<PAGE>
Supplement Dated May 19, 1998, to
The Prospectus dated May 1, 1998, for
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
A FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY
issued by
Security Life of Denver Insurance Company
and its
Security Life Separate Account L1
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS.
PLEASE READ IT CAREFULLY AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
The following information replaces the similar text for the AIM Variable
Insurance Funds, Inc., found in the Portfolio Annual Expenses section of the
Prospectus on page 35:
Investment Oth Total Portfolio
Portfolio Management Fees Expenses Expenses
--------- --------------- -------- --------
AIM VARIABLE INSURANCE
FUNDS, INC.
AIM VI - Capital Appreciation 0.63% 0.05% 0.68%
AIM VI - Government Securities 0.50% 0.37% 0.87%
The "Illustrations of Death Benefits, Account Values, Surrender Values, and
Accumulated Premiums" section on pages 46-53 is hereby deleted and replaced in
its entirety as follows:
ILLUSTRATIONS OF DEATH BENEFITS, ACCOUNT VALUES,
SURRENDER VALUES, AND ACCUMULATED PREMIUMS
The following tables illustrate how the key financial elements of the Policy
work, specifically, how the death benefits, Account Values and Cash Surrender
Values could vary over an extended period of time. In addition, each table
compares these values with premiums paid accumulated with interest. The
Policies illustrated include the following:
<TABLE>
<CAPTION>
Death Benefit Definition of Life Stated Death Target Death
Sex Age Smoker Status Option Insurance Test Benefit Premium Benefit Page
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Male 45 Nonsmoker 1 CVAT 300,000 $5,750 300,000 48
Male 45 Nonsmoker 1 CVAT 150,000 $5,750 300,000 50
Male 45 Nonsmoker 1 GP 300,000 $5,750 300,000 52
</TABLE>
The tables show how death benefits, Account Values and Cash Surrender Values of
a hypothetical Policy could vary over an extended period of time if the
Divisions of the Variable Account had constant hypothetical gross annual
investment returns of 0%, 6% or 12% over the periods indicated in each table.
The values will differ from those shown in the tables if the annual investment
<PAGE>
returns are not absolutely constant. That is, the death benefits, Account
Values and Cash Surrender Values will be different if the returns averaged 0%,
6% or 12% over a period of years but went above or below those figures in
individual Policy years. These illustrations assume that no Policy Loan has
been taken. The amounts shown would differ if female or unisex rates were used.
The third column of each table shows what would happen if an amount equal to the
premiums were invested to earn interest, after taxes, of 5% compounded annually.
All premium payments are illustrated as if they were made at the beginning of
the year.
The amounts shown for death benefits, Account Values and Cash Surrender Values
sections reflect the fact that the net investment return on the Policy is lower
than the gross investment return on the Divisions of the Variable Account. This
results from the charges levied against the Divisions of the Variable Account
(i.e., the mortality and expense risk charge) as well as the premium loads,
administrative charges and Surrender Charges. The difference between the
Account Value and the Cash Surrender Value in the first two years is the Refund
of Sales Charge.
The tables illustrate cost of insurance and expense charges at both our current
rates (which are described under Monthly Deductions from the Account Value, page
32) and at the maximum rates we guarantee in the Policies. The amounts shown at
the end of each Policy year reflect a daily charge against the Variable Account
Divisions. This charge includes the charge against the Variable Account for
mortality and expense risks and the effect on each Division's investment
experience of the charge to Portfolio assets for investment management and
direct expenses. The mortality and expense risk fee is 0.75% annually on a
guaranteed basis; illustrations showing current rates reflect a guaranteed
persistency refund equivalent to 0.5% of the Account Value annually beginning
after the 10th Policy anniversary.
The tables also reflect a daily investment advisory fee equivalent to an annual
rate of .6635% of the aggregate average daily net assets of the Portfolios.
This hypothetical rate is a simple average of the maximum investment advisory
fee applicable to the Divisions of the Variable Account. Other expenses of the
Portfolios are assumed at the rate of .1274% of the average daily net assets of
the Portfolio, which is an average of all the Portfolios' other expenses,
including interest expenses. This amounts to .7909% of the average daily net
assets of an investment division including the investment advisory fee. Actual
fees vary by Portfolio and may be subject to agreements by the sponsor to waive
or otherwise reimburse each investment Division for operating expenses which
exceed certain limits. There can be no assurance that the expense reimbursement
arrangements will continue in the future, and any unreimbursed expenses would be
reflected in the values included on the tables.
The effect of these investment management, direct expenses and mortality and
expense risk charges on a 0% gross rate of return would result in a net rate of
return of (1.53)%, on 6% it would be 4.42%, and on 12% it would be 10.38%.
The tables assume the deduction of charges including administrative and sales
charges. The tables reflect the fact that we do not currently make any charge
against the Variable Account for state or Federal taxes. If such a charge is
made in the future, it will take a higher gross rate of return than the rates
shown to produce death benefits, Account Values, and Cash Surrender Values
shown.
We will furnish, upon request, a comparable illustration based on the Age and
sex of the proposed Insured, standard Premium Class assumptions and an initial
Stated Death Benefit, death benefit option and Scheduled Premiums chosen and
consistent with the Policy form. If the Owner purchases a Policy, we will
deliver an individualized illustration reflecting the Scheduled Premium chosen
and the Insured's actual risk class. After issuance we will provide upon
request an illustration of future Policy benefits based on both guaranteed and
current cost factor assumptions and actual Account Value.
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT: $300000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $5750.00
CASH VALUE ACCUMULATION TEST
SUMMARY PAGE
ASSUMING GUARANTEED CHARGES
Assuming Hypothetical Gross Investment Return of:
<TABLE>
<CAPTION>
--------0.00%-------- --------12.00%-------- --------6.00%--------
PREMIUM CASH CASH CASH
ACCUMULATED ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
YEAR PREMIUMS AT 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 5750 6037 3787 4075 300000 4314 4602 300000 4050 4338 300000
2 5750 12377 7451 7594 300000 9009 9152 300000 8213 8357 300000
3 5750 19033 10988 10988 300000 14121 14121 300000 12490 12490 300000
4 5750 26022 14396 14396 300000 19695 19695 300000 16884 16884 300000
5 5750 33361 17669 17669 300000 25770 25770 300000 21391 21391 300000
6 5750 41067 21207 21207 300000 32848 32848 300000 26440 26440 300000
7 5750 49157 24589 24589 300000 40577 40577 300000 31617 31617 300000
8 5750 57653 27798 27798 300000 49017 49017 300000 36914 36914 300000
9 5750 66573 30825 30825 300000 58241 58241 300000 42327 42327 300000
10 5750 75939 33650 33650 300000 68324 68324 300000 47844 47844 300000
15 5750 130281 45335 45335 300000 138780 138780 300000 78709 78709 300000
20 5750 199636 49375 49375 300000 252307 252307 449358 112884 112884 300000
25 5750 288152 40015 40015 300000 423550 423550 668785 149682 149682 300000
30 5750 401124 4661 4661 300000 674875 674875 959673 189607 189607 300000
AGE 65 5750 215655 48804 48804 300000 281277 281277 488296 120024 120024 300000
</TABLE>
THE EXPENSE CHARGES AND COST OF INSURANCE RATES WILL NEVER BE GREATER THAN THOSE
WHICH WERE USED TO CALCULATE THE ABOVE VALUES.
THE HYPOTHETICAL GROSS RATES OF RETURN SHOWN ARE ILLUSTRATIVE ONLY AND SHOULD
NOT BE DEEMED AS A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL
INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A
NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE TO THE DIVISIONS OF
THE VARIABLE ACCOUNT AND THE GUARANTEED INTEREST DIVISION AND THE INVESTMENT
EXPERIENCE OF THE DIVISIONS. NO REPRESENTATION CAN BE MADE THAT THESE
HYPOTHETICAL GROSS INVESTMENT RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.
THE DEATH BENEFIT, ACCOUNT VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED
0.00%, 12.00% AND 6.00% OVER A PERIOD OF YEARS BUT VARIED ABOVE OR BELOW THAT
AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF PREMIUMS WERE PAID
IN A DIFFERENT FREQUENCY THAN SHOWN.
________________________________________________________________________________
Strategic Advantage 48
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT: $300000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $5750.00
CASH VALUE ACCUMULATION TEST
SUMMARY PAGE
ASSUMING CURRENT CHARGES
Assuming Hypothetical Gross Investment Return of:
<TABLE>
<CAPTION>
--------0.00%-------- --------12.00%-------- --------6.00%--------
PREMIUM CASH CASH CASH
ACCUMULATED ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
YEAR PREMIUMS AT 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 5750 6037 4242 4529 300000 4797 5085 300000 4519 4807 300000
2 5750 12377 8192 8336 300000 9854 9998 300000 9006 9150 300000
3 5750 19033 11895 11895 300000 15242 15242 300000 13501 13501 300000
4 5750 26022 15454 15454 300000 21106 21106 300000 18108 18108 300000
5 5750 33361 18953 18953 300000 27581 27581 300000 22918 22918 300000
6 5750 41067 22791 22791 300000 35177 35177 300000 28360 28360 300000
7 5750 49157 26564 26564 300000 43572 43572 300000 34043 34043 300000
8 5750 57653 30234 30234 300000 52816 52816 300000 39941 39941 300000
9 5750 66573 33783 33783 300000 62984 62984 300000 46048 46048 300000
10 5750 75939 37208 37208 300000 74178 74178 300000 52368 52368 300000
15 5750 130281 53136 53136 300000 153330 153330 312487 89190 89190 300000
20 5750 199636 62505 62505 300000 280121 280121 498896 131970 131970 300000
25 5750 288152 61520 61520 300000 475379 475379 750624 182511 182511 300000
30 5750 401124 40936 40936 300000 767749 767749 1091738 242003 242003 344129
AGE 65 5750 215655 63317 63317 300000 312864 312864 543132 141363 141363 300000
</TABLE>
THE CURRENT COST OF INSURANCE RATES ARE SUBJECT TO CHANGE. ACCOUNT VALUES WILL
VARY FROM THOSE ILLUSTRATED IF ACTUAL RATES DIFFER FROM THOSE ASSUMED. CURRENT
MORTALITY CHARGE RATES ARE BASED ON CURRENT MORTALITY EXPERIENCE AND ARE NOT
DEPENDENT UPON FUTURE IMPROVEMENTS IN UNDERLYING MORTALITY.
THE HYPOTHETICAL GROSS RATES OF RETURN SHOWN ARE ILLUSTRATIVE ONLY AND SHOULD
NOT BE DEEMED AS A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL
INVESTMENT RESULTS AND POLICY CHARGES MAY BE MORE OR LESS THAN THOSE SHOWN AND
WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE TO
THE DIVISIONS OF THE VARIABLE ACCOUNT AND THE GUARANTEED INTEREST DIVISION AND
THE INVESTMENT EXPERIENCE OF THE DIVISIONS. NO REPRESENTATION CAN BE MADE THAT
THESE HYPOTHETICAL GROSS INVESTMENT RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.
THE DEATH BENEFIT, ACCOUNT VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED
0.00%, 12.00% AND 6.00% OVER A PERIOD OF YEARS BUT VARIED ABOVE OR BELOW THAT
AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF PREMIUMS WERE PAID
IN A DIFFERENT FREQUENCY THAN SHOWN.
________________________________________________________________________________
Strategic Advantage 49
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT: $150000 DEATH BENEFIT OPTION 1
INITIAL ADJUSTABLE TERM RIDER: $150000 ANNUAL PREMIUM: $5750.00
CASH VALUE ACCUMULATION TEST
SUMMARY PAGE
ASSUMING GUARANTEED CHARGES
Assuming Hypothetical Gross Investment Return of:
<TABLE>
<CAPTION>
--------0.00%-------- --------12.00%-------- --------6.00%--------
PREMIUM CASH CASH CASH
ACCUMULATED AT ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
YEAR PREMIUMS 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 5750 6037 3787 4074 300000 4314 4601 300000 4050 4337 300000
2 5750 12377 7450 7593 300000 9008 9151 300000 8212 8356 300000
3 5750 19033 10986 10986 300000 14120 14120 300000 12489 12489 300000
4 5750 26022 14395 14395 300000 19693 19693 300000 16882 16882 300000
5 5750 33361 17667 17667 300000 25768 25768 300000 21389 21389 300000
6 5750 41067 21205 21205 300000 32845 32845 300000 26438 26438 300000
7 5750 49157 24587 24587 300000 40574 40574 300000 31615 31615 300000
8 5750 57653 27796 27796 300000 49014 49014 300000 36912 36912 300000
9 5750 66573 30824 30824 300000 58238 58238 300000 42325 42325 300000
10 5750 75939 33650 33650 300000 68321 68321 300000 47842 47842 300000
15 5750 130281 45349 45349 300000 138783 138783 300000 78723 78723 300000
20 5750 199636 49448 49448 300000 252312 252312 449368 112953 112953 300000
25 5750 288152 40294 40294 300000 423559 423559 668799 149900 149900 300000
30 5750 401124 5636 5636 300000 674889 674889 959692 190165 190165 300000
AGE 65 5750 215655 48901 48901 300000 281283 281283 488307 120113 120113 300000
</TABLE>
THE EXPENSE CHARGES AND COST OF INSURANCE RATES WILL NEVER BE GREATER THAN THOSE
WHICH WERE USED TO CALCULATE THE ABOVE VALUES.
THE HYPOTHETICAL GROSS RATES OF RETURN SHOWN ARE ILLUSTRATIVE ONLY AND SHOULD
NOT BE DEEMED AS A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL
INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A
NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE TO THE DIVISIONS OF
THE VARIABLE ACCOUNT AND THE GUARANTEED INTEREST DIVISION AND THE INVESTMENT
EXPERIENCE OF THE DIVISIONS. NO REPRESENTATION CAN BE MADE THAT THESE
HYPOTHETICAL GROSS INVESTMENT RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.
THE DEATH BENEFIT, ACCOUNT VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED
0.00%, 12.00% AND 6.00% OVER A PERIOD OF YEARS BUT VARIED ABOVE OR BELOW THAT
AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF PREMIUMS WERE PAID
IN A DIFFERENT FREQUENCY THAN SHOWN.
________________________________________________________________________________
Stategic Advantage 50
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT: $150000 DEATH BENEFIT OPTION 1
INITIAL ADJUSTABLE TERM RIDER: $150000 ANNUAL PREMIUM: $5750.00
CASH VALUE ACCUMULATION TEST
SUMMARY PAGE
ASSUMING CURRENT CHARGES
Assuming Hypothetical Gross Investment Return of:
<TABLE>
<CAPTION>
--------0.00%-------- --------12.00%-------- --------6.00%--------
PREMIUM CASH CASH CASH
ACCUMULATED AT ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
YEAR PREMIUMS 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 5750 6037 4422 4710 300000 4990 5277 300000 4706 4993 300000
2 5750 12377 8626 8770 300000 10339 10483 300000 9465 9609 300000
3 5750 19033 12640 12640 300000 16115 16115 300000 14308 14308 300000
4 5750 26022 16523 16523 300000 22427 22427 300000 19298 19298 300000
5 5750 33361 20322 20322 300000 29378 29378 300000 24488 24488 300000
6 5750 41067 24441 24441 300000 37484 37484 300000 30312 30312 300000
7 5750 49157 28474 28474 300000 46425 46425 300000 36377 36377 300000
8 5750 57653 32409 32409 300000 56284 56284 300000 42685 42685 300000
9 5750 66573 36235 36235 300000 67136 67136 300000 49235 49235 300000
10 5750 75939 39935 39935 300000 79043 79043 300000 56023 56023 300000
15 5750 130281 57098 57098 300000 162296 162296 330760 95331 95331 300000
20 5750 199636 68132 68132 300000 294454 294454 524423 141179 141179 300000
25 5750 288152 70621 70621 300000 497929 497929 786230 195843 195843 309237
30 5750 401124 57214 57214 300000 802544 802544 1141217 257781 257781 366565
AGE 65 5750 215655 69434 69434 300000 328577 328577 570410 151316 151316 300000
</TABLE>
THE CURRENT COST OF INSURANCE RATES ARE SUBJECT TO CHANGE. ACCOUNT VALUES WILL
VARY FROM THOSE ILLUSTRATED IF ACTUAL RATES DIFFER FROM THOSE ASSUMED. CURRENT
MORTALITY CHARGE RATES ARE BASED ON CURRENT MORTALITY EXPERIENCE AND ARE NOT
DEPENDENT UPON FUTURE IMPROVEMENTS IN UNDERLYING MORTALITY.
THE HYPOTHETICAL GROSS RATES OF RETURN SHOWN ARE ILLUSTRATIVE ONLY AND SHOULD
NOT BE DEEMED AS A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL
INVESTMENT RESULTS AND POLICY CHARGES MAY BE MORE OR LESS THAN THOSE SHOWN AND
WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE TO
THE DIVISIONS OF THE VARIABLE ACCOUNT AND THE GUARANTEED INTEREST DIVISION AND
THE INVESTMENT EXPERIENCE OF THE DIVISIONS. NO REPRESENTATION CAN BE MADE THAT
THESE HYPOTHETICAL GROSS INVESTMENT RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.
THE DEATH BENEFIT, ACCOUNT VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED
0.00%, 12.00% AND 6.00% OVER A PERIOD OF YEARS BUT VARIED ABOVE OR BELOW THAT
AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF PREMIUMS WERE PAID
IN A DIFFERENT FREQUENCY THAN SHOWN.
________________________________________________________________________________
Strategic Advantage 51
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT: $300000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $5750.00
GUIDELINE PREMIUM TEST
SUMMARY PAGE
ASSUMING GUARANTEED CHARGES
Assuming Hypothetical Gross Investment Return of:
<TABLE>
<CAPTION>
--------0.00%-------- --------12.00%-------- --------6.00%--------
PREMIUM CASH CASH CASH
ACCUMULATED AT ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
YEAR PREMIUMS 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 5750 6037 3787 4075 300000 4314 4602 300000 4050 4338 300000
2 5750 12377 7451 7594 300000 9009 9152 300000 8213 8357 300000
3 5750 19033 10988 10988 300000 14121 14121 300000 12490 12490 300000
4 5750 26022 14396 14396 300000 19695 19695 300000 16884 16884 300000
5 5750 33361 17669 17669 300000 25770 25770 300000 21391 21391 300000
6 5750 41067 21207 21207 300000 32848 32848 300000 26440 26440 300000
7 5750 49157 24589 24589 300000 40577 40577 300000 31617 31617 300000
8 5750 57653 27798 27798 300000 49017 49017 300000 36914 36914 300000
9 5750 66573 30825 30825 300000 58241 58241 300000 42327 42327 300000
10 5750 75939 33650 33650 300000 68324 68324 300000 47844 47844 300000
15 5750 130281 45335 45335 300000 138780 138780 300000 78709 78709 300000
20 5750 199636 49375 49375 300000 258682 258682 315593 112884 112884 300000
25 5750 288152 40015 40015 300000 460272 460272 533915 149682 149682 300000
30 5750 401124 4661 4661 300000 791478 791478 846882 189607 189607 300000
AGE 65 5750 215655 48804 48804 300000 291550 291550 349860 120024 120024 300000
</TABLE>
THE EXPENSE CHARGES AND COST OF INSURANCE RATES WILL NEVER BE GREATER THAN THOSE
WHICH WERE USED TO CALCULATE THE ABOVE VALUES.
THE HYPOTHETICAL GROSS RATES OF RETURN SHOWN ARE ILLUSTRATIVE ONLY AND SHOULD
NOT BE DEEMED AS A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL
INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A
NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE TO THE DIVISIONS OF
THE VARIABLE ACCOUNT AND THE GUARANTEED INTEREST DIVISION AND THE INVESTMENT
EXPERIENCE OF THE DIVISIONS. NO REPRESENTATION CAN BE MADE THAT THESE
HYPOTHETICAL GROSS INVESTMENT RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.
THE DEATH BENEFIT, ACCOUNT VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED
0.00%, 12.00% AND 6.00% OVER A PERIOD OF YEARS BUT VARIED ABOVE OR BELOW THAT
AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF PREMIUMS WERE PAID
IN A DIFFERENT FREQUENCY THAN SHOWN.
________________________________________________________________________________
Strategic Advantage 52
<PAGE>
PROSPECT: INSURED'S NAME:
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT: $300000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $5750.00
GUIDELINE PREMIUM TEST
SUMMARY PAGE
ASSUMING CURRENT CHARGES
Assuming Hypothetical Gross Investment Return of:
<TABLE>
<CAPTION>
--------0.00%-------- --------12.00%-------- --------6.00%--------
PREMIUM CASH CASH CASH
ACCUMULATED AT ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
YEAR PREMIUMS 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 5750 6037 4242 4529 300000 4797 5085 300000 4519 4807 300000
2 5750 12377 8192 8336 300000 9854 9998 300000 9006 9150 300000
3 5750 19033 11895 11895 300000 15242 15242 300000 13501 13501 300000
4 5750 26022 15454 15454 300000 21106 21106 300000 18108 18108 300000
5 5750 33361 18953 18953 300000 27581 27581 300000 22918 22918 300000
6 5750 41067 22791 22791 300000 35177 35177 300000 28360 28360 300000
7 5750 49157 26564 26564 300000 43572 43572 300000 34043 34043 300000
8 5750 57653 30234 30234 300000 52816 52816 300000 39941 39941 300000
9 5750 66573 33783 33783 300000 62984 62984 300000 46048 46048 300000
10 5750 75939 37208 37208 300000 74178 74178 300000 52368 52368 300000
15 5750 130281 53136 53136 300000 153347 153347 300000 89190 89190 300000
20 5750 199636 62505 62505 300000 287173 287173 350351 131970 131970 300000
25 5750 288152 61520 61520 300000 509657 509657 591202 182511 182511 300000
30 5750 401124 40936 40936 300000 876179 876179 937512 245999 245999 300000
AGE 65 5750 215655 63317 63317 300000 323360 323360 388032 141363 141363 300000
</TABLE>
THE CURRENT COST OF INSURANCE RATES ARE SUBJECT TO CHANGE. ACCOUNT VALUES WILL
VARY FROM THOSE ILLUSTRATED IF ACTUAL RATES DIFFER FROM THOSE ASSUMED. CURRENT
MORTALITY CHARGE RATES ARE BASED ON CURRENT MORTALITY EXPERIENCE AND ARE NOT
DEPENDENT UPON FUTURE IMPROVEMENTS IN UNDERLYING MORTALITY.
THE HYPOTHETICAL GROSS RATES OF RETURN SHOWN ARE ILLUSTRATIVE ONLY AND SHOULD
NOT BE DEEMED AS A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL
INVESTMENT RESULTS AND POLICY CHARGES MAY BE MORE OR LESS THAN THOSE SHOWN AND
WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE TO
THE DIVISIONS OF THE VARIABLE ACCOUNT AND THE GUARANTEED INTEREST DIVISION AND
THE INVESTMENT EXPERIENCE OF THE DIVISIONS. NO REPRESENTATION CAN BE MADE THAT
THESE HYPOTHETICAL GROSS INVESTMENT RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR OR
SUSTAINED OVER ANY PERIOD OF TIME.
THE DEATH BENEFIT, ACCOUNT VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE
DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED
0.00%, 12.00% AND 6.00% OVER A PERIOD OF YEARS BUT VARIED ABOVE OR BELOW THAT
AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF PREMIUMS WERE PAID
IN A DIFFERENT FREQUENCY THAN SHOWN.
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Strategic Advantage 53
