<PAGE>
SUPPLEMENT DATED OCTOBER 26, 1998, TO
THE PROSPECTUS DATED MAY 1, 1998
EXCHEQUER VARIABLE ANNUITY
A FLEXIBLE PREMIUM DEFERRED COMBINATION
FIXED AND VARIABLE ANNUITY CONTRACT
ISSUED BY
SECURITY LIFE OF DENVER INSURANCE COMPANY
AND
SECURITY LIFE SEPARATE ACCOUNT A1
THE SUPPLEMENT DATED SEPTEMBER 23, 1998 IS DELETED AND REPLACED IN ITS ENTIRETY
WITH THIS SUPPLEMENT.
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS.
PLEASE READ IT CAREFULLY AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
Effective July 6, 1998, INVESCO Funds Group, Inc. ("IFG"), the investment
adviser to INVESCO Variable Investment Funds, Inc., changed the arrangements by
which it voluntarily absorbs certain expenses of the INVESCO VIF - High Yield
Portfolio, INVESCO VIF - Industrial Income Portfolio, INVESCO VIF - Total Return
Portfolio and INVESCO VIF - Utilities Portfolio. See Pages 9 - 11 of the
prospectus. The annual expenses of these Portfolios, restated to reflect these
changes, are as follows:
PORTFOLIO INVESTMENT OTHER EXPENSES TOTAL
MANAGEMENT PORTFOLIO
FEE EXPENSES
========================================================================
INVESCO VIF - High 0.60% 0.45% 1.05%
Yield Portfolio
INVESCO VIF - 0.75% 0.40% 1.15%
Industrial Income
Portfolio
INVESCO VIF - Total 0.75% 0.40% 1.15%
Return Portfolio
INVESCO VIF - 0.60% 0.55% 1.15%
Utilities Portfolio
* * *
The examples depicting the dollar amount of expenses on Page 12 are changed as
follows:
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IF YOU SURRENDERED YOUR IF YOU DO NOT SURRENDER YOUR
CONTRACT AT THE END OF THE CONTRACT OR IF YOU ANNUITIZE AT
STATED PERIOD. THE END OF THE STATED PERIOD.
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 3 5 10 1 3 5 10
DIVISION INVESTING IN: Year Years Years Years Year Years Years Years
- -------------------------------------------------------------------------------------------------------------------------------
INVESCO Variable Investment Funds, Inc.
INVESCO VIF - High Yield Portfolio 97 131 169 293 27 81 139 293
INVESCO VIF - Industrial Income Portfolio 97 134 173 303 28 84 143 303
INVESCO VIF - Total Return Portfolio 98 134 173 303 28 84 143 303
INVESCO VIF - Utilities Portfolio 98 134 173 303 28 84 143 303
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