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:

             33-74190*     33-88148     333-34402     333-34404     333-117329
             333-50278     333-72753    333-73464     333-90577


         *  The fee, if any, is being paid on the filing for 33-74190

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

                      December 31, 2004

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.








5.       Calculation of registration fee:

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

                                  $184,337,029


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

                                  $143,607,306


         (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:


                                       $0


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

                                 $(143,607,306)


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


                                   $40,729,723


         (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)]:


                                       $0


         (vii)  Multiplier for determining registration fee:

                                   X .00011770


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


                                     $4,794

               *  The fee, if any, is being paid on the filing for 33-74190







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]:

                                     =$4,794


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

                                 March 30, 2005

         CIK:  0000917677

         Method of Delivery:

               [x] 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/ Barry Ward
        --------------------------------------------
         Barry Ward
         Vice President and
           Head of Financial Reporting

Date:   March 31, 2005