MAYER, BROWN & PLATT
                         2000 Pennsylvania Avenue, N.W.
                          Washington, D.C. 20006-1882




KATHY KRESCH INGBER                                              Main Telephone
Direct Dial (202) 955-0820                                       202-463-2000
kingber@mayerbrown.com                                           Main Fax
                                                                 202-861-0473




                                                   May 14, 1997

VIA EDGAR

Securities and Exchange Commission
450 Fifth Street
Washington, D.C. 20549

                  Re:      Security Life of Denver Insurance Company
                           Security Life Separate Account L1
                           (File No. 811-8292)

Dear Sir or Madam:

         Transmitted  herewith  for filing  pursuant  to Rule  497(d)  under the
Securities Act of 1933, as amended,  is a Supplement  dated May 14, 1997, to the
current effective  Prospectus of Security Life Separate Account L1, dated May 1,
1997,  with respect to the Strategic  Advantage  Variable  Universal Life policy
(File No. 33-88148).

         Please  contact  me at the  above-referenced  number  if you  have  any
questions concerning this matter.


                                               Very truly yours,


                                               /s/ Kathy Kresch Ingber
                                               Kathy Kresch Ingber
                                               Counsel


Attachment
cc:   Edward MacDonald, Esq.







                          SUPPLEMENT dated May 14, 1997
                       to the Prospectus dated May 1, 1997
                                       for
                   STRATEGIC ADVANTAGE VARIABLE UNIVERSAL LIFE
                A FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY
                                    issued by
                    Security Life of Denver Insurance Company
                                       and
                        Security Life Separate Account L1



The following replaces the Refund of Sales Charges section on page 38:

Refund of Sales Charges

If the Policy has not lapsed,  we will, upon full surrender of the Policy within
the first two Policy  years,  refund a portion of the sales  charges  previously
deducted from premiums  paid. In the first Policy year, the amount of the refund
is equal to 5% of the premiums paid in that year. In the second Policy year, the
refund is equal to 2.5% of the premiums paid in the first Policy year. After the
second Policy anniversary, there is no refund of sales charges.