SECURITY LIFE                                       STEPHEN M. CHRISTOPHER
    ING GROUP                                       CLU, ChFC
                                                    President



 July 13, 1995

 Dear Policyowner:

 When you purchased your Security Life variable universal life policy or 
 variable annuity contract, you gained access to the investment performance 
 of nineteen accounts managed by leaders in the investment industry: 
 Fidelity Management & Research Company; Fred Alger Management, Inc.; 
 INVESCO Funds Group.  Inc.; Neuberger & Berman Management Incorporated;
 and Van Eck Associates Corporation.  We carefully selected these five 
 investment advisers because we believe that they share our dedication to 
 quality, service, and financial stability.  Each investment adviser has 
 expertise in specific asset classes and a strong record of achievement.

  Enclosed are the annual reports for the Van Eck funds: the Gold & Natural 
  Resources Fund and the Worldwide Balanced Fund.  The reports contain the 
  financial information for these funds, whose fiscal year ended April 30, 
  1995.  The annual reports for Fidelity, Fred Alger Management, INVESCO, 
  and Neuberger & Berman were mailed earlier this year to all policyowners 
  who had policies as of December 31, 1994.  The semi-annual reports for 
  these four investment advisers will be mailed to you the first week in 
  September.

  We firmly believe that Security Life's variable products provide 
  competitive value.  The availability of nineteen options, along with 
  Security Life's own Guaranteed Interest Division, lets you match your 
  fund selection to your personal long-term savings objectives and your own 
  tolerance for risk.  Liberal transfer options let you transfer money 
  among the funds without tax consequences, facilitating strategic asset 
  allocation.  In addition, Your Security Life policy offers numerous 
  options that allow you to tailor the coverage to your individual needs.

  We have built an excellent reputation for integrity and quality, and we 
  will continue to challenge ourselves to provide you with premier quality 
  products and services.


  Sincerely,



  /s/ STEPHEN M. CHRISTOPHER



                     Security Life of Denver insurance Company
       1290 Broadway     Denver, CO 80203-5699       Phone: 303-860-2257