<PAGE>
SUPPLEMENT DATED FEBRUARY 19, 1998 TO
THE PROSPECTUS DATED DECEMBER 31, 1997, FOR
FIRSTLINE 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 modifies the text found in the first paragraph of the
cover page of the Prospectus:
The statement, "On or before May 1, 1998, six additional Divisions of
the Variable Account will become available." is hereby revised to read:
"On February 19, 1998, six additional Divisions of the Variable Account
are available."
The following information replaces the similar information found on pages 2 and
7 of the Prospectus:
Customer Service Center
PO Box 173888
Denver, CO 80217-3888
(800) 848-6362
The following information is added to the Definition of Special Terms Used in
the Prospectus section on pages 7 - 9 of the Prospectus:
Delivery Period -- The period which begins on the date the Policy is
issued and ends on the earlier of (a) the date the Policy was delivered,
as long as we receive notice of the delivery date at our Customer
Service Center before the date defined in (b) or, (b) the date the
Policy is mailed from our Customer Service Center plus the deemed
mailing time. The deemed mailing time is five days, unless required
otherwise by the state in which the Policy is issued.
And, the phrase "Delivery and Free Look Periods" is substituted for the
term, "Free Look Period" in the Policy Summary on page 2 (second
occurrence only); and in the Allocation of Net Premiums sections on
pages 11 and 21.
1
<PAGE>
The following information is added to the section titled, "Maximum Number of
Investment Divisions" on page 15 of the Prospectus:
For Policies issued before December 31, 1997, Owners may access a one-
time opportunity to remove the policy investment history (only for
purposes of the 18-Fund maximum); thus increasing their future
investment options. However, this procedure may require restricted
investment options for a short period of time and such policies may
experience some servicing delays as a result of the removal of Policy
history from the current administrative system.
The following information modifies the investment objective of the INVESCO VIF
Small Company Growth Fund on page 17 of the Prospectus:
The statement "Will become available for investment on or before May 1,
1998" is deleted and is replaced with "Available for investment
beginning February 19, 1998."
The following information modifies the investment objective of the Van Eck
Worldwide Real Estate Fund on page 18 of the Prospectus:
The statement, "Will become available for investment on or before May 1,
1998" is deleted and is replaced with "Available for investment
beginning February 19, 1998".
The following information modifies the investment objective of the Van Eck
Worldwide Bond Fund on page 18 of the Prospectus:
The statement, "Will become available for investment on or before May 1,
1998" is deleted and is replaced with "Available for investment
beginning February 19, 1998".
The following information modifies the investment objective of the Van Eck
Worldwide Emerging Markets Fund on page 18 of the Prospectus:
The statement, "Will become available for investment on or before May 1,
1998" is deleted and is replaced with "Available for investment
beginning February 19, 1998".
The following information modifies the investment objective of the AIM VI
Capital Appreciation Portfolio on page 18 of the Prospectus:
The statement, "Will become available for investment on or before May 1,
1998" is deleted and is replaced with "Available for investment
beginning February 19, 1998".
2
<PAGE>
The following information modifies the investment objective of the AIM VI
Government Securities Portfolio on page 18 of the Prospectus:
The statement, "Will become available for investment on or before May 1,
1998" is deleted and is replaced with "Available for investment
beginning February 19, 1998".
The following information modifies the section titled, Changes in Death Benefit
Amounts, on pages 24 - 25 of the Prospectus:
The first paragraph and the first sentence of the second paragraph of
this section are hereby deleted and replaced with:
"An increase or decrease in the death benefit of the Policy may be
requested by the Owner. This request will be effective as of the next
monthly processing date after the request is received by our Customer
Service Center unless there are underwriting or other requirements. A
change in coverage may not be for an amount less than $1,000. Decreases
in the death benefit are permitted only after the first annual policy
anniversary."
The following information modifies the text found on page 29 of the Prospectus,
in the Dollar Cost Averaging section:
The statement, "On or before May 1, 1998, the following additional
options will be made available under the Dollar Cost Averaging program:"
is hereby revised to read: "Effective February 19, 1998, the following
options are available under the Dollar Cost Averaging program:".
The following information modifies the text found on page 30 of the Prospectus,
in the Automatic Rebalancing section:
The statement, "On or before May 1, 1998 the following additional
options will be made available under the Automatic Rebalancing program:"
is hereby revised to read: "Effective February 19, 1998, the following
options are available under the Automatic Rebalancing program:".
The following information modifies the text found on page 31 of the Prospectus
in the Policy Loans section:
The word, "compound" is hereby deleted from the first sentence of the
second paragraph and the last sentence of the fourth paragraph.
The following information is added to the section titled, Surrender, on page 32
of the Prospectus:
Costs and expenses which have been deducted from the Net Account Value
on the Monthly Processing Date preceding the surrender will not be added
or pro-rated at surrender.
3
<PAGE>
The table of "Portfolio Annual Expenses" and its accompanying footnotes on pages
40 - 41 are hereby modified as follows:
All references to footnote 13 are deleted.
Appendix C, "Performance Information", and its footnotes on pages 147 - 153 are
hereby modified as follows:
All references to footnote 2 are deleted.
The "Illustrations of Death Benefits, Account Values, Surrender Values, and
Accumulated Premiums" section on pages 51 - 58 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>
Definition of Stated Target
Smoker Death Benefit Life Death Death
Sex Age Status Option Insurance Test Benefit Premium Benefit
- ------ --- --------- ------------- ---------------- -------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Male 45 Nonsmoker 1 CVAT 200,000 $3,750 200,000
Male 45 Nonsmoker 1 CVAT 100,000 $3,750 200,000
Male 45 Nonsmoker 1 GP 200,000 $3,750 200,000
</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
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
4
<PAGE>
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 14 years is the Surrender 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
34) 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 .7178% of the aggregate average daily net assets of the Portfolios.
This hypothetical rate is representative of the average maximum investment
advisory fee applicable to the Divisions of the Variable Account. Other
expenses of the Portfolios are assumed at the rate of .1735% 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 .8913% 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 (1.63)%, on 6% it would be 4.32%, and on 12% it would be 10.28%.
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.
5
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
FIRSTLINE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT:$ 200000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $ 3750.00
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 3750 3937 2627 1139 200000 2992 1505 200000 2809 1322 200000
2 3750 8072 5167 3492 200000 6248 4573 200000 5696 4021 200000
3 3750 12413 7619 5757 200000 9793 7931 200000 8662 6799 200000
4 3750 16971 10102 8052 200000 13784 11734 200000 11831 9781 200000
5 3750 21757 12489 10289 200000 18135 15935 200000 15085 12885 200000
6 3750 26783 14781 12581 200000 22886 20686 200000 18425 16225 200000
7 3750 32059 16966 14766 200000 28071 25871 200000 21847 19647 200000
8 3750 37600 19035 17110 200000 33729 31804 200000 25345 23420 200000
9 3750 43417 20982 19332 200000 39907 38257 200000 28915 27265 200000
10 3750 49525 22793 21418 200000 46656 45281 200000 32549 31174 200000
15 3750 84966 30210 30210 200000 93733 93733 200000 52831 52831 200000
20 3750 130197 32500 32500 200000 169104 169104 301174 75106 75106 200000
25 3750 187925 25818 25818 200000 282217 282217 445620 98773 98773 200000
30 3750 261603 1740 1740 200000 447409 447409 636215 123804 123804 200000
AGE 65 3750 140644 32034 32034 200000 188280 188280 326854 79728 79728 200000
</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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
6
<PAGE>
PROSPECT: INSURED'S NAME:
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
FIRSTLINE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT:$ 200000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $ 3750.00
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
YEAR PREMIUMS ACCUMULATED ACCOUNT SURR DEATH ACCOUNT SURR DEATH ACCOUNT SURR DEATH
AT 5% VALUE VALUE BENEFIT VALUE VALUE BENEFIT VALUE VALUE BENEFIT
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 3750 3937 2836 1348 200000 3215 1727 200000 3025 1537 200000
2 3750 8072 5477 3802 200000 6605 4930 200000 6029 4354 200000
3 3750 12413 7926 6063 200000 10188 8325 200000 9011 7148 200000
4 3750 16971 10405 8355 200000 14221 12171 200000 12196 10146 200000
5 3750 21757 12789 10589 200000 18619 16419 200000 15468 13268 200000
6 3750 26783 15076 12876 200000 23422 21222 200000 18827 16627 200000
7 3750 32059 17289 15089 200000 28696 26496 200000 22300 20100 200000
8 3750 37600 19437 17512 200000 34503 32578 200000 25901 23976 200000
9 3750 43417 21546 19896 200000 40927 39277 200000 29663 28013 200000
10 3750 49525 23594 22219 200000 48014 46639 200000 33573 32198 200000
15 3750 84966 34030 34030 200000 99006 99006 201775 57287 57287 200000
20 3750 130197 41457 41457 200000 182044 182044 324221 85846 85846 200000
25 3750 187925 43643 43643 200000 311932 311932 492541 120133 120133 200000
30 3750 261603 36086 36086 200000 510440 510440 725845 161231 161231 229271
AGE 65 3750 140644 42390 42390 200000 203646 203646 353530 92177 92177 200000
</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 INVESTMENTS 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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
7
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
FIRSTLINE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT:$100000 DEATH BENEFIT OPTION 1
INITIAL ADJUSTABLE TERM RIDER:$100000 ANNUAL PREMIUM: $3750.00
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 3750 3937 2626 1789 200000 2992 2155 200000 2809 1971 200000
2 3750 8072 5166 4141 200000 6248 5223 200000 5695 4670 200000
3 3750 12413 7618 6518 200000 9792 8692 200000 8661 7561 200000
4 3750 16971 10101 9001 200000 13782 12682 200000 11830 10730 200000
5 3750 21757 12488 11388 200000 18133 17033 200000 15083 13983 200000
6 3750 26783 14779 13679 200000 22884 21784 200000 18424 17324 200000
7 3750 32059 16964 15864 200000 28069 26969 200000 21846 20746 200000
8 3750 37600 19034 18072 200000 33726 32764 200000 25343 24381 200000
9 3750 43417 20981 20156 200000 39905 39080 200000 28913 28088 200000
10 3750 49525 22792 22105 200000 46654 45966 200000 32548 31861 200000
15 3750 84966 30220 30220 200000 93735 93735 200000 52840 52840 200000
20 3750 130197 32548 32548 200000 169107 169107 301179 75152 75152 200000
25 3750 187925 26003 26003 200000 282222 282222 445628 98919 98919 200000
30 3750 261603 2387 2387 200000 447416 447416 636226 124189 124189 200000
AGE 65 3750 140644 32099 32099 200000 188283 188283 326860 79787 79787 200000
</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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
8
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
FIRSTLINE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT:$ 100000 DEATH BENEFIT OPTION 1
INITIAL ADJUSTABLE TERM RIDER:$ 100000 ANNUAL PREMIUM:$ 3750.00
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 3750 3937 3004 2166 200000 3394 2556 200000 3198 2361 200000
2 3750 8072 5860 4835 200000 7033 6008 200000 6435 5410 200000
3 3750 12413 8575 7475 200000 10951 9851 200000 9715 8615 200000
4 3750 16971 11325 10225 200000 15362 14262 200000 13222 12122 200000
5 3750 21757 13991 12891 200000 20196 19096 200000 16846 15746 200000
6 3750 26783 16576 15476 200000 25501 24401 200000 20593 19493 200000
7 3750 32059 19090 17990 200000 31340 30240 200000 24480 23380 200000
8 3750 37600 21542 20580 200000 37779 36817 200000 28523 27560 200000
9 3750 43417 23940 23115 200000 44876 44051 200000 32735 31910 200000
10 3750 49525 26264 25576 200000 52656 51969 200000 37107 36420 200000
15 3750 84966 37379 37379 200000 107473 107473 219031 62763 62763 200000
20 3750 130197 44854 44854 200000 195636 195636 348429 93167 93167 200000
25 3750 187925 47100 47100 200000 333510 333510 526612 130147 130147 205502
30 3750 261603 39813 39813 200000 544177 544177 773820 173261 173261 246377
AGE 65 3750 140644 45788 45788 200000 218569 218569 379435 99952 99952 200000
</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 INVESTMENTS 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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
9
<PAGE>
PROSPECT: INSURED'S NAME
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
FIRSTLINE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT:$ 200000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM:$ 3750.00
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 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 3750 3937 2627 1139 200000 2992 1505 200000 2809 1322 200000
2 3750 8072 5167 3492 200000 6248 4573 200000 5696 4021 200000
3 3750 12413 7619 5757 200000 9793 7931 200000 8662 6799 200000
4 3750 16971 10102 8052 200000 13784 11734 200000 11831 9781 200000
5 3750 21757 12489 10289 200000 18135 15935 200000 15085 12885 200000
6 3750 26783 14781 12581 200000 22886 20686 200000 18425 16225 200000
7 3750 32059 16966 14766 200000 28071 25871 200000 21847 19647 200000
8 3750 37600 19035 17110 200000 33729 31804 200000 25345 23420 200000
9 3750 43417 20982 19332 200000 39907 38257 200000 28915 27265 200000
10 3750 49525 22793 21418 200000 46656 45281 200000 32549 31174 200000
15 3750 84966 30210 30210 200000 93733 93733 200000 52831 52831 200000
20 3750 130197 32500 32500 200000 173523 173523 211698 75106 75106 200000
25 3750 187925 25818 25818 200000 306941 306941 356051 98773 98773 200000
30 3750 261603 1740 1740 200000 525155 525155 561916 123804 123804 200000
AGE 65 3750 140644 32034 32034 200000 195320 195320 234384 79728 79728 200000
</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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
10
<PAGE>
PROSPECT: INSURED'S NAME:
MALE 45 NON-SMOKER PRESENTED BY:
SECURITY LIFE
FIRSTLINE VARIABLE UNIVERSAL LIFE
STATED DEATH BENEFIT:$ 200000 DEATH BENEFIT OPTION 1
ANNUAL PREMIUM: $ 3750.00
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 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 3750 3937 2836 1348 200000 3215 1727 200000 3025 1537 200000
2 3750 8072 5477 3802 200000 6605 4930 200000 6029 4354 200000
3 3750 12413 7926 6063 200000 10188 8325 200000 9011 7148 200000
4 3750 16971 10405 8355 200000 14221 12171 200000 12196 10146 200000
5 3750 21757 12789 10589 200000 18619 16419 200000 15468 13268 200000
6 3750 26783 15076 12876 200000 23422 21222 200000 18827 16627 200000
7 3750 32059 17289 15089 200000 28696 26496 200000 22300 20100 200000
8 3750 37600 19437 17512 200000 34503 32578 200000 25901 23976 200000
9 3750 43417 21546 19896 200000 40927 39277 200000 29663 28013 200000
10 3750 49525 23594 22219 200000 48014 46639 200000 33573 32198 200000
15 3750 84966 34030 34030 200000 99007 99007 200000 57287 57287 200000
20 3750 130197 41457 41457 200000 185524 185524 226340 85846 85846 200000
25 3750 187925 43643 43643 200000 329412 329412 382118 120133 120133 200000
30 3750 261603 36086 36086 200000 566366 566366 606012 163147 163147 200000
AGE 65 3750 140644 42390 42390 200000 208910 208910 250692 92177 92177 200000
</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 INVESTMENTS 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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
11
