1995 1994 1993
Provision Rate Provision Rate Provision Rate
<S> <C> <C> <C> <C> <C> <C>
Federal income
taxes based on
the statutory rate $196,274 35.0% $179,379 35.0% $144,454 35.0%
Increases (decreases)
are attributable to:
Tax-excluded interest
and dividend income (8,524) (1.5) (9,939) (2.0) (11,002) (2.7)
Other, net (3,520) (0.6) (2,107) (0.4) 2,869 0.7
Federal income taxes $184,230 32.9% $167,333 32.6% $136,321 33.0%
</TABLE>

A portion of life insurance company income earned prior to 1984 was
not subject to current taxation but was accumulated, for tax
purposes, in a policyholders' surplus account. At Dec. 31, 1995,
the Company had a policyholders' surplus account balance of
$20,114. The policyholder's surplus account balance increased in
1995 due to the acquisition of ACLAC. The policyholders' surplus
account is only taxable if dividends to the stockholder exceed the
stockholder's surplus account or if the Company is liquidated.
Deferred income taxes of $7,040 have not been established because
no distributions of such amounts are contemplated.

Significant components of the Company's deferred tax assets and
liabilities as of Dec. 31 are as follows:

1995 1994
Deferred tax assets:
Policy reserves $ 600,176 $533,433
Investments -- 116,736
Life insurance guarantee
fund assessment reserve 26,785 32,235
Total deferred tax assets 626,961 682,404

Deferred tax liabilities:
Derred policy acquisition costs 590,762 553,722
Investments 146,805 --
Other 2,298 4,621
Total deferred tax
liabilities 739,865 558,343
Net deferred tax assets
(liabilities) $(112,904) $124,061

The Company is required to establish a valuation allowance for any
portion of the deferred tax assets that management believes will
not be realized. In the opinion of management, it is more
likely than not that the Company will realize the benefit of the
deferred tax assets, and, therefore, no such valuation allowance
has been established.
<PAGE>
PAGE 91
4. Stockholder's equity

During 1995, the Company received a $39,700 capital contribution
from its parent, American Express Financial Corporation, in the
form of investments in fixed maturities and mortgage loans. In
addition, effective January 1, 1995, the Company began
consolidating the financial results of ACLAC. This change
reflected the transfer of ownership of ACLAC from Amex Life
Assurance Company (Amex Life), a former affiliate, to the Company
prior to the sale of Amex Life to an unaffiliated third party on
October 2, 1995. This transfer of ownership to the Company has
been reflected as a capital contribution of $17,114 in the
accompanying financial statements. The effect of this change in
reporting entity was not significant and prior periods have not
been restated.

As discussed in Note 5, the Company entered into a reinsurance
agreement with Amex Life during 1995. As a result of this
transaction, a loss of $4,574 was realized and reported as a
direct charge to retained earnings.

Retained earnings available for distribution as dividends to the
parent are limited to the Company's surplus as determined in
accordance with accounting practices prescribed by state
insurance regulatory authorities. Statutory unassigned surplus
aggregated $1,103,993 as of Dec. 31, 1995 and $1,020,981 as of Dec.
31, 1994 (see Note 3 with respect to the income tax effect of
certain distributions). In addition, any dividend distributions in
1996 in excess of approximately $290,988 would require approval of
the Department of Commerce of the State of Minnesota.

Statutory net income for the years ended Dec. 31 and capital and
surplus as of Dec. 31 are summarized as follows:

1995 1994 1993

Statutory net income $ 326,799 $ 294,699 $ 275,015
Statutory capital and surplus 1,398,649 1,261,958 1,157,022

Dividends paid to American Express Financial Corporation were
$180,000 in 1995, $165,000 in 1994, and $25,000 in 1993.

5. Related party transactions

The Company has loaned funds to American Express Financial
Corporation under two loan agreements. The balance of the first
loan was $25,800 and $40,000 at Dec. 31, 1995 and 1994,
respectively. This loan can be increased to a maximum of $75,000
and pays interest at a rate equal to the preceding month's
effective new money rate for the Company's permanent investments.
It is collateralized by equities valued at $122,978 at Dec. 31,
1995. The second loan was used to fund the construction of the IDS
Operations Center. This loan was paid off during 1994. The loan
was secured by a first lien on the IDS Operations Center property
and had an interest rate of 9.89 percent. The Company also had a
loan to an affiliate which was used to fund construction of the IDS
Learning Center. This loan was sold to the American Express
<PAGE>
PAGE 92
5. Related party transactions (continued)

Financial Corporation during 1994. The loan was secured by a first
lien on the IDS Learning Center property and had an interest rate
of 9.82 percent. Interest income on the above loans totaled
$1,371, $2,894 and $11,116 in 1995, 1994 and 1993, respectively.

The Company purchased a five year secured note from an affiliated
company which had an outstanding balance of $19,444 and $23,333 at
Dec. 31, 1995 and 1994, respectively. The note bears a fixed rate
of 8.42 percent. Interest income on the above note totaled $1,937,
$2,278 and $2,605 in 1995, 1994 and 1993, respectively.

The Company has a reinsurance agreement whereby it assumed 100
percent of a block of single premium life insurance business from
Amex Life. The accompanying consolidated balance sheets at Dec.
31, 1995 and 1994 include $764,663 and $765,366, respectively, of
future policy benefits related to this agreement.

The Company has a reinsurance agreement to cede 50 percent of its
long-term care insurance business to Amex Life. The accompanying
consolidated balance sheets at Dec. 31, 1995 and 1994 include
$95,484 and $65,123, respectively, of reinsurance receivables
related to this agreement. Premiums ceded amounted to $25,553,
$20,360 and $16,230 and reinsurance recovered from reinsurers
amounted to $760, $62 and $404 for the years ended Dec. 31, 1995,
1994 and 1993, respectively.

The Company has a reinsurance agreement to assume deferred annuity
contracts from Amex Life. At October 1, 1995 a $803,618 block of
deferred annuities and $28,327 of deferred policy acquisition costs
were transferred to the Company. The accompanying consolidated
balance sheet at Dec. 31, 1995 includes $828,298 of future policy
benefits related to this agreement.

Until July 1, 1995 the Company participated in the IDS Retirement
Plan of American Express Financial Corporation which covered all
permanent employees age 21 and over who had met certain employment
requirements. Effective July 1, 1995, the IDS Retirement Plan was
merged with American Express Company's American Express Retirement
Plan, which simultaneously was amended to include a cash balance
formula and a lump sum distribution option. Employer contributions
to the plan are based on participants' age, years of service
and total compensation for the year. Funding of retirement costs
for this plan complies with the applicable minimum funding
requirements specified by ERISA. The Company's share of the total
net periodic pension cost was $nil in 1995, 1994 and 1993.

The Company also participates in defined contribution pension plans
of American Express Company which cover all employees who have met
certain employment requirements. Company contributions to the
plans are a percent of either each employee's eligible compensation
or basic contributions. Costs of these plans charged to operations
in 1995, 1994 and 1993 were $815, $957 and $2,008, respectively.
<PAGE>
PAGE 93
5. Related party transactions (continued)

The Company participates in defined benefit health care plans of
American Express Financial Corporation that provide health care and
life insurance benefits to retired employees and retired financial
advisors. The plans include participant contributions and service
related eligibility requirements. Upon retirement, such employees
are considered to have been employees of American Express Financial
Corporation. American Express Financial Corporation expenses these
benefits and allocates the expenses to its subsidiaries.
Accordingly, costs of such benefits to the Company are included in
employee compensation and benefits and cannot be identified on a
separate company basis. At Dec. 31, 1995 and 1994, the total
accumulated post retirement benefit obligation has been recorded as
a liability by American Express Financial Corporation.

Charges by American Express Financial Corporation for use of joint
facilities, marketing services and other services aggregated
$377,139, $335,183, and $243,346 for 1995, 1994 and 1993,
respectively. Certain of these costs are included in deferred
policy acquisition costs. In addition, the Company rents its home
office space from American Express Financial Corporation on an
annual renewable basis.

6. Commitments and contingencies

At Dec. 31, 1995 and 1994, traditional life insurance and universal
life-type insurance in force aggregated $59,683,532 and
$52,666,567, respectively, of which $3,771,204 and $3,246,608
were reinsured at the respective year ends. The Company also
reinsures a portion of the risks assumed under disability income
policies. Under the agreements, premiums ceded to reinsurers
amounted to $29,146, $29,489 and $28,276 and reinsurance recovered
from reinsurers amounted to $5,756, $5,505, and $3,345 for the
years ended Dec. 31, 1995, 1994 and 1993.

Reinsurance contracts do not relieve the Company from its primary
obligation to policyholders.

The Company is a defendant in various lawsuits, none of which, in
the opinion of Company counsel, will result in a material
liability.

The IRS has completed its audit of the Company's 1987 through 1989
tax years. The Company is currently contesting one issue at the
IRS Appeals Level. Management does not believe there will be a
material impact as a result of this audit.

7. Lines of credit

The Company has available lines of credit with three banks
aggregating $100,000 at 40 to 80 basis points over the banks' cost
of funds or equal to the prime rate, depending on which line of
credit agreement is used. Borrowings outstanding under these
agreements were $nil at Dec. 31, 1995 and 1994, respectively.

<PAGE>
PAGE 94
8. Derivative financial instruments

The Company enters into transactions involving derivative financial
instruments to manage its exposure to interest rate risk, including
hedging specific transactions. The Company manages risks
associated with these instruments as described below. The Company
does not hold derivative instruments for trading purposes.

Market risk is the possibility that the value of the derivative
financial instruments will change due to fluctuations in a factor
from which the instrument derives its value, primarily an interest
rate. The Company is not impacted by market risk related to
derivatives held for non-trading purposes beyond that inherent in
cash market transactions. Derivatives held for purposes other than
trading are largely used to manage risk and, therefore, the cash
flow and income effects of the derivatives are inverse to the
effects of the underlying transactions.

Credit risk is the possibility that the counterparty will not
fulfill the terms of the contract. The Company monitors credit
exposure related to derivative financial instruments through
established approval procedures, including setting concentration
limits by counterparty and industry, and requiring collateral,
where appropriate. A vast majority of the Company's counterparties
are rated A or better by Moody's and Standard & Poor's.

The notional or contract amount of a derivative financial
instrument is generally used to calculate the cash flows that are
received or paid over the life of the agreement. Notional
amounts are not recorded on the balance sheet. Notional amounts
far exceed the related credit exposure.

Credit exposure related to interest rate caps is measured by the
replacement cost of the contracts. The replacement cost
represents the fair value of the instruments. Financial futures
contracts are settled in cash daily.
<TABLE>
<CAPTION>
Notional Carrying Fair Total Credit
Dec. 31, 1995 Amount Value Value Exposure
<S> <C> <C> <C> <C>
Assets:
Interest rate caps $5,100,000 $26,680 $ 8,366 $ 8,366

Dec. 31, 1994
Assets:
Financial futures
contracts $ 159,800 $ 2,072 $ 2,072 $ --
Interest rate caps 4,400,000 29,054 42,365 42,365
$4,559,800 $31,126 $44,437 $42,365
</TABLE>

The fair values of derivative financial instruments are based on
market values, dealer quotes or pricing models. The financial
futures contracts expired in 1995. The interest rate caps expire
on various dates from 1996 to 2000.

<PAGE>
PAGE 95
8. Derivative financial instruments (continued)

Financial futures contracts and interest rate caps are used
principally to manage the Company's exposure to rising interest
rates. These instruments are used primarily to protect the margin
between interest rates earned on investments and the interest rates
credited to related annuity contract holders.

Changes in the fair value of financial futures contracts are
accounted for as adjustments to the carrying amount of the hedged
investments and amortized over the remaining lives of such
investments. The cost of interest rate caps is amortized to
interest expense over the life of the contracts and payments
received as a result of these agreements are recorded as a
reduction of interest expense when realized. The amortized cost of
interest rate cap contracts is included in other investments.

9. Fair values of financial instruments

The Company discloses fair value information for most on- and
off-balance sheet financial instruments for which it is practical
to estimate that value. Fair values of life insurance obligations,
receivables and all non-financial instruments, such as deferred
acquisition costs are excluded. Off-balance sheet intangible
assets, such as the value of the field force, are also excluded.
Management believes the value of excluded assets is significant.
The fair value of the Company, therefore, cannot be estimated by
aggregating the amounts presented.
<TABLE>
<CAPTION>
1995 1994
Carrying Fair Carrying Fair
Financial Assets Value Value Value Value
<S> <C> <C> <C> <C>
Investments:
Fixed maturities (Note 2):
Held to maturity $11,257,591 $11,878,377 $11,269,861 $10,694,800
Available for sale 10,516,212 10,516,212 8,017,555 8,017,555
Mortgage loans on
real estate (Note 2) 2,945,495 3,184,666 2,400,514 2,342,520
Other:
Equity securities (Note 2) 3,517 3,517 1,906 1,906
Derivative financial
instruments (Note 8) 26,680 8,366 31,126 44,437
Other 52,182 52,182 -- --
Cash and cash
equivalents (Note 1) 72,147 72,147 267,774 267,774
Separate account assets
(Note 1) 14,974,082 14,974,082 10,881,235 10,881,235

Financial Liabilities
Future policy benefits
for fixed annuities 20,259,265 19,603,114 18,325,870 17,651,897
Separate account
liabilities 14,208,619 13,665,636 10,398,861 9,943,672
</TABLE>

At Dec. 31, 1995 and 1994, the carrying amount and fair value of
future policy benefits for fixed annuities exclude life
insurance-related contracts carried at $1,070,598 and $971,897,
respectively, and policy loans of $74,973 and $64,212,
respectively. The fair value of these benefits is based on the
status of the annuities at Dec. 31, 1995 and 1994. The fair value
of deferred annuities is estimated as the carrying amount less any
<PAGE>
PAGE 96
9. Fair values of financial instruments (continued)

applicable surrender charges and related loans. The fair value for
annuities in non-life contingent payout status is estimated as the
present value of projected benefit payments at rates appropriate
for contracts issued in 1995 and 1994.

At Dec. 31, 1995 and 1994, the fair value of liabilities related to
separate accounts is estimated as the carrying amount less any
applicable surrender charges and less variable insurance contracts
carried at $765,463 and $482,374, respectively.

10. Segment information

The Company's operations consist of two business segments; first,
individual and group life insurance, disability income, health and
long-term care insurance, and second, annuity products designed for
individuals, pension plans, small businesses and employer-sponsored
groups. The consolidated condensed statements of income for the
years ended Dec. 31, 1995, 1994 and 1993 and total assets at Dec.
31, 1995, 1994 and 1993 by segment are summarized as follows:
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Net investment income:
Life, disability income, health
and long-term care insurance $ 256,242 $ 247,047 $ 250,224
Annuities 1,651,067 1,534,826 1,532,995
$ 1,907,309 $ 1,781,873 $ 1,783,219
Premiums, charges and fees:
Life, disability income, health
and long-term care insurance $ 384,008 $ 335,375 $ 287,713
Annuities 249,557 193,370 143,876
$ 633,565 $ 528,745 $ 431,589
Income before income taxes:
Life, disability income, health
and long-term care insurance $ 125,402 $ 122,677 $ 104,127
Annuities 440,278 394,117 315,336
Net loss on investments (4,898) (4,282) (6,737)
$ 560,782 $ 512,512 $ 412,726
Total assets:
Life, disability income, health
and long-term care insurance $ 6,195,870 $ 5,269,188 $ 4,810,145
Annuities 36,704,208 30,478,355 28,247,608
$42,900,078 $35,747,543 $33,057,753
</TABLE>

Allocations of net investment income and certain general expenses
are based on various assumptions and estimates.

Assets are not individually identifiable by segment and have been
allocated principally based on the amount of future policy benefits
by segment.

Capital expenditures and depreciation expense are not material, and
consequently, are not reported.
<PAGE>
PAGE 97

Report of Independent Auditors

The Board of Directors
IDS Life Insurance Company

We have audited the accompanying consolidated balance sheets of IDS
Life Insurance Company (a wholly owned subsidiary of American
Express Financial Corporation) as of December 31, 1995 and 1994,
and the related consolidated statements of income, stockholder's
equity and cash flows for each of the three years in the period
ended December 31, 1995. These financial statements are the
responsibility of the Company's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.

We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the consolidated financial
position of IDS Life Insurance Company at December 31, 1995 and
1994, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended December 31,
1995, in conformity with generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements,
the Company changed its method of accounting for certain
investments in debt and equity securities in 1994.

Ernst & Young LLP
February 2, 1996
Minneapolis, Minnesota
<PAGE>
PAGE 98
(REG2)

PART II

UNDERTAKINGS TO FILE REPORTS

Subject to the terms and conditions of Section 15(d) of the
Securities Exchange Act of 1934, the undersigned registrant hereby
undertakes to file with the Securities and Exchange Commission such
supplementary and periodic information, documents, and reports as
may be prescribed by any rule or regulation of the Commission
hereto or hereafter duly adopted pursuant to authority conferred in
that section.

RULE 484 UNDERTAKING

The By-Laws of IDS Life Insurance Company provide that:

The Corporation shall indemnify any person who was or is a party or
is threatened to be made a party, by reason of the fact that he is
or was a Manager of Variable Annuity Funds A and B, director,
officer, employee or agent of this Corporation, or is or was
serving at the direction of the Corporation as a Manager of
Variable Annuity Funds A and B, director, officer, employee or
agent of another corporation, partnership, joint venture, trust or
other enterprise, to any threatened, pending or completed action,
suit or proceeding, wherever brought, to the fullest extent
permitted by the laws of the State of Minnesota, as now existing or
hereafter amended, provided that this Article shall not indemnify
or protect any such Manager of Variable Annuity Funds A and B,
director, officer, employee or agent against any liability to the
Corporation or its security holders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, or gross
negligence, in the performance of his duties or by reason of his
reckless disregard of his obligations and duties.

Insofar as indemnification for liability arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in
the Act and will be governed by the final adjudication of such
issue.
<PAGE>
PAGE 99
REPRESENTATIONS PURSUANT TO RULE 6e-3(T)

This filing is made pursuant to Rule 6c-3 and 6e-3(T) under the
Investment Company Act of 1940. Registrant elects to be governed
by Rule 6e-3(T)(b)(13)(i)(A).

Registrant makes the following representations:

(1) Section 6e-3(T)(b)(13)(ii)(F) has been relied upon.

(2) The level of the Mortality and Expense Risk Charge is within
the range of industry practice for comparable flexible
premium survivorship variable life insurance policies. The
methodology used to support this representation is based on
an analysis of other policies registered under the Securities
Act of 1933, including the level of other expense charges,
and uncertainties in terms of expense and mortality factors.
Registrant undertakes to keep and make available to the
Commission upon request the documents used to support this
representation.

(3) Registrant has concluded that there is a reasonable
likelihood that the distribution financing arrangement of the
Separate Accounts comprising the Registrant will benefit the
Separate Accounts and Owners and the Registrant will keep and
make available to the Commission on request a memorandum
setting forth the basis for this representation.

(4) The Separate Accounts comprising the Registrant will invest
only in management investment companies which have undertaken
to have a board of directors, a majority of whom are not
interested persons of the company, formulate and approve any
plan under Rule 12b-1 to finance distribution expenses.
<PAGE>
PAGE 100
CONTENTS OF THE REGISTRATION STATEMENT

This Registration Statement comprises the following papers and
documents:

The facing sheet.

The prospectus consisting of 85 pages.

The undertaking to file reports.

Rule 484 undertaking.

Representations pursuant to Rule 6e-3(T)

The signatures.

The following exhibits:

1. A. Copies of all exhibits required by paragraph A of
instructions for Exhibits in Form N-8B-2 to the
Registration Statement.

(1) (a) Resolution of Board of Directors of IDS
Life Insurance Company establishing the
Trust, adopted May 9, 1985.*

(b) Resolution of Board of Directors of IDS
Life Insurance Company reconstituting the
Trust, adopted October 16, 1985.*

(2) Not applicable.

(3) (a) Not applicable.

(b) (1) Form of Division Vice President's
Employment Agreement dated November
1991.*

(2) Form of District Manager's Rider to
IDS Life Insurance Company, Personal
Financial Planner's Agreement dated
November 1986.*

(3) Form of Personal Financial Planner's
Agreement dated November 1986.*

(4) Not applicable.

(5) Flexible Premium Survivorship Variable Life
Insurance Policy.**
<PAGE>
PAGE 101
(6) (a) Certificate of Incorporation of IDS Life
Insurance Company, dated July 23, 1957.*

(b) Amended By-Laws of IDS Life Insurance
Company.*

(7) Not applicable.

(8) (a) Form of Investment Management and Services
Agreement dated December 17, 1985, between
IDS Life and IDS Life Series Fund, Inc.*

(b) Form of Investment Advisory Agreement dated
July 11, 1984, between IDS Life and IDS
Financial Services Inc. relating to the
Variable Account.*

(d) Addendum to Investment Advisory
Agreement.**

(9) None.

(10) Application form for the Flexible Premium
Survivorship Variable Life Insurance Policy.**

B. (1) Not applicable.

(2) Not applicable.

C. Not applicable.

2. Opinion of Counsel and consent to its use as to the legality
of the securities registered.*

3. Financial Statement Schedules are filed electronically
herewith.
Schedule I - Consolidated Summary of Investments Other
than Investments in Related Parties
Schedule III - Supplementary Insurance Information
Schedule IV - Reinsurance
Schedule V - Valuation and Qualifying Accounts
Report of Independent Auditors dated February 2, 1996.

All other schedules to the consolidated financial statements
required by Article 7 of Regulation S-X are not required
under the related instructions or are inpplicable and,
therefore have been omitted.

4. Not applicable.

5. Financial Data Schedules are filed electronically herewith.
- IDS Life Insurance Company
- IDS Life Variable Life Separate Account for Flexible
Premium Survivorship Life Insurance
<PAGE>
PAGE 102
6. Actuarial Opinion in support of the 1.25% federal tax
charge.*

7. Opinion of James M. Jensen, F.S.A., M.A.A.A., is filed
electronically herewith.

8. Written consent of James M. Jensen, F.S.A., M.A.A.A. is filed
electronically herewith.

9. Written consent of Ernst & Young LLP is filed electronically
herewith.

10. Directors' Power of Attorney dated February 28, 1995.*

11. IDS Life Insurance Company's Description of Transfer and
Redemption Procedures and Method of Conversion to Fixed
Benefit Policies.**

*Filed as an Exhibit to the original Registration Statement to form
S-6 and is herein incorporated by reference.

**Filed as an Exhibit to Registrant's Form N-8B-2 with Pre-
Effective Amendment No. 1, File No. 33-62457 is incorporated herein
by reference.
<PAGE>
PAGE 103
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, IDS Life Insurance Company, on
behalf of the Registrant, certifies that it meets requirements for-
effectiveness of this Amendment to its Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Registration Statement to be signed on behalf of
the Registrant by the undersigned, thereunto duly authorized, in
this City of Minneapolis, and State of Minnesota on the 26th day of
April, 1996.

IDS Life Variable Life Separate Account
(Registrant)

By IDS Life Insurance Company
(Sponsor)

By/s/ Richard W. Kling*
Richard W. Kling

By:
Mary Ellyn Minenko

Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following Officers
and Directors of IDS Life Insurance Company in the capacities
indicated on the 26th day of April, 1996:

Signature Title

/s/ James A. Mitchell* Chairman of the Board
James A. Mitchell and Chief Executive Officer

/s/ Richard W. Kling* Director and President
Richard W. Kling

/s/ Louis C. Fornetti* Director
Louis C. Fornetti

/s/ David R. Hubers* Director
David R. Hubers

/s/ Paul F. Kolkman* Director and Executive Vice
Paul F. Kolkman President

/s/ Peter A. Lefferts* Director and Executive Vice
Peter A. Lefferts President, Marketing

/s/ Janis E. Miller* Director and Executive Vice
Janis E. Miller President, Variable Assets

/s/ Barry J. Murphy* Director and Executive Vice
Barry J. Murphy President, Client Service
<PAGE>
PAGE 104
Signature Title

/s/ Stuart A. Sedlacek* Director and Executive Vice
Stuart A. Sedlacek President, Assured Assets

/s/ Melinda S. Urion* Director, Executive Vice
Melinda S. Urion President and Controller

*Signed pursuant to Power of Attorney dated February 28, 1995,
filed electronically as Exhibit No. 10 to the original Registration
Statement.

By:

Mary Ellyn Minenko

<PAGE>
PAGE 1
IDS LIFE VARIABLE LIFE SEPARATE ACCOUNT
Registration Number 33-62457

EXHIBIT INDEX

3. Financial Statement Schedules
Schedule I - Consolidated Summary of Investments Other
than Investments in Related Parties
Schedule III - Supplementary Insurance Information
Schedule IV - Reinsurance
Schedule V - Valuation and Qualifying Accounts
Report of Independent Auditors dated February 2, 1996.

5. Financial Data Schedules
- IDS Life Insurance Company
- IDS Life Variable Life Separate Account for Flexible
Premium Survivorship Life Insurance

7. Opinion of James M. Jensen, F.S.A., M.A.A.A.

8. Written consent of James M. Jensen, F.S.A., M.A.A.A.

9. Written consent of Ernst & Young LLP

<PAGE>
PAGE 1
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS
OTHER THAN INVESTMENTS IN RELATED PARTIES ($ thousands)
AS OF DECEMBER 31, 1995

Column A Column B Column C Column D

Type of Investment Cost Value Amount at which
shown in the
balance sheet
<S> <C> <C> <C>
Fixed maturities:
Held to maturity:
United States Government and
government agencies and
authorities (a) $ 1,237,093 $ 1,253,115 $ 1,237,093
States, municipalities and
political subdivisions 11,936 12,266 11,936
All other corporate bonds 10,008,562 10,612,996 10,008,562
Total held to maturity 11,257,591 11,878,377 11,257,591

Available for sale:
United States Government and
government agencies and
authorities (b) 4,092,563 4,176,080 4,176,080
States, municipalities and
political subdivisions 11,020 12,496 12,496
All other corporate bonds 6,042,553 6,327,636 6,327,636
Total available for sale 10,146,136 10,516,212 10,516,212

Mortgage loans on real estate 2,945,495 XXXXXXXXX 2,945,495
Policy loans 424,019 XXXXXXXXX 424,019
Other investments 146,894 XXXXXXXXX 146,894

Total investments $24,920,135 $ XXXXXXXXX $25,290,211

(a) - Includes mortgage-backed securities with a cost and market value of $1,172,570 and
$1,184,673, respectively.
(b) - Includes mortgage-backed securities with a cost and market value of $4,008,481 and
$4,088,800, respectively.
</TABLE>
<PAGE>
PAGE 2
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION ($ thousands)
FOR THE YEAR ENDED DECEMBER 31, 1995

Column A Column B Column C Column D Column E Column F Column G

Segment Deferred Future Unearned Other policy Premium Net
policy policy premiums claims and revenue investment
acquisition benefits, benefits income
cost losses, payable
claims and
loss
expenses

<S> <C> <C> <C> <C> <C> <C>
Annuities $1,227,169 $21,404,836 $ - $28,191 $ - $1,651,067

Life, DI,
Long-term Care and
Health Insurance 798,556 3,613,253 - 28,132 161,530 256,242

Total $2,025,725 $25,018,089 $ - $56,323 $161,530 $1,907,309

Column H Column I Column J Column K

Benefits, Amortization Other Premiums
claims, of deferred operating written
losses and policy expenses
settlement acquisition
expenses costs

Annuities $ 2,693 $ 189,626 $166,191 N/A

Life, DI,
Long-term Care and
Health Insurance 164,749 90,495 45,451 N/A

Total $ 167,442 $ 280,121 $211,642 N/A

</TABLE>
<PAGE>
PAGE 3
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION ($ thousands)
FOR THE YEAR ENDED DECEMBER 31, 1994

Column A Column B Column C Column D Column E Column F Column G

Segment Deferred Future Unearned Other policy Premium Net
policy policy premiums claims and revenue investment
acquisition benefits, benefits income
cost losses, payable
claims and
loss
expenses

<S> <C> <C> <C> <C> <C> <C>
Annuities $1,150,585 $19,361,979 $ - $23,888 $ - $1,534,826

Life, DI,
Long-term Care and
Health Insurance 714,739 3,346,931 - 26,180 144,640 247,047

Total $1,865,324 $22,708,910 $ - $50,068 $144,640 $1,781,873

Column H Column I Column J Column K

Benefits, Amortization Other Premiums
claims, of deferred operating written
losses and policy expenses
settlement acquisition
expenses costs

Annuities $ (5,762) $ 194,060 $131,515 N/A

Life, DI,
Long-term Care and
Health Insurance 134,128 86,312 78,586 N/A

Total $ 128,366 $ 280,372 $210,101 N/A

</TABLE>
<PAGE>
PAGE 4
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION ($ thousands)
FOR THE YEAR ENDED DECEMBER 31, 1993

Column A Column B Column C Column D Column E Column F

Segment Deferred Future Unearned Other policy Premium
policy policy premiums claims and revenue
acquisition benefits, benefits
cost losses, payable
claims and
loss
expenses
<S> <C> <C> <C> <C> <C>
Annuities $1,008,378 $18,492,135 $ - $ 21,508 $ -

Life, DI,
Long-term Care and
Health Insurance 644,006 3,148,932 - 23,008 127,245

Total $1,652,384 $21,641,067 $ - $ 44,516 $127,245

Column G Column H Column I Column J Column K

Net Benefits, Amortization Other Premiums
investment claims, of deferred operating written
income losses and policy expenses
settlement acquisition
expenses costs

Annuities $1,532,995 $ 3,656 $139,602 $122,999 N/A

Life, DI,
Long-term Care and
Health Insurance 250,224 119,335 72,131 118,975 N/A

Total $1,783,219 $ 122,991 $211,733 $241,974 N/A

</TABLE>
<PAGE>
PAGE 5
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
SCHEDULE IV - REINSURANCE ($ thousands)
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

Column A Column B Column C Column D Column E Column F

Gross amount Ceded to other Assumed from Net % of amount
companies other companies Amount assumed to net

<S> <C> <C> <C> <C> <C>
For the year ended
December 31, 1995

Life insurance in force $57,895,180 $3,771,204 $1,788,352 $55,912,328 3.20%

Premiums:
Life insurance $ 53,089 $ 2,648 $ (248) $ 50,193 -0.49%
DI & health insurance 137,016 25,679 -- 111,337 0.00%
Total premiums $ 190,105 $ 28,327 $ (248) $ 161,530 -0.15%

For the year ended
December 31, 1994

Life insurance in force $50,814,651 $3,246,608 $1,851,916 $49,419,959 3.75%

Premiums:
Life insurance $ 51,219 $ 3,354 $ 319 $ 48,184 0.66%
DI & health insurance 114,049 17,593 -- 96,456 0.00%
Total premiums $ 165,268 $ 20,947 $ 319 $ 144,640 0.22%

For the year ended
December 31, 1993

Life insurance in force $44,188,493 $3,038,426 $1,937,022 $43,087,089 4.50%

Premiums:
Life insurance $ 51,764 $ 3,627 $ -- $ 48,137 0.00%
DI & health insurance 96,250 17,142 -- 79,108 0.00%
Total premiums $ 148,014 $ 20,769 $ -- $ 127,245 0.00%

</TABLE>
<PAGE>
PAGE 6
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS ($ thousands)
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

Column A Column B Column C Column D Column E

Additions
---------
Balance at Charged to
Description Beginning Charged to Other Accounts- Deductions- Balance at End
of Period Costs & Expenses Describe Describe * of Period
<S> <C> <C> <C> <C> <C>
For the year ended
December 31, 1995
- -------------------------
Reserve for Mortgage Loans $35,252 $ 1,088 $0 ($1,000) $37,340
Reserve for Other Investments $ 7,515 ($ 2,802) $0 $ 0 $ 4,713

For the year ended
December 31, 1994
- -------------------------
Reserve for Mortgage Loans $35,020 $ 232 $0 $ 0 $35,252
Reserve for Fixed Maturities $22,777 ($16,777) $0 $6,000 $ 0
Reserve for Other Investments $10,700 ($ 3,185) $0 $ 0 $ 7,515

For the year ended
December 31, 1993
- -------------------------
Reserve for Mortgage Loans $23,595 $13,635 $0 $2,210 $35,020
Reserve for Fixed Maturities $37,899 ($15,122) $0 $22,777
Reserve for Other Investments $12,834 ($ 4,344) $0 ($2,210) $10,700

* 1995 amount represents a reserve on mortgage loans which were transferred from an affiliate. 1994 amount represents
a direct writedown of the related investments in fixed maturities. 1993 amounts represent transfers between reserve accounts.

</TABLE>
<PAGE>
PAGE 7

Report of Independent Auditors

The Board of Directors
IDS Life Insurance Company

We have audited the consolidated financial statements of IDS Life
Insurance Company as of December 31, 1995 and 1994, and for each of
the three years in the period ended December 31, 1995, and have
issued our report thereon dated February 2, 1996 (included
elsewhere in this Registration Statement).

Our audits also included the financial statement schedules listed
in Item 3 of this Registration Statement. These schedules are the
responsibility of the Company's management. Our responsibility is
to express an opinion based on our audits.

In our opinion, the financial statement schedules referred to
above, when considered in relation to the basic financial
statements taken as a whole, present fairly, in all material
respects, the information set forth therein.

Ernst & Young LLP
Minneapolis, Minnesota
February 2, 1996

[ARTICLE] 7
[CIK] 0000768836
[NAME] IDS Life Insurance Company
[MULTIPLIER] 1000
[CURRENCY] U.S. DOLLAR
[FISCAL-YEAR-END] DEC-31-1994 DEC-31-1995
[PERIOD-START] JAN-01-1994 JAN-01-1995
[PERIOD-END] DEC-31-1994 DEC-31-1995
[PERIOD-TYPE] YEAR YEAR
[EXCHANGE-RATE] 1 1
[DEBT-HELD-FOR-SALE] 8017555 10516212
[DEBT-CARRYING-VALUE] 11269861 11257591
[DEBT-MARKET-VALUE] 10694800 11878377
[EQUITIES] 1906 3517
[MORTGAGE] 2400514 2945495
[REAL-ESTATE] 20835 28796
[TOTAL-INVEST] 22121637 25290211
[CASH] 267774 72147
[RECOVER-REINSURE] 1110 1849
[DEFERRED-ACQUISITION] 1865324 2025725
[TOTAL-ASSETS] 35747543 42900078
[POLICY-LOSSES] 22708910 25018089
[UNEARNED-PREMIUMS] 0 0
[POLICY-OTHER] 0 0
[POLICY-HOLDER-FUNDS] 50068 56323
[NOTES-PAYABLE] 0 0
[COMMON] 3000 3000
[PREFERRED-MANDATORY] 0 0
[PREFERRED] 0 0
[OTHER-SE] 1585691 2328708
[TOTAL-LIABILITY-AND-EQUITY] 35747543 42900078
[PREMIUMS] 144640 161530
[INVESTMENT-INCOME] 1781873 1907309
[INVESTMENT-GAINS] (4282) (4898)
[OTHER-INCOME] 384105 472035
[BENEFITS] 1303351 1483431
[UNDERWRITING-AMORTIZATION] 280372 280121
[UNDERWRITING-OTHER] 210101 211642
[INCOME-PRETAX] 512512 560782
[INCOME-TAX] 176343 195842
[INCOME-CONTINUING] 336169 364940
[DISCONTINUED] 0 0
[EXTRAORDINARY] 0 0
[CHANGES] 0 0
[NET-INCOME] 336169 364940
[EPS-PRIMARY] 0 0
[EPS-DILUTED] 0 0
[RESERVE-OPEN] 20636 23228
[PROVISION-CURRENT] 93683 117478
[PROVISION-PRIOR] 0 0
[PAYMENTS-CURRENT] 91091 116514
[PAYMENTS-PRIOR] 0 0
[RESERVE-CLOSE] 23228 24192
[CUMULATIVE-DEFICIENCY] 0 0

[ARTICLE] 6
[CIK]
[NAME] IDS Life Variable Life Separate Account for
Flexible Premium Survivorship Variable Life Insurance
[SERIES]
[NAME]
[NUMBER]
[MULTIPLIER] 1
[CURRENCY] U.S. DOLLAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-START] JAN-01-1995
[PERIOD-END] DEC-31-1995
[PERIOD-TYPE] YEAR
[EXCHANGE-RATE] 1
[INVESTMENTS-AT-COST] 515697512
[INVESTMENTS-AT-VALUE] 639071076
[RECEIVABLES] 1355232
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 640426308
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] (2174850)
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<PAGE>
PAGE 1

April 18, 1996

IDS Life Insurance Company
IDS Tower 10
Minneapolis, Minnesota 55440

Gentlemen:

This opinion is furnished in connection with the Post-Effective
Amendment No. 1 (Amendment) by IDS Life Insurance Company for the
filing of the Flexible Premium Survivorship Variable Life Insurance
Policy ("the Policy") under the Securities Act of 1933. The
prospectus included on Form S-6 in the Amendment describes the
Policy. I am familiar with the Policy, the Amendment and the
exhibits thereto. In my opinion, the illustrations of Death
Benefits, Policy Values, and Surrender Values included in the
section of the prospectus entitled "Illustrations", under the
assumptions stated in that section, are consistent with the
provisions of the Policy.

I hereby consent to the use of this opinion as an exhibit to the
registration statement and to the reference to my name under the
heading "Experts" in this prospectus.

Very Truly Yours,

James M. Jensen, F.S.A., M.A.A.A.
Vice President - Insurance Product Development

<PAGE>
PAGE 1

CONSENT OF ACTUARY

The Board of Directors
IDS Life Insurance Company

I consent to the reference to me under the caption "Experts" and to
the use of my opinion dated April 18, 1996 on the Illustrations
used by IDS Life Insurance Company in the Prospectus for the
Flexible Premium Survivorship Variable Life Insurance Policy
offered by IDS Life Insurance Company as part of the Post-Effective
Amendment No. 1 being filed under the Securities Act of 1933.

James M. Jensen, F.S.A., M.A.A.A.
Vice President - Insurance Product Development

Minneapolis, Minnesota
April 19, 1996

<PAGE>
PAGE 1

CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the caption "Experts"
and to the use of our reports dated February 2, 1996 on the
consolidated financial statements and schedules of IDS Life
Insurance Company and our report dated March 15, 1996 on the
financial statements of IDS Life Variable Life Separate Account for
Flexible Premium Survivorship Variable Life Insurance (comprising,
respectively, the U, V, W, X, Y and IL subaccounts) in Post
Effective Amendment No. 1 to the Registration Statement (Form S-6,
No. 33-62457) for the registration of the IDS Life Variable Life
Separate Account for Flexible Premium Survivorship Variable Life
Insurance to be offered by IDS Life Insurance Company.

Ernst & Young LLP
Minneapolis, Minnesota
April 26, 1996