September 8, 1995

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

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

Ladies and Gentlemen:

      We  submit  herewith  for filing with  the  Securities  and Exchange
Commission via EDGAR, pursuant to Rule  30b2-1  of  the Investment Company
Act of 1940, the semi-annual report to holders of variable  universal  life
insurance  contracts  issued   by registrant,  consisting of a cover letter
and  the  semi-  annual reports  for  the  half year ended June 30, 1995,
of  the  funds listed below (the "Funds"), each of which is a separate
series of an  open-end diversified management investment company  in  which
registrant invests.

     These reports were previously filed with the SEC through the
Electronic  Data  Gathering,  Analysis  and  Retrieval  ("EDGAR") system by
the respective management investment companies, on  the dates  and with the
reference numbers which appear below opposite the  funds' names.  Those
filings are incorporated herein by this reference.

Fred Alger Management, Inc.

SEC File #:  811-05550
CIK #:  0000832566
Form #:  N-30D

Fidelity Management & Research Company

SEC File #:  811-03329 and 811-05511
CIK #:  0000356494 and 0000831016
Form #:  N-30D

INVESCO Variable Investment Funds, Inc.

SEC File #:  811-8038
CIK #:  0000912744
Form #:  N-30D

Neuberger & Berman Advisers Management Trust

SEC File #:  811-04255
CIK #:  0000736913
Form #:  N-30D

     Please contact the undersigned or Diane E. Ambler at Mayer, Brown &
Platt (202) 778-0641, with any questions or comments.

                                        Very truly yours,
                                        /s/  Bonnie C. Dailey Enclosures
cc:  D. Ambler
     S. Knarr
     T. Stevens
     J. Skouse



September 5, 1995

Dear Policyholder,

We are pleased to send you the semi-annual reports for four of the
investment advisers who support your variable policy and whose fiscal
reporting period ended June 30, 1995.  These are Fidelity Investments, Fred
Alger Management, INVESCO Funds Group, and Neuberger and Berman Management
Incorporated. The semi-annual report for the fifth fund manager_Van Eck
Associates_will be sent to you December 31st, after the close of Van Eck's
fiscal reporting period.

We know that selecting a life insurance company to effectively meet your
needs and expectations is a significant decision. We appreciate your
selecting Security Life and are committed to maintaining the financial
strength that you expect from your life insurance carrier. Since 1980, we
have sustained a
19 percent compound growth rate, and the results from the first half of
this year suggest that this trend is  continuing.

Our economic stability is reflected in our ratings, all of which have been
renewed by the financial rating services. During 1994, we obtained a
Moody's Investors Service rating of Aa2, signifying excellent financial
security. This rating now stands along side our AAA rating from both
Standard & Poor's and Duff & Phelps as well as our A+ ratings from Best's
and Weiss Research. These ratings_which relate to claims-paying
ability_reflect Security Life's financial integrity and deep commitment to
honoring our obligations to policyholders. It is Security Life's policy to
maintain such high ratings by balancing conservative investment policies
with aggressive development plans.

Certainly part of our strength comes from being a member of a financially
strong international organization, the ING Group. ING_which purchased
Security Life in 1977_ is the world's largest diversified financial
services organization in the world with retained assets of more than $207
billion. ING's recent acquisition of Barings Bank is an excellent example
of ING's objective of growing the organization strategically. Barings'
strengths, especially in asset management, merchant banking, emerging
market securities and research, complement ING's considerable international
position in capital and corporate market activities, asset management, and
other international financial services.

Security Life has built an excellent reputation for integrity and quality.
As 1995 unfolds, we continue to challenge ourselves to provide you with the
quality products and services that validate your choice of Security Life as
your preferred insurance company.

Sincerely,


/s/  Stephen M. Christopher
President