SUPPLEMENT DATED FEBRUARY 4, 2000, TO
THE PROSPECTUS DATED MAY 1, 1999, FOR
STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
AND
STRATEGIC ADVANTAGE II VARIABLE UNIVERSAL LIFE
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES
ISSUED BY
SECURITY LIFE OF DENVER INSURANCE COMPANY
AND ITS
SECURITY LIFE SEPARATE ACCOUNT L1
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS DATED
MAY 1, 1999 AS SUPPLEMENTED ON SEPTEMBER 16, 1999. PLEASE READ IT CAREFULLY AND
KEEP IT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
The information previously added after the first sentence of the second
paragraph in the "Policy Issuance" subsection on page 20 of Strategic Advantage
and Strategic Advantage II is hereby deleted and replaced in its entirety as
follows:
"If we receive your initial premium after we approve your
policy for issue, the investment date is the date we receive
your initial premium."
* * * * * * * * * * * * * * * * *
The information previously added to the end of the last paragraph in the "Policy
Issuance" subsection on page 20 of Strategic Advantage and Strategic Advantage
II is hereby deleted and replaced in its entirety as follows:
"If the policy date is earlier, we charge monthly deductions
from the date we receive your initial premium. The policy
date is determined one of three ways:
1. the date you designate on your application, subject to
our approval; or
2. the back-date of the policy to save age, subject to our
approval and state law.
3. 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 receive your
initial premium before we issue your policy; or
o the date we receive your initial premium, if it
is after we approve your policy for issue."
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The second and third sentences of the third paragraph in the "Allocation of Net
Premiums" subsection of the "Premiums" section on page 22 of Strategic Advantage
and Strategic Advantage II are hereby deleted and replaced in their entirety as
follows:
"If your state requires return of your premium during the
free look period, we invest amounts you have designated for
the variable division in the Fidelity VIP Money Market
Portfolio for a period ending on the earlier of your state's
free look period plus:
o five days from mailing (deemed delivery time); or
o the date the policy was delivered to you, so long as
we receive notice of the delivery date on our delivery
receipt form at our Customer Service Center before the
end of the deemed delivery time plus the free look
period.
At the end of this time period, we will allocate the amount
you designated for the variable division among your chosen
variable division portfolios, based on your most recent
premium allocation instructions.
If your state provides for return of account value during
the free look period or no free look period, we invest
amounts you designated for the variable division directly
into your selected investment options."
* * * * * * * * * * * * * * * * *
The fourth paragraph through the end of the "Free Look Period or Right to
Examine Policy Period" subsection of the "General Policy Provisions" section on
page 40 of Strategic Advantage and Strategic Advantage II is hereby deleted in
its entirety.
* * * * * * * * * * * * * * * * *
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