Security Life of Denver Insurance Company

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1 P E R F O R M A N C E U P D A T E Security Life of Denver Insurance Company Strategic Investor VUL Average Annual Total Returns as of: 04/30/2018 (shown in percentages) The following variable investment options are available through the variable universal life insurance policy identified above and this performance update illustrates their performance. Variable universal life insurance combines the protection and tax efficiencies of life insurance with the investment potential of a comprehensive selection of variable investment options. The insurance component provides the death benefit coverage and the variable component provides the flexibility to potentially increase the policy's cash value. The performance data quoted represents past performance. Past performance does not guarantee future results. Actual investment returns and principal value will fluctuate so that shares and\or units, at redemption, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end please call The returns shown assume reinvestment of all dividends and reflect the deduction of all portfolio fees and expenses, including investment management fees, distribution (12b-1) fees and other expenses. Returns do not reflect the deduction of the variable universal life insurance policy's fees and charges, including the fees and charges for the cost of insurance, mortality and expense risks, taxes, sales, policy administration, transaction processing and any optional benefits. If these fees and charges were deducted, the performance shown would be significantly lower. Contact your registered representative to obtain a personalized policy illustration, which will show performance reflecting all applicable variable universal life insurance policy fees and charges. This material must be preceded or accompanied by a prospectus for the variable universal life insurance policy. Before investing, carefully consider the investment objectives, risks, and charges, and expenses of the variable universal life insurance policy and each underlying variable investment option. This and other information contained in the prospectuses for the variable universal life insurance policy and the underlying variable investment options. Obtain these prospectuses from you registered representative or call and read them carefully before investing. Returns less than one year are not annualized. is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Strategic Investor VUL w/out M-s which may vary by state and may not be available in all states, is issued by Security Life of Denver Insurance Company distributed by Voya America Equities, Inc., 1290 Broadway, Denver, CO and any other companies with which it has a selling agreement. Both are members of the Voya family of companies. Stability of Principal Money Market Voya Government Liquid Assets Portfolio - Service Class (1) /24/1989 The 7-day annualized yield as of 04/30/2018 is 1.21%, which more closely reflects current earnings. (7) Bonds High Yield Bond VY Pioneer High Yield Portfolio - Initial Class /03/2006 Intermediate-Term Bond Fidelity VIP Investment Grade Bond Portfolio- Initial Clas (2) /05/1988 Voya Intermediate Bond Portfolio - Class I /23/1973 Voya U.S. Bond Index Portfolio - Class I /07/2008 Short-Term Bond Voya Limited Maturity Bond Portfolio - Service Class /24/1989 World Bond Voya Global Bond Portfolio - Service Class /08/2004 Asset Allocation Page 1 of 7

2 Lifestyle Voya Retirement Growth Portfolio - Institutional Class (3) /03/2004 Voya Retirement Moderate Growth Portfolio - Institutional Cl (4) /03/2004 Voya Retirement Moderate Portfolio - Institutional Class /03/2004 Voya Solution Moderately Aggressive Portfolio - Initial Cl (5) /30/2010 Voya Strategic Allocation Conservative Portfolio - Class I (2) /05/1995 Voya Strategic Allocation Growth Portfolio - Class I (2) /05/1995 Voya Strategic Allocation Moderate Portfolio - Class I (2) /05/1995 Balanced Allocation--50% to 70% Equity Voya Balanced Portfolio - Class I /03/1989 VY Invesco Equity and Income Portfolio - Initial Class /10/2001 VY T. Rowe Price Capital Appreciation Portfolio - Inst /24/1989 World Allocation BlackRock Global Allocation V.I. - Class III /28/1992 Voya Global Perspectives Portfolio - Class I /25/2013 Large Cap Value Large Blend American s Insurance Series Growth-Income -Class /08/1984 Invesco V.I. Core Equity - Series I Shares (2)(6) /02/1994 Voya Growth and Income Portfolio - Class I /31/1979 Voya Index Plus LargeCap Portfolio - Class I /16/1996 Voya Multi-Manager Large Cap Core Port - Institutional Class /29/2005 Voya Russell Large Cap Index Portfolio - Class I /04/2008 Voya U.S. Stock Index Portfolio - Institutional Class /03/2004 Large Value Fidelity VIP Equity-Income Portfolio - Service Class /03/1997 Voya Large Cap Value Portfolio - Institutional Class /11/2007 Voya Russell Large Cap Value Index Portfolio - Class I /01/2009 VY Invesco Comstock Portfolio - Initial Class /01/2002 VY Invesco Growth and Income Portfolio - Service Class /04/1993 VY T. Rowe Price Equity Income Portfolio - Institutional /24/1989 Large Cap Growth Large Growth American s Insurance Series Growth - Class /08/1984 Fidelity VIP Contrafund Portfolio - Service Class /03/1997 Neuberger Berman AMT Socially Responsive Portfolio - I Class /18/1999 Voya Large Cap Growth Portfolio - Institutional Class /03/2004 Voya Russell Large Cap Growth Index Portfolio - Class I /01/2009 Small/Mid/Specialty Mid-Cap Blend Voya Index Plus MidCap Portfolio - Class I /16/1997 VY JPMorgan Mid Cap Value Portfolio - Initial Class /01/2002 Mid-Cap Growth Voya MidCap Opportunities Portfolio - Class I (2) /05/2000 Voya Russell Mid Cap Growth Index Portfolio - Class I /01/2009 VY Baron Growth Portfolio - Initial Class /01/2002 VY T. Rowe Price Diversified Mid Cap Growth Port - Initial /10/2001 Mid-Cap Value VY American Century Small-Mid Cap Value Portfolio- Initial (2) /01/2002 Small Blend Page 2 of 7

3 Voya Index Plus SmallCap Portfolio - Class I /19/1997 Voya Russell Small Cap Index Portfolio - Class I /04/2008 Voya Small Company Portfolio - Class S /27/1996 VY JPMorgan Small Cap Core Equity Portfolio- Institutional /01/2002 Small Growth Voya SmallCap Opportunities Portfolio - Class I /06/1994 Small Value VY Columbia Small Cap Value II Portfolio - Initial Class /28/2006 Specialty - Global Real Estate VY Clarion Global Real Estate Portfolio - Service Class /03/2006 Specialty - Natural Resources VanEck VIP Global Hard Assets - Initial Class Shares (2) /01/1989 Global / International Diversified Emerging Mkts VY JPMorgan Emerging Markets Equity Portfolio - Inst /18/1998 Foreign Large Blend American s Insurance Series International -Class /01/1990 Voya International Index Portfolio - Class S /04/2008 Foreign Large Growth VY T. Rowe Price International Stock Portfolio - Inst /29/2005 Foreign Large Value VY Templeton Foreign Equity Portfolio - Initial Class /03/2006 World Large Stock Voya Global Equity Portfolio - Class I /05/2015 VY Oppenheimer Global Portfolio - Initial Class /01/2002 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. Page 3 of 7

4 P E R F O R M A N C E U P D A T E Security Life of Denver Insurance Company Strategic Investor VUL Average Annual Total Returns as of: 03/31/2018 (shown in percentages) The following variable investment options are available through the variable universal life insurance policy identified above and this performance update illustrates their performance. Variable universal life insurance combines the protection and tax efficiencies of life insurance with the investment potential of a comprehensive selection of variable investment options. The insurance component provides the death benefit coverage and the variable component provides the flexibility to potentially increase the policy's cash value. The performance data quoted represents past performance. Past performance does not guarantee future results. Actual investment returns and principal value will fluctuate so that shares and\or units, at redemption, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end please call The returns shown assume reinvestment of all dividends and reflect the deduction of all portfolio fees and expenses, including investment management fees, distribution (12b-1) fees and other expenses. Returns do not reflect the deduction of the variable universal life insurance policy's fees and charges, including the fees and charges for the cost of insurance, mortality and expense risks, taxes, sales, policy administration, transaction processing and any optional benefits. If these fees and charges were deducted, the performance shown would be significantly lower. Contact your registered representative to obtain a personalized policy illustration, which will show performance reflecting all applicable variable universal life insurance policy fees and charges. Returns less than one year are not annualized. is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Strategic Investor VUL w/out M-s which may vary by state and may not be available in all states, is issued by Security Life of Denver Insurance Company distributed by Voya America Equities, Inc., 1290 Broadway, Denver, CO and any other companies with which it has a selling agreement. Both are members of the Voya family of companies. Stability of Principal Money Market Voya Government Liquid Assets Portfolio - Service Class (1) /24/1989 The 7-day annualized yield as of 03/31/2018 is 1.12%, which more closely reflects current earnings. (7) Bonds High Yield Bond VY Pioneer High Yield Portfolio - Initial Class /03/2006 Intermediate-Term Bond Fidelity VIP Investment Grade Bond Portfolio- Initial Clas (2) /05/1988 Voya Intermediate Bond Portfolio - Class I /23/1973 Voya U.S. Bond Index Portfolio - Class I /07/2008 Short-Term Bond Voya Limited Maturity Bond Portfolio - Service Class /24/1989 World Bond Voya Global Bond Portfolio - Service Class /08/2004 Asset Allocation Lifestyle Voya Retirement Growth Portfolio - Institutional Class (3) /03/2004 Voya Retirement Moderate Growth Portfolio - Institutional Cl (4) /03/2004 Voya Retirement Moderate Portfolio - Institutional Class /03/2004 Page 4 of 7

5 Voya Solution Moderately Aggressive Portfolio - Initial Cl (5) /30/2010 Voya Strategic Allocation Conservative Portfolio - Class I (2) /05/1995 Voya Strategic Allocation Growth Portfolio - Class I (2) /05/1995 Voya Strategic Allocation Moderate Portfolio - Class I (2) /05/1995 Balanced Allocation--50% to 70% Equity Voya Balanced Portfolio - Class I /03/1989 VY Invesco Equity and Income Portfolio - Initial Class /10/2001 VY T. Rowe Price Capital Appreciation Portfolio - Inst /24/1989 World Allocation BlackRock Global Allocation V.I. - Class III /28/1992 Voya Global Perspectives Portfolio - Class I /25/2013 Large Cap Value Large Blend American s Insurance Series Growth-Income -Class /08/1984 Invesco V.I. Core Equity - Series I Shares (2)(6) /02/1994 Voya Growth and Income Portfolio - Class I /31/1979 Voya Index Plus LargeCap Portfolio - Class I /16/1996 Voya Multi-Manager Large Cap Core Port - Institutional Class /29/2005 Voya Russell Large Cap Index Portfolio - Class I /04/2008 Voya U.S. Stock Index Portfolio - Institutional Class /03/2004 Large Value Fidelity VIP Equity-Income Portfolio - Service Class /03/1997 Voya Large Cap Value Portfolio - Institutional Class /11/2007 Voya Russell Large Cap Value Index Portfolio - Class I /01/2009 VY Invesco Comstock Portfolio - Initial Class /01/2002 VY Invesco Growth and Income Portfolio - Service Class /04/1993 VY T. Rowe Price Equity Income Portfolio - Institutional /24/1989 Large Cap Growth Large Growth American s Insurance Series Growth - Class /08/1984 Fidelity VIP Contrafund Portfolio - Service Class /03/1997 Neuberger Berman AMT Socially Responsive Portfolio - I Class /18/1999 Voya Large Cap Growth Portfolio - Institutional Class /03/2004 Voya Russell Large Cap Growth Index Portfolio - Class I /01/2009 Small/Mid/Specialty Mid-Cap Blend Voya Index Plus MidCap Portfolio - Class I /16/1997 VY JPMorgan Mid Cap Value Portfolio - Initial Class /01/2002 Mid-Cap Growth Voya MidCap Opportunities Portfolio - Class I (2) /05/2000 Voya Russell Mid Cap Growth Index Portfolio - Class I /01/2009 VY Baron Growth Portfolio - Initial Class /01/2002 VY T. Rowe Price Diversified Mid Cap Growth Port - Initial /10/2001 Mid-Cap Value VY American Century Small-Mid Cap Value Portfolio- Initial (2) /01/2002 Small Blend Voya Index Plus SmallCap Portfolio - Class I /19/1997 Voya Russell Small Cap Index Portfolio - Class I /04/2008 Voya Small Company Portfolio - Class S /27/1996 VY JPMorgan Small Cap Core Equity Portfolio- Institutional /01/2002 Small Growth Page 5 of 7

6 Voya SmallCap Opportunities Portfolio - Class I /06/1994 Small Value VY Columbia Small Cap Value II Portfolio - Initial Class /28/2006 Specialty - Global Real Estate VY Clarion Global Real Estate Portfolio - Service Class /03/2006 Specialty - Natural Resources VanEck VIP Global Hard Assets - Initial Class Shares (2) /01/1989 Global / International Diversified Emerging Mkts VY JPMorgan Emerging Markets Equity Portfolio - Inst /18/1998 Foreign Large Blend American s Insurance Series International -Class /01/1990 Voya International Index Portfolio - Class S /04/2008 Foreign Large Growth VY T. Rowe Price International Stock Portfolio - Inst /29/2005 Foreign Large Value VY Templeton Foreign Equity Portfolio - Initial Class /03/2006 World Large Stock Voya Global Equity Portfolio - Class I /05/2015 VY Oppenheimer Global Portfolio - Initial Class /01/2002 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. Additional Notes (1)YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THE FUND'S SPONSOR HAS NO LEGAL OBLIGATION TO PROVIDE FINANCIAL SUPPORT TO THE FUND, AND YOU SHOULD NOT EXPECT THAT THE SPONSOR WILL PROVIDE FINANCIAL SUPPORT TO THE FUND AT ANY TIME. (2) closed to new investments. (3)Voya Retirement Growth Portfolio - Institutional Class: The adviser is contractually obligated to limit expenses to 0.82% through May 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the Portfolio's board. (4)The Voya Retirement Moderate Growth Portfolio - Institutional Class commenced operations on October 23, The performance information above, prior to October 23, 2009, is based upon the Voya LifeStyle Moderate Growth Portfolio - Institutional Class performance. (5)There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time, including the target date. The "target date" is the approximate date when you plan to start withdrawing your money. When your target date is reached, you may have more or less than the original amount invested. For each target date Portfolio, until the day prior to its Target, the Portfolio will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each Portfolio's designation Target Year. Prior to choosing a Target Portfolio, investors are strongly encouraged to review and understand the Portfolio's objectives and its composition of stocks and bonds, and how the asset allocation will change over time as the target date nears. No two investors are alike and one should not assume that just because they intend to retire in the year corresponding to the Target that that specific Portfolio is appropriate and suitable to their risk tolerance. It is Page 6 of 7

7 Additional Notes recommended that an investor consider carefully the possibility of capital loss in each of the target date Portfolios, the likelihood and magnitude of which will be dependent upon the Portfolio's asset allocation. On the Target, the portfolio will seek to provide a combination of total return and stability of principal. Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small and midcap stocks may be more volatile than large cap stocks. Investing in bonds also entails credit risk and interest rate risk. Generally investors with longer timeframes can consider assuming more risk in their investment portfolio. The Voya Solution PortfoliosSM are actively managed and the asset allocation adjusted over time. The portfolios may merge with or change to other portfolios over time. Refer to the prospectus for more information about the specific risks of investing in the various asset classes included in the Voya Solution Portfolios. (6) closed to new investments. The returns shown are after the deduction of all fund fees and charges including investment management fees, distribution (12b-1) fees and other expenses. The returns do not reflect the deduction of other charges including mortality risk charges, premium or administration charges; therefore, only "gross" or "NAV" returns are shown and actual returns will be significantly lower as a result of these other charges. Please contact your agent to obtain an updated personalized policy illustration which will reflect all applicable fees and charges, including the cost of insurance. (7)The current yield reflects the deduction of all charges that are deducted from the total return quotations shown. Variable insurance products are issued by Security Life of Denver Insurance Company and distributed by Voya America Equities, Inc., 1290 Broadway, Denver, CO Both are members of Voya. The chart shows the performance for each investment option for the time periods shown. Separate Account charges may be lower for your account and a Maintenance Fee may or may not apply to your account. A DSC may or may not apply to your account. Investment Options are listed in asset class order, each of which has unique risk characteristics. The variable investment options are available only as investment options in variable insurance products sold by life insurance companies. They are not made available to the general public. Creation : Wednesday, May 02, 2018 Page 7 of 7