485BPOS 1 cvulregstmt.htm REGISTRATION STATEMENT ON FORM N-6 -- HTML cvulregstmt.htm - Generated by SEC Publisher for SEC Filing
As filed with the Securities and Exchange  Registration No. 333-143973 
Commission on August 18, 2009  Registration No. 811-08292 
 
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-6
 
         REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  [X] 
                   Pre-Effective Amendment No.  [ ] 
                   Post-Effective Amendment No. 3  [X] 
 
         AMENDMENT TO REGISTRATION STATEMENT UNDER THE INVESTMENT 
         COMPANY ACT OF 1940  [X] 
(Check appropriate box or boxes.)
 
Security Life Separate Account L1
(Exact Name of Registrant)
 
Security Life of Denver Insurance Company
(Name of Depositor)
 
1290 Broadway
Denver, Colorado 80203-5699
(Address of Depositor’s Principal Executive Offices) (Zip Code)
 
(800) 525-9852
(Depositor’s Telephone Number, including Area Code)
 
J. Neil McMurdie, Counsel
ING Americas (U.S. Legal Services)
One Orange Way, C1S, Windsor, CT 06095-4774
(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

[X]  immediately upon filing pursuant to paragraph (b) of Rule 485 
[ ]  on ____________, pursuant to paragraph (b) of Rule 485 
[ ]  60 days after filing pursuant to paragraph (a)(1) 
[ ]  on ____________, pursuant to paragraph (a)(1) of Rule 485. 

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PART A

INFORMATION REQUIRED IN A PROSPECTUS

The Prospectus, dated May 1, 2009, is incorporated into Part A of this Post-Effective Amendment No. 3 to Registration Statement on Form N-6 (File No. 333-143973) by reference to Registrant's filings under Rules 485(b), as filed on April 9, 2009; and 497(e), as filed on June 24, 2009.

ING CORPORATE VUL

A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
issued by
SECURITY LIFE OF DENVER INSURANCE COMPANY
and its
SECURITY LIFE SEPARATE ACCOUNT L1

Supplement Dated August 18, 2009

This supplement updates and amends certain information contained in your prospectus dated May 1, 2009,
as supplemented. Please read it carefully and keep it with your prospectus for future reference.
__________________________________________________________________________

NOTICE OF UPCOMING FUND MERGERS

Effective on or about October 26, 2009 (the “Merger Effective Date”), the following Disappearing Funds will be reorganized and merge with and into the following Surviving Funds:

Disappearing Funds  Surviving Funds 
ING LifeStyle Aggressive Growth Portfolio (Class I)  ING Retirement Growth Portfolio (Class I) 
ING LifeStyle Growth Portfolio (Class I) 
ING LifeStyle Moderate Growth Portfolio (Class I)  ING Retirement Moderate Growth Portfolio (Class I) 
ING LifeStyle Moderate Portfolio (Class I)  ING Retirement Moderate Portfolio (Class I) 

IMPORTANT INFORMATION REGARDING THE
UPCOMING FUND MERGERS

  		•  Prior to the Merger Effective Date, you may transfer amounts allocated to a Subaccount that invests in a
      Disappearing Fund to any other available Subaccount or to the Guaranteed Interest Division. See the
      “Transfers” section on page 49 of your policy prospectus for information about making
      Subaccount transfers, including applicable restrictions and limits on transfers.
  		• On the Merger Effective Date, your investment in a Subaccount that invests in a Disappearing Fund will
      automatically become an investment in the Subaccount that invests in the corresponding Surviving Fund
      with an equal total net asset value. Unless you provide us with alternative allocation instructions, all
      future premiums received that would have been allocated to a Subaccount corresponding to a
      Disappearing Fund will be automatically allocated to the Subaccount corresponding to the applicable
      Surviving Fund. You may give us alternative allocation instructions by contacting our ING Customer
      Service Center at P.O. Box 5065, Minot, ND 58702-5065, 1-877-253-5050 or
      www. ingservicecenter.com. See the “Transfers” section on page 49 of your policy prospectus for
      information about making allocation changes.
  		• After the Merger Effective Date, the Disappearing Funds will no longer exist and there will be no
      further disclosure regarding them in future supplements to or prospectuses of the policy.
  		• You will not incur any fees or charges or any tax liability because of the mergers, and your Account
      Value immediately before the mergers will equal your Account Value immediately after the mergers.
    154372  Page 1 of 2  August 2009 

    IMPORTANT INFORMATION REGARDING THE
    SURVIVING FUNDS

    • The Surviving Funds will be available through your policy beginning on the Merger Effective Date.
    • The Surviving Funds are structured as “fund of funds.” A fund structured as a “fund of fund” may have higher fees and expenses than a fund that invests directly in debt and equity securities because it also incurs the fees and expenses of the underlying funds in which it invests. Unlike the Disappearing Funds, which have historically invested primarily in actively managed funds, the Surviving Funds invest primarily in funds that are passively managed index funds. Please refer to the fund prospectus for information about the aggregate annual operating expenses of a Surviving Fund and its corresponding underlying fund or funds.
    • The following information about each Surviving Fund is added to Appendix B of the prospectus:
    Investment Adviser/
    Fund Name  Subadviser  Investment Objective 
    ING Retirement Growth  Investment Adviser:  Seeks a high level of total return 
    Portfolio (Class I)  Directed Services LLC  (consisting of capital appreciation 
      Asset Allocation Consultants:  and income) consistent with a 
      ING Investment Management Co.  level of risk that can be expected 
        to be greater than that of ING 
        Retirement Moderate Growth 
        Portfolio. 
    ING Retirement Moderate  Investment Adviser:  Seeks a high level of total return 
    Growth Portfolio (Class I)  Directed Services LLC  (consisting of capital appreciation 
      Asset Allocation Consultants:  and income) consistent with a 
      ING Investment Management Co.  level of risk that can be expected 
        to be greater than that of ING 
        Retirement Moderate Portfolio but 
        less than that of ING Retirement 
        Growth Portfolio. 
    ING Retirement Moderate  Investment Adviser:  Seeks a high level of total return 
    Portfolio (Class I)  Directed Services LLC  (consisting of capital appreciation 
      Asset Allocation Consultants:  and income) consistent with a 
      ING Investment Management Co.  level of risk that can be expected 
        to be less than that of ING 
        Retirement Moderate Growth 
        Portfolio. 

    MORE INFORMATION IS AVAILABLE

    More information about the Surviving Funds, including information about the risks associated with investing in them, can be found in the current prospectus and Statement of Additional Information for that Surviving Fund. You may obtain these documents by contacting us at our:

      ING Customer Service Center
    P.O. Box 5065
    Minot, ND 58702-5065
    1-877-253-5050

    154372  Page 2 of 2  August 2009 

    PART B

    INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION

    The Statement of Additional Information, dated May 1, 2009, is incorporated into Part B of this Post-Effective Amendment No. 3 to Registration Statement on Form N-6 (File No. 333-143973) by reference to Registrant's filing under Rule 485(b), as filed on April 9, 2009.

        Part C 
        OTHER INFORMATION 
     
    Item 26  Exhibits 
     
    (a)  (1)  Resolution of the Executive Committee of the Board of Directors of Security Life of Denver Insurance 
        Company ("Security Life of Denver") authorizing the establishment of the Registrant. (Incorporated 
        herein by reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 
        27, 1998; File No. 033-74190.) 
     
    (b)  Not Applicable. 
     
    (c)  (1)  Security Life of Denver Distribution Agreement. (Incorporated herein by reference to Post-Effective 
        Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
        Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 033-74190.) 
      (2)  First Amendment to Security Life of Denver Insurance Company Distribution Agreement. (Incorporated 
        herein by reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 9, 
        2002; File No. 033-74190.) 
      (3)  Amendment to Security Life of Denver Insurance Company Distribution Agreement. (Incorporated 
        herein by reference to Pre-Effective Amendment No. 2 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on May 10, 
        1999; File No. 333-72753.) 
      (4)  Amendment to Security Life of Denver Insurance Company Distribution Agreement. (Incorporated 
        herein by reference to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on January 
        30, 2001; File No. 333-50278.) 
      (5)  Amendment to Security Life of Denver Insurance Company Distribution Agreement. (Incorporated 
        herein by reference to the Post-Effective Amendment No. 14 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 
        19, 2001; File No. 033-74190.) 
      (6)  Amendment to Security Life of Denver Insurance Company Distribution Agreement. (Incorporated 
        herein by reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 9, 
        2002; File No. 033-74190.) 
      (7)  Specimen Broker/Dealer Supervisory and Selling Agreement for Variable Contracts with Compensation 
        Schedule. (Incorporated herein by reference to Post-Effective Amendment No. 6 to the Form S-6 
        Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on March 2, 1998; File No. 033-74190.) 
      (8)  Broker/Dealer Supervisory and Selling Agreement for Variable Contracts with Paine Webber 
        Incorporated. (Incorporated herein by reference to Post-Effective Amendment No. 4 to the Form S-6 
        Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on April 30, 1997; File No. 033-88148.) 
      (9)  Compensation Schedule. (Incorporated herein by reference to the Post-Effective Amendment No. 2 to 
        the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its Security 
        Life Separate Account L1, filed on April 10, 2002; File No. 333-50278.) 
      (10)  Commission Schedule for Policies. (Incorporated herein by reference to the Pre-Effective Amendment 
        No. 1 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on January 30, 2001; File No. 333-50278.) 
      (11)  Specimen Master Sales and Supervisory Agreement with Compensation Schedule. (Incorporated herein 
        by reference to the Post-Effective Amendment No. 12 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 
        25, 2000; File No. 033-74190.) 
      (12)  Administrative Services Agreement between Security Life of Denver and Financial Administrative 
        Services Corporation. (Incorporated herein by reference to Post-Effective Amendment No. 7 to the Form 
        S-6 Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on April 27, 1998; File No. 033-74190.) 

      (13)  Amendment to Administrative Services Agreement between Security Life of Denver and Financial 
        Administrative Services Corporation. (Incorporated herein by reference to Post-Effective Amendment 
        No. 7 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on April 27, 1998; File No. 033-74190.) 
     
    (d)  (1)  Variable Universal Life Insurance Policy. (Incorporated herein by reference to Initial Registration 
        Statement on Form N-6, File No. 333-143973, as filed on June 22, 2007.) 
      (2)  Adjustable Term Insurance Rider (Form No. R2026-9/04). (Incorporated herein by reference to Initial 
        Registration Statement on Form N-6, File No. 333-117329, as filed on July 1, 2004.) 
      (3)  Accelerated Death Benefit Rider. (Incorporated herein by reference to the Pre-Effective Amendment No. 
        1 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its Security 
        Life Separate Account L1, filed on January 30, 2001; File No. 333-50278.) 
      (4)  Overloan Lapse Protection Rider. (Incorporated herein by reference to the Pre-Effective Amendment 
        No. 1 to the Form N-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on September 7, 2007; File No. 333-120889.) 
     
    (e)  (1)  Specimen Variable Life Insurance Application (Form No. Q-2006-9/97). (To be used on or before May 
        1, 1998.) (Incorporated herein by reference to the Post-Effective Amendment No. 5 to the Form S-6 
        Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on October 29, 1997; File No. 033-74190.) 
      (2)  Variable Life Application Insert. (Incorporated herein by reference to the Pre-Effective Amendment No. 
        1 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its Security 
        Life Separate Account L1, filed on January 30, 2001; File No. 333-50278.) 
      (3)  Investment Feature Selection Form (Form No. V-166-00 Rev. 5/1/03). (Incorporated herein by reference 
        to the Post-Effective Amendment No. 5 to the Form N-6 Registration Statement of Security Life of 
        Denver Insurance Company and its Security Life Separate Account L1, filed on April 14, 2003; File No. 
        333-50278.) 
      (4)  Investment Feature Selection Form (Form No. V-175-01 Rev. 5/1/03). (Incorporated herein by reference 
        to the Post-Effective Amendment No. 5 to the Form N-6 Registration Statement of Security Life of 
        Denver Insurance Company and its Security Life Separate Account L1, filed on April 14, 2003; File No. 
        333-50278.) 
      (5)  Specimen Application for Life Insurance Fixed and Variable Products (Form No. 110945). (Incorporated 
        herein by reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 9, 
        2002; File No. 033-74190.) 
     
    (f)  (1)  Security Life of Denver's Restated Articles of Incorporation. (Incorporated herein by reference to Post- 
        Effective Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver 
        Insurance Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 033- 
        74190.) 
      (2)  Amendments to Articles of Incorporation through June 12, 1987. (Incorporated herein by reference to 
        Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver 
        Insurance Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 033- 
        74190.) 
      (3)  Amendments to Articles of Incorporation through November 12, 2001. (Incorporated herein by reference 
        to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of Security Life of 
        Denver Insurance Company and its Security Life Separate Account L1, filed on April 9, 2002; File No. 
        033-74190.) 
      (4)  Security Life of Denver's By-Laws. (Incorporated herein by reference to Post-Effective Amendment No. 
        7 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its Security 
        Life Separate Account L1, filed on April 27, 1998; File No. 033-74190.) 
      (5)  Bylaws of Security Life of Denver Insurance Company (Restated with Amendments through September 
        30, 1997). (Incorporated herein by reference to Post-Effective Amendment No. 5 to the Form S-6 
        Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on October 29, 1997; File No. 033-74190.) 
     
    (g)  Not Applicable. 

    (h)  (1)  (a)  Participation Agreement by and among AIM Variable Insurance Funds, Inc., Security Life of 
          Denver Insurance Company, on Behalf of Itself and its Separate Accounts. and ING America 
          Equities, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 6 to the Form S-6 
          Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
          Account L1, filed on March 2, 1998; File No. 033-74190.) 
        (b)  Amendment No. 1 to Participation Agreement among AIM Variable Insurance Funds, Inc., Security 
          Life of Denver Insurance Company and ING America Equities, Inc. (Incorporated herein by 
          reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
          Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
          April 9, 2002; File No. 033-74190.) 
        (c)  Amendment No. 2 to Participation Agreement among AIM Variable Insurance Funds, Inc., Security 
          Life of Denver Insurance Company and ING America Equities, Inc. (Incorporated herein by 
          reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
          Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
          April 9, 2002; File No. 033-74190.) 
        (d)  Amendment No. 3 to Participation Agreement among AIM Variable Insurance Funds, Inc., Security 
          Life of Denver Insurance Company and ING America Equities, Inc. (Incorporated herein by 
          reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
          Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
          1998; File No. 033-74190.) 
        (e)  Amendment No. 4 to Participation Agreement among AIM Variable Insurance Funds, Inc., Security 
          Life of Denver Insurance Company and ING America Equities, Inc. (Incorporated herein by 
          reference to the Post-Effective Amendment No. 1 to the Form S-6 Registration Statement of 
          Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
          February 29, 2000; File No. 333-72753.) 
        (f)  Amendment No. 5 to Participation Agreement among AIM Variable Insurance Funds, Inc., Security 
          Life of Denver Insurance Company and ING America Equities, Inc. (Incorporated herein by 
          reference to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of Security 
          Life of Denver Insurance Company and its Security Life Separate Account L1, filed on January 30, 
          2001; File No. 333-50278.) 
        (g)  Amendment No. 6 to Participation Agreement among AIM Variable Insurance Funds, Inc., Security 
          Life of Denver Insurance Company and ING America Equities, Inc. (Incorporated herein by 
          reference to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of Security 
          Life of Denver Insurance Company and its Security Life Separate Account L1, filed on December 
          19, 2001; File No. 333-73464.) 
        (h)  Expense Allocation Agreement between A I M Advisors, Inc., A I M Distributors, Inc. and Security 
          Life of Denver. (Incorporated herein by reference to the Post-Effective Amendment No. 11 to the 
          Form S-6 Registration Statement of Security Life of Denver Insurance Company and its Security 
          Life Separate Account L1, filed on April 29, 1999; File No. 33-74190.) 
        (i)  Amendment No. 1 to Expense Allocation Agreement between A I M Advisors, Inc., A I M 
          Distributors, Inc. and Security Life of Denver. (Incorporated herein by reference to the Pre-Effective 
          Amendment No. 1 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
          Company and its Security Life Separate Account L1, filed on December 19, 2001; File No. 333- 
          73464.) 
      (2)  (a)  Sales Agreement by and among The Alger American Fund, Fred Alger Management, Inc., and 
          Security Life of Denver Insurance Company. (Incorporated herein by reference to Post-Effective 
          Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
          Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 033-74190.) 
        (b)  First Amendment to Sales Agreement by and among The Alger American Fund, Fred Alger 
          Management, Inc., Security Life of Denver Insurance Company. (Incorporated herein by reference 
          to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security Life of 
          Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 1998; File 
          No. 033-74190.) 
        (c)  Addendum to Alger Sales Agreement. (Incorporated herein by reference to Post-Effective 
          Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
          Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 033-74190.) 

      (d)  Amendment to Sales Agreement by and among The Alger American Fund, Fred Alger Management, 
        Inc., Security Life of Denver Insurance Company. (Incorporated herein by reference to the Post- 
        Effective Amendment No. 15 to the Form S-6 Registration Statement of Security Life of Denver 
        Insurance Company and its Security Life Separate Account L1, filed on April 9, 2002; File No. 033- 
        74190.) 
      (e)  Service Agreement between Fred Alger Management, Inc. and Security Life of Denver Insurance 
        Company. (Incorporated herein by reference to Post-Effective Amendment No. 7 to the Form S-6 
        Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on April 27, 1998; File No. 033-74190.) 
    (3)  (a)  Participation Agreement among Golden American Life Insurance Company, ReliaStar Life 
        Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver 
        Insurance Company, Southland Life Insurance Company, ING Life Insurance and Annuity 
        Company, ING Insurance Company of America, American Funds Insurance Series and Capital 
        Research and Management Company. (Incorporated herein by reference to the Pre-Effective 
        Amendment No. 1 to the Registration Statement on Form N-6, File No. 333-105319, as filed on July 
        17, 2003.) 
      (b)  Business Agreement among Golden American Life Insurance Company, ReliaStar Life Insurance 
        Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance 
        Company, Southland Life Insurance Company, ING Life Insurance and Annuity Company, ING 
        Insurance Company of America, ING America Equities, Inc., Directed Services, Inc., American 
        Funds Distributors, Inc. and Capital Research and Management Company. (Incorporated herein by 
        reference to the Pre-Effective Amendment No. 1 to the Registration Statement on Form N-6, File 
        No. 333-105319, as filed on July 17, 2003.) 
      (c)  Amendment No. 1 to the Business Agreement by and among ING USA Annuity and Life Insurance 
        Company (fka Golden American Life Insurance Company), ReliaStar Life Insurance Company, 
        ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company 
        (individually and as the survivor and successor in interest following a merger with Southland Life 
        Insurance Company), ING Life Insurance and Annuity Company (individually and as the survivor 
        and successor in interest following a merger with ING Insurance Company of America), ING 
        America Equities, Inc., ING Financial Advisers, LLC, Directed Services LLC (fka Directed Services, 
        Inc.), American Funds Distributors, Inc. and Capital Research and Management Company. 
        (Incorporated herein by reference to Pre-Effective Amendment No. 1 to the Form N-6 Registration 
        Statement of Security Life of Denver Insurance Company and its Security Life Separate Account L1, 
        File No. 333-153337, as filed on November 14, 2008.) 
      (d)  Rule 22C-2 Agreement, effective April 16, 2007, and to become operational on October 16, 2007, 
        by and between American Funds Service Company, ING Life Insurance and Annuity Company, 
        ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance 
        Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance 
        Company and Systematized Benefits Administrators Inc. (Incorporated herein by reference to Post- 
        Effective Amendment No. 12 to Registration Statement on Form N-6, File Number 333-47527, as 
        filed on April 9, 2007.) 
    (4)  (a)  Participation Agreement dated April 25, 2008, by and among BlackRock Variable Series Funds, 
        Inc., BlackRock Distributors, Inc., ING USA Annuity and Life Insurance Company and ReliaStar 
        Life Insurance Company of New York. (Incorporated herein by reference to Post-Effective 
        Amendment No. 26 to the Form N-6 Registration Statement of ReliaStar Life Insurance Company 
        and its Select*Life Separate Account, filed on April 7, 2009; file No. 033-57244.) 
      (b)  Amendment No. 1, dated as of April 24, 2009, and effective as of May 1, 2009, to the Participation 
        Agreement dated April 25, 2008, by and between BlackRock Variable Series Funds, Inc., 
        BlackRock Investments, LLC., ING USA Annuity and Life Insurance Company and ReliaStar Life 
        Insurance Company of New York. (Incorporated herein by reference to Post-Effective Amendment 
        No. 27 to the Form N-6 Registration Statement of ReliaStar Life Insurance Company and its 
        Select*Life Separate Account, filed on August 18, 2009; file No. 033-57244.) 
      (c)  Administrative Services Agreement dated April 25, 2008, by and among BlackRock Advisors, LLC 
        and ING USA Annuity and Life Insurance Company and ReliaStar Life Insurance Company of New 
        York. (Incorporated herein by reference to Post-Effective Amendment No. 26 to the Form N-6 
        Registration Statement of ReliaStar Life Insurance Company and its Select*Life Separate Account, 
        filed on April 7, 2009; file No. 033-57244.) 

      (d)  Amendment No. 1, dated as of April 24, 2009, and effective as of May 1, 2009, to Administrative 
        Services Agreement dated April 25, 2008, by and among BlackRock Advisors, LLC and ING USA 
        Annuity and Life Insurance Company and ReliaStar Life Insurance Company of New York. 
        (Incorporated herein by reference to Post-Effective Amendment No. 27 to the Form N-6 Registration 
        Statement of ReliaStar Life Insurance Company and its Select*Life Separate Account, filed on 
        August 18, 2009; file No. 033-57244.) 
      (e)  Rule 22C-2 Agreement, dated no later than April 16, 2007, and effective as of October 16, 2007, 
        between BlackRock Distributors, Inc., on behalf of and as distributor for the BlackRock Funds and 
        the Merrill Lynch family of funds and ING Life Insurance and Annuity Company, ING National 
        Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, 
        ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and 
        Systematized Benefits Administrators Inc. (Incorporated herein by reference to Post-Effective 
        Amendment No. 43 to Registration Statement on form N-4, File No. 333-28755, as filed on April 7, 
        2008.) 
    (5)  (a)  Participation Agreement among Variable Insurance Products Fund, Fidelity Distributors 
        Corporation and Security Life of Denver Insurance Company. (Incorporated herein by reference to 
        Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver 
        Insurance Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 
        033-74190.) 
      (b)  First Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
        Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
        1998; File No. 033-74190.) 
      (c)  Second Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
        Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
        1998; File No. 033-74190.) 
      (d)  Third Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to the Post-Effective Amendment No. 11 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
        April 29, 1999; File No. 033-74190.) 
      (e)  Fourth Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
        April 9, 2002; File No. 033-74190.) 
      (f)  Fifth Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
        Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
        1998; File No. 033-74190.) 
      (g)  Sixth Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
        April 9, 2002; File No. 033-74190.) 
      (h)  Seventh Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
        Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
        reference to the Post-Effective Amendment No. 12 to the Form S-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
        April 25, 2000; File No. 033-74190.) 

    (i)  Eighth Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 13 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      October 13, 2000; File No. 033-74190.) 
    (j)  Ninth Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 14 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 19, 2001; File No. 033-74190.) 
    (k)  Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Form S-6 Initial Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on November 15, 2001; File No. 333- 
      73464.) 
    (l)  Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of Security 
      Life of Denver Insurance Company and its Security Life Separate Account L1, filed on December 
      19, 2001; File No. 333-73464.) 
    (m)  Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 
    (n)  Amendment to Participation Agreement among Variable Insurance Products Fund, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 9 to the Form N-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      February 27, 2004; File No. 333-50278.) 
    (o)  Participation Agreement among Variable Insurance Products Fund II, Fidelity Distributors 
      Corporation and Security Life of Denver Insurance Company. (Incorporated herein by reference to 
      Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver 
      Insurance Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 
      033-74190.) 
    (p)  First Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
      Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
      1998; File No. 033-74190.) 
    (q)  Second Amendment to Participation Agreement among Variable Insurance Products Fund II, 
      Fidelity Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated 
      herein by reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 27, 1998; File No. 033-74190.) 
    (r)  Third Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 11 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 29, 1999; File No. 033-74190.) 
    (s)  Fourth Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 

    (t)  Fifth Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
      Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
      1998; File No. 033-74190.) 
    (u)  Sixth Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 
    (v)  Seventh Amendment to Participation Agreement among Variable Insurance Products Fund II, 
      Fidelity Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated 
      herein by reference to the Post-Effective Amendment No. 13 to the Form S-6 Registration Statement 
      of Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      October 13, 2000; File No. 033-74190.) 
    (w)  Eighth Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 14 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 19, 2001; File No. 033-74190.) 
    (x)  Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Form S-6 Initial Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on November 15, 2001; File No. 333- 
      73464.) 
    (y)  Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of Security 
      Life of Denver Insurance Company and its Security Life Separate Account L1, filed on December 
      19, 2001; File No. 333-73464.) 
    (z)  Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 
    (aa)  Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 9 to the Form N-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      February 27, 2004; File No. 333-50278.) 
    (bb)  Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 
    (cc)  Amendment to Participation Agreement among Variable Insurance Products Fund II, Fidelity 
      Distributors Corporation and Security Life of Denver Insurance Company. (Incorporated herein by 
      reference to the Post-Effective Amendment No. 9 to the Form N-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      February 27, 2004; File No. 333-50278.) 
    (dd)  Service Agreement between Fidelity Investments Institutional Operations Company, Inc. and 
      Security Life of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective 
      Amendment No. 15 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on April 9, 2002; File No. 033-74190.) 

      (ee)  Rule 22C-2 Agreement, effective April 16, 2007, and to become operational on October 16, 2007, 
        by and between Fidelity Distributors Corporation, ING Life Insurance and Annuity Company, ING 
        National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance 
        Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance 
        Company and Systematized Benefits Administrators Inc. (Incorporated herein by reference to Post- 
        Effective Amendment No. 12 to Registration Statement on Form N-6, File Number 333-47527, as 
        filed on April 9, 2007.) 
    (6)  (a)  Participation Agreement among Security Life of Denver Insurance Company, ING VP Bond 
        Portfolio and ING Funds Distributor, Inc. (Incorporated herein by reference to the Post-Effective 
        Amendment No. 3 to the Form N-6 Registration Statement of Security Life of Denver Insurance 
        Company and its Security Life Separate Account L1, filed on February 7, 2003; File No. 333- 
        50278.) 
    (7)  (a)  Participation Agreement among Security Life of Denver Insurance Company, The GCG Trust and 
        Directed Services, Inc. (Incorporated herein by reference to the Post-Effective Amendment No. 15 
        to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on April 9, 2002; File No. 033-74190.) 
      (b)  Amendment to Participation Agreement among Security Life of Denver Insurance Company, The 
        GCG Trust and Directed Services, Inc. (Incorporated herein by reference to the Pre-Effective 
        Amendment No. 1 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
        Company and its Security Life Separate Account L1, filed on January 30, 2001; File No. 333- 
        50278.) 
      (c)  Form of Amendment to Participation Agreement among Security Life of Denver Insurance 
        Company, The GCG Trust and Directed Services, Inc. (Incorporated herein by reference to the Post- 
        Effective Amendment No. 14 to the Form S-6 Registration Statement of Security Life of Denver 
        Insurance Company and its Security Life Separate Account L1, filed on April 19, 2001; File No. 
        033-74190.) 
      (d)  Administrative and Shareholder Service Agreement between Directed Services, Inc. and Security 
        Life of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective 
        Amendment No. 14 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
        Company and its Security Life Separate Account L1, filed on April 19, 2001; File No. 033-74190.) 
    (8)  (a)  Participation Agreement among Security Life of Denver Insurance Company, ING Partners, Inc., 
        ING Life Insurance and Annuity Company and ING Financial Advisers, LLC. (Incorporated herein 
        by reference to the Post-Effective Amendment No. 3 to the Form N-6 Registration Statement of 
        Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
        February 7, 2003; File No. 333-50278.) 
      (b)  Amendment to Participation Agreement among ING Partners, Inc., ING Life Insurance and Annuity 
        Company, and ING Financial Advisers, LLC and Security Life of Denver Insurance Company. 
        (Incorporated herein by reference to the Post-Effective Amendment No. 5 to the Form N-6 
        Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
        Account L1, filed on April 14, 2003; File No. 333-50278.) 
      (c)  Amendment to Participation Agreement among ING Partners, Inc., ING Life Insurance and Annuity 
        Company, and ING Financial Advisers, LLC and Security Life of Denver Insurance Company, 
        dated November 1, 2004. (Incorporated herein by reference to the Post-Effective Amendment No. 
        16 to the Form N-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on April 12, 2006; File No. 333-50278.) 
      (d)  Amendment to Participation Agreement among ING Partners, Inc., ING Life Insurance and Annuity 
        Company, and ING Financial Advisers, LLC and Security Life of Denver Insurance Company, 
        dated April 29, 2005. (Incorporated herein by reference to the Post-Effective Amendment No. 16 to 
        the Form N-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on April 12, 2006; File No. 333-50278.) 
      (e)  Amendment to Participation Agreement among ING Partners, Inc., ING Life Insurance and Annuity 
        Company, and ING Financial Advisers, LLC and Security Life of Denver Insurance Company, 
        dated August 31, 2005. (Incorporated herein by reference to the Post-Effective Amendment No. 16 
        to the Form N-6 Registration Statement of Security Life of Denver Insurance Company and its 
        Security Life Separate Account L1, filed on April 12, 2006; File No. 333-50278.) 

    (f)  Form of Amendment to Participation Agreement among ING Partners, Inc., ING Life Insurance and 
      Annuity Company, and ING Financial Advisers, LLC and Security Life of Denver Insurance 
      Company, dated April 28, 2006. (Incorporated herein by reference to the Post-Effective Amendment 
      No. 16 to the Form N-6 Registration Statement of Security Life of Denver Insurance Company and 
      its Security Life Separate Account L1, filed on April 12, 2006; File No. 333-50278.) 
    (g)  Service Agreement, effective as of May 1, 2002, between ING Life Insurance and Annuity 
      Company and Security Life of Denver Insurance Company. (Incorporated herein by reference to the 
      Post-Effective Amendment No. 3 to the Form N-6 Registration Statement of Security Life of Denver 
      Insurance Company and its Security Life Separate Account L1, filed on February 7, 2003; File No. 
      333-50278.) 
    (9) (a)  Participation Agreement among Security Life of Denver Insurance Company, ING Variable 
      Portfolios, Inc. and ING Funds Distributor, Inc. (Incorporated herein by reference to the Post- 
      Effective Amendment No. 3 to the Form N-6 Registration Statement of Security Life of Denver 
      Insurance Company and its Security Life Separate Account L1, filed on February 7, 2003; File No. 
      333-50278.) 
    (10) (a)  Participation Agreement among Security Life of Denver Insurance Company, Pilgrim Variable 
      Products Trust and ING Pilgrim Investments, LLC. (Incorporated herein by reference to the Post- 
      Effective Amendment No. 15 to the Form S-6 Registration Statement of Security Life of Denver 
      Insurance Company and its Security Life Separate Account L1, filed on April 9, 2002; File No. 033- 
      74190.) 
    (b)  Amendment to Participation Agreement among Security Life of Denver Insurance Company, 
      Pilgrim Variable Products Trust and ING Pilgrim Securities, Inc. (Incorporated herein by reference 
      to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of Security Life of 
      Denver Insurance Company and its Security Life Separate Account L1, filed on December 19, 2001; 
      File No. 333-73464.) 
    (c)  Amendment to Participation Agreement among ING Variable Products Trust, ING Funds 
      Distributor, Inc. and Security Life of Denver Insurance Company. (Incorporated herein by reference 
      to the Post-Effective Amendment No. 3 to the Form N-6 Registration Statement of Security Life of 
      Denver Insurance Company and its Security Life Separate Account L1, filed on February 7, 2003; 
      File No. 333-50278.) 
    (d)  Administrative and Shareholder Service Agreement between ING Pilgrim Group, LLC and Security 
      Life of Denver Insurance Company. (Incorporated herein by reference to the Pre-Effective 
      Amendment No. 1 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on December 19, 2001; File No. 333- 
      73464.) 
    (e)  Amendment to Administrative and Shareholder Services Agreement between Security Life of 
      Denver Insurance Company and ING Funds Services, LLC. (Incorporated herein by reference to the 
      Post-Effective Amendment No. 3 to the Form N-6 Registration Statement of Security Life of Denver 
      Insurance Company and its Security Life Separate Account L1, filed on February 7, 2003; File No. 
      333-50278.) 
    (11) (a)  Rule 22C-2 Agreement, effective April 16, 2007, and to become operational on October 16, 2007, by 
      and between ING Funds Services, LLC, ING Life Insurance and Annuity Company, ING National 
      Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, 
      ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and 
      Systematized Benefits Administrators Inc. (Incorporated herein by reference to Post-Effective 
      Amendment No. 12 to Registration Statement on Form N-6, File Number 333-47527, as filed on 
      April 9, 2007.) 
    (12) (a)  Participation Agreement among INVESCO Variable Investment Funds, Inc., INVESCO Funds 
      Group, Inc., and Security Life of Denver Insurance Company. (Incorporated herein by reference to 
      Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security Life of Denver 
      Insurance Company and its Security Life Separate Account L1, filed on April 27, 1998; File No. 
      033-74190.) 
    (b)  First Amendment to Participation Agreement among Security Life of Denver Insurance Company, 
      INVESCO Variable Investment Funds, Inc. and INVESCO Funds Group, Inc. (Incorporated herein 
      by reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
      Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
      1998; File No. 033-74190.) 

             (c)  Second Amendment to Participation Agreement among Security Life of Denver Insurance 
      Company, INVESCO Variable Investment Funds, Inc. and INVESCO Funds Group, Inc. 
      (Incorporated herein by reference to the Post-Effective Amendment No. 15 to the Form S-6 
      Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
      Account L1, filed on April 9, 2002; File No. 033-74190.) 
             (d)  Third Amendment to Participation Agreement among Security Life of Denver Insurance Company, 
      INVESCO Variable Investment Funds, Inc. and INVESCO Funds Group, Inc. (Incorporated herein 
      by reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 
             (e)  Fourth Amendment to Participation Agreement among Security Life of Denver Insurance Company, 
      INVESCO Investment Funds, Inc. and INVESCO Funds Group, Inc. (Incorporated herein by 
      reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
      Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
      1998; File No. 033-74190.) 
             (f)  Fifth Amendment to Participation Agreement among Security Life of Denver Insurance Company, 
      INVESCO Variable Investment Funds, Inc. and INVESCO Funds Group, Inc. (Incorporated herein 
      by reference to the Post-Effective Amendment No. 1 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      February 29, 2000; File No. 333-72753.) 
             (g)  Sixth Amendment to Participation Agreement among Security Life of Denver Insurance Company, 
      INVESCO Variable Investment Funds, Inc. and INVESCO Funds Group, Inc. (Incorporated herein 
      by reference to the Post-Effective Amendment No. 15 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 9, 2002; File No. 033-74190.) 
             (h)  Seventh Amendment to Participation Agreement among Security Life of Denver Insurance 
      Company, INVESCO Variable Investment Funds, Inc. and INVESCO Funds Group, Inc. 
      (Incorporated herein by reference to the Pre-Effective Amendment No. 1 to the Form S-6 
      Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
      Account L1, filed on December 19, 2001; File No. 333-73464.) 
             (i)  Service Agreement between INVESCO Funds Group, Inc. and Security Life of Denver Insurance 
      Company. (Incorporated herein by reference to the Post-Effective Amendment No. 11 to the Form 
      S-6 Registration Statement of Security Life of Denver Insurance Company and its Security Life 
      Separate Account L1, filed on April 29, 1999; File No. 033-74190.) 
             (j)  First Amendment to Service Agreement between Security Life of Denver Insurance Company and 
      INVESCO Funds Group, Inc. (Incorporated herein by reference to the Post-Effective Amendment 
      No. 15 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and 
      its Security Life Separate Account L1, filed on April 9, 2002; File No. 033-74190.) 
    (13)     (a)  Fund Participation Agreement between Janus Aspen Series and Security Life of Denver Insurance 
      Company. (Incorporated herein by reference to the Post-Effective Amendment No. 13 to the Form 
      S-6 Registration Statement of Security Life of Denver Insurance Company and its Security Life 
      Separate Account L1, filed on October 13, 2000; File No. 033-74190.) 
             (b)  Amendment to Janus Aspen Series Fund Participation Agreement. (Incorporated herein by reference 
      to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement of Security Life of 
      Denver Insurance Company and its Security Life Separate Account L1, filed on December 19, 2001; 
      File No. 333-73464.) 
             (c)  Distribution and Shareholder Services Agreement between Janus Distributors, Inc. and Security Life 
      of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective Amendment 
      No. 15 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and 
      its Security Life Separate Account L1, filed on April 9, 2002; File No. 033-74190.) 
             (d)  Letter of Agreement between Security Life of Denver and Janus Capital Corporation. (Incorporated 
      herein by reference to the Pre-Effective Amendment No. 1 to the Form S-6 Registration Statement 
      of Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      December 19, 2001; File No. 333-73464.) 
    (14)     (a)  Participation Agreement among M Fund, Inc., M Financial Advisers, Inc. and Security Life of 
      Denver Insurance Company. (Incorporated herein by reference to the Post-Effective Amendment 
      No. 14 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and 
      its Security Life Separate Account L1, filed on April 19, 2001; File No. 033-74190.) 

    (b)  Amendment to Participation Agreement among M Fund, Inc., M Financial Advisers, Inc. and 
      Security Life of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective 
      Amendment No. 14 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on April 19, 2001; File No. 033-74190.) 
    (c)  Amendment to Participation Agreement among M Fund, Inc., M Financial Advisers, Inc. and 
      Security Life of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective 
      Amendment No. 15 to the Form S-6 Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on April 9, 2002; File No. 033-74190.) 
    (d)  Amendment to Participation Agreement among M Fund, Inc., M Financial Advisers, Inc. and 
      Security Life of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective 
      Amendment No. 5 to the Form N-6 Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on April 14, 2003; File No. 333-50278.) 
    (e)  Shareholder Information Agreement (Rule 22C-2 Agreement), dated April 16, 2007, and to be 
      effective on October 16, 2007, by and between M Fund, Inc., M Financial Advisers, Inc. and 
      Security Life of Denver Insurance Company. (Incorporated herein by reference to the Post-Effective 
      Amendment No. 6 to the Form N-6 Registration Statement of Security Life of Denver Insurance 
      Company and its Security Life Separate Account L1, filed on April 19, 2007; File No. 333-117329.) 
    (15) (a)  Assignment and Modification Agreement between Neuberger & Berman Advisers Management 
      Trust, Neuberger & Berman Management Incorporated, Neuberger & Berman Advisers 
      Management Trust, Advisers Managers Trust and Security Life of Denver Insurance Company. 
      (Incorporated herein by reference to Post-Effective Amendment No. 6 to the Form S-6 Registration 
      Statement of Security Life of Denver Insurance Company and its Security Life Separate Account 
      L1, filed on March 2, 1998; File No. 033-74190.) 
    (b)  Addendum to Fund Participation Agreement among Security Life of Denver Insurance Company, 
      Neuberger Berman Advisers Management Trust, Advisers Managers Trust and Neuberger Berman 
      Management Inc. (Incorporated herein by reference to the Post-Effective Amendment No. 13 to the 
      Form S-6 Registration Statement of Security Life of Denver Insurance Company and its Security 
      Life Separate Account L1, filed on October 13, 2000; File No. 033-74190.) 
    (c)  Service Agreement between Neuberger & Berman Management Incorporated and Security Life of 
      Denver Insurance Company. (Incorporated herein by reference to the Post-Effective Amendment 
      No. 11 to the Form S-6 Registration Statement of Security Life of Denver Insurance Company and 
      its Security Life Separate Account L1, filed on April 29, 1999; File No. 033-74190.) 
    (d)  Sales Agreement by and among Neuberger & Berman Advisers Management Trust, Neuberger & 
      Berman Management Incorporated, and Security Life of Denver Insurance Company. (Incorporated 
      herein by reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of 
      Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 27, 1998; File No. 033-74190.) 
    (e)  Rule 22C-2 Agreement, effective April 16, 2007, and to become operational on October 16, 2007, 
      by and between Neuberger Berman Management Inc., ING Life Insurance and Annuity Company, 
      ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance 
      Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance 
      Company and Systematized Benefits Administrators Inc. (Incorporated herein by reference to Post- 
      Effective Amendment No. 12 to Registration Statement on Form N-6, filed on April 9, 2007, File 
      No. 333-47527.) 
    (16) (a)  Participation Agreement among Security Life of Denver Insurance Company, Pioneer Variable 
      Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Funds Distributor, Inc. 
      (Incorporated herein by reference to the Post-Effective Amendment No. 3 to the Form N-6 
      Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
      Account L1, filed on February 7, 2003; File No. 333-50278.) 
    (17) (a)  Participation Agreement among Security Life of Denver Insurance Company and Southland Life 
      Insurance Company, Putnam Variable Trust and Putnam Retail Management, Inc. (Incorporated 
      herein by reference to the Post-Effective Amendment No. 1 to the Form S-6 Registration Statement 
      of Security Life of Denver Insurance Company and its Security Life Separate Account L1, filed on 
      April 19, 2001; File No. 333-50278.) 

        (b)  Amendment to Participation Agreement among Security Life of Denver Insurance Company and 
          Southland Life Insurance Company, Putnam Variable Trust and Putnam Retail Management, L.P. 
          (Incorporated herein by reference to the Post-Effective Amendment No. 3 to the Form N-6 
          Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
          Account L1, filed on February 7, 2003; File No. 333-50278.) 
       (18)             (a)  Participation Agreement between Van Eck Investment Trust and the Trust's investment adviser, Van 
          Eck Associates Corporation, and Security Life of Denver Insurance Company. (Incorporated herein 
          by reference to Post-Effective Amendment No. 7 to the Form S-6 Registration Statement of Security 
          Life of Denver Insurance Company and its Security Life Separate Account L1, filed on April 27, 
          1998; File No. 033-74190.)   
        (b)  First Amendment to Fund Participation Agreement between Security Life of Denver, Van Eck 
          Investment Trust and Van Eck Associates Corporation. (Incorporated herein by reference to Post- 
          Effective Amendment No. 6 to the Form S-6 Registration Statement of Security Life of Denver 
          Insurance Company and its Security Life Separate Account L1, filed on March 2, 1998; File No. 
          033-74190.)   
               (c)  Second Amendment to Fund Participation Agreement between Security Life of Denver, Van Eck 
          Worldwide Insurance Trust and Van Eck Associates Corporation. (Incorporated herein by reference 
          to Post-Effective Amendment No. 6 to the Form S-6 Registration Statement of Security Life of 
          Denver Insurance Company and its Security Life Separate Account L1, filed on March 2, 1998; File 
          No. 033-74190.)   
        (d)  Side Letter between Van Eck Worldwide Insurance Trust and Security Life of Denver. 
          (Incorporated herein by reference to the Post-Effective Amendment No. 11 to the Form S-6 
          Registration Statement of Security Life of Denver Insurance Company and its Security Life Separate 
          Account L1, filed on April 29, 1999; File No. 033-74190.) 
     
    (i)   Not Applicable.   
     
    (j)   Not Applicable.   
     
    (k)  Opinion and Consent of Counsel. (Incorporated herein by reference to Post-Effective Amendment No. 2 to the 
      Form N-6 Registration Statement of Security Life of Denver Insurance Company and its Security life Separate 
       Account L1, filed on April 9, 2009, File No. 333-143973.) 
     
    (l)   Not Applicable.   
     
    (m)   Not Applicable.   
     
    (n)   Consent of Independent Registered Public Accounting Firm. 
     
    (o)   All financial statements are included in the Statement of Additional Information, as indicated therein. 
     
    (p)   Not Applicable.   
     
    (q)   Not Applicable.   
     
    (r)   Powers of Attorney.   
     
     Item 27    Directors and Officers of the Depositor   
     
    Name and Principal Business Address  Positions and Offices with Depositor 
     Donald W. Britton, 5780 Powers Ferry Road, NW,  Director and President 
      Atlanta, GA 30327   
     Thomas J. McInerney, One Orange Way, Windsor, CT  Director and Chairman 
      06095-4774     
     David A. Wheat, 5780 Powers Ferry Road, NW, Atlanta,  Director, Executive Vice President and Chief Financial Officer 
      GA 30327   
     Catherine H. Smith, One Orange Way, Windsor, CT  Director and Senior Vice President 
      06095-4774     

    Bridget M. Healy, 230 Park Avenue, New York, NY  Director 
             10169   
    Valerie G. Brown, 5780 Powers Ferry Road, NW,  Senior Vice President 
             Atlanta, GA 30327   
    Boyd G. Combs, 5780 Powers Ferry Road, NW, Atlanta,  Senior Vice President, Tax 
             GA 30327   
    Daniel P. Mulheran, Sr. 20 Washington Avenue South,  Senior Vice President 
             Minneapolis, MN 55401   
    David S. Pendergrass, 5780 Powers Ferry Road, NW,  Senior Vice President and Treasurer 
             Atlanta, GA 30327   
    Steven T. Pierson, 5780 Powers Ferry Road, NW,  Senior Vice President and Chief Accounting Officer 
             Atlanta, GA 30327   
    Stephen J. Preston, 1475 Dunwoody Drive, West  Senior Vice President 
             Chester, PA 19380-1478   
    Pamela S. Anson, 2001 21st Avenue NW, Minot, ND  Vice President 
             58703   
    Kimberly M. Curley, 1290 Broadway, Denver, CO  Vice President and Illustration Actuary 
             80203   
    Chad M. Eslinger, 2001 21st Avenue NW, Minot, ND  Vice President, Compliance 
             58703   
    Deborah C. Hancock, 1290 Broadway, Denver, CO  Vice President 
             80203   
    Laurie J. Rasanen, 2001 21st Avenue NW, Minot, ND  Vice President 
             58703   
    Carol S. Stern, 601 13th Street NW, Suite 550 N,  Vice President and Chief Compliance Officer 
             Washington DC 20005   
    Joy M. Benner, 20 Washington Avenue South,  Secretary 
             Minneapolis, MN 55401   
     
     
    Item 28  Persons Controlled by or Under Common Control with the Depositor or the Registrant 
     
    Incorporated herein by reference to Item 28 in Post-Effective Amendment No. 27 to Registration Statement on Form 
    N-6 for Select*Life Variable Account of ReliaStar Life Insurance Company (File No. 033-57244), as filed with the 
    Securities and Exchange Commission on August 18, 2009.   
     
    Item 29  Indemnification   
     
    Under its Bylaws, Sections 1 through 8, Security Life of Denver Insurance Company ("Security Life") indemnifies, 
    to the full extent permitted by the laws of the State of Colorado, any person who was or is a party or is threatened to 
    be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, 
    administrative, or investigative (other than an action by or in the right of the corporation), by reason of the fact that 
    he or she is or was a director, member of a committee appointed by the Board of Directors, officer, salaried 
    employee, or fiduciary of Security Life or is or was serving at the request of Security Life (whether or not as a 
    representative of Security Life) as a director, officer, employee, or fiduciary of another corporation, partnership, joint 
    venture, trust, or other enterprise, against expenses (including attorney fees), judgments, fines, and amounts paid in 
    settlement actually and reasonably incurred by him or her in connection with such action, suit, or proceeding if he or 
    she acted in good faith and in a manner he or she reasonably believed to in the best interest of the corporation, or at 
    least not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had 
    no reasonable cause to believe his or her conduct was unlawful. 

    Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, 
    officers and controlling persons of Security Life pursuant to such provisions of the bylaws or statutes or otherwise, 
    Security Life has been advised that in the opinion of the Securities and Exchange Commission, such indemnification 
    is against public policy as expressed in said Act and is, therefore, unenforceable. In the event that a claim for 
    indemnification against such liabilities (other than the payment by Security Life of expenses incurred or paid by a 
    director or officer or controlling person of Security Life in the successful defense of any action, suit or proceeding) is 
    asserted by such director, officer or controlling person of Security Life in connection with the securities being 
    registered, Security Life will, unless in the opinion of its counsel the matter has been settled by controlling precedent, 
    submit to a court of appropriate jurisdiction the question of whether or not such indemnification by it is against 
    public policy as expressed in the Act and will be governed by the final adjudication of such issue. 
     
    A corporation may procure indemnification insurance on behalf of an individual who is or was a director of the 
    corporation. Consistent with the laws of the State of Colorado, ING America Insurance Holdings, Inc. maintains a 
    Professional Liability and fidelity bond insurance policy issued by an international insurer. The policy covers ING 
    America Insurance Holdings, Inc. and any company in which ING America Insurance Holdings, Inc. has a 
    controlling financial interest of 50.00% or more. These policies include the principal underwriter, as well as, the 
    depositor. Additionally, the parent company of ING America Insurance Holdings, Inc., ING Groep N.V., maintains 
    excess umbrella coverage with limits in excess of €125,000,000. The policies provide for the following types of 
    coverage: errors and omissions/professional liability, directors and officers, employment practices, fiduciary and 
    fidelity.     
     
    Additionally, Section 13 of the Security Life Distribution Agreement with ING America Equities, Inc. (INGAE) 
    generally provides that each party will indemnify and hold harmless the officers, directors and employees of the other 
    party (and the variable account with respect to indemnity by INGAE) against any expenses (including legal 
    expenses), losses, claims, damages, or liabilities arising out of or based on certain claims or circumstances in 
    connection with the offer or sale of the policies. Under this agreement neither party is entitled to indemnity if the 
    expenses (including legal expenses), losses, claims, damages, or liabilities resulted from their own willful 
    misfeasance, bad faith, negligence, misconduct or wrongful act. 
     
    Item 30    Principal Underwriters   
     
    (a)  Other Activity. ING America Equities, Inc., the principal underwriter for the policies, is also the principal 
      underwriter for policies issued by ReliaStar Life Insurance Company of New York and ReliaStar Life 
      Insurance Company.   
     
    (b)  Management of ING America Equities, Inc.   
     
    Name and Principal Business Address  Positions and Offices with Underwriter 
    Margaret B. Wall, 20 Washington Avenue South,  Director, President and Chief Executive Officer 
             Minneapolis MN 55401   
    Laurie J. Rasanen, 2001 21st Avenue NW, Minot, ND  Director, Vice President and Chief Operating Officer 
             58703   
    Daniel P. Mulheran, Sr., 20 Washington Avenue South,  Director 
             Minneapolis, MN 55401   
    Cynthia A, Grimm, 100 Deerfield lane, Suite 300,  Chief Financial Officer/Financial and Operations Principal  
             Malvern, PA 19355 
    William Wilcox, One Orange Way, Windsor, CT 06095-  Chief Compliance Officer 
             4774   
    David S. Pendergrass, 5780 Powers Ferry Road, NW,  Vice President and Treasurer 
             Atlanta, GA 30327   
    Pamela S. Anson, 2001 21st Avenue NW, Minot, ND  Vice President 
             58703   
    Spencer T. Shell, 5780 Powers Ferry Road, NW, Atlanta,  Vice President and Assistant Treasurer 
             GA 30327   
    Deborah C. Hancock, 1290 Broadway, Denver, CO  Assistant Vice President 
             80203   
    Glenn A. Black, 5780 Powers Ferry Road, NW, Atlanta,  Tax Officer 
             GA 30327   

    Terry L. Owens, 5780 Powers Ferry Road, NW, Atlanta,  Tax Officer     
             GA 30327           
    James H. Taylor, 5780 Powers Ferry Road, NW, Atlanta,  Tax Officer     
             GA 30327           
    Joy M. Benner, 20 Washington Avenue South,  Secretary     
             Minneapolis, MN 55401         
    Tina M. Nelson, 20 Washington Avenue South,  Assistant Secretary   
             Minneapolis, MN 55401         
    Melissa A. O’Donnell, 20 Washington Avenue South,  Assistant Secretary   
             Minneapolis, MN 55401         
    Randall K. Price, 20 Washington Avenue South,  Assistant Secretary   
             Minneapolis, MN 55401         
    Susan M. Vega, 20 Washington Avenue South,  Assistant Secretary   
             Minneapolis, MN 55401         
     
    (c) Compensation From the Registrant.         
     
    (1)    (2)  (3)    (4)  (5) 
        2008 Net  Compensation on     
        Underwriting  Events Occasioning     
    Name of Principal  Discounts and  the Deduction of a  Brokerage   
    Underwriter  Commissions  Deferred Sales Load  Commissions  Other Compensation* 
    ING America           
    Equities, Inc.          $38,268,742.00 
    * Compensation shown in column 5 includes: marketing allowances.     
     
    Item 31  Location of Accounts and Records       
     
    Accounts and records are maintained by Security Life of Denver Insurance Company at 1290 Broadway, Denver, CO 
    80203-5699 and by ING Americas Finance Shared Services, an affiliate, at 5780 Powers Ferry Road, NW, Atlanta, 
    GA 30327.             
     
    Item 32  Management Services         
    None             
     
    Item 33  Fee Representations         
     
    Security Life of Denver Insurance Company represents that the fees and charges deducted under the variable life 
    insurance policy described in this registration statement, in the aggregate, are reasonable in relation to the services 
    rendered, expenses expected to be incurred, and the risks assumed by Security Life of Denver Insurance Company 
    under the policies. Security Life of Denver Insurance Company bases this representation on its assessment of such 
    factors as the nature and extent of such services, expenses and risks, the need for the Security Life of Denver 
    Insurance Company to earn a profit and the range of such fees and charges within the insurance industry. 

    SIGNATURES

    Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Security Life Separate Account L1, certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 3 to this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the Town of Windsor, and State of Connecticut on the 18th day of August, 2009.

      SECURITY LIFE SEPARATE ACCOUNT L1
    (Registrant)

    By: SECURITY LIFE OF DENVER INSURANCE COMPANY
    (Depositor)

    By: /s/ Donald W. Britton*
    Donald W. Britton
    President
    (principal executive officer)

    Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 3 has been signed below by the following persons in the capacities indicated and on the date indicated.

    Signature  Title  Date 
     
    /s/ Donald W. Britton*   Director and President   
    Donald W. Britton   (principal executive officer)   
     
    /s/ Bridget M. Healy*   Director   
    Bridget M. Healy     
     
    /s/ Thomas J. McInerney*   Director and Chairman   
    Thomas J. McInerney    August 
        18, 2009 
    /s/ Catherine H. Smith*   Director and Senior Vice President   
    Catherine H. Smith     
     
    /s/ David A. Wheat*   Director, Executive Vice President and Chief Financial Officer   
    David A. Wheat   (principal financial officer)   
     
    /s/ Steven T. Pierson*   Senior Vice President and Chief Accounting Officer   
    Steven T. Pierson   (principal accounting officer)   
     
     
    By: /s/ J. Neil McMurdie     
     J. Neil McMurdie     
    * Attorney-in-Fact     

      SECURITY LIFE SEPARATE ACCOUNT L1 
      EXHIBIT INDEX 
    Exhibit No.  Exhibit 
    26(n)  Consent of Independent Registered Public Accounting Firm 
    26(r)  Powers of Attorney