ZURICH KEMPER

Lifeinvestor ^SM

A Flexible Premium Variable Universal Life Insurance Policy

2003

Annual

Report

Includes annual reports for:

The Alger American Fund

American Century

Variable Portfolios, Inc.

The Dreyfus Socially Responsible

Growth Fund, Inc.

Dreyfus Stock Index Fund

Dreyfus Variable Investment Fund

Fidelity Variable Insurance

Products Fund

Franklin Templeton Variable

Insurance Products Trust

INVESCO Variable Investment

Funds, Inc.

Janus Aspen Series

Scudder Variable Series I

Scudder Variable Series II

Scudder VIT Funds

See Prospectus Supplements on Next Page.

Zurich Kemper Lifeinvestor ^SM is a flexible premium variable

universal life insurance policy underwritten by Kemper Investors Life Insurance Company,

a Zurich Life company, Schaumburg, IL, policy form series L-8521.

Securities distributed by Investors Brokerage Services, Inc.

LOGO: IMSA

Kemper Investors Life Insurance Company Administrative Office: 1600 McConnor Parkway Schaumburg, IL 60196-6801 Postage Paid Stamp

LINVST-AR (02/04)