SUPPLEMENT DATED SEPTEMBER 16, 1999, TO
THE PROSPECTUS DATED MAY 14, 1999, FOR
VARIABLE SURVIVORSHIP 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 is added to the front cover page of the Prospectus:
"This life insurance policy IS NOT a bank deposit or obligation,
federally insured, or endorsed by any bank or governmental
agency."
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The following paragraph is added after the second paragraph in the "Your Account
Value in the Variable Divisions" subsection on page 14 and after the third
paragraph in the "Determining the Value in the Variable Divisions" section on
page 36:
"The valuation date is each date for which the net asset value of
the investment portfolio shares and unit values of the divisions
are determined. Valuation dates are each day the New York Stock
Exchange and the company's customer service center are open for
business and a corresponding investment portfolio values its
shares, or as required by law."
* * * * * * * * * * * * * * * * *
The second sentence of the third paragraph in the "Objectives of the Investment
Portfolios" section on page 18 is hereby deleted and replaced in its entirety as
follows:
"Currently, these advisers include AIM Advisors, Inc.; Fidelity
Management & Research Company; Fred Alger Management, Inc.;
INVESCO Funds Group, Inc.; Neuberger Berman Management Inc.; and
Van Eck Associates Corporation."
* * * * * * * * * * * * * * * * *
The following information is added after the first sentence of the second
paragraph in the "Policy Issuance" subsection on page 23:
"If we receive your initial premium after we issue your policy and
the issue requirements have been met, the investment date is the
later of 20 days after we issue your policy or the date we receive
your initial premium."
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The following information is added to the end of the last paragraph in the
"Policy Issuance" subsection on page 23:
"The policy date is:
o the date you designate on your application, subject to
our approval; or
o the back-date of the policy to save age, if we permit
this for your policy.
If there is no designated date or back-date, the policy date is:
o the date all underwriting and administrative requirements
have been met if we have received your initial premium
before we issue your policy; or
o the later of 20 days after we issue your policy or the
date we receive your initial premium if we receive your
initial premium after we issue your policy."
* * * * * * * * * * * * * * * * *
The following information is added to the end of the third paragraph of the
"Guaranteed Minimum Death Benefit" subsection on page 31:
"Charges for your guaranteed minimum death benefit and base
coverage are deducted each month to the extent that there is
sufficient net account value to pay these charges. If there is not
sufficient net account value to pay a charge, it is permanently
waived. Deduction of charges will resume once there is sufficient
net account value."
* * * * * * * * * * * * * * * * *
The last sentence of the first paragraph, together with the second and third
paragraphs in the "Policy Split Option" section on page 34 are hereby deleted
and replaced in their entirety as follows:
"Evidence of insurability is required for a new single life policy
where coverage is greater than 50% of your policy death benefit,
or for an insured person who is subject to certain underwriting
ratings."
"On the effective date of the policy split, the available death
benefit under your policy will be divided between the two new
single life insurance policies. You may take less than the maximum
death benefit amount available under the policy split option."
* * * * * * * * * * * * * * * *
The second sentence of the second paragraph in the "Policy Loans" section on
page 39 is hereby deleted and replaced in its entirety as follows:
"The maximum amount you can borrow on any valuation date, unless
required differently by state law, is your net cash surrender
value minus the monthly deductions to your next policy anniversary
or 13 monthly deductions if you take a loan within thirty days
before your next policy anniversary."
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The following information is added after the first sentence of the first
paragraph of the "Free Look Period or Right to Examine Policy Period" subsection
on page 44:
"The right to examine your policy or free look period starts on
the date you receive your policy."
* * * * * * * * * * * * * * * * *
The following information is added after the second sentence of the third
paragraph under the "Age" subsection of the "General Policy Provisions" section
on page 45:
"The minimum joint equivalent age of the insured people must be no
less than 15."
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The following information modifies the text found in the first paragraph, second
sentence of the "Monthly Deductions from Your Account Value" section on page 52:
The statement "On or before November 1, 1999, we will make
available to you the option to designate a single withdrawal
investment division from which we will take your monthly
deductions." is hereby revised to read: "As of August 16, 1999,
you may designate a single withdrawal investment division from
which we will take your monthly deductions."
* * * * * * * * * * * * * * * * *
The second sentence of the first paragraph in the "Group or Sponsored
Arrangements or Corporate Purchasers" section on page 56 is hereby deleted and
replaced in its entirety as follows:
"For group or sponsored arrangements (including employees and
certain family members of employees of Security Life of Denver,
its affiliates and appointed sales agents), corporate purchasers,
or special exchange programs which we may offer from time to time,
we may reduce or waive the:"
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