VARIABLE UNIVERSAL LIFE INSURANCE POLICY
PROSPECTUS SUPPLEMENT
issued by
SECURITY LIFE OF DENVER INSURANCE COMPANY
and its
SECURITY LIFE SEPARATE ACCOUNT L1
SECURITY LIFE SEPARATE ACCOUNT S-L1

Supplement dated October 12, 2006, to your prospectus dated April 28, 2006. Please read it carefully and
keep it with your prospectus for future reference.
__________________________________________________________________________

This supplement replaces the supplement to the prospectus dated June 28, 2006. As a consequence, the “Insurance
and Other Regulatory Matters” subsection of the prospectus is hereby updated and amended to read as follows:

Insurance and Other Regulatory Matters. The New York Attorney General (the “NYAG”) and other federal and
state regulators are also conducting broad inquiries and investigations involving the insurance industry. These
initiatives currently focus on, among other things, compensation and other sales incentives; potential conflicts of
interest; potential anti-competitive activity; reinsurance; marketing practices (including suitability); specific product
types (including group annuities and indexed annuities); fund selection for investment products and brokerage sales;
and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude.
The company and certain of its U.S. affiliates have received formal and informal requests in connection with such
investigations, and are cooperating fully with each request.

These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial
services industry, including businesses in which the company is engaged.

In light of these and other developments, U.S. affiliates of ING, including the company, continuously review
whether modifications to their business practices are appropriate.

In connection with one such investigation, the company’s affiliates, ING Life Insurance and Annuity Company
(“ILIAC”) and ING Financial Advisers, LLC were named in a petition for relief and cease and desist order filed by
the New Hampshire Bureau of Securities Regulation (the “NH Bureau”) concerning their administration of the New
Hampshire state employees deferred compensation plan. On October 10, 2006, these affiliates of the company
entered into a consent agreement with the NH Bureau (the “NH Agreement”) to resolve the petition for relief and
cease and desist order. Under the terms of the NH Agreement, these company affiliates, without admitting or
denying the NH Bureau’s claims, have agreed to pay $3 million to resolve the matter, and for a five year period to
provide their retirement product customers with the One-Page Disclosure described below.

In addition, on the same date, ILIAC entered into an assurance of discontinuance (settlement agreement) with the
NYAG (the “NYAG Agreement”) regarding the endorsement of its products by the New York State United
Teachers Union Members Benefits Trust (“NYSUT”) and the sale of the its products to NYSUT members. Under
the terms of the NYAG Agreement, ILIAC, without admitting or denying the NYAG’s findings, will distribute $30
million to NYSUT members, and/or former members, who participated in the NYSUT-endorsed products at any
point between January 1, 2001 and June 30, 2006. ILIAC also agreed with the NYAG’s office to develop a one-page
disclosure that will further improve transparency and disclosure regarding retirement product fees (the “One-Page
Disclosure”). Pursuant to the terms of the NYAG Agreement, ILIAC has agreed for a five year period to provide its
retirement product customers with the One-Page Disclosure.

Neither the NH Agreement nor the NYAG Agreement is material to the company. However, other federal and state
regulators could initiate similar actions in this or other areas of ING’s businesses.

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