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ASSET ACCUMULATOR
ASSET PORTFOLIO MANAGER
CORPORATE BENEFITS
STRATEGIC INVESTOR

FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICIES
issued by
Security Life of Denver Insurance Company
and its
Security Life Separate Account L1

Supplement Effective as of April 29, 2011

This supplement updates and amends certain information contained in your current variable life insurance
prospectus and supplements thereto. Please read it carefully and keep it with your prospectus for future reference.
__________________________________________________________________________

IMPORTANT INFORMATION REGARDING
FUND NAME CHANGES

Effective April 29, 2011, certain of the funds available through Security Life Separate Account L1 will change their names as follows:

Former Fund Name Current Fund Name
ING Columbia Small Cap Value Portfolio ING Columbia Small Cap Value II Portfolio
ING Van Kampen Comstock Portfolio ING Invesco Van Kampen Comstock Portfolio
ING Van Kampen Equity and Income Portfolio ING Invesco Van Kampen Equity and Income Portfolio
ING Van Kampen Growth and Income Portfolio ING Invesco Van Kampen Growth and Income Portfolio
ING Wells Fargo Health Care Portfolio ING BlackRock Health Sciences Opportunities Portfolio

 

IMPORTANT INFORMATION ABOUT THE FUNDS AVAILABLE
THROUGH THE POLICIES

The following chart lists the funds that are, effective April 29, 2011, available through the policies, along with each fund’s investment adviser/subadviser and investment objective. More detailed information about these funds can be found in the current prospectus and Statement of Additional Information for each fund. If you received a summary prospectus for any of the funds available through your policy, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund’s summary prospectus.

There is no assurance that the stated investment objectives of any of the funds will be achieved. Shares of the funds will rise and fall in value and you could lose money by allocating policy value to the subaccounts that invest in the funds. Shares of the funds are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, the Federal Deposit Insurance Corporation or any other government agency. Except as noted, all funds are diversified, as defined under the 1940 Act.

X.AACS-11 Page 1 of 9 April 2011

 

 

  Investment Adviser/  
Fund Name Subadviser Investment Objective
American Funds® – Growth Fund Investment Adviser: Seeks growth of capital by investing
(Class 2) Capital Research and Management primarily in common stocks.
  CompanySM  
American Funds® – Growth- Investment Adviser: Seeks capital growth over time and
Income Fund (Class 2) Capital Research and Management income by investing primarily in U.S.
  CompanySM common stocks or other securities that
    demonstrate the potential for
    appreciation and/or dividends.
American Funds® – International Investment Adviser: Seeks growth of capital over time by
Fund (Class 2) Capital Research and Management investing primarily in common stocks
  CompanySM of companies located outside the
    United States.
BlackRock Global Allocation V.I. Investment Adviser: Seeks to provide high total return
Fund (Class III) BlackRock Advisors, LLC through a fully managed investment
  Subadvisers: policy utilizing U.S. and foreign
  BlackRock Investment Management, equity, debt and money market
  LLC; BlackRock International Limited instruments, the combination of which
    will be varied from time to time both
    with respect to types of securities and
    markets in response to changing
    market and economic trends.
Fidelity® VIP Contrafund® Investment Adviser: Seeks long-term capital appreciation.
Portfolio (Service Class) Fidelity Management & Research  
  Company  
  Subadvisers:  
  FMR Co., Inc. and other affiliates of
Fidelity Management & Research		  
  Company  
Fidelity® VIP Equity-Income Investment Adviser: Seeks reasonable income. Also
Portfolio (Service Class) Fidelity Management & Research considers the potential for capital
  Company appreciation. Seeks to achieve a yield
  Subadvisers: which exceeds the composite yield on
  FMR Co., Inc. and other affiliates of the securities comprising the S&P
  Fidelity Management & Research 500® Index.
  Company  
ING Artio Foreign Portfolio Investment Adviser: Seeks long-term growth of capital.
(Class I) Directed Services LLC  
  Subadviser:  
  Artio Global Management, LLC  
ING Blackrock Health Sciences Investment Adviser: Seeks long-term capital growth.
Opportunities Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  BlackRock Advisors, LLC  
ING BlackRock Large Cap Growth Investment Adviser: Seeks long-term growth of capital.
Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  BlackRock Investment Management,
LLC		  
ING Clarion Global Real Estate Investment Adviser: Seeks high total return, consisting of
Portfolio (Class S) ING Investments, LLC capital appreciation and current
  Subadviser: income.
  ING Clarion Real Estate Securities  
  LLC  

 

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  Investment Adviser/  
Fund Name Subadviser Investment Objective
ING DFA Global Allocation Investment Adviser: Seeks high level of total return,
Portfolio (Class I) 1 Directed Services LLC consisting of capital appreciation and
  Subadviser: income.
  Dimensional Fund Advisors LP  
ING DFA World Equity Portfolio Investment Adviser: Seeks long-term capital appreciation.
(Class I) 1 Directed Services LLC  
  Subadviser:  
  Dimensional Fund Advisors LP  
ING FMRSM Diversified Mid Cap Investment Adviser: Seeks long-term growth of capital.
Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  Fidelity Management & Research  
  Company  
ING Franklin Templeton Founding Investment Adviser: Seeks capital appreciation and
Strategy Portfolio (Class I) 1 Directed Services LLC secondarily, income.
ING Global Resources Portfolio Investment Adviser: A non-diversified portfolio that seeks
(Class I) Directed Services LLC long-term capital appreciation.
  Subadviser:  
  ING Investment Management Co.  
ING Invesco Van Kampen Growth Investment Adviser: Seeks long-term growth of capital and
and Income Portfolio (Class S) Directed Services LLC income.
  Subadviser:  
  Invesco Advisers, Inc.  
ING JPMorgan Emerging Markets Investment Adviser: Seeks capital appreciation.
Equity Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  J.P. Morgan Investment Management
Inc.		  
ING JPMorgan Small Cap Core Investment Adviser: Seeks capital growth over the long
Equity Portfolio (Class I) Directed Services LLC term.
  Subadviser:  
  J.P. Morgan Investment Management
Inc.		  
ING Large Cap Growth Portfolio Investment Adviser: Seeks long-term capital growth.
(Class I) Directed Services LLC  
  Subadviser:  
  ING Investment Management Co.  
ING Limited Maturity Bond Investment Adviser: Seeks highest current income
Portfolio (Class S) Directed Services LLC consistent with low risk to principal
  Subadviser: and liquidity and secondarily, seeks to
  ING Investment Management Co. enhance its total return through capital
    appreciation when market factors,
    such as falling interest rates and rising
    bond prices, indicate that capital
    appreciation may be available without
    significant risk to principal.
ING Liquid Assets Portfolio Investment Adviser: Seeks high level of current income
(Class S) Directed Services LLC consistent with the preservation of
  Subadviser: capital and liquidity.
  ING Investment Management Co.  

 

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  Investment Adviser/  
Fund Name Subadviser Investment Objective
ING MFS Total Return Portfolio Investment Adviser: Seeks above-average income
(Class I) Directed Services LLC (compared to a portfolio entirely
  Subadviser: invested in equity securities)
  Massachusetts Financial Services consistent with the prudent
  Company employment of capital. Secondarily
    seeks reasonable opportunity for
    growth of capital and income.
ING MFS Utilities Portfolio Investment Adviser: Seeks total return.
(Class S) Directed Services LLC  
  Subadviser:  
  Massachusetts Financial Services  
  Company  
ING Marsico Growth Portfolio Investment Adviser: Seeks capital appreciation.
(Class I) Directed Services LLC  
  Subadviser:  
  Marsico Capital Management, LLC  
ING PIMCO Total Return Bond Investment Adviser: Seeks maximum total return,
Portfolio (Class I) Directed Services LLC consistent with preservation of capital
  Subadviser: and prudent investment management.
  Pacific Investment Management  
  Company LLC  
ING Pioneer Fund Portfolio Investment Adviser: Seeks reasonable income and capital
(Class I) Directed Services LLC growth.
  Subadviser:  
Pioneer Investment Management, Inc.
ING Pioneer Mid Cap Value Investment Adviser: Seeks capital appreciation.
Portfolio (Class I) Directed Services LLC  
  Subadviser:  
Pioneer Investment Management, Inc.
ING Retirement Growth Portfolio Investment Adviser: Seeks a high level of total return
(Class I) 1 Directed Services LLC (consisting of capital appreciation and
  Asset Allocation Consultants: income) consistent with a level of risk
  Asset Allocation Committee that can be expected to be greater than
    that of the ING Retirement Moderate
    Growth Portfolio.
ING Retirement Moderate Growth Investment Adviser: Seeks a high level of total return
Portfolio (Class I) 1 Directed Services LLC (consisting of capital appreciation and
  Asset Allocation Consultants: income) consistent with a level of risk
  Asset Allocation Committee 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 Portfolio Investment Adviser: Seeks a high level of total return
(Class I) 1 Directed Services LLC (consisting of capital appreciation and
  Asset Allocation Consultants: income) consistent with a level of risk
  Asset Allocation Committee that can be expected to be less than
    that of ING Retirement Moderate
    Growth Portfolio.
ING T. Rowe Price Capital Investment Adviser: Seeks, over the long-term, a high total
Appreciation Portfolio (Class I) Directed Services LLC investment return, consistent with the
  Subadviser: preservation of capital and prudent
  T. Rowe Price Associates, Inc. investment risk.

 

X.AACS-11 Page 4 of 9 April 2011

 

 

  Investment Adviser/  
Fund Name Subadviser Investment Objective
ING T. Rowe Price Equity Income Investment Adviser: Seeks substantial dividend income as
Portfolio (Class I) Directed Services LLC well as long-term growth of capital.
  Subadviser:  
  T. Rowe Price Associates, Inc.  
ING T. Rowe Price International Investment Adviser: Seeks long-term growth of capital.
Stock Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  T. Rowe Price Associates, Inc.  
ING U.S. Stock Index Portfolio Investment Adviser: Seeks total return.
(Class I) Directed Services LLC  
  Subadviser:  
  ING Investment Management Co.  
ING Baron Small Cap Growth Investment Adviser: Seeks capital appreciation.
Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  BAMCO, Inc.  
ING Columbia Small Cap Value II Investment Adviser: Seeks long-term growth of capital.
Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  Columbia Management Investment
Advisers, LLC		  
ING Global Bond Portfolio Investment Adviser: Seeks to maximize total return
(Class S) Directed Services LLC through a combination of current
  Subadviser: income and capital appreciation.
  ING Investment Management Co.  
ING Invesco Van Kampen Investment Adviser: Seeks capital growth and income.
Comstock Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  Invesco Advisers, Inc.  
ING Invesco Van Kampen Equity Investment Adviser: Seeks total return, consisting of long-
and Income Portfolio (Class I) Directed Services LLC term capital appreciation and current
  Subadviser: income.
  Invesco Advisers, Inc.  
ING JPMorgan Mid Cap Value Investment Adviser: Seeks growth from capital
Portfolio (Class I) Directed Services LLC appreciation.
  Subadviser:  
  J. P. Morgan Investment Management
Inc.		  
ING Oppenheimer Global Portfolio Investment Adviser: Seeks capital appreciation.
(Class I) Directed Services LLC  
  Subadviser:  
  OppenheimerFunds, Inc.  
ING Pioneer High Yield Portfolio Investment Adviser: Seeks to maximize total return
(Class I) Directed Services LLC through income and capital
  Subadviser: appreciation.
Pioneer Investment Management, Inc.
ING T. Rowe Price Diversified Mid Investment Adviser: Seeks long-term capital appreciation.
Cap Growth Portfolio (Class I) Directed Services LLC  
  Subadviser:  
  T. Rowe Price Associates, Inc.  

 

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  Investment Adviser/  
Fund Name Subadviser Investment Objective
ING UBS U.S. Large Cap Equity Investment Adviser: Seeks long-term growth of capital and
Portfolio (Class I) Directed Services LLC future income.
  Subadviser:  
  UBS Global Asset Management  
  (Americas) Inc.  
ING Balanced Portfolio (Class I) Investment Adviser: Seeks total return consisting of capital
  ING Investments, LLC appreciation (both realized and
  Subadviser: unrealized) and current income; the
  ING Investment Management Co. secondary investment objective is
    long-term capital appreciation.
ING Intermediate Bond Portfolio Investment Adviser: Seeks to maximize total return
(Class I) ING Investments, LLC consistent with reasonable risk. The
  Subadviser: portfolio seeks its objective through
  ING Investment Management Co. investments in a diversified portfolio
    consisting primarily of debt securities.
    It is anticipated that capital
    appreciation and investment income
    will both be major factors in
    achieving total return.
ING Growth and Income Portfolio Investment Adviser: Seeks to maximize total return
(Class I) ING Investments, LLC through investments in a diversified
  Subadviser: portfolio of common stocks and
  ING Investment Management Co. securities convertible into common
    stocks. It is anticipated that capital
    appreciation and investment income
    will both be major factors in
    achieving total return.
ING Index Plus LargeCap Portfolio Investment Adviser: Seeks to outperform the total return
(Class I) ING Investments, LLC performance of the S&P 500® Index,
  Subadviser: while maintaining a market level of
  ING Investment Management Co. risk.
ING Index Plus MidCap Portfolio Investment Adviser: Seeks to outperform the total return
(Class I) ING Investments, LLC performance of the Standard & Poor’s
  Subadviser: MidCap 400 Index, while maintaining
  ING Investment Management Co. a market level of risk.
ING Index Plus SmallCap Portfolio Investment Adviser: Seeks to outperform the total return
(Class I) ING Investments, LLC performance of the Standard & Poor’s
  Subadviser: SmallCap 600 Index, while
  ING Investment Management Co. maintaining a market level of risk.
ING International Index Portfolio Investment Adviser: Seeks investment results (before fees
(Class S) ING Investments, LLC and expenses) that correspond to the
  Subadviser: total return of a widely accepted
  ING Investment Management Co. international index.
ING RussellTM Large Cap Growth Investment Adviser: A non diversified portfolio that seeks
Index Portfolio (Class I) ING Investments, LLC investment results (before fees and
  Subadviser: expenses) that correspond to the total
  ING Investment Management Co. return of the Russell Top 200®
    Growth Index.
ING RussellTM Large Cap Index Investment Adviser: Seeks investment results (before fees
Portfolio (Class I) ING Investments, LLC and expenses) that correspond to the
  Subadviser: total return of the Russell Top 200®
  ING Investment Management Co. Index.

 

X.AACS-11 Page 6 of 9 April 2011

 

 

  Investment Adviser/  
Fund Name Subadviser Investment Objective
ING RussellTM Large Cap Value Investment Adviser: A non diversified portfolio that seeks
Index Portfolio (Class I) ING Investments, LLC investment results (before fees and
  Subadviser: expenses) that correspond to the total
  ING Investment Management Co. return of the Russell Top 200® Value
    Index.
ING RussellTM Mid Cap Growth Investment Adviser: A non-diversified portfolio that seeks
Index Portfolio (Class I) ING Investments, LLC investment results (before fees and
  Subadviser: expenses) that correspond to the total
  ING Investment Management Co. return of the Russell Midcap® Growth
    Index.
ING RussellTM Small Cap Index Investment Adviser: Seeks investment results (before fees
Portfolio (Class I) ING Investments, LLC and expenses) that correspond to the
  Subadviser: total return of the Russell 2000®
  ING Investment Management Co. Index.
ING Small Company Portfolio Investment Adviser: Seeks growth of capital primarily
(Class S) ING Investments, LLC through investment in a diversified
  Subadviser: portfolio of common stocks of
  ING Investment Management Co. companies with smaller market
    capitalizations.
ING U.S. Bond Index Portfolio Investment Adviser: Seeks investment results (before fees
(Class I) ING Investments, LLC and expenses) that correspond to the
  Subadviser: total return of the Barclays Capital
  Neuberger Berman Fixed Income U.S. Aggregate Bond Index.
  LLC  
ING SmallCap Opportunities Investment Adviser: Seeks long-term capital appreciation.
Portfolio (Class I) ING Investments, LLC  
  Subadviser:  
  ING Investment Management Co.  
M Business Opportunity Value Investment Adviser: Seeks to provide long-term capital
Fund 2 M Financial Investment Advisers, Inc. appreciation.
  Subadviser:  
  Iridian Asset Management LLC  
M Capital Appreciation Fund 2 Investment Adviser: Seeks to provide maximum capital
  M Financial Investment Advisers, Inc. appreciation.
  Subadviser:  
  Frontier Capital Management  
  Company, LLC  
M International Equity Fund 2 Investment Adviser: Seeks to provide long-term capital
  M Financial Investment Advisers, Inc. appreciation.
  Subadviser:  
  Brandes Investment Partners, L.P.  
M Large Cap Growth Fund 2 Investment Adviser: Seeks to provide long-term capital
  M Financial Investment Advisers, Inc. appreciation.
  Subadviser:  
  DSM Capital Partners LLC  
Neuberger Berman AMT Socially Investment Adviser: Seeks long-term growth of capital by
Responsive Portfolio® (Class I) Neuberger Berman Management LLC investing primarily in securities of
  Subadviser: companies that meet the portfolio’s
  Neuberger Berman LLC financial criteria and social policy.

 

1     

This fund is structured as a “fund of funds.” A fund structured as a “fund of funds” 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. Please refer to the fund prospectus for information about the aggregate annual operating expenses of the fund and its corresponding underlying fund or funds.

2     

This fund is only available through broker/dealers associated with the M Financial Group.

X.AACS-11 Page 7 of 9 April 2011

 

 

IMPORTANT INFORMATION ABOUT FUNDS CLOSED TO NEW INVESTMENT

The subaccounts that invest in the following funds have been closed to new investment:

  • Fidelity® VIP Investment Grade Bond Portfolio

  • ING American Century Small-Mid Cap Value Portfolio

  • ING Large Cap Value Portfolio

  • ING MidCap Opportunities Portfolio

  • ING PIMCO Total Return Portfolio

  • ING Strategic Allocation Conservative Portfolio

  • ING Strategic Allocation Growth Portfolio

  • ING Strategic Allocation Moderate Portfolio

  • Invesco V.I. Core Equity Fund

  • Van Eck VIP Global Hard Assets Fund 3

Policy owners who have policy value allocated to one or more of the subaccounts that correspond to these funds may leave their policy value in those subaccounts, but future allocations and transfers into those subaccounts are prohibited. If your most recent premium allocation instructions includes a subaccount that corresponds to one of these funds, premium received that would have been allocated to a subaccount corresponding to one of these funds may be automatically allocated among the other available subaccounts according to your most recent premium allocation instructions. If your most recent allocation instructions do not include any available funds, you must provide us with alternative allocation instructions or the premium payment will be returned to you. 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 of your policy prospectus for information about making allocation changes.

Your failure to provide us with alternative allocation instructions before we return your premium payment(s) may result in your policy entering the 61 day grace period and/or your policy lapsing without value. See the “Lapse” section of your policy prospectus for more information about how to keep your policy from lapsing. See also the “Reinstatement” section of your policy prospectus for information about how to put your policy back in force if it has lapsed.

IMPORTANT INFORMATION ABOUT THE COMPANY’S
INTEREST BEARING RETAINED ASSET ACCOUNT

Unless the beneficiary elects otherwise, death benefit proceeds generally will be paid into an interest bearing retained asset account that is backed by our general account. This account is not FDIC insured and can be accessed by the beneficiary through a draftbook feature. The beneficiary may access the entire death benefit proceeds at any time through the draftbook without penalty. Interest credited on this account may be less than could be earned if the lump-sum payment was invested outside of the policy. Additionally, interest credited on this account may be less than interest paid under other settlement options available through the policy, and we seek to earn a profit on this account.

At the time of death benefit election, the beneficiary may elect to receive the death benefit proceeds directly by check rather than through the retained asset account draftbook feature by notifying us at the ING Customer Service Center at P.O. Box 5065, Minot, ND 58702-5065, 1-877-253-5050 or www.ingservicecenter.com.

3     

The Van Eck VIP Global Hard Assets Fund was never offered as an investment option in the ING Corporate Benefits product.

X.AACS-11 Page 8 of 9 April 2011

 

 

MORE INFORMATION IS AVAILABLE

More information about the funds available through your policy, including information about the risks associated with investing in them, can be found in the current prospectus and Statement of Additional Information for each 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

If you received a summary prospectus for any of the funds available through your policy, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund’s summary prospectus.

X.AACS-11 Page 9 of 9 April 2011