UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2

1.   Name and address of issuer:

               Security Life Separate Account L1
               1290 Broadway
               Denver, Colorado 80203-5699


2.   The name of each  series  or class of  securities  for  which  this Form is
     filed. (If the Form is being filed for all series and classes of securities
     of the issuer, check the box but do not list series or classes.)

                                      [ X ]


3.   Investment Company Act File Number:

                                    811-08292


     Securities Act File Number:

             033-74190     033-88148    333-34404     333-117329    333-120889
             333-50278     333-72753    333-73464     333-90577     333-143973
             333-149182    333-147534   333-153338    333-149870    333-168047


4.(a)    Last day of fiscal year for which this Form is filed:

                                December 31, 2011


4.(b)[ ] Check box if this Form is being filed late (i.e., more than 90 days
         after the end of the issuer's fiscal year).

4.(c)[ ] Check box if this is the last time the issuer will be filing this Form.


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5.   Calculation of registration fee:

         (i)    Aggregate sale price of securities sold during the fiscal year
                pursuant to section 24f-2:

                                 $ 264,972,897


         (ii)   Aggregate price of securities redeemed or repurchased during the
                fiscal year:

                                 $ 336,224,711

         (iii)  Aggregate price of securities redeemed or repurchased during any
                prior fiscal year ending no earlier than October 11, 1995 that
                were not previously used to reduce registration fees payable to
                the Commission:

                                 $ 136,215,958


         (iv)   Total available redemption credits [add Items 5(ii) and 5(iii)]:

                                 $(472,440,669)


         (v)    Net sales -- if item 5(i) is greater than Item 5(iv) [subtract
                Item 5(iv) from Item 5(i)]

                                 $0


         (vi)   Redemption credits available for use in future years -- if Item
                5(i) is less than Item 5(iv) [subtract Item 5(iv) from item
                5(i)]:

                                 $(207,467,772)


         (vii)  Multiplier for determining registration fee:

                                 X .00011460


         (viii) Registration fee due* [multiply Item 5(v) by Item 5(vii)] (enter
                "0" if no fee is due):

                                 $0

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6.   Prepaid Shares

     If the  response  to Item 5(i) was  determined  by  deducting  an amount of
     securities that were  registered  under the Securities Act of 1933 pursuant
     to rule 24e-2 as in effect before October 11, 1997,  then report the amount
     of securities (number of shares or other units) deducted here:


     If there is a number of shares or other units that were registered pursuant
     to rule 24e-2 remaining unsold at the end of the fiscal year for which this
     form is filed that are  available  for use by the  issuer in future  fiscal
     years, then state that number here:


7.   Interest  due-- If this Form is being filed more than 90 days after the end
     of the issuer's fiscal year:

                                 +$0


8.   Total of the amount of the registration fee due plus any interest due [line
     5(viii) plus line 7]:

                                 =$0


9.   Date  the  registration  fee  and  any  interest  payment  was  sent to the
     Commission's lockbox depository:

                                  N/A


         Method of Delivery:

               [   ] Wire Transfer
               [   ] Mail or other means


                                   SIGNATURES

This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.


By:  /s/ J. Dewayne Lummus
        --------------------------------------------
         J. Dewayne Lummus
         Vice President and Head of
           Financial Reporting

Date:   March 23, 2012