SECURITY LIFE SEPARATE ACCOUNT A1
24F-2NT, 1996-02-28
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                    U.S. SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549

                                  FORM 24F-2

                       Annual Notice of Securities Sold
                            Pursuant to Rule 24f-2

1.     Name and address of issuer:

                 Security Life Separate Account A1
                 1290 Broadway
                 Denver, Colorado 80203-5699
 
2.     Name of each series or class of funds for which this notice is filed:

                 Security Life Separate Account A1 (File No. 33-72564)
                 Security Life Separate Account A1 (File No. 33-78444)
 
3.     Investment Company Act File Number:

                                           811-8196

       Securities Act File Number:

                                           33-72564
                                           33-78444
 
4.     Last day of fiscal year for which this notice is filed:

                                           December 31
 
5.     Check box if this notice is being file more than 180 days after the close
       of the issuer's fiscal year for purposes of reporting securities sold
       after the closed of the fiscal year but before determination of the
       issuer's 24f-2 declaration:

                                           [_]
 
6.     Date of termination of issuer's declaration under Rule 24f-2(a)(1),
       if applicable:

                                           Not Applicable
<PAGE>
 
7.     Number and amount of securities of the same class or series which
       had been registered under the Securities Act of 1933 other than pursuant
       to Rule 24f-2 in a prior fiscal year, but which remained unsold at the
       beginning of the fiscal year:

                                           0
 
8.     Number and amount of securities registered during the fiscal year other
       than pursuant to Rule 24f-2:

                                           0
 
9.     Number and aggregate sale price of securities sold during the fiscal
       year:
 
                                           $18,285,858
 
10.    Number and aggregate sale price of securities sold during the fiscal year
       in reliance upon registration pursuant or Rule 24f-2:
 
                                           $18,285,858  
 
11.    Number and aggregate sale price of securities issued during the fiscal
       year in connection with dividend reinvestment plans, if applicable:
 
                                           0
 
12.    Calculation of registration fee:

       (i)    Aggregate sale price of securities sold during the fiscal year in
              reliance on Rule 24f-2 (from Item 10):
 
                                           $18,285,858

       (ii)   Aggregate price of shares issued in connection with dividend 
              reinvestment plans (from Item 11, if applicable):
 
                                           0
 
       (iii)  Aggregate price of shares redeemed or repurchased during the
              fiscal year (if applicable):
 
                                           $   524,151
<PAGE>
 
       (iv)   Aggregate price of shares redeemed or repurchased and previously
              applied as a reduction to filing fees pursuant to Rule 24e-2 (if
              applicable):

                                           $         0
 
       (v)    Net aggregate price of securities sold and issued during the
              fiscal year in reliance on Rule 24f-2 [line (i), plus (ii), less
              line (iii), plus line (iv)] (if applicable):
 
                                           $17,761,707
 
       (vi)   Multiplier prescribed by Section 6(b) of the Securities Act of
              1933 or other applicable law or regulation:

                                           x  .0003448

       (vii)  Fee due [line (i) or line (v) multiplied by line (vi):
 
                                           $  6,124.24
 
                             
13.    Check box if fees are being remitted to the Commission's lockbox
       depository as described in Section 3a of the Commission's Rule of
       Informal and Other Procedures (17 CFR 202.3a):

                                           [_]
                             
       Date of mailing or wire transfer of filing fees to the Commission's
       lockbox depository:

                                           February 27, 1996

                                       SIGNATURES

This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.

By: /s/:  STEPHEN M. CHRISTOPHER
    -----------------------------------------------------------
    Stephen M. Christopher, President of Security Life of Denver
    Insurance Company, the Depositor of Security Life Separate Account A1

Date:   February 28, 1996


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