<PAGE>
SUPPLEMENT DATED FEBRUARY 19, 1998, TO
THE PROSPECTUS DATED DECEMBER 31, 1997, 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 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
6 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 6 - 8 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 summary on page 2 (second occurrence
only); and in the Allocation of Net Premiums sections on pages 10 and
20.
1
<PAGE>
The following information is added to the section titled, "Maximum Number of
Investment Divisions" on page 14 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 16 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 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 Bond 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 Emerging Markets 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 AIM VI
Capital Appreciation Portfolio 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".
2
<PAGE>
The following information modifies the investment objective of the AIM VI
Government Securities Portfolio 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 section titled, Changes in Death Benefit
Amounts, on pages 23 - 24 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 28 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 29 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 29 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 pages
30 - 31 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
36 - 37 are hereby modified as follows:
All references to footnote 13 are deleted.
Appendix C, "Performance Information", and its footnotes on pages 143 - 149 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 47 - 54 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>
Smoker Death Benefit Definition of Life Stated Death Target Death
Sex Age Status Option Insurance Test Benefit Premium Benefit
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Male 45 Nonsmoker 1 CVAT 300,000 $5,750 300,000
Male 45 Nonsmoker 1 CVAT 150,000 $5,750 300,000
Male 45 Nonsmoker 1 GP 300,000 $5,750 300,000
</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.
4
<PAGE>
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 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
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 .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
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 3783 4070 300000 4310 4597 300000 4046 4333 300000
2 5750 12377 7438 7582 300000 8995 9139 300000 8200 8344 300000
3 5750 19033 10964 10964 300000 14093 14093 300000 12464 12464 300000
4 5750 26022 14357 14357 300000 19645 19645 300000 16840 16840 300000
5 5750 33361 17612 17612 300000 25691 25691 300000 21324 21324 300000
6 5750 41067 21129 21129 300000 32730 32730 300000 26344 26344 300000
7 5750 49157 24485 24485 300000 40409 40409 300000 31485 31485 300000
8 5750 57653 27667 27667 300000 48786 48786 300000 36739 36739 300000
9 5750 66573 30663 30663 300000 57930 57930 300000 42102 42102 300000
10 5750 75939 33454 33454 300000 67916 67916 300000 47561 47561 300000
15 5750 130281 44926 44926 300000 137457 137457 300000 77974 77974 300000
20 5750 199636 48698 48698 300000 249126 249126 443693 111329 111329 300000
25 5750 288152 39029 39029 300000 416811 416811 658145 146668 146668 300000
30 5750 401124 3345 3345 300000 661736 661736 940989 183808 183808 300000
AGE 65 5750 215655 48068 48068 300000 277552 277552 481830 118242 118242 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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
6
<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 4237 4525 300000 4793 5080 300000 4515 4802 300000
2 5750 12377 8179 8323 300000 9840 9983 300000 8992 9136 300000
3 5750 19033 11869 11869 300000 15212 15212 300000 13473 13473 300000
4 5750 26022 15413 15413 300000 21052 21052 300000 18061 18061 300000
5 5750 33361 18892 18892 300000 27496 27496 300000 22846 22846 300000
6 5750 41067 22707 22707 300000 35052 35052 300000 28257 28257 300000
7 5750 49157 26453 26453 300000 43393 43393 300000 33902 33902 300000
8 5750 57653 30094 30094 300000 52569 52569 300000 39755 39755 300000
9 5750 66573 33610 33610 300000 62654 62654 300000 45808 45808 300000
10 5750 75939 36998 36998 300000 73744 73744 300000 52066 52066 300000
15 5750 130281 52691 52691 300000 151931 151931 309636 88400 88400 300000
20 5750 199636 61750 61750 300000 276689 276689 492783 130289 130289 300000
25 5750 288152 60391 60391 300000 467918 467918 738842 179255 179255 300000
30 5750 401124 39357 39357 300000 752884 752884 1070601 236891 236891 336859
AGE 65 5750 215655 62493 62493 300000 308821 308821 536114 139436 139436 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 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
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 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 3782 4070 300000 4309 4597 300000 4045 4333 300000
2 5750 12377 7437 7581 300000 8994 9138 300000 8199 8343 300000
3 5750 19033 10962 10962 300000 14092 14092 300000 12463 12463 300000
4 5750 26022 14356 14356 300000 19643 19643 300000 16838 16838 300000
5 5750 33361 17610 17610 300000 25689 25689 300000 21322 21322 300000
6 5750 41067 21127 21127 300000 32727 32727 300000 26341 26341 300000
7 5750 49157 24483 24483 300000 40405 40405 300000 31482 31482 300000
8 5750 57653 27665 27665 300000 48782 48782 300000 36737 36737 300000
9 5750 66573 30661 30661 300000 57927 57927 300000 42100 42100 300000
10 5750 75939 33454 33454 300000 67913 67913 300000 47559 47559 300000
15 5750 130281 44940 44940 300000 137461 137461 300000 77988 77988 300000
20 5750 199636 48770 48770 300000 249132 249132 443704 111399 111399 300000
25 5750 288152 39307 39307 300000 416821 416821 658160 146892 146892 300000
30 5750 401124 4315 4315 300000 661751 661751 941010 184404 184404 300000
AGE 65 5750 215655 48164 48164 300000 277559 277559 481842 118332 118332 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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
8
<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 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 4418 4705 300000 4985 5272 300000 4701 4989 300000
2 5750 12377 8612 8756 300000 10324 10468 300000 9451 9595 300000
3 5750 19033 12613 12613 300000 16084 16084 300000 14279 14279 300000
4 5750 26022 16480 16480 300000 22372 22372 300000 19249 19249 300000
5 5750 33361 20258 20258 300000 29290 29290 300000 24413 24413 300000
6 5750 41067 24353 24353 300000 37352 37352 300000 30204 30204 300000
7 5750 49157 28357 28357 300000 46237 46237 300000 36229 36229 300000
8 5750 57653 32261 32261 300000 56024 56024 300000 42488 42488 300000
9 5750 66573 36051 36051 300000 66788 66788 300000 48981 48981 300000
10 5750 75939 39712 39712 300000 78588 78588 300000 55703 55703 300000
15 5750 130281 56623 56623 300000 160849 160849 327810 94500 94500 300000
20 5750 199636 67323 67323 300000 290881 290881 518058 139432 139432 300000
25 5750 288152 69398 69398 300000 490145 490145 773939 192595 192595 304108
30 5750 401124 55462 55462 300000 787026 787026 1119152 252826 252826 359519
AGE 65 5750 215655 68550 68550 300000 324367 324367 563100 149318 149318 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 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
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 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 3783 4070 300000 4310 4597 300000 4046 4333 300000
2 5750 12377 7438 7582 300000 8995 9139 300000 8200 8344 300000
3 5750 19033 10964 10964 300000 14093 14093 300000 12464 12464 300000
4 5750 26022 14357 14357 300000 19645 19645 300000 16840 16840 300000
5 5750 33361 17612 17612 300000 25691 25691 300000 21324 21324 300000
6 5750 41067 21129 21129 300000 32730 32730 300000 26344 26344 300000
7 5750 49157 24485 24485 300000 40409 40409 300000 31485 31485 300000
8 5750 57653 27667 27667 300000 48786 48786 300000 36739 36739 300000
9 5750 66573 30663 30663 300000 57930 57930 300000 42102 42102 300000
10 5750 75939 33454 33454 300000 67916 67916 300000 47561 47561 300000
15 5750 130281 44926 44926 300000 137457 137457 300000 77974 77974 300000
20 5750 199636 48698 48698 300000 255148 255148 311281 111329 111329 300000
25 5750 288152 39029 39029 300000 452480 452480 524877 146668 146668 300000
30 5750 401124 3345 3345 300000 775232 775232 829499 183808 183808 300000
AGE 65 5750 215655 48068 48068 300000 287386 287386 344864 118242 118242 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. THE ABOVE VALUES ASSUME NO LOANS OR
WITHDRAWALS ARE TAKEN.
10
<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 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 4237 4525 300000 4793 5080 300000 4515 4802 300000
2 5750 12377 8179 8323 300000 9840 9983 300000 8992 9136 300000
3 5750 19033 11869 11869 300000 15212 15212 300000 13473 13473 300000
4 5750 26022 15413 15413 300000 21052 21052 300000 18061 18061 300000
5 5750 33361 18892 18892 300000 27496 27496 300000 22846 22846 300000
6 5750 41067 22707 22707 300000 35052 35052 300000 28257 28257 300000
7 5750 49157 26453 26453 300000 43393 43393 300000 33902 33902 300000
8 5750 57653 30094 30094 300000 52569 52569 300000 39755 39755 300000
9 5750 66573 33610 33610 300000 62654 62654 300000 45808 45808 300000
10 5750 75939 36998 36998 300000 73744 73744 300000 52066 52066 300000
15 5750 130281 52691 52691 300000 151941 151941 300000 88400 88400 300000
20 5750 199636 61750 61750 300000 283479 283479 345845 130289 130289 300000
25 5750 288152 60391 60391 300000 501350 501350 581566 179255 179255 300000
30 5750 401124 39357 39357 300000 858653 858653 918759 239792 239792 300000
AGE 65 5750 215655 62493 62493 300000 318987 318987 382784 139436 139436 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 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
