As filed with the Securities and Exchange Commission on April 14, 2010		Registration No. 333-69431 Registration No. 811-04208
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. 16		[X]
AMENDMENT TO REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940		[X]
(Check appropriate box or boxes.)
Select*Life Variable Account
(Exact Name of Registrant)
ReliaStar Life Insurance Company
(Name of Depositor)
20 Washington Avenue So.
Minneapolis, MN 55401
(Address of Depositor’s Principal Executive Offices) (Zip Code)
(612) 372-5507
(Depositor’s Telephone Number, including Area Code)
J. Neil McMurdie, Senior Counsel
ING Americas (U.S. Legal Services)
One Orange Way, Windsor, Connecticut 06095-4774
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box):
[ ]	immediately upon filing pursuant to paragraph (b) of Rule 485
[X]	on April 30, 2010, 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 

FLEXDESIGN® VUL
A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
issued by
RELIASTAR LIFE INSURANCE COMPANY
and its
SELECT*LIFE VARIABLE ACCOUNT
Supplement Dated April 30, 2010, to the Prospectus Dated April 30, 2010
This supplement updates certain information contained in your prospectus dated April 30, 2010. Please read it carefully and keep it with your prospectus for future reference.
NOTICE OF UPCOMING FUND MERGERS
Effective on or about August 23, 2010 (the “Merger Effective Date”), the following Disappearing Funds will merge
into and become part of the following Surviving Funds as follows:
Disappearing Funds	Surviving Funds
ING Opportunistic LargeCap Portfolio (Class I) 1	ING Growth and Income Portfolio (Class I)
ING Wells Fargo Small Cap Disciplined Portfolio	ING Small Company Portfolio (Class I)
(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 fixed account. 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 5011, Minot, ND
  58702-5011, 1-877-886-5050 or www.ingservicecenter.com. See the “Transfers” section on page 49 of your
  policy prospectus for information about making fund allocation changes.
• After the Merger Effective Date, the subaccounts that invest in the Disappearing Funds will no longer be
  available through your policy.
• You will not incur any fees or charges or any tax liability because of the mergers, and your policy value
  immediately before the mergers will equal your policy value immediately after the mergers.
• There will be no further disclosure regarding the Disappearing Funds in future supplements to or prospectuses of
  the policy.
• See “Appendix B” of your policy prospectus for information about the investment advisers/subadvisers
  and investment objectives of the Disappearing Funds and the Surviving Funds.

	_________________
1	On April 28, 2008, the subaccount that invested in this fund was closed to new investors and to new investments by existing investors.

                                                                                                Page 1 of 2                                                                          April 2010

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 5011

Minot, ND 58702-5011

1-877-886-5050

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 contact information shown on the front of the fund’s summary prospectus.

IMPORTANT INFORMATION REGARDING
FUND NAME CHANGES

Effective April 30, 2010, certain of the funds available through the Select*Life Variable Account will change their
names as follows:

Former Fund Name	Current Fund Name
ING Evergreen Health Sciences Portfolio	ING Wells Fargo Health Care Portfolio
ING Evergreen Omega Portfolio	ING Wells Fargo Omega Growth Portfolio
ING Focus 5 Portfolio	ING DFA Global All Equity Portfolio
ING Legg Mason Partners Aggressive Growth Portfolio2	ING Legg Mason ClearBridge Aggressive Growth Portfolio2
ING Lord Abbett Affiliated Portfolio 2	ING Lord Abbett Growth and Income Portfolio 2
ING Oppenheimer Strategic Income Portfolio	ING Oppenheimer Global Strategic Income Portfolio
ING Stock Index Portfolio	ING U.S. Stock Index Portfolio

2      On April 28, 2006, the subaccount that invested in this fund was closed to new investors and to new investments by
existing investors.

                                                                                                 Page 2 of 2                                                                  April 2010

FLEXDESIGN^® VUL

A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY 

issued by

ReliaStar Life Insurance Company and its Select*Life Variable Account 

The Policy	Fund Managers
• Is no longer offered for new sales.	Funds managed by the following
• Is issued by ReliaStar Life Insurance Company.	investment managers are available
• Is returnable by you during the free look period if you are not satisfied.	through the policy:
Premium Payments	• Artio Global Management, LLC
• Are flexible, so the premium amount and frequency may vary.	• BAMCO, Inc.
• Are allocated to the variable account and the fixed account, based on your	• BlackRock Advisors, LLC
instructions.	• BlackRock Investment
• Are subject to specified fees and charges.	Management, LLC
The Policy Value	• Capital Research and Management
• Is the sum of your holdings in the fixed account, the variable account and	Company
the loan account.	• Columbia Management Advisors,
• Has no guaranteed minimum value under the variable account. The value	LLC
varies with the value of the subaccounts you select.	• Dimensional Fund Advisors LP
• Has a minimum guaranteed rate of return for amounts in the fixed account.	• Directed Services LLC
• Is subject to specified fees and charges, including possible surrender	• Fidelity Management & Research
charges.	Company
Death Benefit Proceeds	• ING Clarion Real Estate Securities
• Are paid if your policy is in force when the insured person dies.	LLC
• Are calculated under your choice of options:	• ING Investment Management Co.
> Option 1 – the base death benefit is the greater of the amount of	• J.P. Morgan Investment
insurance coverage you have selected or your policy value multiplied by	Management Inc.
the appropriate factor described in Appendix A;	• Marsico Capital Management, LLC
> Option 2 – the base death benefit is the greater of the amount of	• Massachusetts Financial Services
insurance coverage you have selected plus the policy value or your	Company
policy value multiplied by the appropriate factor described in Appendix	• Neuberger Berman, LLC
A; or	• Neuberger Berman Fixed Income
> Option 3 – the base death benefit is the greater of the amount of	LLC
insurance coverage you have selected plus premiums paid minus	• OppenheimerFunds, Inc.
withdrawals taken or your policy value multiplied by the appropriate	• Pacific Investment Management
factor described in Appendix A.	Company LLC
• Are equal to the base death benefit plus any rider benefits minus any	• Pioneer Investment Management,
outstanding policy loans, accrued loan interest and unpaid fees and	Inc.
charges.	• T. Rowe Price Associates, Inc.
• Are generally not subject to federal income tax if your policy continues to	• UBS Global Asset Management
meet the federal income tax definition of life insurance.	(Americas) Inc.
Sales Compensation	• Van Kampen
• We pay compensation to broker/dealers whose registered representatives	• Wells Capital Management, Inc.
sell the policy. See Distribution of the Policy, page 75, for further
information about the amount of compensation we may pay.

This prospectus describes what you should know before purchasing the FlexDesign^® variable universal life insurance
policy. Please read it carefully and keep it for future reference. If you received a summary prospectus for any of the
funds available through your contract, you may obtain a full prospectus and other information free of charge by
either accessing the internet address, calling the telephone number or sending an email request to the contact
information shown on the front of the fund’s summary prospectus.


Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus is accurate or complete. Any representation to the
contrary is a criminal offense.

The policy described in this prospectus is not a deposit with, obligation of or guaranteed or endorsed by any bank, nor
is it insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.

The date of this prospectus is April 30, 2010.  

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TABLE OF CONTENTS
	Page		Page
POLICY SUMMARY	3	Special Features and Benefits	48
The Policy’s Features and Benefits	3	Termination of Coverage	57
Factors You Should Consider Before		TAX CONSIDERATIONS	59
Purchasing a Policy	6	Tax Status of the Company	60
Fees and Charges	8	Tax Status of the Policy	60
THE COMPANY, THE VARIABLE ACCOUNT		Diversification and Investor Control Requirements	61
AND THE FIXED ACCOUNT	14	Tax Treatment of Policy Death Benefits	61
ReliaStar Life Insurance Company	14	Distributions Other than Death Benefits	62
The Investment Options	16	Other Tax Matters	64
DETAILED INFORMATION ABOUT THE		ADDITIONAL INFORMATION	68
POLICY	20	General Policy Provisions	68
Important Information Regarding Changes in State		Distribution of the Policy	75
Insurance Laws and Federal Income Tax Rules	21	Legal Proceedings	78
Purchasing a Policy	21	Financial Statements	78
Fees and Charges	24	APPENDIX A	A-1
Death Benefits	31	APPENDIX B	B-1
Additional Insurance Benefits	37	APPENDIX C	C-1
Policy Value	45	MORE INFORMATION IS AVAILABLE	Back Cover

TERMS TO UNDERSTAND
The following is a list of some of the key defined terms and the page number on which each is defined:
	Page Where		Page Where
Term	Defined	Term	Defined
Age	22	Policy Value	45
Fixed Account	4	Preferred Loans	48
Fixed Account Value	45	Segment or Coverage Segment	31
Loan Account	47	Surrender Value	4
Loan Account Value	47	Valuation Date	46
Monthly Processing Date	26	Variable Account	4
Net Premium	3	Variable Account Value	46
Policy Date	22

“ReliaStar,” “we,” “us,” “our” and the “company” refer to ReliaStar Life Insurance Company. “You” and “your” refer to
the policy owner. The policy owner is the individual, entity, partnership, representative or party who may exercise all
rights over the policy and receive the policy benefits during the insured person’s lifetime.

State Variations – State variations are covered in a special policy form used in that state. This prospectus provides a
general description of the policy. Your actual policy and any riders are the controlling documents. If you would like to
review a copy of the policy and riders, contact our Customer Service Center or your agent/registered representative.

You may contact us about the policy at our: ING Customer Service Center
P.O. Box 5011
Minot, North Dakota 58702-5011
1-877-886-5050
www.ingservicecenter.com

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POLICY SUMMARY
This summary highlights the features and benefits of the policy, the risks that you should consider before purchasing a policy and the fees and charges associated with the policy and its benefits. More detailed information is included in the other sections of this prospectus that should be read carefully before you purchase the policy.
The Policy’s Features and Benefits
Premium Payments See Premium Payments, page 22.	• You choose when to pay and how much to pay, but you cannot pay additional premiums after age 100 and we may refuse to accept any premium less than $25.00. • You will need to pay sufficient premiums to keep the policy in force. Failure to pay sufficient premiums may cause your policy to lapse without value. • We may refuse any premium that would disqualify your policy as life insurance under Section 7702 of the Internal Revenue Code or that would cause your policy to become a modified endowment contract. • We deduct a premium expense charge from each premium payment and credit the remaining premium (the “net premium”) to the variable account or the fixed account according to your instructions.
Free Look Period See Free Look Period, page 24.	• During the free look period, you have the right to examine your policy and return it for a refund if you are not satisfied for any reason. • The free look period is generally ten days from your receipt of the policy, although certain states may allow more than ten days. The length of the free look period that applies in your state will be stated in your policy. • During the free look period, your net premium will be allocated to the subaccount that invests in the ING Liquid Assets Portfolio. See Allocation of Net Premium, page 23. • Generally, there are two types of free look refunds: > Some states require a return of all premium we have received; and > Other states require a return of the current policy value plus a refund of all fees and charges deducted.
Death Benefits See Death Benefits, page 31.	• Death benefits are paid if your policy is in force when the insured person dies. • Until age 100, the amount of the death benefit will depend on which death benefit option is in effect when the insured person dies. • You may choose between one of three death benefit options: > Option 1 – the base death benefit is the greater of the amount of insurance coverage you have selected or your policy value multiplied by the appropriate factor described in Appendix A; > Option 2 – the base death benefit is the greater of the amount of insurance coverage you have selected plus your policy value or your policy value multiplied by the appropriate factor described in Appendix A; or > Option 3 – the base death benefit is the greater of the amount of insurance coverage you have selected plus premiums paid minus withdrawals taken or your policy value multiplied by the appropriate factor described in Appendix A. • After age 100, the base death benefit under all options will be the policy value. • We will reduce the death benefit proceeds payable under any death benefit option by any outstanding policy loans and accrued loan interest and unpaid fees and charges. • The death benefit is generally not subject to federal income tax if your policy continues to    meet the federal income tax definition of life insurance.

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Death Benefit Guarantees See Death Benefit Guarantees, page 36.	• Generally, your policy will not lapse as long as your policy value minus any surrender   charge, loan amount and unpaid fees and charges (the “surrender value”) is enough to cover the periodic fees and charges, when due. • However, the policy has three death benefit guarantees which provide that the policy will not lapse even if the surrender value is not enough to pay the periodic fees and charges, when due: > The Basic Death Benefit Guarantee is standard on every policy. Your policy will specify the guarantee period. Under this guarantee your policy will not lapse provided your cumulative premium payments, minus any partial withdrawals or loans, are at least equal to the sum of minimum premium payments to the next monthly processing date. There is no charge for this guarantee; > The Supplemental Death Benefit Guarantee Rider is standard on every policy. Under this guarantee your policy will not lapse during the Supplemental Death Benefit Guarantee period if on each monthly processing date since the policy date, your cumulative premium payments, minus any partial withdrawals or loans, are at least equal to 70.00% of the sum of minimum premium payments to the next monthly processing date. The supplemental guarantee period begins on the policy date and is equal to the death benefit guarantee period shown in your policy, multiplied by 70.00% and rounded to the lower whole number of policy years. The supplemental guarantee period may not exceed ten policy years. There is no charge for this rider; and > The Extended Death Benefit Guarantee Rider is an optional benefit that may be added by rider only when you apply for the policy. Under this guarantee your policy will not lapse provided your cumulative premium payments, minus any partial withdrawals or loans, are at least equal to the sum of Extended Death Benefit Guarantee premium payments to the next monthly processing date. There is no charge for this rider.
Rider Benefits See Additional Insurance Benefits, page 37.	• Your policy may include additional insurance benefits, attached by rider. There are two types of rider benefits: > Optional rider benefits that you must select before they are added to your policy; and > Rider benefits that automatically come with your policy. • In many cases, we deduct an additional monthly charge for these benefits. • Not all riders may be available under your policy.
Investment Options See The Investment Options, page 16.	• You may allocate your net premiums to the subaccounts of the Select*Life Variable Account (the “variable account”) and our fixed account. • The variable account is one of our separate accounts and consists of subaccounts that invest in corresponding funds. When you allocate premiums to a subaccount, we invest any net premiums in shares of the corresponding fund. • Your variable account value will vary with the investment performance of the funds underlying the subaccounts and the charges we deduct from your variable account value. • The fixed account is part of our general account and consists of all of our assets other than those in our separate accounts (including the variable account) and loan account. • We credit interest of at least 3.00% per year on amounts allocated to the fixed account. • We may, in our sole discretion, credit interest in excess of 3.00%.
Transfers See Transfers, page 49.	• You currently may make an unlimited number of transfers between the subaccounts and to the fixed account each policy year. We reserve the right, however, to limit you to 12 transfers each policy year, and transfers are subject to any other limits, conditions and restrictions that we or the funds whose shares are involved may impose. See Limits on Frequent or Disruptive Transfers, page 51. • There are certain restrictions on transfers from the fixed account. • We currently do not charge for transfers. We reserve the right, however, to charge up to $25.00 for each transfer.

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Asset Allocation Programs See Dollar Cost Averaging, page 50. See Automatic Rebalancing, page 51.	• Dollar cost averaging is a systematic program of transferring policy values to selected    investment options. It is intended to help reduce the risk of investing too much when the price of a fund’s shares is high. It also helps to reduce the risk of investing too little when the price of a fund’s shares is low. • Automatic rebalancing is a systematic program through which your variable and fixed account values are periodically reallocated among your selected investment options to maintain the allocation percentages you have chosen. • There is currently no charge to participate in the dollar cost averaging or automatic rebalancing programs, although we reserve the right to assess a charge in the future. • Neither of these asset allocation programs assures a profit nor do they protect you against a loss in a declining market.
Loans See Loans, page 48.	• You may take loans against your policy’s surrender value. We reserve the right to limit borrowing during the first policy year. • Generally a loan must be at least $500.00 and may not exceed 90.00% of your surrender value. • When you take a loan we transfer an amount equal to your loan to the loan account as collateral for your loan. The loan account is part of our general account. • We credit amounts held in the loan account with interest at an annual rate of 3.00%. • We also charge interest on loans. Interest is payable in advance and accrues daily at a current annual rate of 4.76%. • After the tenth policy year, preferred loans are available. For preferred loans interest is payable in advance at an annual rate currently equal to 2.91% (guaranteed not to exceed 3.38%) on the portion of your loan account that is not in excess of the policy value, minus the total of all premiums paid net of all partial withdrawals. • Loans reduce your policy’s death benefit proceeds and may cause your policy to lapse. • Loans may have tax consequences, and you should consult with a qualified tax adviser before taking a loan against your policy’s surrender value.
Partial Withdrawals See Partial Withdrawals, page 56.	• After the first policy year, you may withdraw part of your policy’s surrender value. • We currently allow only one partial withdrawal each policy year. • A partial withdrawal must be at least $500.00. • In policy years two through ten you may not withdraw more than 20.00% of your surrender value. • We currently charge $10.00 for each partial withdrawal, but we reserve the right to charge up to $25.00 for each partial withdrawal. • Partial withdrawals reduce your policy’s base death benefit and will reduce your policy’s value. • Partial withdrawals may also have tax consequences, and you should consult with a qualified tax adviser before taking a partial withdrawal from your policy.
Surrenders See Surrender, page 57.	• You may surrender your policy for its surrender value at any time before the death of the insured person. • The surrender value of a policy is equal to the policy value minus any surrender charge, loan amount and unpaid fees and charges. • Surrender charges apply for ten policy years and for ten years after each increase in your insurance coverage. The initial surrender charge decreases uniformly each month to zero at the end of the tenth policy year. For any requested increase in your insurance coverage, an additional surrender charge begins at zero, increases uniformly each month until it reaches the maximum after three years and then reduces uniformly each month until it becomes zero at the end of the tenth segment year. • The initial surrender charge rates vary by gender, risk class and age at issue. Surrender charge rates for increases in your insurance coverage vary by gender, risk class and age at the time of the increase. • The surrender charge is neither assessed upon nor reduced because of a requested decrease in your insurance coverage.
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Surrenders (Continued)

• If the surrender charge exceeds the available policy value minus the loan amount and   unpaid fees and charges, there will be no proceeds paid to you on surrender. • All insurance coverage ends on the date we receive your surrender request. • If you surrender your policy, it cannot be reinstated. • Surrendering the policy may have tax consequences, and you should consult with a qualified tax adviser before surrendering your policy.

Reinstatement See Reinstatement, page 59.

• Reinstatement means putting a lapsed policy back in force. • You may reinstate your policy and riders within five years of its lapse if you did not surrender your policy, you still own the policy and the insured person is still insurable. • You will need to pay the required reinstatement premium. • If you had a policy loan existing when coverage lapsed, unless directed otherwise we will reinstate it with accrued loan interest to the date of the lapse. • If either the automatic Supplemental Death Benefit Guarantee or the optional Extended Death Benefit Guarantee Rider lapses, it cannot be reinstated. • A policy that is reinstated more than 90 days after lapsing may be considered a modified endowment contract for tax purposes. • Reinstating your policy may have tax consequences, and you should consult with a qualified tax adviser before reinstating your policy.

Factors You Should Consider Before Purchasing a Policy

The decision to purchase a policy should be discussed with your agent/registered representative. Make sure you
understand the policy’s investment options, its other features and benefits, its risks and the fees and charges you will
incur when you consider purchasing the policy and investing in the subaccounts of the variable account.

Life Insurance Coverage	•  The policy is not a short-term investment and should be purchased only if you need life     insurance coverage. Evaluate your need for life insurance coverage before purchasing a policy. •  You should purchase a policy only if you intend and have the financial capability to keep the policy in force for a substantial period of time.
Fees and Charges See Fees and Charges, page 24.	•   In the early policy years the surrender charge usually exceeds the policy value because the surrender charge is usually more than the cumulative minimum monthly premiums minus policy fees and charges. Therefore, you should purchase a policy only if you intend and have the financial capability to keep the policy in force for a substantial period of time. •  A policy’s fees and charges reflect the costs associated with its features and benefits, the services we render, the expenses we expect to incur and the risks we assume under the policy. •  We believe the policy’s fees and charges, in the aggregate, are reasonable, but before purchasing a policy you should compare the value that the policy’s various features and benefits and the available services have to you, given your particular circumstances, with the fees and charges associated with those features, benefits and services.
Lapse See Lapse, page 58.	•  Your policy will not lapse and your insurance coverage under the policy will continue if on any monthly processing date: > A death benefit guarantee is in effect; or > Your surrender value is enough to pay the periodic fees and charges when due. •   If you do not meet these conditions, we will send you notice and give you a 61 day grace period to make a sufficient premium payment. •   If you do not make a sufficient premium payment by the end of the 61 day grace period, your life insurance coverage will terminate and your policy will lapse.

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Exchanges See Purchasing a Policy, page 21.	• Replacing your existing life insurance policy(ies) and/or annuity contract(s) with the   policy described in this prospectus may not be beneficial to you. • Before purchasing a policy, determine whether your existing policy(ies) and/or contract(s) will be subject to fees or penalties upon surrender or cancellation. • Also compare the fees, charges, coverage provisions and limitations, if any, of your existing policy(ies) and/or contract(s) with those of the policy described in this prospectus.
Investment Risk See The Variable Account, page 16.	• You should evaluate the policy’s long-term investment potential and risks before purchasing a policy. • For amounts you allocate to the subaccounts of the variable account: > Your values will fluctuate with the markets, interest rates and the performance of the underlying funds; > You assume the risk that your values may decline or not perform to your expectations; > Your policy could lapse without value or you may be required to pay additional premium because of poor fund performance; > Each fund has various investment risks, and some funds are riskier than others; > There is no assurance that any of the funds will achieve its stated investment objective; and > You should read each fund’s prospectus and understand the risks associated with the fund before allocating your premiums to its corresponding subaccount. • For amounts you allocate to the fixed account: > Interest rates we declare will change over time; and > You assume the risk that interest rates may decline, although never below the guaranteed minimum interest rate of 3.00%.
Taxation See TAX CONSIDERATIONS, page 59.	• Under current federal income tax law, death benefits of life insurance policies generally are not subject to income tax. In order for this treatment to apply, the policy must qualify as a life insurance contract. We believe it is reasonable to conclude that the policy will qualify as a life insurance contract. • Assuming the policy qualifies as a life insurance contract under current federal income tax law, your policy earnings are generally not subject to income tax as long as they remain within your policy. Depending on your circumstances, however, the following events may have tax consequences for you:
	> Reduction in the amount of your insurance coverage > Loans > Lapse	> Partial withdrawals > Surrender > Reinstatement
	• In addition, if your policy is a modified endowment contract, a partial withdrawal, surrender or a loan against or secured by the policy will be taxable to you to the extent of any gain in the policy. A penalty tax may be imposed on a distribution from a modified endowment contract as well. • There is always the possibility that the tax treatment of the policy could be changed by legislation or otherwise. You should consult a qualified tax adviser with respect to legislative developments and their effect on the policy. • Consult with a qualified legal or tax adviser before you purchase a policy.
Sales Compensation See Distribution of the Policy, page 75.	• We pay compensation to broker/dealers whose registered representatives sell the policy. • Broker/dealers may be able to choose to receive compensation under various payment options, but their choice will not affect the fees and charges you will pay for the policy. • We generally pay more compensation on premiums paid for base insurance coverage than we do on premiums paid for coverage under the Term Insurance Rider. Talk to your agent/registered representative the right blend of base coverage and Term Insurance Rider coverage for you.
Other Products	• We and our affiliates offer other insurance products that may have different features, benefits, fees and charges. These other products may better match your needs. • Contact your agent/registered representative if you would like information about these other products.

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Fees and Charges

The following tables describe the fees and charges you will pay when buying, owning and surrendering the policy.

Transaction Fees and Charges. The following table describes the fees and charges deducted at the time you
make a premium payment or make certain other transactions. See Transaction Fees and Charges, page 25.

Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges
Premium Expense Charge	• When you make a    premium payment.	• 5.00% of each premium payment.
Partial Withdrawal Fee	• When you take a    partial withdrawal.	• $25.00.
Surrender Charge 1	• When you    surrender or lapse    your policy during    the first ten policy    years (or ten years    from an increase in    your insurance    coverage).	Range from • $5.30 to $50.50 per $1,000.00 of insurance coverage. Representative insured person • $22.14 per $1,000.00 of insurance coverage. • The representative insured person is a male, age 40 in the    preferred no tobacco risk class, with an amount of insurance    coverage in effect of $100,000.00.
Transfer Charge 2	• Each time you    make a transfer    between    investment options.	• $25.00.
Excess Illustration Fee 2	• Each time you    request an    illustration after    the first each    policy year.	• $50.00.
Excess Annual Policy Report Fee 2	• Each time you    request an annual    policy report after    the first each    policy year.	• $50.00.

1

The surrender charge rates vary based on the insured person’s gender, age and risk class. Surrender charge rates remain level for the first five years then decrease uniformly each month to zero at the end of the tenth year. The rates shown for the representative insured person are for the first policy year and you may get information about the charge that would apply to you by contacting your agent/registered representative for a personalized illustration.

2

We do not currently assess this charge.

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Transaction Fees and Charges, continued.

Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges
Accelerated Death Benefit Rider Charge	• On the date the    acceleration request is processed.	• $300.00 per acceleration request.
Overloan Lapse Protection Rider	• On the monthly processing date on or next following the date we receive your request to exercise the rider benefit.	• 3.50% of the policy value. 3

Periodic Fees and Charges. The following table describes the maximum guaranteed charges that could be
deducted each month on the monthly processing date, not including fund fees and expenses. See Periodic Fees and
Charges, page 26; and Loan Interest, page 48.

Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges 4
Cost of Insurance Charge 5	•  On each monthly processing date.	Range from • $0.06 to $83.33 per $1,000.00 of insurance coverage. Representative insured person • $0.20 per $1,000.00 of insurance coverage. • The representative insured person is a male, age 40 in the   preferred no tobacco risk class, with an amount of insurance   coverage in effect of $100,000.00.
Administrative Charge	• On each monthly processing date.	• $12.00.

3	Your policy value is the sum of your holdings in the fixed account, the variable account and the loan account.
4	This table shows the maximum guaranteed charges that may be assessed during any policy year. Current charges may be less than the maximum guaranteed charges shown and you may get information about the charges that would apply to you by contacting your agent/registered representative for a personalized illustration.
5	The cost of insurance charge rates vary based on the amount of your insurance coverage and the insured person’s age at issue and age on the effective date of an increase in insurance coverage, gender and risk class. Different rates will apply to each segment of your insurance coverage. The rates shown for the representative insured person are for the first policy year and they generally increase each year thereafter. The rates shown have been rounded to the nearest penny, and you may get information about the charge that would apply to you by contacting your agent/registered representative for a personalized illustration.

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9

Periodic Fees and Charges, continued.
Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges 6
Monthly Amount Charge 7	• On each monthly    processing date    during the first ten    policy years (or for    ten years following    an increase in your    insurance    coverage).	Range from • $0.01 to $3.33 per $1,000.00 of insurance coverage. Representative insured person • $0.19 per $1,000.00 of insurance coverage. • The representative insured person is a male, age 40 in the    preferred no tobacco risk class, with an amount of insurance    coverage in effect of $100,000.00.
Mortality and Expense Risk Charge 8	• On each monthly    processing date.	• 0.05% monthly (0.60% annually) of variable account value (after   the other monthly fees and charges are deducted).
Loan Interest Charge	• Payable in advance    at the time you    take a loan and    each policy year    thereafter.	• 4.76% annually of the amount held in the loan account for non-   preferred loans. • 3.38% annually of the amount held in the loan account for   preferred loans.

Optional Rider Fees and Charges. The following table describes the maximum guaranteed charges that could
be deducted each month on the monthly processing date if you elect any of the optional rider benefits. See Rider Fees
and Charges, page 28.

Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges 6
Accidental Death Benefit Rider 9	• On each monthly processing date.	Range from • $0.07 to $0.17 per $1,000.00 of rider benefit. Representative insured person • $0.07 per $1,000.00 of rider benefit. • The representative insured person is a male, age 40 in the    preferred no tobacco risk class, with an amount of insurance coverage in effect of $100,000.00.

6	These tables show the maximum guaranteed charges that may be assessed during any policy year. Current charges may be less than the maximum guaranteed charges shown and you may get information about the charges that would apply to you by contacting your agent/registered representative for a personalized illustration.
7	The monthly amount charge rates vary based on the amount of your insurance coverage and the insured person’s age at issue and age on the effective date of an increase in insurance coverage, gender and risk class. Different rates will apply to each segment of your insurance coverage. The rates shown for the representative insured person are for the first policy year and they generally increase each year thereafter. The rates shown have been rounded to the nearest penny, and you may get information about the charge that would apply to you by contacting your agent/registered representative for a personalized illustration.
8	The monthly mortality and expense risk charge rate is rounded the nearest one hundredth of one percent. See Mortality and Expense Risk Charge, page 28, for the monthly rate without rounding.
9	The rates for this rider vary based on several factors that may include the insured person’s age at issue, gender and risk class. The rates shown are for the first rider year and they generally increase thereafter. The rates shown have been rounded to the nearest penny and you may get information about the charges that would apply to you by contacting your agent/registered representative for a personalized illustration.

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10

Optional Rider Fees and Charges, continued.

Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges 10
Additional Insured Rider 11	• On each monthly    processing date.	Range from • $0.08 to $83.33 per $1,000.00 of rider benefit. Representative insured person • $0.18 per $1,000.00 of rider benefit. • The representative insured person is a female, age 40 in the    preferred no tobacco risk class.
Children’s Insurance Rider	• On each monthly    processing date.	• $0.62 per $1,000.00 of rider benefit.
Term Insurance Rider 11	• On each monthly    processing date.	Range from • $0.08 to $83.33 per $1,000.00 of rider benefit. Representative insured person • $0.20 per $1,000.00 of rider benefit. • The representative insured person is a male, age 40 in the preferred    no tobacco risk class, with an amount of insurance coverage in    effect of $100,000.00.
Waiver of Monthly Deduction Rider 12	• On each monthly    processing date.	Range from • $0.04 to $0.48 per $1.00 of the periodic fees and charges due each    month. Representative insured person • $0.06 per $1.00 of the periodic fees and charges due each month. • The representative insured person is a male, age 40 in the preferred    no tobacco risk class, with an amount of insurance coverage in    effect of $100,000.00.

10	This table shows the maximum guaranteed charges that may be assessed during any policy year. Current charges may be less than the maximum guaranteed charges shown and you may get information about the charges that would apply to you by contacting your agent/registered representative for a personalized illustration.
11	The rates for these riders vary based on several factors that may include the insured person’s age at issue, gender and risk class. The rates shown for the representative insured person are for the first rider year and they generally increase thereafter. The rates shown may have been rounded to the nearest penny and you may get information about the charges that would apply to you by contacting your agent/registered representative for a personalized illustration.
12	The rates for this rider vary based on the insured person’s age at issue, gender and risk class (where applicable). The rates shown for the representative insured person are for the first rider year and they generally increase thereafter. Rates may have been rounded to the nearest penny, and you may get information about the charge that would apply to you by contacting your agent/registered representative for a personalized illustration.

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11

Optional Rider Fees and Charges, continued.

Charge	When Deducted	Amount Deducted
		Maximum Guaranteed Charges 13
Waiver of Specified Premium 14	• On each monthly   processing date.	Range from • $0.03 to $0.16 per $1.00 of the specified amount of premium. Representative insured person • $0.04 per $1.00 of the periodic fees and charges due each month. • The representative insured person is a male, age 40 in the preferred    no tobacco risk class, with an amount of insurance coverage in    effect of 100,000.00.

Fund Fees and Expenses. The following table shows the minimum and maximum total gross annual fund expenses
that you may pay during the time you own the policy. Fund expenses vary from fund to fund and may change from year
to year. For more detail about a fund’s fees and expenses, review the fund’s prospectus. See also Fund Fees and
Expenses, page 28.

	Minimum	Maximum
Total Gross Annual Fund Expenses 15 (deducted from fund assets)	0.26%	1.26%

Total gross annual fund expenses are deducted from amounts that are allocated to the fund. They include management
fees and other expenses and may include distribution (12b-1) fees. Other expenses may include service fees that may be
used to compensate service providers, including the company and its affiliates, for administrative and policy owner
services provided on behalf of the fund. Distribution (12b-1) fees are used to finance any activity that is primarily
intended to result in the sale of fund shares.

If a fund is structured as a “fund of funds,” total gross annual fund expenses also include the fees associated with the funds
in which it invests. Because of this a fund that is structured as a “fund of funds” may have higher fees and expenses than a
fund that invests directly in debt and equity securities. For a list of the “fund of funds” available through the policy,
see the chart of funds available through the variable account on page 17.

13	This table shows the maximum guaranteed charges that may be assessed during any policy year. Current charges may be less than the maximum guaranteed charges shown and you may get information about the charges that would apply to you by contacting your agent/registered representative for a personalized illustration.
14	The rates for this rider vary based on the insured person’s age at issue, gender and risk class (where applicable). The rates shown for the representative insured person are for the first rider year and they generally increase thereafter. Rates may have been rounded to the nearest penny, and you may get information about the charge that would apply to you by contacting your agent/registered representative for a personalized illustration.
15	Some funds that are available through the policy have contractual arrangements to waive and/or reimburse certain fund fees and expenses. The minimum and maximum total gross annual fund expenses shown above do not reflect any of these waiver and/or reimbursement arrangements.

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12

                                                       How the Policy Works

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                                                                                                                13

THE COMPANY, THE VARIABLE 

ACCOUNT AND THE FIXED ACCOUNT 

ReliaStar Life Insurance Company

We are a stock life insurance company organized in 1885 and incorporated
under the laws of the State of Minnesota. We are admitted to do business in the
District of Columbia and all states except New York. Our headquarters is at 20
Washington Avenue South, Minneapolis, Minnesota 55401.

We are a wholly owned indirect subsidiary of ING Groep N.V., a global
financial institution active in the fields of insurance, banking and asset
management. ING Groep N.V. is headquartered in Amsterdam, The
Netherlands. Although we are a subsidiary of ING Groep N.V., ING Groep N.V.
is not responsible for the obligations under the policy. The obligations under the
policy are solely the responsibility of ReliaStar Life Insurance Company.


As part of a restructuring plan approved by the European Commission, ING
Groep N.V. has agreed to separate its banking and insurance businesses by
2013. ING Groep N.V. intends to achieve this separation over the next four
years by divestment of its insurance and investment management operations,
including the company. ING Groep N.V. has announced that it will explore all
options for implementing the separation including initial public offerings, sales
or a combination thereof.


We are also a member of the Insurance Marketplace Standards Association
(“IMSA”). Companies that belong to IMSA subscribe to a rigorous set of
standards that cover the various aspects of sales and service for individually sold
life insurance and annuities. IMSA members have adopted policies and
procedures that demonstrate a commitment to honesty, fairness and integrity in
all customer contacts involving sales and service of individual life insurance and
annuity products.

Regulatory Developments – The Company and the Industry

As with many financial services companies, the company and its affiliates have
received informal and formal requests for information from various state and
federal governmental agencies and self-regulatory organizations in connection
with inquiries and investigations of the products and practices of the financial
services industry. In each case, the company and its affiliates have been and are
providing full cooperation.

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                                                       14

Insurance and Retirement Plan Products and Other Regulatory Matters.
Federal and state regulators and self-regulatory agencies are conducting broad
inquiries and investigations involving the insurance and retirement industries.
These initiatives currently focus on, among other things, compensation, revenue
sharing and other sales incentives; potential conflicts of interest; potential anti-
competitive activity; reinsurance; sales and marketing practices (including sales
to seniors); specific product types (including group annuities and indexed
annuities); and disclosure. It is likely that the scope of these industry
investigations will further broaden before they conclude. The company and
certain of its U.S. affiliates have received formal and informal requests in
connection with such investigations and have cooperated and are cooperating
fully with each request for information. Some of these matters could result in
regulatory action involving the company. These initiatives also may result in
new legislation and regulation that could significantly affect the financial
services industry, including businesses in which the company is engaged. In
light of these and other developments, U.S. affiliates of ING, including the
company, periodically review whether modifications to their business practices
are appropriate.


Investment Product Regulatory Issues. Since 2002, there has been increased
governmental and regulatory activity relating to mutual funds and variable
insurance products. This activity has primarily focused on inappropriate trading
of fund shares; directed brokerage; compensation; sales practices, suitability and
supervision; arrangements with service providers; pricing; compliance and
controls; adequacy of disclosure; and document retention.

In addition to responding to governmental and regulatory requests on fund
trading issues, ING management, on its own initiative, conducted, through
special counsel and a national accounting firm, an extensive internal review of
mutual fund trading in ING insurance, retirement and mutual fund products. The
goal of this review was to identify any instances of inappropriate trading in
those products by third parties or by ING investment professionals and other
ING personnel.

The internal review identified several isolated arrangements allowing third
parties to engage in frequent trading of mutual funds within the variable
insurance and mutual fund products of certain affiliates of the company and
identified other circumstances where frequent trading occurred despite measures
taken by ING intended to combat market timing. Each of the arrangements has
been terminated and disclosed to regulators, to the independent trustees of ING
Funds (U.S.) and in reports previously filed by affiliates of the company with
the SEC pursuant to the Securities Exchange Act of 1934, as amended.


Action has been or may be taken by regulators with respect to the company or
certain ING affiliates before investigations relating to fund trading are
completed. The potential outcome of such action is difficult to predict but could
subject the company or certain affiliates to adverse consequences, including, but
not limited to, settlement payments, penalties and other financial liability. It is
not currently anticipated, however, that the actual outcome of any such action
will have a material adverse effect on ING or ING’s U.S. based operations,
including the company.

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                                                                     15

Product Regulation. Our products are subject to a complex and extensive array
of state and federal tax, securities and insurance laws and regulations, which are
administered and enforced by a number of governmental and self-regulatory
authorities, including state insurance regulators, state securities administrators,
the SEC, the Financial Industry Regulatory Authority (“FINRA”), the
Department of Labor and the Internal Revenue Service (“IRS”). For example,
U.S. federal income tax law imposes certain requirements relating to product
design, administration and investments that are conditions for beneficial tax
treatment of such products under the Internal Revenue Code. See TAX
CONSIDERATIONS, page 59, for further discussion of some of these
requirements. Failure to administer certain product features could affect such
beneficial tax treatment. In addition, state and federal securities and insurance
laws impose requirements relating to insurance product design, offering and
distribution and administration. Failure to meet any of these complex tax,
securities or insurance requirements could subject the company to administrative
penalties imposed by a particular governmental or self regulatory authority and
unanticipated claims and costs associated with remedying such failure.
Additionally, such failure could harm the company’s reputation, interrupt the
company’s operations or adversely impact profitability.

The Investment Options

You may allocate your premium payments to any of the available investment
options. These options include subaccounts of the variable account and the fixed
account. The investment performance of a policy depends on the performance of
the investment options you choose.

The Variable Account


We established the Select*Life Variable Account (the “variable account”) on
October 11, 1984, as one of our separate accounts under the laws of the State of
Minnesota. It is registered with the SEC as a unit investment trust under the
Investment Company Act of 1940, as amended (“1940 Act”).


We own all of the assets of the variable account and are obligated to pay all
amounts due under a policy according to the terms of the policy. Income, gains
and losses credited to, or charged against, the variable account reflect the
investment experience of the variable account and not the investment experience
of our other assets. Additionally, Minnesota law provides that we cannot charge
the variable account with liabilities arising out of any other business we may
conduct. This means that if we ever became insolvent, the variable account
assets will be used first to pay variable account policy claims. Only if variable
account assets remain after these claims have been satisfied can these assets be
used to pay owners of other policies and creditors.

The variable account is divided into subaccounts. Each subaccount invests in a
corresponding fund. When you allocate premium payments to a subaccount, you
acquire accumulation units of that subaccount. You do not invest directly in or
hold shares of the funds when you allocate premium payments to the
subaccounts of the variable account.

Funds Available Through the Variable Account. The following chart lists the
funds that are available through the variable account.

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                                                16

Certain of these funds are structured as “fund of funds.” A “fund of funds” may
have higher fees and expenses than a fund that invests directly in debt and equity
securities because they also incur the fees and expenses of the underlying funds
in which they invest. The “fund of funds” available through the policy are
identified below.

Funds Available Through the Variable Account
• American Funds – Growth Fund (Class 2)	• ING Van Kampen Growth and Income Portfolio
• American Funds – Growth-Income Fund (Class 2)	(Class S)
• American Funds – International Fund (Class 2)	• ING Wells Fargo Health Care Portfolio (Class I)
• BlackRock Global Allocation V.I. Fund (Class III)	• ING Wells Fargo Omega Growth Portfolio
• Fidelity® VIP Contrafund® Portfolio (Initial Class)	(Class I)
• Fidelity® VIP Equity-Income Portfolio	• ING Wells Fargo Small Cap Disciplined Portfolio
(Initial Class)	(Class I)
• ING Artio Foreign Portfolio (Class I)	• ING Baron Small Cap Growth Portfolio (I Class)
• ING BlackRock Large Cap Growth Portfolio	• ING Columbia Small Cap Value Portfolio (I Class)
(Class I)	• ING JPMorgan Mid Cap Value Portfolio (I Class)
• ING Clarion Global Real Estate Portfolio (Class S)	• ING Oppenheimer Global Portfolio (I Class)
• ING DFA Global All Equity Portfolio (Class I)*	• ING Oppenheimer Global Strategic Income
• ING DFA Global Allocation Portfolio (Class I)	Portfolio (S Class)
• ING FMRSM Diversified Mid Cap Portfolio	• ING Pioneer High Yield Portfolio (I Class)
(Class I)	• ING T. Rowe Price Diversified Mid Cap Growth
• ING Franklin Templeton Founding Strategy	Portfolio (I Class)
Portfolio (Class I)*	• ING UBS U.S. Large Cap Equity Portfolio (I Class)
• ING Global Resources Portfolio (Class I)	• ING Van Kampen Comstock Portfolio (I Class)
• ING JPMorgan Emerging Markets Equity	• ING Van Kampen Equity and Income Portfolio
Portfolio (Class I)	(I Class)
• ING JPMorgan Small Cap Core Equity Portfolio	• ING Balanced Portfolio (Class I)
(Class I)	• ING Intermediate Bond Portfolio (Class I)
• ING Limited Maturity Bond Portfolio (Class S)	• ING Growth and Income Portfolio (Class I)
• ING Liquid Assets Portfolio (Class I)	• ING Index Plus LargeCap Portfolio (Class I)
• ING MFS Total Return Portfolio (Class I)	• ING Index Plus MidCap Portfolio (Class I)
• ING MFS Utilities Portfolio (Class S)	• ING Index Plus SmallCap Portfolio (Class I)
• ING Marsico Growth Portfolio (Class I)	• ING International Index Portfolio (Class S)
• ING Marsico International Opportunities Portfolio	• ING RussellTM Large Cap Growth Index Portfolio
(Class I)	(Class I)
• ING PIMCO Total Return Bond Portfolio (Class I)	• ING RussellTM Large Cap Index Portfolio (Class I)
• ING Pioneer Fund Portfolio (Class I)	• ING RussellTM Large Cap Value Index Portfolio
• ING Pioneer Mid Cap Value Portfolio (Class I)	(Class I)
• ING Retirement Growth Portfolio (Class I)*	• ING RussellTM Mid Cap Growth Index Portfolio
• ING Retirement Moderate Growth Portfolio	(Class I)
(Class I)*	• ING RussellTM Small Cap Index Portfolio (Class I)
• ING Retirement Moderate Portfolio (Class I)*	• ING Small Company Portfolio (Class I)
• ING T. Rowe Price Capital Appreciation Portfolio	• ING U.S. Bond Index Portfolio (Class I)
(Class I)	• ING SmallCap Opportunities Portfolio (Class I)
• ING T. Rowe Price Equity Income Portfolio	• Neuberger Berman AMT Socially Responsive
(Class I)	Portfolio® (Class I)
• ING U.S. Stock Index Portfolio (Class I)

*      These funds are structured as “fund of funds.” See the Fund Fees and Expenses
table on page 12 and the Fund Fees and Expenses section on page 28 for more
information about “fund of funds.”

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                                                                        17

See Appendix B to this prospectus for more information about the funds
available through the variable account, including information about each
fund’s investment adviser/subadviser and investment objective. More
detailed information about each fund, including information about their
investment risks and fees and expenses, can be found in the fund’s current
prospectus and Statement of Additional Information. You may obtain these
documents by contacting us at our Customer Service Center.

A fund available through the variable account is not the same as a retail mutual
fund with the same or similar name. Accordingly, the management, fees and
expenses and performance of a fund is likely to differ from a similarly named
retail mutual fund.

Voting Privileges. We invest each subaccount’s assets in shares of a
corresponding fund. We are the legal owner of the fund shares held in the
variable account, and we have the right to vote on certain issues. Among other
things, we may vote on issues described in the fund’s current prospectus or
issues requiring a vote by shareholders under the 1940 Act.

Even though we own the shares, we give you the opportunity to tell us how to
vote the number of shares attributable to your policy. We count fractional
shares. If you have a voting interest, we send you proxy material and a form on
which to give us your voting instructions.

Each fund share has the right to one vote. The votes of all fund shares are cast
together on a collective basis, except on issues for which the interests of the
funds differ. In these cases, voting is on a fund-by-fund basis.

Examples of issues that require a fund-by-fund vote are changes in the
fundamental investment policy of a particular fund or approval of an investment
advisory agreement.

We vote the shares in accordance with your instructions at meetings of the
fund’s shareholders. We vote any fund shares that are not attributable to policies
and any fund shares for which the owner does not give us instructions in the
same proportion as we vote the shares for which we did receive voting
instructions. This means that instructions from a small number of shareholders
can determine the outcome of a vote. There is no minimum number of shares for
which we must receive instructions before we vote the shares.

We reserve the right to vote fund shares without getting instructions from policy
owners if the federal securities laws, regulations or their interpretations change
to allow this.

You may instruct us only on matters relating to the funds corresponding to those
subaccounts in which you have invested assets as of the record date set by the
fund’s Board for the shareholders meeting. We determine the number of fund
shares in each subaccount of your policy by dividing your variable account
value in that subaccount by the net asset value of one share of the matching
fund.

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18

Right to Change the Variable Account. Subject to state and federal law and
the rules and regulations thereunder, we may, from time to time, make any of
the following changes to our variable account with respect to some or all classes
of policies:

• Change the investment objective; 

• Offer additional subaccounts that will invest in funds we find appropriate for 

     policies we issue; 

• Eliminate subaccounts; 

• Combine two or more subaccounts; 

• Close subaccounts. We will notify you in advance by a supplement to this 

     prospectus if we close a subaccount. If a subaccount is closed or otherwise is 

     unavailable for new investment, unless you provide us with alternative 

     allocation instructions, all future premiums directed to the subaccount that 

     was closed or is unavailable may be automatically allocated among the other 

     available subaccounts according to your most recent 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 Customer Service Center. See also the 

     Transfers section of this prospectus, page 49, for information about making 

     subaccount allocation changes; 

• Substitute a new fund for a fund in which a subaccount currently invests. A 

  substitution may become necessary if, in our judgment: 

     > A fund no longer suits the purposes of your policy; 

     > There is a change in laws or regulations; 

     > There is a change in the fund’s investment objectives or restrictions; 

     > The fund is no longer available for investment; or 

     > Another reason we deem a substitution is appropriate. 

• In the case of a substitution, the new fund may have different fees and 

  charges than the fund it replaced; 

• Transfer assets related to your policy class to another separate account; 

• Withdraw the variable account from registration under the 1940 Act; 

• Operate the variable account as a management investment company under 

  the 1940 Act; 

• Cause one or more subaccounts to invest in a fund other than, or in addition 

  to, the funds currently available; 

• Stop selling the policy; 

• End any employer or plan trustee agreement with us under the agreement’s 

  terms; 

• Limit or eliminate any voting rights for the variable account; 

• Make any changes required by the1940 Act or its rules or regulations; or 

• Close a subaccount to new investments. 

We will not make a change until the change is disclosed in an effective
prospectus or prospectus supplement, authorized, if necessary, by an order from
the SEC, and approved, if necessary, by the appropriate state insurance
department(s). We will notify you of any changes. If you wish to transfer the
amount you have in the affected subaccount to another subaccount or to the
fixed account, you may do so free of charge. Just notify us at our Customer
Service Center.

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                                                          19

The Fixed Account

You may allocate all or a part of your net premium and transfer your policy
value into the fixed account. We declare the interest rate that applies to all
amounts in the fixed account. This interest rate is never less than 3.00%. Interest
compounds daily at an effective annual rate that equals the declared rate. We
credit interest to the fixed account on a daily basis. We pay interest regardless of
the actual investment performance of our general account. We bear all of the
investment risk for the fixed account.

Your fixed account value equals the net premium you allocate to the fixed
account, plus interest earned, minus amounts you transfer out or withdraw. It
may be reduced by fees and charges assessed against your policy value.

The fixed account guarantees principal and is part of our general account. The
general account supports our non-variable insurance and annuity obligations.
We have not registered interests in the fixed account under the Securities Act of
1933, as amended (“1933 Act”). Also, we have not registered the fixed account
or the general account as an investment company under the 1940 Act (because
of exemptive and exclusionary provisions). This means that the general account,
the fixed account and interests in it are generally not subject to regulation under
these Acts.

The SEC staff has not reviewed the disclosures in this prospectus relating to the
general account and the fixed account. These disclosures, however, may be
subject to certain requirements of the federal securities law regarding accuracy
and completeness of statements made.

DETAILED INFORMATION ABOUT THE 

POLICY

This prospectus describes our standard FlexDesign^® variable universal life
insurance policy. The policy provides death benefits, cash values and other
features of traditional life insurance contracts. There may be variations in policy
features, benefits and charges because of requirements of the state where we
issue your policy. We describe all such differences in your policy.

If you would like to know about state variations, please ask your
agent/registered representative. We can provide him/her with the list of
variations that will apply to your policy.

FlexDesign^® VUL
20

We and our affiliates offer various other products with different features and
terms than the policy offered through this prospectus, and that may offer some
or all of the same funds. These products have different benefits, fees and
charges, and may or may not better match your needs. Please note that some of
the company’s management personnel and certain other employees may receive
a portion of their employment compensation based on the amount of policy
values allocated to funds affiliated with ING. You should be aware that there
may be alternative products available, and, if you are interested in learning more
about these other products, contact our Customer Service Center or your
agent/registered representative.

Important Information Regarding Changes in State
Insurance Laws and Federal Income Tax Rules

Effective January 1, 2009, to comply with state insurance and federal income tax
laws, all new life insurance policies must be based on the 2001 Commissioners
Standard Ordinary (CSO) mortality tables. The policy described in this
prospectus is based on the 1980 CSO mortality tables (“1980 CSO policy”).
While the policy described in this prospectus is already no longer offered for
new sales, please be aware that there may be limitations on what changes or
modifications can be made to an existing 1980 CSO policy.


If you are considering making any change or modification to your existing 1980
CSO policy, please contact us to see if such change or modification will be
allowed. You should also consult with a qualified tax adviser to determine what
effect the change or modification will have on your policy.

Purchasing a Policy

The policy is no longer offered for new sales. When you purchased the policy,
however, you were required to submit an application to us. On that application
you were required to select, among other things:

• The amount of your insurance coverage (which generally must be at least
  $25,000.00);
• Your initial death benefit option;
• The death benefit qualification test to apply to your policy (we may limit the
  amount of coverage we will issue on the life of the insured person when the
  cash value accumulation test is chosen); and
• Any riders or optional benefits.

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                                                            21

On the application you provided us with certain health and other necessary
information. Upon receipt of an application, we followed our underwriting
procedures to determine whether the proposed insured person was insurable by
us. Before we made this determination, we may have needed to request and
review medical examinations of and other information about the proposed
insured person. Through our underwriting process, we determined the risk class
for the insured person if the application was accepted. Risk class is based on
such factors as age, gender, health and occupation of the insured person. Risk
class will impact the cost of insurance rates you will pay and may also affect
premiums and other policy fees, charges and benefits.

We reserve the right to reject an application for any reason permitted by law. If
an application is rejected, any premium received will be returned without
interest.

On the date coverage under the policy begins (the “policy date”), the person on
whose life we issue the policy (the “insured person”) generally can be no more
than age 85. “Age” under the policy means the insured person’s age as of the
policy date. From time to time, we may accept an insured person who exceeds
our normal maximum age limit. We will not unfairly discriminate in
determining the maximum age at issue. All exceptions to our normal limits are
dependent upon our ability to obtain acceptable reinsurance coverage for our
risk with an older insured.

You may have requested that we back-date a policy up to six months to allow
the insured person to give proof of a younger age for the purposes of your
policy. Except for cash on delivery policies, we generally will not reissue a
policy to change the policy date.

Important Information About the Term Insurance Rider. It may be to your
economic advantage to include part of your insurance coverage under the Term
Insurance Rider. Working with your agent/registered representative, consider the
factors described in the Term Insurance Rider section of this prospectus, page
40, when deciding whether to include coverage under the Term Insurance Rider
and in what proportion to the total amount of coverage under your policy.

Premium Payments

Premium payments are flexible and you may choose the amount and frequency
of premium payments, within limits, including:

• We may refuse to accept any premium less than $25.00;
• You cannot pay additional premiums after age 100;
• We may refuse to accept any premium that would disqualify your policy as
  life insurance under Section 7702 of the Internal Revenue Code;
• We may refuse to accept any premium that would cause your policy to
  become a modified endowment contract under Section 7702A of the Internal
  Revenue Code without your prior written acknowledgement accepting your
  policy as a modified endowment contract; and
• We may refuse to accept any premium that does not comply with our anti-
  money laundering program. See Anti-Money Laundering, page 70.

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After we deduct the premium expense charge from your premium payments, we
apply the remaining net premium to your policy as described below.

A premium payment is received by us when it is received at our offices. After
you have paid your minimum initial premium, we suggest you send payments
directly to us, rather than through your agent/registered representative, to assure
the earliest crediting date.

Insurance coverage does not begin until we receive your minimum initial
premium. The minimum initial premium is generally equal to at least the
minimum premiums for the first three months. The minimum premium is based
on monthly rates that vary according to the insured person’s gender, risk class
and age. Optional rider benefits have their own minimum premium rates. If you
authorize premiums to be paid by electronic funds transfer, we will issue a
policy upon receipt of the minimum premium for the first month and the
required completed electronic funds transfer forms.

Your policy will indicate the minimum premium that applies to you. You are not
required to pay the minimum premium, but payment of the minimum premium
will keep your policy in force during either the Basic or the Supplemental Death
Benefit Guarantee period. See Death Benefit Guarantees, page 36. Payment
of the minimum premium may or may not be enough to keep your policy in
force beyond either the Basic or Supplemental Death Benefit Guarantee
period. Additionally, you may need to pay more than the minimum premium to
keep the Extended Death Benefit Guarantee in force. See Extended Death
Benefit Guarantee Rider, page 39.

 Premium Payments Affect Your Coverage. During any applicable death
benefit guarantee period, the death benefit guarantee lasts only if your
cumulative premium payments to the next monthly processing date, minus any
partial withdrawals or loans, are at least equal to the sum of minimum premium
payments applicable to the guarantee. If they are not and your surrender value is
not enough to pay the periodic fees and charges, when due, then your policy will
enter the 61-day grace period and you must make a sufficient premium payment
to avoid lapse and loss of insurance coverage. See Lapse, page 58.

Allocation of Net Premium. Until your initial net premium is allocated as
described below, we hold premiums in a general suspense account. Premiums
held in this suspense account do not earn interest.

We apply the initial net premium to your policy after all of the following
conditions have been met:

• We receive the required initial minimum premium;
• All issue requirements have been received by our Customer Service Center;
  and
• We approve your policy for issue.

We allocate your initial net premium in the subaccount that invests in the ING
Liquid Assets Portfolio on the valuation date next following your policy date.
We later transfer the amount held in this subaccount to the fixed account and the
available subaccounts that you have selected subaccounts, based on your most
recent premium allocation instructions. This transfer will generally occur on the
sixteenth day following your policy date.

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All net premiums we receive after this period are allocated to your policy on the
valuation date of receipt. We will use your most recent premium allocation
instructions specified in whole percentages totaling 100.00%. If your most
recent premium allocation instructions includes a fund that corresponds to a
subaccount that is closed to new investment (we will notify you in advance by a
supplement to this prospectus if we close a subaccount) or is otherwise
unavailable, net premium received that would have been allocated to the
subaccount corresponding to the closed or otherwise unavailable fund may be
automatically allocated among all the other available subaccounts according to
your most recent 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
Customer Service Center. 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 Lapse, page 58, for more information about how to keep your
policy from lapsing. See also Reinstatement, page 59, for more information
about how to put your policy back in force if it has lapsed.

Free Look Period

You have the right to examine your policy and return it to us (for any reason)
within the period shown in the policy. The period during which you have this
right is called the free look period and starts on the date you receive your policy.
If you request a free look refund or return your policy to us within the free look
period, we cancel it as of your policy date.

If you cancel your policy during the free look period you will receive a refund as
determined by state law. Generally, there are two types of free look refunds:

• Some states require a return of all premium we have received; and
• Other states require a return of the current policy value plus a refund of any
  fees and charges deducted.

The free look refund that applies in your state is set forth in your policy.

Fees and Charges

We deduct fees and charges under the policy to compensate us for:

• Providing the insurance benefits of the policy (including any rider benefits);
• Administering the policy;
• Assuming certain risks in connection with the policy; and
• Incurring expenses in distributing the policy.

The amount of a fee or charge may be more or less than the cost associated with
the service or benefit. Accordingly, excess proceeds from one fee or charge may
be used to make up a shortfall on another fee or charge, and we may earn a
profit on one or more of these fees and charges. We may use any such profits for
any proper corporate purpose, including, among other things, payments of sales
expenses.

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Transaction Fees and Charges

We deduct the following transaction fees and charges from your policy value
each time you make certain transactions.

Premium Expense Charge. We deduct a premium expense charge from each
premium payment we receive. This charge is 5.00% of each premium payment.

This charge helps offset:

• The expenses we incur in selling the policy;
• The costs of various state and local taxes. We pay state and local taxes in
  almost all states. These taxes vary in amount from state to state and may vary
  from jurisdiction to jurisdiction within a state; and
• The cost associated with the federal income tax treatment of our deferred
  acquisition costs. This cost is determined solely by the amount of life
  insurance premium we receive.

Partial Withdrawal Fee. We deduct a partial withdrawal fee each time you
take a partial withdrawal from your policy. The amount of this fee is currently
$10.00, but we reserve the right to deduct up to $25.00 for each partial
withdrawal. We deduct the partial withdrawal fee proportionately from your
remaining fixed and variable account values.

This fee helps offset the expenses we incur when processing a partial
withdrawal.

Surrender Charge. We deduct a surrender charge during the first ten policy
years or the first ten years after an increase in your insurance coverage when
you:

• Surrender your policy; or
• Allow your policy to lapse.

The amount of the surrender charge depends on the surrender charge rates.

When you purchase a policy or increase your insurance coverage, we set
surrender charge rates based on the gender, age and risk class of the insured
person. The initial surrender charge decreases uniformly each month to zero at
the end of the tenth policy year. For any requested increase in your insurance
coverage, an additional surrender charge begins at zero, increases uniformly
each month until it reaches the maximum after three years and then reduces
uniformly each month until it becomes zero at the end of the tenth policy year.
See Changes in the Amount of Your Insurance Coverage, page 31. Surrender
charge rates will not exceed $50.50 per $1,000.00 of insurance coverage and the
rates that apply to you are set forth in your policy. See the Transaction Fees
and Charges table, beginning on page 8, for the minimum and maximum
surrender charge rates and the rates for a representative insured person.


In the early policy years the surrender charge usually exceeds the policy
value because the surrender charge is usually more than the cumulative
minimum premiums minus policy fees and charges. Therefore, you should
purchase a policy only if you intend and have the financial capability to
keep the policy in force for a substantial period of time.

This charge helps offset the expenses we incur in selling the policy.

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Transfer Charge. We currently do not assess a charge for transfers between
any of the investment options. We reserve the right, however, to charge up to
$25.00 for each transfer. Transfers associated with policy loans, the dollar cost
averaging or automatic rebalancing programs, exercise of the Overloan Lapse
Protection Rider benefit or the exercise of conversion rights will not count as
transfers when calculating any applicable transfer charge.

This charge helps offset the expenses we incur when processing transfers.

Excess Illustration Fee. We currently do not assess this fee, but we reserve the
right to assess a fee of up to $50.00 for each illustration of your policy values
you request after the first each policy year.

This fee helps offset the costs we incur when processing requests for excess
illustrations.

Excess Annual Report Fee. We currently do not assess this fee, but we reserve
the right to assess a fee of up to $50.00 for each annual report you request after
the first each policy year.

This fee helps offset the costs we incur when processing requests for excess
annual reports.

Periodic Fees and Charges

We deduct the following periodic fees and charges from
your policy value on the monthly processing date. The
monthly processing date is the same date each month as
your policy date. If that date is not a valuation date, then
the monthly processing date is the next valuation date. In the policy
form the
“monthly
processing
date” is referred
to as the
“Monthly
Anniversary.”

Cost of Insurance. The cost of insurance charge is equal to our current monthly
cost of insurance rates multiplied by the net amount at risk for each segment of
your insurance coverage. The net amount at risk as calculated on each monthly
processing date equals the difference between:

• Your current base death benefit, discounted to take into account one month’s
  interest earnings at an assumed 3.00% annual interest rate; and
• Your policy value minus the periodic fees and charges due on that date, other
  than cost of insurance charges.

Monthly cost of insurance rates are based on the insured person’s age at issue,
gender, risk class and amount of insurance coverage on the policy date and each
date you increase your insurance coverage (a “segment date”) and the policy
year. They will not, however, be greater than the guaranteed cost of insurance
rates shown in the policy, which are based on the 1980 Commissioner’s
Standard Ordinary Sex Distinct Mortality Tables. We will apply unisex rates
where appropriate under the law. This currently includes the state of Montana.
The rates that apply to you are set forth in your policy. See the Periodic Fees
and Charges table, beginning on page 9, for the minimum and maximum
cost of insurance rates and the rates for a representative insured person.

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Separate cost of insurance rates apply to each segment of your insurance
coverage and your riders. The maximum rates for the initial and each new
segment of your insurance coverage will be printed in your policy schedule
pages.

The cost of insurance charge varies from month to month because of changes in
your net amount at risk, changes in your death benefit and the increasing age of
the insured person. The net amount at risk is affected by the same factors that
affect your policy value, namely:

• The net premium applied to your policy;
• The fees and charges we deduct;
• Any partial withdrawals you take;
• Interest earnings on the amounts allocated to the fixed account;
• Interest earned on amounts held in the loan account; and
• The investment performance of the funds underlying the subaccounts of the
  variable account.

We calculate the net amount at risk separately for each segment of your
insurance coverage.


The cost of insurance charge compensates us for the ongoing costs of providing
insurance coverage, including the expected cost of paying death proceeds that
may be more than your policy value.


Administrative Charge. The monthly administrative charge is currently $8.25
and is guaranteed not to exceed $12.00. The administrative charge compensates
us for the costs associated with administering the policies.


Monthly Amount Charge. During the first ten policy years (and for ten years
following a requested increase in insurance coverage) we will deduct a monthly
charge per $1,000.00 of insurance coverage. For a policy issued in New Jersey,
the elimination of these charges after the first ten policy years (or the first ten
years following a requested increase in insurance coverage) is not guaranteed,
and these charges may be assessed for the duration of the policy. The monthly
amount charge is based on the insured person’s age at issue, gender, risk class
and amount of insurance coverage on the policy date and on each segment date,
as appropriate. Any decrease in insurance coverage or any change in insurance
coverage resulting from a change in the death benefit option will not affect the
monthly amount charge. The rates that apply to you are set forth in your policy.
See the Periodic Fees and Charges table, beginning on page 9, for the
minimum and maximum monthly amount charge rates and the rates for a
representative insured person.


The monthly amount charge helps compensate us for expenses relating to the
distribution of the policy, including agents’ commissions, advertising and the
printing of the prospectus and sales literature for new sales of the policy. A
portion of this charge may also contribute to company profits.

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Mortality and Expense Risk Charge. The monthly mortality and expense risk
charge is 0.02917% (0.35% annually) of your variable account value after all
other monthly fees and charges are deducted. We guarantee that the monthly
mortality and expense risk charge will not exceed 0.05% (0.60% annually) of
your variable account value after all other monthly fees and charges are
deducted.

This charge helps compensate us for the mortality and expense risks we assume
when we issue a policy. The mortality risk is that insured people, as a group,
may live less time than we estimated. The expense risk is that the costs of
issuing and administering the policies and operating the subaccounts of the
variable account are greater than we estimated.

Rider Fees and Charges

There may be separate fees and charges if you add any optional rider benefits or
exercise certain automatic rider benefits. For more information about rider
benefits and the applicable fees and charges, see the Optional Rider Fees and
Charges table, beginning on page 10, and the Optional Rider Benefits
section, page 38. See also the Transaction Fees and Charges table,
beginning on page 8, and the Automatic Rider Benefits section, page 42.

Waiver and Reduction of Fees and Charges

We may waive or reduce any of the fees and charges under the policy, as well as
the minimum amount of insurance coverage set forth in this prospectus. Any
waiver or reduction will be based on expected economies that result in lower
sales, administrative or mortality expenses. For example, we may expect lower
expenses in connection with sales to:

• Certain groups or sponsored arrangements (including our employees, certain
  family members of our employees, our affiliates and our appointed sales
  agents);
• Our policyholders or the policyholders of our affiliated companies.

Any variation in fees and charges will be based on differences in costs or
services and our rules in effect at the time. We may change our rules from time
to time, but we will not unfairly discriminate in any waiver or reduction.

Fund Fees and Expenses

As shown in the fund prospectuses and described in the Fund Fees and Expenses
table on page 12 of this prospectus, each fund deducts management fees from
the amounts allocated to the fund. In addition, each fund deducts other expenses,
which may include service fees that may be used to compensate service
providers, including the company and its affiliates, for administrative and policy
owner services provided on behalf of the fund. Furthermore, certain funds
deduct a distribution or 12b-1 fee, which is used to finance any activity that is
primarily intended to result in the sale of fund shares. For a more complete
description of the funds’ fees and expenses, review each fund’s prospectus.

You should evaluate the expenses associated with the funds available through
this policy before making a decision to invest.

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The company may receive substantial revenue from each of the funds or from
the funds’ affiliates, although the amount and types of revenue vary with respect
to each of the funds offered through the policy. This revenue is one of several
factors we consider when determining the policy fees and charges and whether
to offer a fund through our policies. Fund revenue is important to the
company’s profitability, and it is generally more profitable for us to offer
affiliated funds than to offer unaffiliated funds.

Assets allocated to affiliated funds, meaning funds managed by Directed
Services LLC or another company affiliate, generate the largest dollar amount of
revenue for the company. Affiliated funds may also be subadvised by a
company affiliate or by an unaffiliated third party. Assets allocated to
unaffiliated funds, meaning funds managed by an unaffiliated third party,
generate lesser, but still substantial dollar amounts of revenue for the company.
The company expects to earn a profit from this revenue to the extent it exceeds
the company’s expenses, including the payment of sales compensation to our
distributors.



Types of Revenue Received from Affiliated Funds.  The types of
revenue received by the company from affiliated funds may
include:

• A share of the management fee deducted from fund assets;
• Service fees that are deducted from fund assets; and
• Other revenues that may be based either on an annual percentage of average
  net assets held in the fund by the company or a percentage of the fund’s
  management fees.

These revenues may be received as cash payments or according to a variety of
financial accounting techniques that are used to allocate revenue and profits
across the organization. In the case of affiliated funds subadvised by unaffiliated
third parties, any sharing of the management fee between the company and the
affiliated investment adviser is based on the amount of such fee remaining after
the subadvisory fee has been paid to the unaffiliated subadviser. Because
subadvisory fees vary by subadviser, varying amounts of revenue may be
retained by the affiliated investment adviser and ultimately shared with the
company. The company receives additional amounts related to affiliated funds
in the form of intercompany payments from the fund’s investment adviser or the
investment adviser’s parent. These revenues provide the company with a
financial incentive to offer affiliated funds through the policy rather than
unaffiliated funds.


Types of Revenue Received from Unaffiliated Funds. Revenue received from
each of the unaffiliated funds or their affiliates is based on an annual percentage
of the average net assets held in that fund by the company. Some unaffiliated
funds or their affiliates pay us more than others and some of the amounts we
receive may be significant.


The types of revenues received by the company or its affiliates from unaffiliated
funds include:

• For certain funds, compensation paid from 12b-1 fees or service fees that are
  deducted from fund assets; and

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• Additional payments for administrative, recordkeeping or other services that
  we provide to the funds or their affiliates, such as processing purchase and
  redemption requests, and mailing fund prospectuses, periodic reports and
  proxy materials. These additional payments do not increase directly or
  indirectly the fees and expenses shown in each fund prospectus. These
  additional payments may be used by us to finance distribution of the policy.

These revenues are received as cash payments, and if the unaffiliated fund
families currently offered through the policy that made cash payments to us
were individually ranked according to the total amount they paid to the company
or its affiliates in 2009, in connection with the registered variable life insurance
policies issued by the company, that ranking would be as follows:

• Fidelity^® Variable Insurance Product Portfolios;
• American Funds Insurance Series; and
• BlackRock V.I. Funds.

If the revenues received from the affiliated funds were taken into account when
ranking the funds according to the total dollar amount they paid to the company
or its affiliates in 2009, the affiliated funds would be at the top of the list.

In addition to the types of revenue received from affiliated and unaffiliated
funds described above, affiliated and unaffiliated funds and their investment
advisers, subadvisers or affiliates may participate at their own expense in
company sales conferences or educational and training meetings. In relation to
such participation, a fund’s investment adviser, subadviser or affiliate may help
offset the cost of the meetings or sponsor events associated with the meetings. In
exchange for these expense offset or sponsorship arrangements, the investment
adviser, subadviser or affiliate may receive certain benefits and access
opportunities to company sales representatives and wholesalers rather than
monetary benefits. These benefits and opportunities may include, but are not
limited to co-branded marketing materials; targeted marketing sales
opportunities; training opportunities at meetings; training modules for sales
personnel; and opportunities to host due diligence meetings for representatives
and wholesalers.

Certain funds may be structured as “fund of funds.” These funds may have
higher fees and expenses than a fund that invests directly in debt and equity
securities because they also incur the fees and expenses of the underlying funds
in which they invest. These funds are affiliated funds, and the underlying funds
in which they invest may be affiliated as well. The fund prospectuses disclose
the aggregate annual operating expenses of each portfolio and its corresponding
underlying fund or funds. These funds are identified in the list of funds available
through the variable account on page 17.


Please note that certain management personnel and other employees of the
company or its affiliates may receive a portion of their total employment
compensation based on the amount of net assets allocated to affiliated funds. See
Distribution of the Policy, page 75.

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Death Benefits

You decide the amount of life insurance protection you
need, now and in the future. Generally, we require a
minimum of $25,000.00 of coverage to issue your
policy. We may lower this minimum for certain group,
sponsored or corporate purchasers. The amount of
insurance coverage in effect on your policy date is your
initial coverage segment. In the policy
form the
amount of
insurance
coverage you
select is
referred to as
the “Face
Amount.”

It may be to your economic advantage to include part of your insurance
coverage under the Term Insurance Rider. See Important Information About
the Term Insurance Rider, page 40.

Changes in the Amount of Your Insurance Coverage

Subject to certain limitations, you may change the amount of your insurance
coverage. Changing the amount of your insurance coverage will generally not be
allowed until after the first policy year. We reserve the right to limit a change in
the amount of your insurance coverage during the first two policy years. The
change will be effective on the next monthly processing date after we receive
your written request or the next monthly processing date after underwriting
approval (if required), whichever is later.

There may be underwriting or other requirements that must be met before we
will approve a change. After we approve your request to change the amount of
insurance coverage under the policy, we will send a new policy schedule page to
you. You should attach it to your policy. We may ask you to return your policy
to our Customer Service Center so that we can make this change for you.

Increases in the amount of your insurance coverage must be at least $5,000.00
and may be permitted until age 85.

A requested increase in insurance coverage will cause a new coverage segment
to be created. A coverage segment or segment is a block of insurance coverage.
Once we create a new segment, it is permanent unless law requires differently.

Each new segment will have:

• A new surrender charge;
• New cost of insurance charges, guaranteed and current;
• A new monthly amount charge;
• A new incontestability period;
• A new suicide exclusion period; and
• A new minimum premium.

In determining the net amount at risk for each coverage segment we allocate the
policy value first to the initial segment and any excess to additional segments
starting with the first.

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You may not decrease the amount of your insurance coverage below
$25,000.00. You cannot request a decrease in the amount of your insurance
coverage more frequently than once every six months. Decreases in insurance
coverage on policies with multiple coverage segments will be made in the
following order:
(1) From the most recent segment;
(2) From the next more recent segments successively; and
(3) From the initial segment.

Decreases in insurance coverage may result in:

• A shortened death benefit guarantee period if the Term Insurance Rider is
  attached;
• Reduced minimum premium amounts; and
• Reduced cost of insurance charges.

Decreases in insurance coverage will not result in reduced surrender or monthly
amount charges.

We reserve the right to not approve a requested change in your insurance
coverage that would disqualify your policy as life insurance under Section 7702
of the Internal Revenue Code. In addition, we may refuse to approve a requested
change in your insurance coverage that would cause your policy to become a
modified endowment contract under Section 7702A of the Internal Revenue
Code without your prior written acknowledgment accepting your policy as a
modified endowment contract. Decreasing the amount of insurance coverage
under your policy could cause your policy to be considered a modified
endowment contract. If this happens, prior and subsequent distributions from the
policy (including loans) may be subject to adverse tax treatment. You should
consult a qualified tax adviser before changing your amount of insurance
coverage. See Modified Endowment Contracts, page 62.

Death Benefit Qualification Tests

The death benefit proceeds are generally not subject to federal income tax if
your policy continues to meet the federal income tax definition of life insurance.
Your policy will meet this definition of life insurance provided that it meets the
requirements of either the guideline premium test or the cash value
accumulation test.

When you apply for a policy you must choose either the guideline premium test
or the cash value accumulation test to make sure your policy complies with the
Internal Revenue Code’s definition of “life insurance.” You cannot change this
choice once the policy is issued.

Guideline Premium Test. The guideline premium test requires that premium
payments do not exceed certain statutory limits and your death benefit is at least
equal to your policy value multiplied by a factor defined by law. The guideline
premium test provides for a maximum amount of premium in relation to the
death benefit and a minimum amount of death benefit in relation to policy value.
The factors for the guideline premium test can be found in Appendix A to this
prospectus.

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Certain changes to a policy that uses the guideline premium test may allow the
payment of premium in excess of the statutory limits in order to keep the policy
from lapsing. In this circumstance, any such excess premium will be allocated to
the fixed account in order for the policy to continue to meet the federal income
tax definition of life insurance.

Cash Value Accumulation Test. The cash value accumulation test requires a
policy’s cash surrender value not to exceed the net single premium necessary to
fund the policy’s future benefits. Under the cash value accumulation test, there
is generally no limit to the amount that may be paid in premiums as long as there
is enough death benefit in relation to policy value at all times. The death benefit
at all times must be at least equal to an actuarially determined factor, depending
on the insured person’s age, gender and risk class at any point in time,
multiplied by the policy value. A description of how the cash value
accumulation test factors are determined can be found in Appendix A to this
prospectus.

Which Death Benefit Qualification Test to Choose. The guideline premium
test limits the amount of premium that may be paid into a policy. If you do not
desire to pay premiums in excess of the guideline premium test limitations, you
should consider the guideline premium test.

The cash value accumulation test does not limit the amount of premium that
may be paid into a policy. If you desire to pay premiums in excess of the
guideline premium test limitations you should elect the cash value accumulation
test. However, any premium that would increase the net amount at risk is subject
to evidence of insurability satisfactory to us. Required increases in the minimum
death benefit due to growth in policy value will generally be greater under the
cash value accumulation test than under the guideline premium test. Required
increases in the minimum death benefit will increase the cost of insurance under
the policy, thereby reducing the policy value. We may limit the amount of
coverage we will issue on the life of the insured person when the cash value
accumulation test has been chosen.

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Death Benefit Options

There are three death benefit options available under the base policy. You
choose the option you want when you apply for the policy, but you may change
that choice after the first policy year.

Option 1. Under death benefit Option 1, before age 100
the base death benefit is the greater of the amount of
insurance coverage you have selected or your policy
value multiplied by the appropriate factor from the
definition of life insurance factors described in
Appendix A. Under this option your base death benefit
will remain level unless your policy value multiplied by
the appropriate factor described in Appendix A exceeds
the death benefit. In this case, your death benefit will
vary as the policy value varies.

Option 2. Under death benefit Option 2, before age 100
the base death benefit is the greater of the amount of
insurance coverage you have selected plus your policy
value or your policy value multiplied by the appropriate
factor from the definition of life insurance factors
described in Appendix A. Under this option your base
death benefit will vary as the policy value varies.

Option 3. Under death benefit Option 3, before age 100
the base death benefit is the greater of the amount of
insurance coverage you have selected plus premiums
paid minus withdrawals taken or your policy value
multiplied by the appropriate factor from the definition
of life insurance factors described in Appendix A. Under
this option your base death benefit will vary as you pay
premiums and take withdrawals or if your policy value
multiplied by the appropriate factor described in
Appendix A exceeds the death benefit.  In the policy
form, death
benefit “Option
1” is referred to
as the “Level
Amount
Option” or
“Option A”;
death benefit
“Option 2” is
referred to as
the “Variable
Amount
Option” or
“Option B”; and
death benefit
“Option 3” is
referred to as
the “Face
Amount Plus
Premium
Amount
Option” or
“Option C.”

After age 100, the base death benefit under all options will generally be your
policy value.

Which Death Benefit Option to Choose. If you are satisfied with the amount
of your existing insurance coverage and prefer to have premium payments and
favorable investment performance reflected to the maximum extent in the policy
value and lower cost of insurance charges, you should choose Option 1. If you
prefer to have premium payments and favorable investment performance
reflected partly in the form of an increasing death benefit, you should choose
Option 2. If you require a specific death benefit that would include a return of
the premium paid, such as under an employer sponsored benefit plan, Option 3
may best meet your needs.

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Changing Death Benefit Options. After the first policy year, you may change
from death benefit Option 1 to Option 2, from death benefit Option 2 to Option
1 and, currently, from death benefit Option 3 to Option 1. Changes to death
benefit Option 3 are not allowed after your policy is issued. Evidence of
insurability is currently not required for death benefit option changes, but we
reserve the right to require such evidence in the future.

Changing your death benefit option may reduce or increase your insurance
coverage but will not change the amount of your base death benefit. We may not
approve a death benefit option change if it reduces the amount of insurance
coverage below the minimum we require to issue your policy. On the effective
date of your option change, your insurance coverage will change as follows:

Change From:	Change To:	Insurance Coverage Following the Change:
Option 1	Option 2	• Your insurance coverage before the   change minus your policy value as of   the effective date of the change.
Option 2	Option 1	• Your insurance coverage before the   change plus your policy value as of the   effective date of the change.
Option 3	Option 1	• Your insurance coverage before the   change plus the sum of all premium   payments we have received minus all   partial withdrawals you have taken as of   the effective date of the change.

Your death benefit option change is effective on your next monthly processing
date after we approve it.

After we approve your request, we send a new policy schedule page to you. You
should attach it to your policy. We may ask you to return your policy to our
Customer Service Center so that we can make this change for you.

If a death benefit option change causes the amount of insurance coverage to
change, no new coverage segment(s) is (are) created. Instead, the size of each
existing segment(s) is (are) changed. If you change death benefit options, there
is no change to the amount of term insurance coverage if you have added the
Term Insurance Rider to your policy. See Term Insurance Rider, page 40.

If your death benefit option is changed to Option 1 because you exercised the
Overloan Lapse Protection Rider, notwithstanding any other information in this
section your insurance coverage following the change will equal your policy
value immediately before the change minus the Overloan Lapse Protection Rider
charge with the difference multiplied by the appropriate guideline premium test
factor described in Appendix A.

Changing your death benefit option may have tax consequences. You should
consult a qualified tax adviser before making changes.

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Death Benefit Proceeds

After the insured person’s death, if your policy is in force we pay the death
benefit proceeds to the beneficiaries. The beneficiaries are the people you name
to receive the death benefit proceeds from your policy. The death benefit
proceeds are equal to:

• Your base death benefit; plus
• The amount of any rider benefits; minus
• Any outstanding policy loan and accrued loan interest; minus
• Any outstanding fees and charges incurred before the insured person’s death.

The death benefit is calculated as of the insured person’s death and will vary
depending on the death benefit option you have chosen.

Death Benefit Guarantees

The policy has three death benefit guarantees which provide that the policy will
not lapse even if the surrender value is not enough to pay the periodic fees and
charges each month.

In general, the two most significant benefits of the death benefit guarantees are:

• During the early policy years, the surrender value may not be enough to
  cover the periodic fees and charges due each month, so that the Basic or
  Supplemental Death Benefit Guarantee may be necessary to avoid lapse of
  the policy. This occurs when the surrender charge exceeds the policy value in
  these years. Likewise, if you request an increase in the amount of your
  insurance coverage, an additional surrender charge will apply for the ten
  years following the increase, which could create a similar possibility of lapse
  as exists during the early policy years; and
• To the extent the surrender value declines due to poor investment
  performance of the funds underlying the subaccounts of the variable account
  or due to an additional surrender charge after a requested increase in the
  amount of your insurance coverage, the surrender value may not be sufficient
  even in later policy years to cover the periodic fees and charges due each
  month. Accordingly, the Extended Death Benefit Guarantee may be
  necessary in later policy years to avoid lapse of the policy.

Basic Death Benefit Guarantee. The Basic Death Benefit Guarantee is
standard on every policy. It provides a guarantee that your policy will not lapse
during the guarantee period, provided your cumulative premium payments,
minus any partial withdrawals or loans, are at least equal to the sum of minimum
premium payments to the next monthly processing date. Your policy will
specify the guarantee period. For a standard rated policy without any Term
Insurance Riders, the death benefit guarantee period will expire when the
insured reaches age 65 for issue ages 0 through 60, or at the end of five policy
years for issue ages 61 through 80 or at the end of three policy years for issue
ages 81 through 85. The guarantee period is shorter for substandard rated
policies or if you have added the Term Insurance Rider to your policy. There is
no charge for this guarantee.

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You should consider the following in relation to the Basic Death Benefit
Guarantee:

• The amount of the minimum premium for your policy is set forth in your
  policy (see Premium Payments, page 22);
• The minimum premium for your policy is based on monthly rates that vary
  according to the insured person’s gender, risk class and age;
• Even though you may pay less than the minimum premium amount, you may
  lose the significant protection provided by the Basic Death Benefit Guarantee
  by doing so;
• A loan may cause the termination of this guarantee because we deduct your
  loan amount from cumulative premiums paid when calculating whether you
  have paid sufficient premiums to keep the guarantee in effect; and
• Even if the Basic Death Benefit Guarantee terminates, your policy will not
  necessarily lapse (see Lapse, page 58).

We will notify you if on any monthly processing date you have not paid enough
premium to maintain the Basic Death Benefit Guarantee. This notice will show
the amount of premium required to maintain this guarantee. If we do not receive
the required premium payment within 61 days from the date of our notice, the
Basic Death Benefit Guarantee will terminate.

You may reinstate the Basic Death Benefit Guarantee during the first five policy
years, provided that you pay additional premium equal to:

• The sum of the minimum premium due since the policy date, including the
  minimum premium for the current monthly processing date.

The amount necessary to reinstate the Basic Death Benefit Guarantee may
exceed the amount needed to create sufficient surrender value to pay any
periodic fees and charges due each month.

Supplemental Death Benefit Guarantee. The Supplemental Death Benefit
Guarantee is standard on every policy. There is no charge for this guarantee. See
Supplemental Death Benefit Guarantee Rider, page 45.

Extended Death Benefit Guarantee Rider. The Extended Death Benefit
Guarantee Rider is an optional rider benefit that may be added by rider only
when you apply for the policy. There is no charge for this rider. See Extended
Death Benefit Guarantee Rider, page 39.

Additional Insurance Benefits

Your policy may include additional insurance benefits, attached by rider. There
are two types of riders:

• Those that provide optional benefits that you must select before they are
  effective; and
• Those that automatically come with the policy.

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The following information does not include all of the terms and conditions of
each rider, and you should refer to the rider to fully understand its benefits and
limitations. We may offer riders not listed here. Not all riders may be available
under your policy. Contact your agent/registered representative for a list of
riders and their availability.

Optional Rider Benefits

The following riders may have an additional cost, but you may cancel optional
riders at any time. Adding or canceling riders may have tax consequences. See
Modified Endowment Contracts, page 62.

Accidental Death Benefit Rider. The Accidental Death Benefit Rider provides
an additional insurance benefit if the insured person dies from an accidental
injury before age 70. You may apply for this rider when you apply for the base
policy or anytime after the policy is issued. The minimum amount of coverage
under this rider is $5,000.00. The maximum amount of coverage is $300,000.00,
but may be less depending on the age of the insured person.

You should consider the following when deciding whether to add the Accidental
Death Benefit Rider to your policy:

• Subject to certain limits, you can increase the amount of coverage under this
  rider after the second policy year;
• You can decrease the amount of coverage under this rider after the second
  policy year;
• The minimum premium for this rider is based on monthly rates that vary
  according to the insured person’s risk class and age;
• The current cost of insurance rates for this rider are different than those for
  the base policy (see Optional Rider Fees and Charges table, beginning on
  page 10);
• The policy’s periodic fees and charges do not apply to coverage under this
  rider; and
• This rider does not have a surrender charge.

Additional Insured Rider. The Additional Insured Rider provides level term
insurance coverage to age 100 of the insured person on a family member of the
insured person. You may only add this rider when you apply for the base policy.
The minimum amount of coverage under this rider is $100,000.00.

You should consider the following when deciding whether to add the Additional
Insured Rider to your policy:

• You cannot increase the amount of coverage under this rider after issue;
• You can decrease the amount of coverage under this rider after the second
  policy year;
• The minimum premium for this rider is based on monthly rates that vary
  according to the insured person’s gender, risk class and age;
• The current cost of insurance rates for this rider are different than those for
  the base policy (see Optional Rider Fees and Charges table, beginning on
  page 10);
• The policy’s periodic fees and charges do not apply to coverage under this
  rider; and
• This rider does not have a surrender charge.

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Additionally, before age 75 of the additional insured you can convert the
coverage under this rider to any other whole life policy we offer at the time. No
evidence of insurability will be required for the new whole life policy, and the
premiums and cost of insurance charges for this new policy will be based on the
insured person’s age at the time of conversion.

Children’s Insurance Rider. The Children’s Insurance Rider provides up to
$10,000.00 of term life insurance coverage on the life of each of the insured
person’s children. You may add this rider when you apply for the base policy or
anytime after your policy is issued. Thee maximum amount of coverage under
this rider is $10,000.00. The minimum amount of coverage under this rider is
$1,000.00.

You should consider the following when deciding whether to add the Children’s
Insurance Rider to your policy:

• Term coverage under this rider is available to age 25 of each child (or for 25
  years from the issue date of this rider, if earlier);
• The current cost of insurance rates for this rider are different than those for
  the base policy (see Optional Rider Fees and Charges table, beginning on
  page 10);
• Subject to certain limits you may increase insurance coverage under this
  rider; and
• Decreases in the amount of insurance coverage under this rider are allowed,
  but at least six months must elapse between decreases.

Extended Death Benefit Guarantee Rider. The Extended Death Benefit
Guarantee Rider provides a guarantee that your policy will not lapse before age
100 provided your cumulative premium payments, minus any partial
withdrawals or loans, are at least equal to the sum of Extended Death Benefit
Guarantee premium payments to the next monthly processing date. There is no
charge for this rider.

You should consider the following when deciding whether to add the Extended
Death Benefit Guarantee Rider to your policy:

• You may add this rider only when you apply for the base policy;
• The Extended Death Benefit Guarantee period begins at the end of the Basic
  Death Benefit Guarantee period;
• The minimum premium for this rider is set forth in your policy;
• The minimum premium for this rider is based on monthly rates that vary
  according to the insured person’s gender, risk class and age;
• This rider may not be available for certain risk classes;
• A loan may cause the termination of this guarantee because we deduct your
  loan amount from cumulative premiums paid when calculating whether you
  have paid sufficient premiums to keep the guarantee in effect; and
• Even if the Extended Death Benefit Guarantee terminates, your policy will
  not necessarily lapse (see Lapse, page 58).

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We will notify you if on any monthly processing date you have not paid enough
premium to keep this rider in force. This notice will show the amount of
premium required to maintain this rider benefit. If we do not receive the required
premium payment within 61 days from the date of our notice, the rider will
terminate. If this rider terminates, it cannot be reinstated.

Term Insurance Rider. The Term Insurance Rider provides an additional level
term insurance benefit if the insured person dies before age 100. You may apply
for this rider only when you apply for the base policy and the minimum amount
of coverage under this rider is $100,000.00. The maximum amount is no more
than three times the amount of insurance coverage selected under the base
policy.

You should consider the following when deciding whether to add the Term
Insurance Rider to your policy:

• You cannot increase the amount of coverage under this rider after issue;
• You can decrease the amount of coverage under this rider after the first
  policy year;
• The minimum premium for this rider is based on monthly rates that vary
  according to the insured person’s gender, risk class and age;
• The current cost of insurance rates for this rider are generally less than those
  for the base policy (see Optional Rider Fees and Charges table, beginning
  on page 10);
• The policy’s periodic fees and charges do not apply to coverage under this
  rider;
• This rider does not have a surrender charge; and
• Adding this rider will shorten the death benefit guarantee periods of the base
  policy.

Additionally, you can transfer your coverage under this rider to your base policy
without evidence of insurability anytime after the tenth policy year if your base
death benefit is equal to your policy value multiplied by the appropriate factor
described in Appendix A. Cost of Insurance rates for this new coverage segment
will be the same as the cost of insurance rates for the initial coverage segment.
No surrender charge or monthly amount charge will apply to this new coverage
segment of the base policy.

Important Information about the Term Insurance Rider

It may be to your economic advantage to include part of your insurance
coverage under the Term Insurance Rider. Working with your agent/registered
representative, consider the following when deciding whether to include
coverage under the Term Insurance Rider and in what proportion to the total
amount of coverage under your policy.

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Cost of Insurance and Other Fees and Charges. The cost of insurance rates
and other fees and charges affect the value of your policy. The lower the cost of
insurance and other fees and charges, the greater the policy’s cash value.
Accordingly, please be aware that:

• The current cost of insurance rates for coverage under the Term Insurance
  Rider are generally less than the current cost of insurance rates for coverage
  under the base policy;
• The guaranteed maximum cost of insurance rates for coverage under the
  Term Insurance Rider are generally the same as the guaranteed maximum
  cost of insurance rates for coverage under the base policy; and
• Some policy fees and charges that apply to coverage under the base policy
  may not apply to coverage under the Term Insurance Rider.

Features and Benefits. Certain features and benefits are limited or unavailable
if you have Term Insurance Rider coverage, including:

• Death Benefit Guarantees; and
• Cost of Living Rider Benefits.

Compensation. We generally pay more compensation to your agent/registered
representative on premiums paid for coverage under the base policy than we do
on premiums paid for coverage under the Term Insurance Rider. See
Distribution of the Policy, page 75.

With these factors in mind, you should discuss with your agent/registered
representative how the use of the Term Insurance Rider will affect the costs,
benefits, features and performance of your policy. You should also review
illustrations based on different combinations of base policy and Term Insurance
Rider coverage so that you can decide what combination best meets your needs.
The foregoing discussion does not contain all of the terms and conditions or
limitations of coverage under the base policy or the Term Insurance Rider, and
you should read them carefully to fully understand their benefits and limitations.

Waiver of Monthly Deduction Rider. Subject to certain limits, the Waiver of
Monthly Deduction Rider provides that the policy’s periodic fees and charges
are waived while the insured person is totally disabled according to the terms of
the rider. You may add this rider when you apply for the base policy or anytime
after your policy is issued, but it may not be added after the insured person
reaches age 55.

You should consider the following when deciding whether to add the Waiver of
Monthly Deduction Rider to your policy:

• The current cost of insurance rates for this rider are different than those for
  the base policy (see Optional Rider Fees and Charges table, beginning on
  page 10); and
• If death benefit Option 1 is in effect at the end of the first six months of total
  disability, your death benefit option will automatically be changed to Option
  2. There will be no automatic change if Option 3 is in effect at the end of the
  first six months of total disability.

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Your policy may contain either the Waiver of Monthly Deduction Rider or the
Waiver of Specified Premium Rider, but not both. Also, you may not change
from one of these riders to the other after your policy is issued.

Waiver of Specified Premium Rider. Subject to certain limits, the Waiver of
Specified Premium Rider provides that a specified amount of premium will be
credited to the policy each month while the insured person is totally disabled
according to the terms of the rider. You may add this rider when you apply for
the base policy or anytime after your policy is issued, but it may not be added
after the insured person reaches age 55.

You should consider the following when deciding whether to add the Waiver of
Specified Premium Rider to your policy:

• The current cost of insurance rates for this rider are different than those for
  the base policy (see Optional Rider Fees and Charges table, beginning
  on page 10);
• If there is an increase in the specified premium or an increase in the amount
  of insurance coverage that results in an increase in specified premium, the
  new specified premium will be subject to underwriting approval; and
• You may not increase your insurance coverage while benefits are being paid
  under the terms of this rider.

This rider cannot be added to a policy that uses the cash value accumulation test.

Your policy may contain either the Waiver of Monthly Specified Premium Rider
or the Waiver of Monthly Deduction Rider, but not both. Also, you may not
change from one of these riders to the other after your policy is issued.

Automatic Rider Benefits

The following rider benefits may come with your policy automatically,
depending on your age and/or risk class. There may be an additional charge if
you choose to exercise any of these rider benefits, and exercising the benefits
may have tax consequences. See Rider Fees and Charges, page 28, and
Accelerated Death Benefit Rider, page 42.

Accelerated Death Benefit Rider. Under certain circumstances, the
Accelerated Death Benefit Rider allows you to accelerate payment of the
eligible death benefit that we otherwise would pay upon the insured person’s
death. Generally, we will provide an accelerated benefit under this rider if the
insured person has a terminal illness that will result in his or her death within 12
months, as certified by a physician. The accelerated benefit may not be more
than 50.00% of the amount that would be payable at the death of the insured
person, and the accelerated benefit will first be used to pay off any outstanding
policy loans and interest due. The remainder of the accelerated benefit will be
paid to you in a lump sum.

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Consider the following when deciding whether to accelerate the death benefit
under this rider:

• We assess an administrative charge of up to $300.00 when we pay the
  accelerated benefit (see Transaction Fees and Charges table, beginning on
   page 8);
• When we pay the accelerated benefit, we establish a lien against your policy
  equal to the amount of the accelerated benefit, plus the amount of the
  administrative charge, plus interest on the lien;
• Any subsequent death benefit proceeds payable under the policy will first be
  used to repay the lien;
• Withdrawals, loans and any other access to the policy value will be reduced
  by the amount of the lien;
• Accelerating the death benefit will not affect the amount of premium payable
  on the policy and any premiums required to keep the policy in force that are
  not paid by you will be added to the lien; and
• There may be tax consequences to requesting payment under this rider, and
  you should consult with a qualified tax adviser for further information.

Certain limitations and restrictions are described in the rider. Additionally, the
benefit may vary by state. You should consult your agent/registered
representative as to whether and to what extent the rider is available in your
particular state and on any particular policy.

Cost of Living Rider. The Cost of Living Rider provides optional increases in
the amount of base insurance coverage on the life of the insured person every
two years without evidence of insurability. Increases are based on increases in
the cost of living as measured by the Consumer Price Index.

You should consider the following when deciding whether to accept a cost of
living adjustment to your policy:

• On each date the amount of insurance increases under this rider, the periodic
  fees and charges under the policy will increase to account for the increased
  costs of insurance and the increased Waiver of Monthly Deduction Rider
  benefit, if applicable;
• The minimum premium for the death benefit guarantees will increase, unless
  otherwise directed, on each date the amount of insurance increases under this
  rider; and
• If you choose not to accept a cost of living adjustment, this rider will
  automatically terminate as to future increases.

Overloan Lapse Protection Rider. The Overloan Lapse Protection Rider is a
benefit you may exercise to guarantee that your policy will not lapse even if
your surrender value or net policy value, as applicable, is not enough to pay the
periodic fees and charges when due. This rider may help you keep your policy in
force and avoid tax consequences resulting from your policy lapsing with a loan
outstanding. See Distributions Other than Death Benefits, page 62.

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You may exercise this rider benefit by written request if all of the following
conditions are met:

• At least 15 policy years have elapsed since your policy date;
• The insured person is at least age 75;
• Your loan account value is equal to or greater than the amount of insurance
  coverage selected under the base policy plus the amount of Term Insurance
  Rider coverage, if any;
• Your loan account value less any unearned loan interest does not exceed your
  policy value less the transaction charge for this rider (see Loan Account
  Value, page 47; see also Loan Interest, page 48);
• Exercise of this rider does not cause your policy to become a modified
  endowment contract under Section 7702A of the Internal Revenue Code (see
  Modified Endowment Contracts, page 62); and
• Exercise of this rider does not cause your policy to violate the statutory
  premium limits allowed under the guideline premium test (see Death Benefit
  Qualification Tests, page 32).

We will notify you if you meet all of these conditions and explain the
consequences of choosing to exercise this rider.

You should consider the following consequences when deciding whether to
exercise the Overloan Lapse Protection Rider:

• On the monthly processing date on or next following the date we receive 

   your request to exercise this rider: 

   > We will assess a one time transaction charge. This charge equals 3.50% of 

      your policy value (see Transaction Fees and Charges Table, beginning 

      on page 8); 

   > If another death benefit option is in effect, the death benefit option will 

      automatically be changed to death benefit Option 1 (see Death Benefit 

      Options, page 34); 

   > The amount of insurance coverage after exercise of this rider will equal 

      your policy value (less the transaction charge) multiplied by the guideline 

      premium test factor described in Appendix A; 

   > Amounts allocated to the subaccounts of the variable account will be 

      transferred to the fixed account; and 

   > All optional benefit riders will be terminated. 

•  Insurance coverage under your policy will continue in force, subject to the 

   following limitations and restrictions: 

   > We will continue to deduct monthly periodic fees and charges (other than 

      the Mortality and Expense Risk charge which will no longer apply); 

   > You may not make any further premium payments; 

   > Any unpaid loan interest will be added to your loan account balance; 

   > You may not make any future transfers from the fixed account to the 

      subaccounts of the variable account; 

   > You may not add any additional benefits by rider in the future; and 

   > You may not increase or decrease the amount of insurance coverage, 

      change the death benefit option or make any partial withdrawals. 

This benefit may vary by state. You should consult your agent/registered
representative as to whether and to what extent the rider is available in your
particular state and on any particular policy.

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Supplemental Death Benefit Guarantee Rider. The Supplemental Death
Benefit Guarantee Rider provides a guarantee that your policy will not lapse
during the Supplemental Death Benefit Guarantee period if on each monthly
processing date since the policy date your cumulative premium payments, minus
any partial withdrawals or loans, are at least equal to 70.00% of the sum of
minimum monthly premium payments to the next monthly processing date. The
supplemental guarantee period begins on the policy date and is equal to the
death benefit guarantee period shown in your policy, multiplied by 70.00% and
rounded to the lower whole number of policy years. The supplemental guarantee
period may not exceed ten policy years. There is no charge for this guarantee.

You should consider the following in relation to the Supplemental Death Benefit
Guarantee:

• Even though you may pay less than the minimum premium amount, you may
  lose the significant protection provided by the Supplemental Death Benefit
  Guarantee by doing so;
• A loan may cause the termination of this guarantee because we deduct your
  loan amount from cumulative premiums paid when calculating whether you
  have paid sufficient premiums to keep the guarantee in effect; and
• Even if the Supplemental Death Benefit Guarantee terminates, your policy
  will not necessarily lapse (see Lapse, page 58).

We will notify you if on any monthly processing date you have not paid enough
premium to maintain the Supplemental Death Benefit Guarantee. This notice
will show the amount of premium required to maintain this guarantee. If we do
not receive the required premium payment within 61 days from the date of our
notice, the Supplemental Death Benefit Guarantee Rider will terminate. If the
Supplemental Death Benefit Guarantee Rider terminates, it cannot be reinstated.

Policy Value

Your policy value equals the sum of your fixed account, variable account and loan account values. Your policy value reflects: •   The net premium applied to your policy; •   The fees and charges that we deduct; •   Any partial withdrawals you take; •   Interest earned on amounts allocated to the fixed     account; •   The investment performance of the funds underlying     the subaccounts of the variable account; and •   Interest earned on amounts held in the loan account. Fixed Account Value Your fixed account value equals the net premium you allocate to the fixed account, plus interest earned, minus amounts you transfer out or withdraw. It may be reduced by fees and charges assessed against your policy value. See The Fixed Account, page 20.

In the policy form the “policy value” is referred to as the “Accumulation Value,” the “fixed account value” is referred to as the “Fixed Accumulation Value,” and the “variable account value” is referred to as the “Variable Accumulation Value.”

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Variable Account Value

Your variable account value equals your policy value attributable to amounts
invested in the subaccounts of the variable account.

Determining Values in the Subaccounts. The value of the amount invested in
each subaccount is measured by accumulation units and accumulation unit
values. The value of each subaccount is the accumulation unit value for that
subaccount multiplied by the number of accumulation units you own in that
subaccount. Each subaccount has a different accumulation unit value.

The accumulation unit value is the value determined on each valuation date. The
accumulation unit value of each subaccount varies with the investment
performance of its underlying fund. It reflects:

• Investment income;
• Realized and unrealized gains and losses;
• Fund expenses (including fund redemption fees, if applicable); and
• Taxes, if any.
• valuation date is a date on which a fund values its shares and the New York

Stock Exchange is open for business, except for days on which valuations are
suspended by the SEC. Each valuation date ends at 4:00 p.m. Eastern time. We
reserve the right to revise the definition of valuation date as needed in
accordance with applicable federal securities laws and regulations.

You purchase accumulation units when you allocate premium or make transfers
to a subaccount, including transfers from the loan account.

We redeem accumulation units:

• When amounts are transferred from a subaccount (including transfers to the
  loan account);
• For the monthly deduction of the periodic fees and charges from your
  variable account value;
• For policy transaction fees;
• When you take a partial withdrawal;
• If you surrender your policy; and
• To pay the death benefit proceeds.

To calculate the number of accumulation units purchased or sold we divide the
dollar amount of your transaction by the accumulation unit value for the
subaccount calculated at the close of business on the valuation date of the
transaction.

The date of a transaction is the date we receive your premium or transaction
request at our Customer Service Center, so long as the date of receipt is a
valuation date. We use the accumulation unit value that is next calculated after
we receive your premium or transaction request and we use the number of
accumulation units attributable to your policy on the date of receipt.

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We deduct the periodic fees and charges each month from your variable account
value on the monthly processing date. If your monthly processing date is not a
valuation date, the monthly deduction is processed on the next valuation date.

The value of amounts allocated to the subaccounts goes up or down depending
on the investment performance of the corresponding funds. There is no
guaranteed minimum value of amounts invested in the subaccounts of the
variable account.

How We Calculate Accumulation Unit Values. We determine the
accumulation unit value for each subaccount on each valuation date.

We generally set the accumulation unit value for a subaccount at $10.00 when
the subaccount is first opened. After that, the accumulation unit value on any
valuation date is:

• The accumulation unit value for the preceding valuation date; multiplied by
• The subaccount’s accumulation experience factor for the valuation period.

Every valuation period begins at 4:00 p.m. Eastern time on a valuation date and
ends at 4:00 p.m. Eastern time on the next valuation date. We reserve the right to
revise the definition of valuation date as needed in accordance with applicable
federal securities laws and regulations.

We calculate an accumulation experience factor for each subaccount every
valuation date as follows:

• We take the net asset value of the underlying fund shares as reported to us by
  the fund managers as of the close of business on that valuation date;
• We add dividends or capital gain distributions declared and reinvested by the
  fund during the current valuation period;
• We subtract a charge for taxes, if applicable; and
• We divide the resulting amount by the net asset value of the shares of the
  underlying fund at the close of business on the previous valuation date.

Loan Account Value

When you take a loan from your policy we transfer your loan amount to the loan account as collateral for your loan. Your loan amount includes interest payable in advance to the next policy anniversary. The loan account is part of our general account and we credit interest on amounts held in the loan account. Your loan account value is equal to your outstanding loan amount plus any interest credited on the loan account value. See Loans, page 48.

In the policy form the “loan account value” is referred to as the “Loan Amount.”

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Special Features and Benefits

Loans

You may borrow money from us using your policy as collateral for the loan. We
reserve the right to limit borrowing during the first policy year. Unless state law
requires otherwise, a new loan amount must be at least $500.00, and the amount
you may borrow is limited to 90.0% of the surrender value of your policy. After
age 65, we currently allow you to borrow up to 100.00% of the surrender value.

When you take a loan, we transfer an amount equal to your loan to the loan
account. The loan account is part of our general account specifically designed to
hold collateral for policy loans and interest.

Your loan request must be directed to our Customer Service Center. When you
request a loan you may specify the investment options from which the loan
collateral will be taken. If you do not specify the investment options, the loan
collateral will be taken proportionately from each active investment option you
have, including the fixed account.

If you request an additional loan, we add the new loan amount to your existing
loan. This way, there is only one loan outstanding on your policy at any time.

Loan Interest. We credit amounts held in the loan account with interest at an
annual rate of 3.00%. Interest we credit is allocated to the subaccounts and fixed
account in the same proportion as your current premium allocation unless you
tell us otherwise.

We also charge interest on loans. The annual interest rate charged is currently
4.76%.

After the tenth policy year, the annual interest rate that we charge will be
reduced to 2.91% (guaranteed not to exceed 3.38%) for that portion of the loan
amount that is not greater than:

• Your variable account value plus your fixed account value; minus
• The sum of all premiums paid minus all partial withdrawals.

Loans with this reduced interest rate are preferred loans. This reduced interest
rate may change at any time but is guaranteed not to exceed 3.38%.

Interest is payable in advance at the time you take any loan (for the rest of the
policy year) and at the beginning of each policy year thereafter (for the entire
policy year). If you do not pay the interest when it is due, we add it to your loan
account balance.

We will refund to you any interest we have not earned if:

• Your policy lapses;
• You surrender your policy; or
• You repay your loan.

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Loan Repayment. You may repay your loan at any time. However, unless you
tell us otherwise we will treat amounts received as premium payments and not
loan repayments. You must tell us if you want a premium payment to go
towards repaying your loan.

When you make a loan repayment, we transfer an amount equal to your payment
from the loan account to the subaccounts and fixed account in the same
proportion as your current premium allocation, unless you tell us otherwise.

Effects of a Policy Loan. Using your policy as collateral for a loan will effect
your policy in various ways. You should carefully consider the following before
taking a policy loan:

• If you do not make loan repayments your policy could lapse because your
  surrender value may not be enough to pay your fees and charges each month;
• A loan may cause the termination of the death benefit guarantees because we
  deduct your loan amount from cumulative premiums paid when calculating
  whether you have paid sufficient premiums to keep the death benefit
  guarantee in effect;
• Taking a loan reduces your opportunity to participate in the investment
  performance of the subaccounts and the interest guarantees of the fixed
  account;
• Accruing loan interest will change your policy value as compared to what it
  would have been if you did not take a loan;
• Even if you repay your loan, it will have a permanent effect on your policy
  value;
• If you do not repay your loan we will deduct any outstanding loan amount
  from amounts payable under the policy; and
• Loans may have tax consequences and if your policy lapses with a loan
  outstanding, you may have further tax consequences. See Distributions
  Other than Death Benefits, page 62.

We reserve the right to allow borrowing during the first policy year for policies
issued pursuant to an exchange of policy values from another life insurance
policy under Section 1035(a) of the Internal Revenue Code, as amended.

Transfers

You currently may make an unlimited number of transfers of your variable
account value between the subaccounts and to the fixed account. Transfers are
subject to any conditions or limits that we or the funds whose shares are
involved may impose, including:

• You may generally not make transfers until after the fifteenth day following
  your policy date (see Allocation of Net Premium, page 23);
• We reserve the right to limit you to 12 transfers each policy year;
• Although we currently do not impose a charge for transfers, we
  reserve the right to charge up to $25.00 for each transfer; and
• We may impose the transfer charge, limit the number of transfers
  each policy year, restrict or refuse transfers because of frequent or
  disruptive transfers, as described below.

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Any conditions or limits we impose on transfers between the subaccounts or to
the fixed account will generally apply equally to all policy owners. However, we
may impose different conditions or limits on policy owners or third parties
acting on behalf of policy owners, such as market timing services, who violate
our excessive trading policy. See Limits on Frequent or Disruptive Transfers,
page 51.

Transfers from the fixed account to the subaccounts of the variable account are
subject to the following additional restrictions:

• Only one transfer is permitted each policy year, and you may only make this
  transfer within 30 days of the anniversary of your policy date;
• You may only transfer up to 50.00% of your fixed account value unless the
  balance, after the transfer, would be less than $1,000.00 in which event you
  may transfer your full fixed account value; and
• Your transfer must be at least the lesser of $500.00 or your total fixed
  account value.

We reserve the right to liberalize these restrictions on transfers from the fixed
account, depending on market conditions. Any such liberalization will generally
apply equally to all policy owners. However, we may impose different
restrictions on third parties acting on behalf of policy owners, such as market
timing services.

We process all transfers and determine all values in connection with transfers on
the valuation date we receive your request in good order, except as described
below for the dollar cost averaging or automatic rebalancing programs.

Dollar Cost Averaging. Anytime your policy value less the loan account value
is at least $5,000.00 and the amount of your insurance coverage is at least
$100,000.00 you may elect dollar cost averaging.

Dollar cost averaging is a long-term investment program through which you
direct us to automatically transfer at regular intervals a specific dollar amount
from any of the subaccounts to one or more of the other subaccounts or to the
fixed account. We do not permit transfers from the fixed account under this
program. You may request that the dollar cost averaging transfers occur on a
monthly, quarterly, semi-annual or annual basis. You may discontinue this
program at any time. Although we currently do not charge for this feature, we
reserve the right to impose a charge in the future.

This systematic plan of transferring policy values is intended to help reduce the
risk of investing too much when the price of a fund’s shares is high. It also helps
reduce the risk of investing too little when the price of a fund’s shares is low.
Because you transfer the same dollar amount to the subaccounts each period,
you purchase more units when the unit value is low and you purchase fewer
units when the unit value is high.

Dollar cost averaging does not assure a profit nor does it protect you
against a loss in a declining market.

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You may discontinue your dollar cost averaging program at any time. We
reserve the right to discontinue, modify or suspend this program, and dollar cost
averaging will automatically terminate if:

• We receive a request to begin an automatic rebalancing program;
• The policy is in the grace period on any date when dollar cost averaging
  transfers are scheduled; or
• The specified transfer amount from any subaccount is more than the variable
  account value in that subaccount.

Automatic Rebalancing. Anytime your policy value less the loan account value
is at least $10,000.00 and the amount of your insurance coverage is at least
$200,000.00 you may elect automatic rebalancing. Automatic rebalancing is a
program for simplifying the process of asset allocation and maintaining a
consistent allocation of your variable and fixed account values among your
chosen investment options. Although we currently do not charge for this feature,
we reserve the right to impose a charge in the future.

If you elect automatic rebalancing, we periodically transfer amounts among the
investment options to match the asset allocation percentages you have chosen.
This action rebalances the amounts in the investment options that do not match
your set allocation percentages. This mismatch can happen if an investment
option outperforms another investment option over the time period between
automatic rebalancing transfers.

Automatic rebalancing does not assure a profit nor does it protect you
against a loss in a declining market.

You may discontinue your automatic rebalancing program at any time. We
reserve the right to discontinue, modify or suspend this program, and automatic
rebalancing will automatically terminate if:

• We receive a request to transfer policy values among the investment options;
• We receive a request to begin a dollar cost averaging program;
• The policy is in the grace period on any date when automatic rebalancing
  transfers are scheduled; or
• The sum of your variable and fixed account values is less than $7,500.00 on
  any date when automatic rebalancing transfers are scheduled.

Limits on Frequent or Disruptive Transfers

The policy is not designed to serve as a vehicle for frequent transfers. Frequent
transfer activity can disrupt management of a fund and raise its expenses
through:

• Increased trading and transaction costs;
• Forced and unplanned portfolio turnover;
• Lost opportunity costs; and
• Large asset swings that decrease the fund’s ability to provide maximum
  investment return to all policy owners.

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This in turn can have an adverse effect on fund performance. Accordingly,
individuals or organizations that use market-timing investment strategies
or make frequent transfers should not purchase the policy.

Excessive Trading Policy. We and the other members of the ING family of
companies that provide multi-fund variable insurance and retirement products
have adopted a common Excessive Trading Policy to respond to the demands of
the various fund families that make their funds available through our products to
restrict excessive fund trading activity and to ensure compliance with Rule 22c-
2 of the 1940 Act.

We actively monitor fund transfer and reallocation activity within our variable
insurance products to identify violations of our Excessive Trading Policy. Our
Excessive Trading Policy is violated if fund transfer and reallocation activity:

• Meets or exceeds our current definition of Excessive Trading, as defined
  below; or
• Is determined, in our sole discretion, to be disruptive or not in the best
  interests of other owners of our variable insurance and retirement products.

We currently define Excessive Trading as:

• More than one purchase and sale of the same fund (including money market
  funds) within a 60 calendar day period (hereinafter, a purchase and sale of
  the same fund is referred to as a “round-trip”). This means two or more
  round-trips involving the same fund within a 60 calendar day period would
  meet our definition of Excessive Trading; or
• Six round-trips involving the same fund within a rolling twelve month
  period.

The following transactions are excluded when determining whether trading
activity is excessive:

• Purchases or sales of shares related to non-fund transfers (for example, new
  purchase payments, withdrawals and loans);
• Transfers associated with scheduled dollar cost averaging, scheduled
  rebalancing or scheduled asset allocation programs;
• Purchases and sales of fund shares in the amount of $5,000.00 or less;
• Purchases and sales of funds that affirmatively permit short-term trading in
  their fund shares, and movement between such funds and a money market
  fund; and
• Transactions initiated by us, another member of the ING family of companies
  or a fund.

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If we determine that an individual or entity has made a purchase of a fund within
60 days of a prior round-trip involving the same fund, we will send them a letter
(once per year) warning that another sale of that same fund within 60 days of the
beginning of the prior round-trip will be deemed to be Excessive Trading and
result in a six month suspension of their ability to initiate fund transfers or
reallocations through the Internet, facsimile, Voice Response Unit (VRU),
telephone calls to the ING Customer Service Center or other electronic trading
medium that we may make available from time to time (“Electronic Trading
Privileges”). Likewise, if we determine that an individual or entity has made five
round-trips involving the same fund within a rolling 12 month period, we will
send them a letter warning that another purchase and sale of that same fund
within twelve months of the initial purchase in the first round-trip will be
deemed to be Excessive Trading and result in a suspension of their Electronic
Trading Privileges. According to the needs of the various business units, a copy
of any warning letters may also be sent, as applicable, to the person(s) or entity
authorized to initiate fund transfers or reallocations, the agent/registered
representative or the investment adviser for that individual or entity. A copy of
the warning letters and details of the individual’s or entity’s trading activity may
also be sent to the fund whose shares were involved in the trading activity.

If we determine that an individual or entity has violated our Excessive Trading
Policy, we will send them a letter stating that their Electronic Trading Privileges
have been suspended for a period of six months. Consequently, all fund transfers
or reallocations, not just those that involve the fund whose shares were involved
in the activity that violated our Excessive Trading Policy, will then have to be
initiated by providing written instructions to us via regular U.S. mail.
Suspension of Electronic Trading Privileges may also extend to products other
than the product through which the Excessive Trading activity occurred. During
the six month suspension period, electronic “inquiry only” privileges will be
permitted where and when possible. A copy of the letter restricting future
transfer and reallocation activity to regular U.S. mail and details of the
individual’s or entity’s trading activity may also be sent, as applicable, to the
person(s) or entity authorized to initiate fund transfers or reallocations, the
agent/registered representative or investment adviser for that individual or entity
and the fund whose shares were involved in the activity that violated our
Excessive Trading Policy.

Following the six month suspension period during which no additional
violations of our Excessive Trading Policy are identified, Electronic Trading
Privileges may again be restored. We will continue to monitor the fund transfer
and reallocation activity, and any future violations of our Excessive Trading
Policy will result in an indefinite suspension of Electronic Trading Privileges. A
violation of our Excessive Trading Policy during the six month suspension
period will also result in an indefinite suspension of Electronic Trading
Privileges.

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We reserve the right to suspend Electronic Trading Privileges with respect to
any individual or entity, with or without prior notice, if we determine, in our
sole discretion, that the individual’s or entity’s trading activity is disruptive or
not in the best interests of other owners of our variable insurance and retirement
products, regardless of whether the individual’s or entity’s trading activity falls
within the definition of Excessive Trading set forth above.

Our failure to send or an individual’s or entity’s failure to receive any warning
letter or other notice contemplated under our Excessive Trading Policy will not
prevent us from suspending that individual’s or entity’s Electronic Trading
Privileges or taking any other action provided for in our Excessive Trading
Policy.

Except as noted below with respect to Paul M. Prusky, we do not allow
exceptions to our Excessive Trading Policy. We reserve the right to modify our
Excessive Trading Policy, or the policy as it relates to a particular fund, at any
time without prior notice, depending on, among other factors, the needs of the
underlying fund(s), the best interests of policy owners and fund investors and/or
state or federal regulatory requirements. If we modify our policy, it will be
applied uniformly to all policy owners or, as applicable, to all policy owners
investing in the underlying fund.

Our Excessive Trading Policy may not be completely successful in preventing
market timing or excessive trading activity. If it is not completely successful,
fund performance and management may be adversely affected, as noted above.

From late 2003 to 2008 we were been engaged in litigation with Paul M. Prusky
(“Prusky”), and others, regarding a 1998 agreement between Prusky and
ReliaStar. Under the agreement, Prusky, through a profit-sharing plan, engaged
in frequent electronic trading between subaccounts available through certain
ReliaStar variable life insurance policies (“market timing”). Beginning in late
2003, ReliaStar refused to accept electronic trading instructions from Prusky
because of violations of our Excessive Trading Policy.

On January 5, 2007, the United States District Court for the Eastern District of
Pennsylvania (the “Federal Court”) ordered ReliaStar to accept and effect
Prusky’s subaccount transfer instructions electronically “without limitation as to
the number of transfer instructions so long as those transfers are not explicitly
barred by a specific condition imposed by the fund in which the subaccount is
invested.” (Order Granting in Part Summary Judgment, Paul M. Prusky, et al. v.
ReliaStar Life Insurance Company, Civil Action No. 03-6196, Jan. 5, 2007, and
Order Denying Defendant’s Motion for Clarification, dated January 12, 2007
(“Order”)). In light of the Order, we must accept and effect Prusky’s electronic
transfer instructions.

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When issuing the Order, the Federal Court did state that we could enforce
conditions and/or restrictions on trading imposed by the funds in which the
ReliaStar subaccounts invest. (Memorandum Accompanying the Order, at pp. 9-
10.) We will enforce all such fund-imposed conditions and/or restrictions
consistent with the Order and the judgment of the Federal Court in a related
matter.

Prusky’s ReliaStar policies include subaccounts which invest in all the same
funds as are available through this policy. The prospectus for each fund
describes restrictions imposed by the fund to prevent or minimize frequent
trading.

Limits Imposed by the Funds. Each underlying fund available through the
variable insurance and retirement products offered by us and/or the other
members of the ING family of companies, either by prospectus or stated policy,
has adopted or may adopt its own excessive/frequent trading policy, and orders
for the purchase of fund shares are subject to acceptance or rejection by the
underlying fund. We reserve the right, without prior notice, to implement fund
purchase restrictions and/or limitations on an individual or entity that the fund
has identified as violating its excessive/frequent trading policy and to reject any
allocation or transfer request to a subaccount if the corresponding fund will not
accept the allocation or transfer for any reason. All such restrictions and/or
limitations (which may include, but are not limited to, suspension of Electronic
Trading Privileges and/or blocking of future purchases of a fund or all funds
within a fund family) will be done in accordance with the directions we receive
from the fund.

Agreements to Share Information with Fund Companies. As required by
Rule 22c-2 under the 1940 Act, we have entered into information sharing
agreements with each of the fund companies whose funds are offered through
the policy. Policy owner trading information is shared under these agreements as
necessary for the fund companies to monitor fund trading and our
implementation of our Excessive Trading Policy. Under these agreements, the
company is required to share information regarding policy owner transactions,
including but not limited to information regarding fund transfers initiated by
you. In addition to information about policy owner transactions, this information
may include personal policy owner information, including names and social
security numbers or other tax identification numbers.

As a result of this information sharing, a fund company may direct us to restrict
a policy owner’s transactions if the fund determines that the policy owner has
violated the fund’s excessive/frequent trading policy. This could include the
fund directing us to reject any allocations of premium or policy value to the fund
or all funds within the fund family.

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Conversion to a Guaranteed Policy

During the first two policy years and the first two years after an increase in the
amount of your insurance coverage, you may permanently convert your policy
or the requested increase in insurance coverage to a guaranteed policy, unless
state law requires differently. If you elect to make this change, unless state law
requires that we issue to you a new guaranteed policy, we will permanently
transfer the amounts you have invested in the subaccounts of the variable
account to the fixed account and allocate all future net premium to the fixed
account. After you exercise this right you may not allocate future premium
payments or make transfers to the subaccounts of the variable account. We do
not charge for this change. Contact our Customer Service Center or your
agent/registered representative for information about the conversion rights
available in your state.

Partial Withdrawals

Beginning in the second policy year you may withdraw part of your policy’s
surrender value. Only one partial withdrawal is currently allowed each policy
year, and a partial withdrawal must be at least $500.00. In policy years two
through ten you may not withdraw more than 20.00% of your surrender value.

We currently charge $10.00 for each partial withdrawal, but we reserve the right
to charge up to $25.00 for each partial withdrawal. See Partial Withdrawal
Fee, page 25.

Unless you specify a different allocation, we will take partial withdrawals from
the fixed account and the subaccounts of the variable account in the same
proportion that your value in each has to your policy value on the monthly
processing date. We will determine these proportions at the end of the valuation
period during which we receive your partial withdrawal request. For purposes of
determining these proportions, we will not include any outstanding loan account
value.

Unless you request otherwise, proceeds from a partial withdrawal generally will
be paid into an interest bearing account that you can access, without penalty,
through a checkbook feature. See Transaction Processing, page 71.

Effects of a Partial Withdrawal. We will reduce the policy value by the
amount of a partial withdrawal. We will also reduce the death benefit by the
amount of a partial withdrawal, or, if the death benefit is based on a factor from
the definition of life insurance factors described in Appendix A, by an amount
equal to the factor multiplied by the amount of the partial withdrawal. A partial
withdrawal may also cause the termination of the death benefit guarantees
because we deduct the amount of the partial withdrawal from the total premiums
paid when calculating whether you have paid sufficient premiums in order to
maintain the death benefit guarantees.

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If death benefit Option 1 is in effect, we will decrease the amount of insurance
coverage by the amount of a partial withdrawal. Decreases in insurance
coverage on policies with multiple coverage segments will be made in the
following order:
(1) From the most recent segment;
(2) From the next more recent segments successively; and
(3) From the initial segment.

Therefore, partial withdrawals may affect the way in which the cost of insurance
is calculated and the amount of pure insurance protection under the policy. See
Cost of Insurance, page 26.

If death benefit Option 2 or Option 3 is in effect, a partial withdrawal will not
affect the amount of insurance coverage.

We will not allow a partial withdrawal if the amount of insurance coverage after
the withdrawal would be less than $25,000.00.

A partial withdrawal may have tax consequences depending on the
circumstances of such withdrawal. See Tax Status of the Policy, page 60.

Paid-Up Life Insurance

You may elect, at any time before the insured person’s age 100, to apply the
surrender value to purchase fixed paid up life insurance. The amount by which
any paid up insurance will exceed the surrender value cannot be greater than the
amount by which the death benefit exceeds the policy value. Any surrender
value not used to purchase paid-up life insurance will be paid to you in cash and
treated as a partial distribution for federal income tax purposes.

If you elect to continue your policy as fixed paid-up life insurance:

• The surrender value is transferred to the fixed account;
• You cannot pay additional premiums;
• You cannot take any partial withdrawals; and
• We will not deduct any further periodic fees and charges.

Applying your policy’s surrender value to purchase paid up insurance may have
tax consequences. See Tax Status of the Policy, page 60.

Termination of Coverage

Your insurance coverage will continue under the policy until you surrender your
policy or it lapses.

Surrender
You may surrender your policy for its surrender value
any time after the free look period while the insured
person is alive. Your surrender value is your policy
value minus any surrender charge, loan amount and
unpaid fees and charges.  In the policy
form the
“surrender
value” is
referred to as
the “Cash
Surrender
Value.” 

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You may take your surrender value in other than one payment.

We compute your surrender value as of the valuation date we receive your
written surrender request and policy at our Customer Service Center. All
insurance coverage ends on the date we receive your surrender request and
policy.

Unless you request otherwise, we will deposit your surrender value into an
interest bearing account that you can access, without penalty, through a
checkbook feature. See Transaction Processing, page 71.

Surrender of your policy may have adverse tax consequences. See Distributions
Other than Death Benefits, page 62.

Lapse

Your policy will not lapse and your insurance coverage under the policy will
continue if on any monthly processing date:

• A death benefit guarantee is in effect, or
• Your surrender value is enough to pay the periodic fees and charges when
  due.

Grace Period. If on a monthly processing date you do not meet either of these
conditions, your policy will enter the 61-day grace period during which you
must make a sufficient premium payment to avoid having your policy lapse and
insurance coverage terminate.

We will notify you that your policy is in a grace period at least 30 days before it
ends. We will send this notice to you (and a person to whom you have assigned
your policy) at your last known address in our records. We will notify you of the
premium payment necessary to prevent your policy from lapsing. This amount
generally equals the past due charges, plus the estimated periodic fees and
charges and charges of any optional rider benefits for the next two months. If we
receive payment of the required amount before the end of the grace period, we
apply it to your policy in the same manner as your other premium payments, and
then we deduct the overdue amounts from your policy value.

If you do not pay the full amount within the 61-day grace period, your policy
and its riders will lapse without value. We withdraw your remaining variable
and fixed account values, deduct amounts you owe us and inform you that your
coverage has ended.

If the insured person dies during the grace period, we do pay death benefit
proceeds to your beneficiaries with reductions for your loan amount and
periodic fees and charges owed.

During the early policy years your surrender value will generally not be enough
to cover the periodic fees and charges each month, and you will generally need
to pay at least the minimum premium amount (to maintain the basic and
Supplemental Death Benefit Guarantees) for the policy not to lapse.

If your policy lapses, any distribution of policy value may be subject to current
taxation. See Distributions Other than Death Benefits, page 62.

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Reinstatement

Reinstatement means putting a lapsed policy back in force. You may reinstate a
lapsed policy by written request any time within five years after it has lapsed. A
policy that was surrendered may not be reinstated.

To reinstate the policy and any available riders, you must submit evidence of
insurability satisfactory to us and pay a premium large enough to keep the policy
and any rider benefits in force for at least two months. If you had a policy loan
existing when coverage lapsed, unless directed otherwise we will reinstate it
with accrued loan interest to the date of lapse.

When a policy is reinstated, unless otherwise directed by you we will allocate
the net premium received to the subaccounts of the variable account and the
fixed account according to the premium allocation instructions in effect at the
start of the grace period. Your account value on the reinstatement date will
equal:

• The policy value at the end of the grace period; plus
• The net premium paid on reinstatement; minus
• Any unpaid fees and charges through the end of the grace period.

A lapsed Basic Death Benefit Guarantee cannot, unless otherwise allowed under
state law, be reinstated after the fifth policy year. Lapsed Supplemental and
Extended Death Benefit Guarantees cannot be reinstated.

A policy that lapses and is reinstated more than 90 days after lapsing may be
classified as a modified endowment contract for tax purposes. You should
consult with a qualified tax adviser to determine whether reinstating a lapsed
policy will cause it to be classified as a modified endowment contract. See
Modified Endowment Contracts, page 62.

TAX CONSIDERATIONS 

The following summary provides a general description of the federal income tax
considerations associated with the policy and does not purport to be complete or
to cover federal estate, gift and generation-skipping tax implications, state and
local taxes or other tax situations. We have written this discussion to support the
promotion and marketing of our products and we do not intend it as tax advice.
This summary is not intended to and cannot be used to avoid any tax penalties
that may be imposed upon you. Counsel or other qualified tax advisers should be
consulted for more complete information. This discussion is based upon our
understanding of the present federal income tax laws. No representation is made
as to the likelihood of continuation of the present federal income tax laws or as
to how they may be interpreted by the IRS.


The following discussion generally assumes that the policy will qualify as a life
insurance contract for federal tax purposes.

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Tax Status of the Company

We are taxed as a life insurance company under the Internal Revenue Code. The
variable account is not a separate entity from us. Therefore, it is not taxed
separately as a “regulated investment company,” but is taxed as part of the
company. We automatically apply investment income and capital gains
attributable to the variable account to increase reserves under the policy.
Because of this, under existing federal tax law we believe that any such income
and gains will not be taxed to us. In addition, any foreign tax credits or
deductions attributable to the variable account will first be used to reduce any
income taxes imposed on the variable account before being used by the
company.

In summary, we do not expect that we will incur any federal income tax liability
attributable to the variable account and we do not intend to make provisions for
any such taxes. However, if changes in the federal tax laws or their
interpretation result in our being taxed on income or gains attributable to the
variable account, then we may impose a charge against the variable account
(with respect to some or all of the policies) to set aside provisions to pay such
taxes.

Tax Status of the Policy


This policy is designed to qualify as a life insurance contract under the Internal
Revenue Code. All terms and provisions of the policy shall be construed in a
manner that is consistent with that design. In order to qualify as a life insurance
contract for federal income tax purposes and to receive the tax treatment
normally accorded life insurance contracts under federal tax law, a policy must
satisfy certain requirements that are set forth in Section 7702 of the Internal
Revenue Code. Specifically, the policy must meet the requirements of either the
cash value accumulation test or the guideline premium test. See Death Benefit
Qualification Tests, page 32. If your variable life policy does not satisfy one of
these two alternate tests, it will not be treated as life insurance under Internal
Revenue Code 7702. You would then be subject to federal income tax on your
policy income as you earn it. While there is very little guidance as to how these
requirements are applied, we believe it is reasonable to conclude that our
policies satisfy the applicable requirements. If it is subsequently determined that
a policy does not satisfy the applicable requirements, we will take appropriate
and reasonable steps to bring the policy into compliance with such requirements
and we reserve the right to restrict policy transactions or modify your policy in
order to do so. See Tax Treatment of Policy Death Benefits, page 61. If we
return premium in order to bring your policy into compliance with the
requirements of Section 7702, it will be refunded on a last-in, first-out basis and
may be taken from the investment options in which your policy value is
allocated based on your premium allocation in effect.

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Diversification and Investor Control Requirements


In addition to meeting the Internal Revenue Code Section 7702 tests, Internal
Revenue Code Section 817(h) requires investments within a separate account,
such as our variable account, to be adequately diversified. The Treasury has
issued regulations that set the standards for measuring the adequacy of any
diversification, and the IRS has published various revenue rulings and private
letter rulings addressing diversification issues. To be adequately diversified,
each subaccount and its corresponding fund must meet certain tests. If these
tests are not met, your variable life policy will not be adequately diversified and
not treated as life insurance under Internal Revenue Code Section 7702. You
would then be subject to federal income tax on your policy income as you earn
it. Each subaccount's corresponding fund has represented that it will meet the
diversification standards that apply to your policy. Accordingly, we believe it is
reasonable to conclude that the diversification requirements have been satisfied.
If it is determined, however, that your variable life policy does not satisfy the
applicable diversification regulations and rulings because a subaccount’s
corresponding fund fails to be adequately diversified for whatever reason, we
will take appropriate and reasonable steps to bring your policy into compliance
with such regulations and rulings and we reserve the right to modify your policy
as necessary in order to do so.


In certain circumstances, owners of a variable life insurance policy have been
considered, for federal income tax purposes, to be the owners of the assets of the
variable account supporting their policies, due to their ability to exercise
investment control over such assets. When this is the case, the policy owners
have been currently taxed on income and gains attributable to the variable
account assets. Your ownership rights under your policy are similar to, but
different in some ways from those described by the IRS in rulings in which it
determined that policy owners are not owners of variable account assets. For
example, you have additional flexibility in allocating your premium payments
and your policy values. These differences could result in the IRS treating you as
the owner of a pro rata share of the variable account assets. We do not know
what standards will be set forth in the future, if any, in Treasury regulations or
rulings. We reserve the right to modify your policy, as necessary, to try to
prevent you from being considered the owner of a pro rata share of the variable
account assets, or to otherwise qualify your policy for favorable tax treatment.

Tax Treatment of Policy Death Benefits

The death benefit, or an accelerated death benefit, under a policy is generally
excludable from the gross income of the beneficiary(ies) under Section
101(a)(1) of the Internal Revenue Code. However, there are exceptions to this
general rule. Additionally, ownership and beneficiary designations, including
change of either, may have consequences under federal, state and local income,
estate, inheritance, gift, generation-skipping and other tax laws. The individual
situation of each policy owner or beneficiary will determine the extent, if any, of
those taxes and you should consult a qualified tax adviser.

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Distributions Other than Death Benefits

Generally, the policy owner will not be taxed on any of the policy value until
there is a distribution. When distributions from a policy occur, or when loan
amounts are taken from or secured by a policy, the tax consequences depend on
whether or not the policy is a “modified endowment contract.”

Modified Endowment Contracts

Under the Internal Revenue Code, certain life insurance contracts are classified
as “modified endowment contracts” and are given less favorable tax treatment
than other life insurance contracts. Due to the flexibility of the policies as to
premiums and benefits, the individual circumstances of each policy will
determine whether or not it is classified as a modified endowment contract. The
rules are too complex to be summarized here, but generally depend on the
amount of premiums we receive during the first seven policy years. Certain
changes in a policy after it is issued, such as reduction or increase in benefits or
policy reinstatement, could also cause it to be classified as a modified
endowment contract or increase the period during which the policy must be
tested. A current or prospective policy owner should consult with a qualified tax
adviser to determine whether or not a policy transaction will cause the policy to
be classified as a modified endowment contract.

If a policy becomes a modified endowment contract, distributions that occur
during the policy year will be taxed as distributions from a modified endowment
contract as described below. In addition, distributions from a policy within two
years before it becomes a modified endowment contract will be taxed in this
manner. This means that a distribution made from a policy that is not a modified
endowment contract could later become taxable as a distribution from a
modified endowment contract.

Additionally, all modified endowment contracts that are issued by us (or our
affiliates) to the same policy owner during any calendar year are treated as one
modified endowment contract for purposes of determining the amount includible
in the policy owner's income when a taxable distribution occurs.

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Once a policy is classified as a modified endowment contract, the following tax
rules apply both prospectively and to any distributions made in the prior two
years:

• All distributions other than death benefits, including distributions upon
  surrender and partial withdrawals, from a modified endowment contract will
  be treated first as distributions of gain, if any, and are taxable as ordinary
  income. Amounts will be treated as tax-free recovery of the policy owner's
  investment in the policy only after all gain has been distributed. The amount
  of gain in the policy will be equal to the difference between the policy's value
  determined without regard to any surrender charges, and the investment in
  the policy;
• Loan amounts taken from or secured by a policy classified as a modified
  endowment contract, and also assignments or pledges of such a policy (or
  agreements to assign or pledge such a policy), are treated first as distributions
  of gain, if any, and are taxable as ordinary income. Amounts will be treated
  as tax-free recovery of the policy owner’s investment in the policy only after
  all gain has been distributed; and
• A 10.00% additional income tax penalty may be imposed on the distribution
  amount subject to income tax. This tax penalty generally does not apply to a
  policy owned by an individual were the distributions are (a) made on or after
  the date on which the taxpayer attains age 59½; (b) attributable to the
  taxpayer becoming disabled (as defined in the Internal Revenue Code); or (c)
  part of a series of substantially equal periodic payments (not less frequently
  than annually) made for the life (or life expectancy) of the taxpayer or the
  joint lives (or joint life expectancies) of the taxpayer and his or her
  beneficiary. Consult a qualified tax adviser to determine whether or not you
  may be subject to this penalty tax.

If we discover that your policy has inadvertently become a modified endowment
contract, unless you have indicated otherwise, we will assume that you do not
want it to be classified as a modified endowment contract and attempt to fix this
by refunding any excess premium with related interest. The excess gross
premium will be refunded proportionally from the investment options in which
your policy value is allocated.


Policies That Are Not Modified Endowment Contracts

Distributions other than death benefits from a policy that is not classified as a
modified endowment contract are generally treated first as a recovery of the
policy owner's investment in the policy. Only after the recovery of all
investment in the policy is there taxable income. However, certain distributions
made in connection with policy benefit reductions during the first 15 policy
years may be treated in whole or in part as ordinary income subject to tax.
Consult a qualified tax adviser to determine whether or not any distribution
made in connection with a reduction in policy benefits will be subject to tax.

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Loan amounts from or secured by a policy that is not a modified endowment
contract are generally not taxed as distributions. Finally, neither distributions
from, nor loan amounts from or secured by, a policy that is not a modified
endowment contract are subject to the 10.00% additional income tax penalty.

Investment in the Policy

Your investment in the policy is generally the total of your aggregate premiums.
When a distribution is taken from the policy, your investment in the policy is
reduced by the amount of the distribution that is tax free.

Other Tax Matters

Policy Loans

In general, interest on a policy loan will not be deductible. A limited exception
to this rule exists for certain interest paid in connection with certain “key
person” insurance. You should consult a qualified tax adviser before taking out a
loan to determine whether you qualify under this exception.

Moreover, the tax consequences associated with a preferred loan (preferred
loans are loans where the interest rate charged is less than or equal to the interest
rate credited) available in the policy are uncertain. Before taking out a policy
loan, you should consult a qualified tax adviser as to the tax consequences.


If a loan from a policy is outstanding when the policy other than a modified
endowment contract is surrendered or lapses, then the amount of the outstanding
indebtedness will be added to the amount treated as a distribution from the
policy and will be taxed accordingly. If your policy has large outstanding policy
loans, you may have to choose between paying high premiums to keep the
policy from lapsing and paying significant income tax if you allow the policy to
lapse.

Accelerated Death Benefit Rider

The benefit payments under the Accelerated Death Benefit Rider are intended to
be fully excludable from the gross income of the recipient if the recipient is the
insured under the policy, or is an individual who has no business or financial
connection with the insured. (See Accelerated Death Benefit Rider, page 42,
for more information about this rider.) However, you should consult a
qualified tax adviser about the consequences of adding this rider to a policy or
requesting payment under this rider.

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Continuation of a Policy

The tax consequences of continuing the policy after the insured person reaches
age 100 are unclear. For example, in certain situations it is possible that after the
insured person reaches age 100 the IRS could treat you as being in constructive
receipt of the policy value if the policy value becomes equal to the death benefit.
If this happens, an amount equal to the excess of the policy value over the
investment in the policy would be includible in your income at that time.
Because we believe the policy will continue to constitute life insurance at that
time and the IRS has not issued any guidance on this issue, we do not intend to
tax report any earnings due to the possibility of constructive receipt in this
circumstance. You should consult a qualified tax adviser if you intend to keep
the policy in force after the insured person reaches age 100.

Section 1035 Exchanges

Internal Revenue Code Section 1035 provides, in certain circumstances, that no
gain or loss will be recognized on the exchange of one life insurance policy
solely for another life insurance policy or an endowment, annuity or qualified
long term care contract. Special rules and procedures apply to Section 1035
exchanges. These rules can be complex, and if you wish to take advantage of
Section 1035, you should consult a qualified tax adviser.

Tax-exempt Policy Owners

Special rules may apply to a policy that is owned by a tax-exempt entity. Tax-
exempt entities should consult a qualified tax adviser regarding the
consequences of purchasing and owning a policy. These consequences could
include an effect on the tax-exempt status of the entity and the possibility of the
unrelated business income tax.

Tax Law Changes

Although the likelihood of legislative action or tax reform is uncertain, there is
always the possibility that the tax treatment of the policy could be changed by
legislation or other means. It is also possible that any change may be retroactive
(that is, effective before the date of the change). You should consult a qualified
tax adviser with respect to legislative developments and their effect on the
policy.


Policy Changes to Comply with the Law

So that your policy continues to qualify as life insurance under the Internal
Revenue Code, we reserve the right to return or refuse to accept all or part of
your premium payments or to change your death benefit. We may reject any
policy request, including a partial withdrawal request if it would cause your
policy to fail to qualify as life insurance or would cause us to return premium to
you. We also may make changes to your policy or its riders or make
distributions from your policy to the degree that we deem necessary to qualify
your policy as life insurance for tax purposes. Any increase in your death benefit
will cause an increase in your cost of insurance charges.

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Policy Use in Various Plans and Arrangements

The policy is not available for sale to and cannot be acquired with funds that are
assets of (i) an employee benefit plan as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), and that is
subject to Title I of ERISA; (ii) a plan described in Section 4975(e)(1) of the
Internal Revenue Code; or (iii) an entity whose underlying assets include plan
assets by reason of the investment by an employee benefit plan or other plan in
such entity within the meaning of 29 C.F.R. Section 2510.3-101 or otherwise.


Policy owners may use the policy in various other arrangements. The tax
consequences of these arrangements may vary depending on the particular facts
and circumstances of each arrangement. If you want to use your policy with any
of these various arrangements, you should consult a qualified tax adviser
regarding the tax issues of your particular arrangement.


Life Insurance Owned by Businesses

Congress has enacted rules relating to life insurance owned by businesses. For
example, in the case of a policy issued to a nonnatural taxpayer, or held for the
benefit of such an entity, a portion of the taxpayer's otherwise deductible interest
expenses may not be deductible as a result of ownership of a policy even if no
loans are taken under the policy. (An exception to this rule is provided for
certain life insurance contracts that cover the life of an individual who is a
20.00% owner, or an officer, director, or employee of a trade or business.) In
addition, in certain instances, a portion of the death benefit payable under an
employer-owned policy may be taxable. As another example, special rules apply
if a business is subject to the alternative minimum tax. Any business
contemplating the purchase of a new policy or a change in an existing policy
should consult a qualified tax adviser.

Income Tax Withholding

The IRS requires us to withhold income taxes from any portion of the amounts
individuals receive in a taxable transaction. However, if you reside in the U.S.,
we generally do not withhold income taxes if you elect in writing not to have
withholding apply. If the amount withheld for you is insufficient to cover
income taxes, you will have to pay additional income taxes and possibly
penalties later. We will also report to the IRS the amount of any taxable
distributions.

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Life Insurance Purchases by Non-Resident Aliens

If you are not a U.S. citizen or resident, you will generally be subject to U.S.
Federal withholding tax on taxable distributions from life insurance policies at a
30.00% rate, unless a lower treaty rate applies. In addition, you may be subject
to state and/or municipal taxes and taxes imposed by your country of citizenship
or residence. You should consult a qualified tax adviser before purchasing a
policy.

Ownership and Beneficiary Designations

Ownership and beneficiary designations, including change of either, may have
consequences under federal, state and local income, estate, inheritance, gift,
generation-skipping and other tax laws. The individual situation of each policy
owner or beneficiary will determine the extent, if any, of these taxes and you
should consult a qualified tax adviser.


Same-Sex Relationships

Currently, section 3 of the federal Defense of Marriage Act does not recognize same-
sex relationships for purposes of federal law. Therefore, benefits afforded by federal
tax law to an opposite-sex spouse under the Internal Revenue Code, such as the
favorable income-deferral options afforded by federal tax law to an opposite-sex
spouse under Internal Revenue Code section 401(a)(9) are currently NOT available
to persons in a same-sex relationship. Persons in a same-sex relationship who are
considering the purchase of a policy should consult a qualified tax adviser.

Fair Value of Your Policy

It is sometimes necessary for tax and other reasons to determine the “value” of
your policy. The value can be measured differently for different purposes. It is
not necessarily the same as the policy value or the net policy value. You should
consult a qualified tax adviser for guidance as to the appropriate methodology
for determining the fair market value of your policy.


You should consult qualified legal or tax advisers for complete information
on federal, state, local and other tax considerations.

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ADDITIONAL INFORMATION 

General Policy Provisions

Your Policy

The policy is a contract between you and us and is the combination of:

• Your policy;
• A copy of your original application and applications for benefit increases or
  decreases;
• Your riders;
• Your endorsements;
• Your policy schedule pages; and
• Your reinstatement applications.

If you make a change to your coverage, we give you a copy of your changed
application and new policy schedules. If you send your policy to us, we attach
these items to your policy and return it to you. Otherwise, you need to attach
them to your policy.

Unless there is fraud, we consider all statements made in an application to be
representations and not guarantees. We use no statement to deny a claim, unless
it is in an application.

A president or other officer of our company and our secretary or assistant
secretary must sign all changes or amendments to your policy. No other person
may change its terms or conditions.

Age

We issue your policy at the insured person’s age (stated in your policy schedule)
based on the last birthday as of the policy date. On the policy date, the insured
person can generally be no more than age 85.

We often use age to calculate rates, charges and values. We determine the
insured person’s age at a given time by adding the number of completed policy
years to the age calculated at issue and shown in the schedule.

Ownership

The original owner is the person named as the owner in the policy application.
The owner can exercise all rights and receive benefits during the life of the
insured person. These rights include the right to change the owner, beneficiaries
or the method designated to pay death benefit proceeds.

As a matter of law, all rights of ownership are limited by the rights of any
person who has been assigned rights under the policy and any irrevocable
beneficiaries.

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You may name a new owner by giving us written notice. The effective date of
the change to the new owner is the date the prior owner signs the notice.
However, we will not be liable for any action we take before a change is
recorded at our Customer Service Center. A change in ownership may cause the
prior owner to recognize taxable income on gain under the policy.

Beneficiaries

You, as owner, name the beneficiaries when you apply for your policy. The
primary beneficiaries who survive the insured person receive the death benefit
proceeds. Other surviving beneficiaries receive death benefit proceeds only if
there are no surviving primary beneficiaries. If more than one beneficiary
survives the insured person, they share the death benefit proceeds equally,
unless you specify otherwise. If none of your policy beneficiaries has survived
the insured person, we pay the death benefit proceeds to you or to your estate, as
owner. If a beneficiary is a minor, the death benefit proceeds will be held in an
interest bearing account until that beneficiary attains the age of majority.

You may name new beneficiaries during the insured person’s lifetime. We pay
death benefit proceeds to the beneficiaries whom you have most recently named
according to our records. We do not make payments to multiple sets of
beneficiaries. The designation of certain beneficiaries may have tax
consequences. See Other Tax Matters, page 64.

Collateral Assignment

You may assign your policy by sending written notice to us. After we record the
assignment, your rights as owner and the beneficiaries’ rights (unless the
beneficiaries were made irrevocable beneficiaries under an earlier assignment)
are subject to the assignment. It is your responsibility to make sure the
assignment is valid. The transfer or assignment of a policy may have tax
consequences. See Other Tax Matters, page 64.

Incontestability

After your policy has been in force during the lifetime of the insured person for two years from your policy date, we will not contest it except for nonpayment of premium. Likewise, after your policy has been in force during the lifetime of the insured person for two years from the effective date of any new coverage segment or benefit or from the date of reinstatement, we will not contest it except for nonpayment of premium.

In the policy form the “policy date” is referred to as the “Issue Date.”

Misstatements of Age or Gender

Notwithstanding the Incontestability provision above, if the insured person’s age
or gender has been misstated, we adjust the death benefit to the amount that
would have been purchased for the insured person’s correct age and gender. We
base the adjusted death benefit on the cost of insurance charges deducted from
your policy value on the last monthly processing date before the insured
person’s death, or as otherwise required by law.

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If unisex cost of insurance rates apply, we do not make any adjustments for a
misstatement of gender.

Suicide

If the insured person commits suicide (while sane or insane) within two years of
your policy date, unless otherwise required by law, we limit death benefit
proceeds to:

• The total premium we receive to the time of death; minus
• Outstanding loan amount; minus
• Partial withdrawals taken.

We make a limited payment to the beneficiaries for a new coverage segment or
other increase if the insured person commits suicide (while sane or insane)
within two years of the effective date of a new coverage segment or within two
years of an increase in any other benefit, unless otherwise required by law. The
limited payment is equal to the cost of insurance charges that were deducted for
the increase.

Anti-Money Laundering

In order to protect against the possible misuse of our products in money
laundering or terrorist financing, we have adopted an anti-money laundering
program satisfying the requirements of the USA PATRIOT Act. Among other
things, this program requires us, our agents and customers to comply with
certain procedures and standards that serve to assure that our customers’
identities are properly verified and that premiums are not derived from improper
sources.

Under our anti-money laundering program, we may require policy owners,
insured persons and/or beneficiaries to provide sufficient evidence of
identification, and we reserve the right to verify any information provided to us
by accessing information databases maintained internally or by outside firms.

We may also refuse to accept certain forms of premium payments or loan
repayments (traveler’s cheques, for example) or restrict the amount of certain
forms of premium payments or loan repayments (money orders totaling more
than $5,000.00, for example). In addition, we may require information as to why
a particular form of payment was used (third party checks, for example) and the
source of the funds of such payment in order to determine whether or not we
will accept it. Use of an unacceptable form of payment may result in us
returning the payment to you and your policy either entering the 61-day grace
period or lapsing. See Lapse, page 58. See also Premium Payments Affect
Your Coverage, page 23.

Applicable laws designed to prevent terrorist financing and money
laundering might, in certain circumstances, require us to block certain
transactions until authorization is received from the appropriate regulator.
We may also be required to provide additional information about you and
your policy to government regulators.

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Our anti-money laundering program is subject to change without notice to take
account of changes applicable in laws or regulations and our ongoing
assessment of our exposure to illegal activity.

Transaction Processing

Generally, within seven days of when we receive all information required to
process a payment, we pay:

• Death benefit proceeds;
• Surrender Value
• Partial withdrawals; and
• Loan proceeds.

We may delay processing these transactions if:

• The New York Stock Exchange is closed for trading;
• Trading on the New York Stock Exchange is restricted by the SEC;
• There is an emergency so that it is not reasonably possible to sell securities in
  the subaccounts or to determine the value of a subaccount’s assets; and
• A governmental body with jurisdiction over the variable account allows
  suspension by its order.

SEC rules and regulations generally determine whether or not these conditions
exist.

We execute transfers among the subaccounts as of the valuation date of our
receipt of your request at our Customer Service Center.

We determine the death benefit as of the date of the insured person’s death. The
death benefit proceeds are not affected by subsequent changes in the value of the
subaccounts.

We may delay payment from our fixed account for up to six months, unless law
requires otherwise, of surrender proceeds, withdrawal amounts or loan amounts.
If we delay payment more than 30 days, we pay interest at our declared rate (or
at a higher rate if required by law) from the date we receive your complete
request.

Unless you request otherwise, we generally pay death benefit proceeds,
surrender value and partial withdrawals into an interest bearing account that may
be accessed by you or the beneficiary, as applicable, through a checkbook
feature. This interest bearing account is backed by our general account, and the
checkbook feature may be used to access the payment at any time without
penalty. Interest credited under this account may be less than other settlement
options, and we seek to make a profit on this account.

Notification and Claims Procedures

Except for certain authorized telephone requests, we must receive in writing any
election, designation, change, assignment or request made by the owner.

You must use a form acceptable to us. We are not liable for actions taken before
we receive and record the written notice. We may require you to return your
policy for policy changes or if you surrender it.

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If the insured person dies while your policy is in force, please let us know as
soon as possible. We will send you instructions on how to make a claim. As
proof of the insured person’s death, we may require proof of the deceased
insured person’s age and a certified copy of the death certificate.

The beneficiaries and the deceased insured person’s next of kin may need to
sign authorization forms. These forms allow us to get information such as
medical records of doctors and hospitals used by the deceased insured person.

Telephone Privileges


Telephone privileges may be provided to you and your agent/registered
representative and his/her assistant. You may request such privileges for
yourself and you may authorize us to grant such privileges to your
agent/registered representative and his/her assistant by making the appropriate
election(s) on your application or by contacting our Customer Service Center.

Telephone privileges allow you or your agent/registered representative and
his/her assistant to call our Customer Service Center to:

• Make transfers;
• Change premium allocations;
• Change your dollar cost averaging and automatic rebalancing programs; and
• Request a loan.

Our Customer Service Center uses reasonable procedures to make sure that
instructions received by telephone are genuine. These procedures may include:

• Requiring some form of personal identification;
• Providing written confirmation of any transactions; and
• Tape recording telephone calls.

By accepting telephone privileges, you authorize us to record your telephone
calls with us. If we reasonably believe telephone instructions to be genuine, we
are not liable for losses from unauthorized or fraudulent instructions. We may
discontinue or limit this privilege at any time. See Limits on Frequent or
Disruptive Transfers, page 51.

Telephone and facsimile privileges may not always be available. Telephone or
fax systems, whether yours, your service provider’s or your agent’s, can
experience outages or slowdowns for a variety of reasons. These outages or
slowdowns may prevent or delay our receipt of your request. Although we have
taken precautions to help our systems handle heavy use, we cannot promise
complete reliability under all circumstances. If you are experiencing problems,
you should make your request in writing.


Non-participation

Your policy does not participate in the surplus earnings of ReliaStar Life
Insurance Company.

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Advertising Practices and Sales Literature

We may use advertisements and sales literature to promote this product,
including:

• Articles on variable life insurance and other information published in
  business or financial publications;
• Indices or rankings of investment securities; and
• Comparisons with other investment vehicles, including tax considerations.

We may use information regarding the past performance of the subaccounts and
funds. Past performance is not indicative of future performance of the
subaccounts or funds and is not reflective of the actual investment experience of
policy owners.

We may feature certain subaccounts, the underlying funds and their managers,
as well as describe asset levels and sales volumes. We may refer to past, current,
or prospective economic trends and investment performance or other
information we believe may be of interest to our customers.

Settlement Options

You may elect to take the surrender value in other than one lump-sum payment.
Likewise, you may elect to have the beneficiaries receive the death benefit
proceeds other than in one lump-sum payment, if you make this election during
the insured person’s lifetime. If you have not made this election, the
beneficiaries may do so within 60 days after we receive proof of the insured
person’s death.

The investment performance of the subaccounts does not affect payments under
these settlement options. Instead, interest accrues at a fixed rate based on the
option you choose. Payment options are subject to our rules at the time you
make your selection. Currently, a periodic payment must be at least $25.00 and
the total proceeds must be at least $2,500.00.

The following settlement options are available:

• Option 1 – The proceeds are left with us to earn interest. Withdrawals and
  any changes are subject to our approval;
• Option 2 – The proceeds and interest are paid in equal installments of a
  specified amount until the proceeds and interest are all paid;
• Option 3 – The proceeds and interest are paid in equal installments for a
  specified period until the proceeds and interest are all paid;
• Option 4 – The proceeds provide an annuity payment with a specified
  number of months. The payments are continued for the life of the primary
  payee. If the primary payee dies before the certain period is over, the
  remaining payments are paid to a contingent payee; and
• Option 5 – The proceeds provide a life income for two payees. When one
  payee dies, the surviving payee receives two-thirds of the amount of the joint
  monthly payment for life.

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Interest on Settlement Options. We base the interest rate for proceeds applied
under Options 1 and 2 on the interest rate we declare on money that we consider
to be in the same classification based on the option, restrictions on withdrawal
and other factors. The interest rate will never be less than an effective annual
rate of 2.00%.

In determining amounts we pay under Options 3, 4 and 5, we assume interest at
an effective annual rate of 2.00%. Also, for Option 3 and periods certain under
Option 4, we credit any excess interest we may declare on money that we
consider to be in the same classification based on the option, restrictions on
withdrawal and other factors.

If none of these settlement options have been elected, your surrender value or
the death benefit proceeds will be paid in one lump-sum payment.

Unless you request otherwise, death benefit proceeds generally will be paid into
an interest bearing account that is backed by our general account and can be
accessed by the beneficiary through a checkbook feature. Interest credited on
this account may be less than interest paid under other settlement options, and
we seek to make a profit on this account. See Transaction Processing, page 71.

Reports

Annual Statement. We will send you an annual statement once each year free
of charge showing the amount of insurance coverage under your policy as well
as your policy’s death benefit, policy and surrender values, the amount of
premiums you have paid, the amounts you have withdrawn, borrowed or
transferred and the fees and charges we have imposed since the last statement.

Additional statements are available upon request. We may make a charge not to
exceed $50.00 for each additional annual statement you request. See Excess
Annual Report Fee, page 26.

We send semi-annual reports with financial information on the funds, including
a list of investment holdings of each fund.

We send confirmation notices to you throughout the year for certain policy
transactions such as transfers between investment options, partial withdrawals
and loans. You are responsible for reviewing the confirmation notices to verify
that the transactions are being made as requested.

Illustrations. To help you better understand how your policy values will vary
over time under different sets of assumptions, we will provide you with a
personalized illustration projecting future results based on the age and risk
classification of the insured person and other factors such as the amount of
insurance coverage, death benefit option, premiums and rates of return (within
limits) you specify. We may make a charge not to exceed $50.00 for each
illustration you request after the first in a policy year. See Excess Illustration
Fee, page 26.

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Other Reports. We will mail to you at your last known address of record at
least annually a report containing such information as may be required by any
applicable law. To reduce expenses, only one copy of most financial reports and
prospectuses, including reports and prospectuses for the funds, will be mailed to
your household, even if you or other persons in your household have more than
one policy issued by us or an affiliate. Call our Customer Service Center at 1-
877-886-5050 if you need additional copies of financial reports, prospectuses,
historical account information or annual or semi-annual reports or if you would
like to receive one copy for each policy in all future mailings.

Distribution of the Policy

We sell the policy through licensed insurance agents who are registered
representatives of affiliated and unaffiliated broker/dealers. All broker/dealers
who sell the policy have entered into selling agreements with ING America
Equities, Inc., our affiliate and the principal underwriter and distributor of the
policy. ING America Equities, Inc. is organized under the laws of the State of
Colorado, registered with the SEC as a broker/dealer under the Securities
Exchange Act of 1934, and a member of FINRA. Its principal office is located at
1290 Broadway, Denver, Colorado 80203-5699.

ING America Equities, Inc. offers the securities under the policies on a
continuous basis. For the years ended December 31, 2009, 2008 and 2007, the
aggregate amount of underwriting commissions we paid to ING America
Equities, Inc. was $7,824,786.00, $20,370,710.00 and $25,369,919.00,
respectively.


ING America Equities, Inc. does not retain any commissions or other amounts
paid to it by us for sales of the policy. Rather, it pays all the amounts received
from us to the broker/dealers for selling the policy, and part of that payment
goes to your agent/registered representative.


The following is a list of broker-dealers affiliated with the company which have
selling agreements with ING America Equities, Inc. for our variable life
products:

• ING Financial Advisers, LLC
• ING Financial Partners, Inc.

The amounts that we pay for the sale of the policy can generally be categorized
as either commissions or other amounts. The commissions we pay can be further
categorized as base commissions and supplemental or wholesaling commissions.
However categorized, commissions paid will not exceed the total of the
percentages shown below.

FlexDesign^® VUL
75

Base commissions consist of a percentage of premium we receive for the policy
up to the target premium amount, a percentage of premium we receive for the
policy in excess of the target premium amount and, as a trail commission, a
percentage of your average net policy value. First year commission pays up to
90.00% of premium received up to target and 3.60% of premium in excess of
target in the first year, 2.00% of total premium received in second year and
thereafter (renewal commission), and 0.25% of the average net policy value
(after reaching an average greater than or equal to $5,000.00) in the second
through twentieth policy years with a lower rate thereafter (trail commission).

Supplemental or wholesaling commissions are paid based on a percentage of
target premiums we receive for the policy and certain other designated insurance
products sold during a calendar year. The percentages of such commissions
which we may pay may increase as the aggregate amount of premiums received
for all products issued by the company and/or its affiliates during the calendar
year increases. The maximum percentage of supplemental or wholesaling
commissions that we may pay is 43.00%.

Generally, the commissions paid on premiums for base coverage under the
policy are greater than those paid on premiums for coverage under the Term
Insurance Rider. Be aware of this and discuss with your agent/registered
representative the right blend of base coverage and Term Insurance Rider
coverage for you.

In addition to the sales compensation described above, ING America Equities,
Inc. or the Company, as appropriate, may also pay broker-dealers additional
compensation or reimbursement of expenses for their efforts in selling the policy
to you and other customers. These amounts may include:

• Marketing/distribution allowances which may be based on the percentages of
  premium received, the aggregate commissions paid and/or the aggregate
  assets held in relation to certain types of designated insurance products
  issued by the company and/or its affiliates during the year;
• Loans or advances of commissions in anticipation of future receipt of
  premiums (a form of lending to agents/registered representatives). These
  loans may have advantageous terms such as reduction or elimination of the
  interest charged on the loan and/or forgiveness of the principal amount of the
  loan, which terms may be conditioned on fixed insurance product sales;
• Education and training allowances to facilitate our attendance at certain
  educational and training meetings to provide information and training about
  our products. We also hold training programs from time to time at our own
  expense;
• Sponsorship payments or reimbursements for broker/dealers to use in sales
  contests and/or meetings for their agents/registered representatives who sell
  our products. We do not hold contests based solely on sales of this product;
• Certain overrides and other benefits that may include cash compensation
  based on the amount of earned commissions, agent/representative recruiting
  or other activities that promote the sale of the policy; and
• Additional cash or noncash compensation and reimbursements permissible
  under existing law. This may include, but is not limited to, cash incentives,
  merchandise, trips, occasional entertainment, meals and tickets to sporting
  events, client appreciation events, business and educational enhancement
  items, payment for travel expenses (including meals and lodging) to pre-
  approved training and education seminars, and payment for advertising and
  sales campaigns.

FlexDesign^® VUL
76

We may pay commissions, dealer concessions, wholesaling fees, overrides,
bonuses, other allowances and benefits and the costs of all other incentives or
training programs from our resources, which include the fees and charges
imposed under the policy.


The following is a list of the top 25 broker/dealers that, during 2009, received
the most compensation, in the aggregate, from us in connection with the sale of
registered variable life insurance policies issued by us, ranked by total dollars
received:

• ING Financial Partners Inc.
• LPL Financial Corporation
• SagePoint Financial, Inc.
• National Planning Corporation
• Waddell & Reed, Inc.
• First Allied Securities, Inc.
• Centaurus Financial Inc.
• USA Financial Securities^® Corporation
• Commonweath Financial Network^®
• Underwriters Equity Corporation
• NFP Securities, Inc.
• Securities America, Inc.
• Royal Alliance Associates Inc.
• Raymond James Financial Services, Inc.
• Workman Securities Corporation
• Transamerica Financial Advisors, Inc.
• Financial Network Investment Corporation
• CFD Investments, Inc.
• FSC Securities Corporation
• Stanley Laman Group Securities, LLC
• Proequities Inc.
• Associated Securities Corp.
• Next Financial Group, Inc.
• AXA Advisors, LLC
• P.J. Robb Variable Corporation

This is a general discussion of the types and levels of compensation paid by us
for the sale of our variable life insurance policies. It is important for you to
know that the payment of volume or sales-based compensation to a
broker/dealer or registered representative may provide that registered
representative a financial incentive to promote our policies over those of another
company, and may also provide a financial incentive to promote the policy
offered by this prospectus over one of our other policies.

FlexDesign^® VUL
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Legal Proceedings

We are not aware of any pending legal proceedings that involve the variable
account as a party.

The company is involved in threatened or pending lawsuits/arbitrations arising
from the normal conduct of business. Due to the climate in insurance and
business litigation/arbitrations, suits against the company sometimes include
claims for substantial compensatory, consequential or punitive damages and
other types of relief. Moreover, certain claims are asserted as class actions,
purporting to represent a group of similarly situated individuals. While it is not
possible to forecast the outcome of such lawsuits/arbitrations, in light of existing
insurance, reinsurance and established reserves, it is the opinion of management
that the disposition of such lawsuits/arbitrations will not have a materially
adverse effect on the company’s operations or financial position.

ING America Equities, Inc., the principal underwriter and distributor of the
policy, is a party to threatened or pending lawsuits/arbitration that generally
arise from the normal conduct of business. Some of these suits may seek class
action status and sometimes include claims for substantial compensatory,
consequential or punitive damages and other types of relief. ING America
Equities, Inc. is not involved in any legal proceeding that, in the opinion of
management, is likely to have a material adverse affect on its ability to distribute
the policy.

Financial Statements

Financial statements of the variable account and the company are contained in
the Statement of Additional Information. To request a free Statement of
Additional Information, please contact our Customer Service Center at the
address or telephone number on the back of this prospectus.

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APPENDIX A Definition of Life Insurance Factors
Guideline Premium Test Factors
Attained		Attained		Attained		Attained		Attained
Age	Factor	Age	Factor	Age	Factor	Age	Factor	Age	Factor
0-40	2.50	49	1.91	58	1.38	67	1.18	91	1.04
41	2.43	50	1.85	59	1.34	68	1.17	92	1.03
42	2.36	51	1.78	60	1.30	69	1.16	93	1.02
43	2.29	52	1.71	61	1.28	70	1.15	94	1.01
44	2.22	53	1.64	62	1.26	71	1.13	95 +	1.00
45	2.15	54	1.57	63	1.24	72	1.11
46	2.09	55	1.50	64	1.22	73	1.09
47	2.03	56	1.46	65	1.20	74	1.07
48	1.97	57	1.42	66	1.19	75 – 90	1.05

Cash Value Accumulation Test Factors

The cash value accumulation test factors vary according to the age, gender and risk class of the insured person.

Generally, the cash value accumulation test requires that a policy’s death benefit must be sufficient so that the
policy value does not at any time exceed the net single premium required to fund the policy’s future benefits. The
net single premium for a policy is calculated using a 4.00% interest rate and the 1980 Commissioner’s Standard
Ordinary Mortality Table and will vary according to the age, gender and risk class of the insured person. The
factors for the cash value accumulation test are then equal to 1 divided by the net single premium per dollar of paid
up whole life insurance for the applicable age, gender and risk class.

                                                                                          A-1

APPENDIX B

Funds Available Through the Variable Account 

	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.
	Company
American Funds – Growth-Income	Investment Adviser:	Seeks capital growth and income over
Fund (Class 2)	Capital Research and Management	time by investing primarily in U.S.
	Company	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
	Company	of companies located outside the
		United States.
BlackRock Global Allocation V.I.	Investment Adviser:	The fund seeks to provide high total
Fund (Class III)	BlackRock Advisors, LLC	return through a fully managed
	Subadvisers:	investment policy utilizing U.S. and
	BlackRock Investment Management,	foreign equity, debt and money market
	LLC; BlackRock Asset Management	instruments, the combination of which
	U.K. Limited	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®Portfolio	Investment Adviser:	Seeks long-term capital appreciation.
(Initial Class)	Fidelity Management & Research
	Company
	Subadvisers:
	FMR Co., Inc.; Fidelity Management &
	Research (U.K.) Inc.; Fidelity Research
	& Analysis Company; Fidelity
	Investments Japan Limited; Fidelity
	International Investment Advisors;
	Fidelity International Investment
	Advisors (U.K.) Limited

                                                                                                      B-1

	Investment Adviser/
Fund Name	Subadviser	Investment Objective
Fidelity®VIP Equity-Income	Investment Adviser:	Seeks reasonable income. Also
Portfolio (Initial 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.; Fidelity Management &	the securities comprising the Standard
	Research (U.K.) Inc.; Fidelity Research	& Poor’s 500SM Index.
	& Analysis Company; Fidelity
	Investments Japan Limited; Fidelity
	International Investment Advisors;
	Fidelity International Investment
	Advisors (U.K.) Limited
ING Artio Foreign Portfolio (Class I)	Investment Adviser:	Seeks long-term growth of capital.
	Directed Services LLC
	Subadviser:
	Artio Global Management, 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:	A non-diversified portfolio that seeks to
Portfolio (Class S)	ING Investments, LLC	provide investors with high total return
	Subadviser:	consisting of capital appreciation and
	ING Clarion Real Estate Securities	current income.
	LLC
ING DFA Global All Equity	Investment Adviser:	Seeks long-term capital appreciation.
Portfolio (Class I)	Directed Services LLC
	Subadviser:
	Dimensional Fund Advisors LP
ING DFA Global Allocation Portfolio	Investment Adviser:	Seeks high level of total return,
(Class I)	Directed Services LLC	consisting of capital appreciation and
	Subadviser:	income.
	Dimensional Fund Advisors LP
ING FMRSM Diversified Mid Cap	Investment Adviser:	Seeks long-term growth of capital.
Portfolio	Directed Services LLC
(Class I)	Subadviser:
	Fidelity Management & Research
	Company
ING Franklin Templeton Founding	Investment Adviser:	Seeks capital appreciation and
Strategy Portfolio (Class I)	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 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.

B-2

	Investment Adviser/
Fund Name	Subadviser	Investment Objective
ING Limited Maturity Bond	Investment Adviser:	Seeks highest current income consistent
Portfolio (Class S)	Directed Services LLC	with low risk to principal and liquidity
	Subadviser:	and secondarily, seeks to enhance its
	ING Investment Management Co.	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 (Class I)	Investment Adviser:	Seeks high level of current income
	Directed Services LLC	consistent with the preservation of
	Subadviser:	capital and liquidity.
	ING Investment Management Co.
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) consistent
	Massachusetts Financial Services	with the prudent employment of
	Company	capital. Secondarily seeks reasonable
		opportunity for growth of capital and
		income.
ING MFS Utilities Portfolio (Class S)	Investment Adviser:	Seeks total return.
	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 Marsico International	Investment Adviser:	Seeks long-term growth of capital.
Opportunities Portfolio (Class I)	Directed Services LLC
	Subadviser:
	Marsico Capital Management, LLC
ING PIMCO Total Return Bond	Investment Adviser:	Seeks maximum total return, consistent
Portfolio (Class I)	Directed Services LLC	with preservation of capital and prudent
	Subadviser:	investment management.
	Pacific Investment Management
	Company LLC
ING Pioneer Fund Portfolio (Class I)	Investment Adviser:	Seeks reasonable income and capital
	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)	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
		Growth Portfolio.

B-3

	Investment Adviser/
Fund Name	Subadviser	Investment Objective
ING Retirement Moderate Growth	Investment Adviser:	Seeks a high level of total return
Portfolio (Class I)	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)	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.
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 U.S. Stock Index Portfolio	Investment Adviser:	Seeks total return.
(Class I)	Directed Services LLC
	Subadviser:
	ING Investment Management Co.
ING Van Kampen Growth and	Investment Adviser:	Seeks long-term growth of capital and
Income Portfolio (Class S)	Directed Services LLC	income.
	Subadviser:
	Van Kampen
ING Wells Fargo Health Care	Investment Adviser:	A non-diversified portfolio that seeks
Portfolio (Class I)	Directed Services LLC	long-term capital growth.
	Subadviser:
	Wells Capital Management, Inc.
ING Wells Fargo Omega Growth	Investment Adviser:	Seeks long-term capital growth.
Portfolio (Class I)	Directed Services LLC
	Subadviser:
	Wells Capital Management, Inc.
ING Wells Fargo Small Cap	Investment Adviser:	Seeks long-term capital appreciation.
Disciplined Portfolio (Class I)	Directed Services LLC
	Subadviser:
	Wells Capital Management, Inc.
ING Baron Small Cap Growth	Investment Adviser:	Seeks capital appreciation.
Portfolio (Initial Class)	Directed Services LLC
	Subadviser:
	BAMCO, Inc.
ING Columbia Small Cap Value	Investment Adviser:	Seeks long-term growth of capital.
Portfolio (Initial Class)	Directed Services LLC
	Subadviser:
	Columbia Management Advisors, LLC

B-4

	Investment Adviser/
Fund Name	Subadviser	Investment Objective
ING JPMorgan Mid Cap Value	Investment Adviser:	Seeks growth from capital appreciation.
Portfolio (Initial Class)	Directed Services LLC
	Subadviser:
	J. P. Morgan Investment Management
	Inc.
ING Oppenheimer Global Portfolio	Investment Adviser:	Seeks capital appreciation.
(Initial Class)	Directed Services LLC
	Subadviser:
	OppenheimerFunds, Inc.
ING Oppenheimer Global Strategic	Investment Adviser:	Seeks a high level of current income
Income Portfolio (Service Class)	Directed Services LLC	principally derived from interest on
	Subadviser:	debt securities.
	OppenheimerFunds, Inc.
ING Pioneer High Yield Portfolio	Investment Adviser:	Seeks to maximize total return through
(Initial Class)	Directed Services LLC	income and capital appreciation.
	Subadviser:
	Pioneer Investment Management, Inc.
ING T. Rowe Price Diversified Mid	Investment Adviser:	Seeks long-term capital appreciation.
Cap Growth Portfolio (Initial Class)	Directed Services LLC
	Subadviser:
	T. Rowe Price Associates, Inc.
ING UBS U.S. Large Cap Equity	Investment Adviser:	Seeks long-term growth of capital and
Portfolio (Initial Class)	Directed Services LLC	future income.
	Subadviser:
	UBS Global Asset Management
	(Americas) Inc.
ING Van Kampen Comstock	Investment Adviser:	Seeks capital growth and income.
Portfolio (Initial Class)	Directed Services LLC
	Subadviser:
	Van Kampen
ING Van Kampen Equity and	Investment Adviser:	Seeks total return, consisting of long-
Income Portfolio (Initial Class)	Directed Services LLC	term capital appreciation and current
	Subadviser:	income.
	Van Kampen
ING Balanced Portfolio (Class I)	Investment Adviser:	Prior to July 15, 2010, the portfolio
	ING Investments, LLC	seeks to maximize investment return,
	Subadviser:	consistent with reasonable safety of
	ING Investment Management Co.	principal, by investing in a diversified
		portfolio of one or more of the
		following asset classes: stocks, bonds
		and cash equivalents, based on the
		judgment of the portfolio’s
		management, of which of those sectors
		or mix thereof offers the best
		investment prospects.
		Effective July 15, 2010, the portfolio
		seeks total return consisting of capital
		appreciation (both realized and
		unrealized) and current income; the
		secondary investment objective is long-
		term capital appreciation.

B-5

	Investment Adviser/
Fund Name	Subadviser	Investment Objective
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 through
(Class I)	ING Investments, LLC	investments in a diversified portfolio of
	Subadviser:	common stocks and securities
	ING Investment Management Co.	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 Standard & Poor’s
	Subadviser:	500® Composite Stock Price Index,
	ING Investment Management Co.	while maintaining a market level of
		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 a
	ING Investment Management Co.	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 maintaining
	ING Investment Management Co.	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.
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.

B-6

	Investment Adviser/
Fund Name	Subadviser	Investment Objective
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® Index.
	ING Investment Management Co.
ING Small Company Portfolio	Investment Adviser:	Seeks growth of capital primarily
(Class I)	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 U.S.
	Neuberger Berman Fixed Income LLC	Aggregate Bond Index Ò .
ING SmallCap Opportunities	Investment Adviser:	Seeks long-term capital appreciation.
Portfolio (Class I)	ING Investments, LLC
	Subadviser:
	ING Investment Management Co.
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.

B-7

APPENDIX C 

INFORMATION REGARDING CLOSED SUBACCOUNTS

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

• Fidelity^® VIP Investment Grade Bond Portfolio
• ING BlackRock Large Cap Value Portfolio
• ING Clarion Real Estate Portfolio
• ING Lord Abbett Growth and Income Portfolio
• ING Opportunistic LargeCap Portfolio
• ING American Century Small-Mid Cap Value Portfolio
• ING Legg Mason ClearBridge Aggressive Growth Portfolio
• ING PIMCO Total Return Portfolio
• ING Strategic Allocation Conservative Portfolio
• ING Strategic Allocation Growth Portfolio
• ING Strategic Allocation Moderate Portfolio
• ING International Value Portfolio
• ING MidCap Opportunities Portfolio

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
P.O. Box 5011
Minot, North Dakota 58702-5011
1-877-886-5050

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 Lapse, page 58,
for more information about how to keep your policy from lapsing. See also Reinstatement, page 54, for
information about how to put your policy back in force if it has lapsed.

C-1

MORE INFORMATION IS AVAILABLE
If you would like more information about us, the variable account or the policy, the following documents are available free upon request:
•  Statement of Additional Information (“SAI”) – The SAI contains more specific information about the variable    account and the policy, as well as the financial statements of the variable account and the company. The SAI is incorporated by reference into (made legally part of) this prospectus. The following is the Table of Contents for the SAI:
	Page
General Information and History	2
Performance Reporting and Advertising	2
Experts	4
Financial Statements	4
Financial Statements of Select*Life Variable Account	1
Statutory Basis Financial Statements of ReliaStar Life Insurance Company	1
•  A personalized illustration of policy benefits – A personalized illustration can help you understand how the    policy works, given the policy’s fees and charges along with the investment options, features and benefits and optional benefits you select. A personalized illustration can also help you compare the policy’s death benefits, policy value and surrender value with other life insurance policies based on the same or similar assumptions. We reserve the right to assess a fee of up to $50.00 for each personalized illustration you request after the first each policy year. See Excess Illustration Fee, page 26.
To request a free SAI or personalized illustration of policy benefits or to make other inquiries about the policy, please contact us at our:
ING Customer Service Center
P.O. Box 5011
Minot, North Dakota 58702-5011
1-877-886-5050
www.ingservicecenter.com
If you received a summary prospectus for any of the funds available through your contract, you may obtain a full prospectus and other information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the contact information shown on the front of the fund’s summary prospectus. Additional information about us, the variable account or the policy (including the SAI) can be reviewed and copied from the SEC’s Internet website (www.sec.gov) or at the SEC’s Public Reference Branch in Washington, DC. Copies of this additional information may also be obtained, upon payment of a duplicating fee, by writing the SEC’s Public Reference Branch at 100 F Street, NE, Room 1580, Washington, DC 20549. More information about operation of the SEC’s Public Reference Branch can be obtained by calling 202-551-8090. When looking for information regarding the policy offered through this prospectus, you may find it useful to use the number assigned to the registration statement under the 1933 Act. This number is 333-69431.
	1940 Act File No. 811-04208 1933 Act file No. 333-69431

SELECT*LIFE VARIABLE ACCOUNT 

OF

RELIASTAR LIFE INSURANCE COMPANY 

Statement of Additional Information dated April 30, 2010.  

FLEXDESIGN^® VUL

Variable Universal Life Insurance Policy

This Statement of Additional Information is not a prospectus and should be read in conjunction with the
current ING FlexDesign^® VUL prospectus dated April 30, 2010. The policy offered in connection with the
prospectus is a flexible premium variable universal life insurance policy funded through the Select*Life
Variable Account.


A free prospectus is available upon request by contacting the ReliaStar Life Insurance Company's customer
service center at P.O. Box 5011, 2000 21^st Avenue NW, Minot, North Dakota 58703, by calling 1-877-886-
5050 or by accessing the SEC's website at www.sec.gov.

Read the prospectus before you invest. Unless otherwise indicated, terms used in this Statement of
Additional Information shall have the same meaning as in the prospectus.

TABLE OF CONTENTS
	Page
General Information and History	2
Performance Reporting and Advertising	2
Experts	4
Financial Statements	4
Financial Statements of Select*Life Variable Account	1
Statutory Basis Financial Statements of ReliaStar Life Insurance Company	1

GENERAL INFORMATION AND HISTORY 

ReliaStar Life Insurance Company (the “company,” “we,” “us,” “our”) issues the policy described in the
prospectus and is responsible for providing each policy's insurance benefits. We are a stock life insurance
company organized in 1885 and incorporated under the laws of the State of Minnesota and an indirect,
wholly owned subsidiary of ING Groep N.V. (“ING”), a global financial institution active in the fields of
insurance, banking and asset management. ING is headquartered in Amsterdam, The Netherlands. We are
engaged in the business of issuing insurance policies. Our home office is located at 20 Washington Avenue
South, Minneapolis, Minnesota 55401.

We established the Select*Life Variable Account (the “variable account”) on October 11, 1984, under the
laws of the State of Minnesota for the purpose of funding variable life insurance policies issued by us. The
variable account is registered with the Securities and Exchange Commission (“SEC”) as a unit investment
trust under the Investment Company Act of 1940, as amended. Premium payments may be allocated to one
or more of the available subaccounts of the variable account. Each subaccount invests in shares of a
corresponding fund at net asset value. We may make additions to, deletions from or substitutions of
available funds as permitted by law and subject to the conditions of the policy.

Other than the policy owner fees and charges described in the prospectus, all expenses incurred in the
operations of the variable account are borne by the company. We do, however, receive compensation for
certain recordkeeping, administration or other services from the funds or affiliates of the funds available
through the policies. See “Fund Fees and Expenses” in the prospectus.

The company maintains custody of the assets of the variable account. As custodian, the company holds
cash balances for the variable account pending investment in the funds or distribution. The funds in whose
shares the assets of the subaccounts of the variable account are invested each have custodians, as discussed
in the respective fund prospectuses.

PERFORMANCE REPORTING AND ADVERTISING 

Information regarding the past, or historical, performance of the subaccounts of the variable account and
the funds available for investment through the subaccounts of the variable account may appear in
advertisements, sales literature or reports to policy owners or prospective purchasers. SUCH
PERFORMANCE INFORMATION FOR THE SUBACCOUNTS WILL REFLECT THE DEDUCTION
OF ALL FUND FEES AND CHARGES, INCLUDING INVESTMENT MANAGEMENT FEES,
DISTRIBUTION (12B-1) FEES AND OTHER EXPENSES BUT WILL NOT REFLECT DEDUCTIONS
FOR ANY POLICY FEES AND CHARGES. IF THE POLICY'S PREMIUM EXPENSE, COST OF
INSURANCE, ADMINISTRATIVE AND MORTALITY AND EXPENSE RISK CHARGES AND THE
OTHER TRANSACTION, PERIODIC OR OPTIONAL BENEFITS FEES AND CHARGES WERE
DEDUCTED, THE PERFORMANCE SHOWN WOULD BE SIGNIFICANTLY LOWER.

With respect to performance reporting it is important to remember that past performance does not guarantee
future results. Current performance may be higher or lower than the performance shown and actual
investment returns and principal values will fluctuate so that shares and/or units, at redemption, may be
worth more or less than their original cost.

                                                                                           2

Performance history of the subaccounts of the variable account and the corresponding funds is measured by
comparing the value at the beginning of the period to the value at the end of the period. Performance is
usually calculated for periods of one month, three months, year-to-date, one year, three years, five years,
ten years (if the fund has been in existence for these periods) and since the inception date of the fund (if the
fund has been in existence for less than ten years). We may provide performance information showing
average annual total returns for periods prior to the date a subaccount commenced operation. We will
calculate such performance information based on the assumption that the subaccounts were in existence for
the same periods as those indicated for the funds, with the level of charges at the variable account level that
were in effect at the inception of the subaccounts. Performance information will be specific to the class of
fund shares offered through the policy, however, for periods prior to the date a class of fund shares
commenced operations, performance information may be based on a different class of shares of the same
fund. In this case, performance for the periods prior to the date a class of fund shares commenced
operations will be adjusted by the fund fees and expenses associated with the class of fund shares offered
through the policy.

We may compare performance of the subaccounts and/or the funds as reported from time to time in
advertisements and sales literature to other variable life insurance issuers in general; to the performance of
particular types of variable life insurance policies investing in mutual funds; or to investment series of
mutual funds with investment objectives similar to each of the subaccounts, whose performance is reported
by Lipper Analytical Services, Inc. (“Lipper”) and Morningstar. Inc. (“Morningstar”) or reported by other
series, companies, individuals or other industry or financial publications of general interest, such as Forbes,
Money, The Wall Street Journal, Business Week, Barron's, Kiplinger's and Fortune. Lipper and
Morningstar are independent services that monitor and rank the performances of variable life insurance
issuers in each of the major categories of investment objectives on an industry-wide basis.

Lipper's and Morningstar's rankings include variable annuity issuers as well as variable life insurance
issuers. The performance analysis prepared by Lipper and Morningstar ranks such issuers on the basis of
total return, assuming reinvestment of distributions, but does not take sales charges, redemption fees or
certain expense deductions at the separate account level into consideration. We may also compare the
performance of each subaccount in advertising and sales literature to the Standard & Poor's Index of 500
common stocks and the Dow Jones Industrials, which are widely used measures of stock market
performance. We may also compare the performance of each subaccount to other widely recognized
indices. Unmanaged indices may assume the reinvestment of dividends, but typically do not reflect any
“deduction” for the expense of operating or managing an investment portfolio.

To help you better understand how your policy's death benefits, policy value and surrender value will vary
over time under different sets of assumptions, we encourage you to obtain a personalized illustration.
Personalized illustrations will assume deductions for fund expenses and policy and variable account
charges. We will base these illustrations on the age and risk classification of the insured person and other
factors such as the amount of insurance coverage, death benefit option, premiums and rates of return
(within limits) you specify. These personalized illustrations will be based on either a hypothetical
investment return of the funds of 0.00% and other percentages not to exceed 12.00% or on the actual
historical experience of the funds as if the subaccounts had been in existence and a policy issued for the
same periods as those indicated for the funds. Subject to regulatory approval, personalized illustrations may
be based upon a weighted average of fund expenses rather than an arithmetic average. A personalized
illustration is available upon request by contacting our customer service center at P.O. Box 5011, 2000 21^st
Avenue NY, Minot, ND 58703 or by calling 1-877-886-5050.

3

EXPERTS 

The statements of assets and liabilities of Select*Life Variable Account as of December 31, 2009, and the
related statements of operations and changes in net assets for the periods disclosed in the financial
statements, and the statutory basis financial statements of ReliaStar Life Insurance Company as of
December 31, 2009 and 2008, and for each of the three years in the period ended December 31, 2009,
included in this Statement of Additional Information, have been audited by Ernst & Young LLP,
independent registered public accounting firm, as set forth in their reports thereon appearing elsewhere
herein, and are included in reliance upon such reports given on the authority of such firm as experts in
accounting and auditing.

FINANCIAL STATEMENTS 

The financial statements of the variable account reflect the operations of the variable account as of and for
the year ended December 31, 2009, and have been audited by Ernst & Young LLP, independent registered
public accounting firm.

The statutory basis financial statements of the Company as of December 31, 2009 and 2008, and for each
of the three years in the period ended December 31, 2009, have been audited by Ernst & Young LLP,
independent registered public accounting firm. The financial statements of the Company should be
distinguished from the financial statements of the variable account and should be considered only as
bearing upon the ability of the Company to meet its obligations under the policies. They should not be
considered as bearing on the investment performance of the assets held in the variable account. The
statutory basis financial statements of the Company as of December 31, 2009 and 2008, and for each of the
three years in the period ended December 31, 2009, have been prepared on the basis of statutory accounting
practices prescribed or permitted by the State of Minnesota Division of Insurance.


The primary business address of Ernst & Young LLP is Suite 1000, 55 Ivan Allen Jr. Boulevard, Atlanta,
GA 30308.

                                                                                                4

FINANCIAL STATEMENTS
ReliaStar Life Insurance Company
Select*Life Variable Account
Year ended December 31, 2009
with Report of Independent Registered Public Accounting Firm

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RELIASTAR LIFE INSURANCE COMPANY
 SELECT*LIFE VARIABLE ACCOUNT
Financial Statements
Year ended December 31, 2009

Contents
Report of Independent Registered Public Accounting Firm	1
Audited Financial Statements
Statements of Assets and Liabilities	3
Statements of Operations	18
Statements of Changes in Net Assets	36
Notes to Financial Statements	58

This page intentionally left blank.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Participants
ReliaStar Life Insurance Company

We have audited the accompanying statements of assets and liabilities of the investment divisions (the “Divisions”) constituting ReliaStar Life Insurance Company Select*Life Variable Account (the “Account”) as of December 31, 2009, and the related statements of operations and changes in net assets for the periods disclosed in the financial statements. These financial statements are the responsibility of the Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. The Account is comprised of the following Divisions:

American Funds Insurance Series:
  American Funds Insurance Series® Growth Fund - Class 2
  American Funds Insurance Series® Growth-Income Fund - Class 2
  American Funds Insurance Series® International Fund - Class 2
BlackRock Variable Series Funds, Inc.:
  BlackRock Global Allocation V.I. Fund - Class III
Fidelity® Variable Insurance Products:
  Fidelity® VIP Equity-Income Portfolio - Initial Class
Fidelity® Variable Insurance Products II:
  Fidelity® VIP Contrafund® Portfolio - Initial Class
  Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity® Variable Insurance Products V:
  Fidelity® VIP Investment Grade Bond Portfolio - Initial Class
ING Balanced Portfolio, Inc.:
  ING Balanced Portfolio - Class I
ING Intermediate Bond Portfolio:
  ING Intermediate Bond Portfolio - Class I
ING Investors Trust:
  ING AllianceBernstein Mid Cap Growth Portfolio - Institutional
     Class
  ING Artio Foreign Portfolio - Institutional Class
  ING BlackRock Large Cap Growth Portfolio - Institutional Class
  ING BlackRock Large Cap Value Portfolio - Institutional Class
  ING Clarion Global Real Estate Portfolio - Service Class
  ING Clarion Real Estate Portfolio - Institutional Class
  ING Evergreen Health Sciences Portfolio - Institutional Class
  ING Evergreen Omega Portfolio - Institutional Class
  ING FMR^SM Diversified Mid Cap Portfolio - Institutional Class
  ING Focus 5 Portfolio - Class I
  ING Franklin Templeton Founding Strategy Portfolio -
     Institutional Class
  ING Global Resources Portfolio - Institutional Class
  ING Growth and Income Portfolio II - Institutional Class
  ING Index Plus International Equity Portfolio - Service Class
  ING International Growth Opportunities Portfolio - Service Class
  ING JPMorgan Emerging Markets Equity Portfolio - Institutional
     Class
  ING JPMorgan Small Cap Core Equity Portfolio - Institutional
     Class
  ING JPMorgan Value Opportunities Portfolio - Institutional Class
  ING LifeStyle Aggressive Growth Portfolio - Institutional Class
  ING LifeStyle Growth Portfolio - Institutional Class
  ING LifeStyle Moderate Growth Portfolio - Institutional Class
  ING LifeStyle Moderate Portfolio - Institutional Class
  ING Limited Maturity Bond Portfolio - Service Class

ING Investors Trust (continued):
  ING Liquid Assets Portfolio - Institutional Class
  ING Lord Abbett Affiliated Portfolio - Institutional Class
  ING Marsico Growth Portfolio - Institutional Class
  ING Marsico International Opportunities Portfolio - Institutional
     Class
  ING MFS Total Return Portfolio - Institutional Class
  ING MFS Utilities Portfolio - Institutional Class
  ING MFS Utilities Portfolio - Service Class
  ING Oppenheimer Main Street Portfolio® - Institutional Class
  ING PIMCO Total Return Bond Portfolio - Institutional Class
  ING Pioneer Fund Portfolio - Institutional Class
  ING Pioneer Mid Cap Value Portfolio - Institutional Class
  ING Retirement Growth Portfolio - Institutional Class
  ING Retirement Moderate Growth Portfolio - Institutional Class
  ING Retirement Moderate Portfolio - Institutional Class
  ING Stock Index Portfolio - Institutional Class
  ING T. Rowe Price Capital Appreciation Portfolio - Institutional
     Class
  ING T. Rowe Price Equity Income Portfolio - Institutional Class
  ING Van Kampen Capital Growth Portfolio - Institutional Class
  ING Van Kampen Growth and Income Portfolio - Service Class
  ING Wells Fargo Small Cap Disciplined Portfolio - Institutional
     Class
ING Partners, Inc.:
  ING American Century Large Company Value Portfolio - Initial
     Class
  ING American Century Small-Mid Cap Value Portfolio - Initial
     Class
  ING Baron Small Cap Growth Portfolio - Initial Class
  ING Columbia Small Cap Value Portfolio - Initial Class
  ING JPMorgan Mid Cap Value Portfolio - Initial Class
  ING Legg Mason Partners Aggressive Growth Portfolio - Initial
     Class
  ING Neuberger Berman Partners Portfolio - Initial Class
  ING Oppenheimer Global Portfolio - Initial Class
  ING Oppenheimer Strategic Income Portfolio - Service Class
  ING PIMCO Total Return Portfolio - Initial Class
  ING Pioneer High Yield Portfolio - Initial Class
  ING T. Rowe Price Diversified Mid Cap Growth Portfolio -
     Initial Class
  ING UBS U.S. Large Cap Equity Portfolio - Initial Class
  ING Van Kampen Comstock Portfolio - Initial Class
  ING Van Kampen Equity and Income Portfolio - Initial Class

ING Strategic Allocation Portfolios, Inc.:
  ING Strategic Allocation Conservative Portfolio - Class I
  ING Strategic Allocation Growth Portfolio - Class I
  ING Strategic Allocation Moderate Portfolio - Class I
ING Variable Funds:
  ING Growth and Income Portfolio - Class I
ING Variable Portfolios, Inc.:
  ING Index Plus LargeCap Portfolio - Class I
  ING Index Plus MidCap Portfolio - Class I
  ING Index Plus SmallCap Portfolio - Class I
  ING International Index Portfolio - Class S
  ING Opportunistic Large Cap Portfolio - Class I
  ING Russell™ Large Cap Growth Index Portfolio - Class I

ING Variable Portfolios, Inc. (continued):
  ING Russell™ Large Cap Index Portfolio - Class I
  ING Russell™ Large Cap Value Index Portfolio - Class I
  ING Russell™ Mid Cap Growth Index Portfolio - Class I
  ING Russell™ Small Cap Index Portfolio - Class I
  ING U.S. Bond Index Portfolio - Class I
  ING Variable Products Trust:
  ING International Value Portfolio - Class I
  ING MidCap Opportunities Portfolio - Class I
  ING SmallCap Opportunities Portfolio - Class I
  Neuberger Berman Advisers Management Trust:
  Neuberger Berman AMT Socially Responsive Portfolio® -
     Class I

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Account’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the transfer agents. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the respective Divisions constituting ReliaStar Life Insurance Company Select*Life Variable Account at December 31, 2009, the results of their operations and changes in their net assets for the periods disclosed in the financial statements, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young, LLP

Atlanta, Georgia
April 6, 2010

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

		American	American
	American	Funds	Funds
	Funds	Insurance	Insurance	BlackRock	Fidelity® VIP
	Insurance	Series®	Series®	Global	Equity-Income
	Series® Growth	Growth-Income	International	Allocation V.I.	Portfolio -
	Fund - Class 2	Fund - Class 2	Fund - Class 2	Fund - Class III	Initial Class
Assets
Investments in mutual funds
at fair value	$ 44,587	$ 31,611	$ 34,611	$ 2,125	$ 66,321
Total assets	44,587	31,611	34,611	2,125	66,321
Net assets	$ 44,587	$ 31,611	$ 34,611	$ 2,125	$ 66,321
Total number of mutual fund shares	967,187	1,013,829	2,022,877	158,339	3,945,330
Cost of mutual fund shares	$ 56,048	$ 37,965	$ 40,306	$ 2,055	$ 91,304

The accompanying notes are an integral part of these financial statements.

3

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities December 31, 2009
(Dollars in thousands)

			Fidelity® VIP
	Fidelity® VIP	Fidelity® VIP	Investment		ING
	Contrafund®	Index 500	Grade Bond	ING Balanced	Intermediate
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Bond Portfolio -
	Initial Class	Initial Class	Initial Class	Class I	Class I
Assets
Investments in mutual funds
at fair value	$ 84,909	$ 2,302	$ 9,551	$ 7,331	$ 9,868
Total assets	84,909	2,302	9,551	7,331	9,868
Net assets	$ 84,909	$ 2,302	$ 9,551	$ 7,331	$ 9,868
Total number of mutual fund shares	4,117,780	19,241	765,341	703,568	852,925
Cost of mutual fund shares	$ 104,352	$ 2,588	$ 9,561	$ 9,126	$ 10,639

The accompanying notes are an integral part of these financial statements.

4

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities December 31, 2009
(Dollars in thousands)

		ING BlackRock	ING BlackRock
	ING Artio	Large Cap	Large Cap	ING Clarion	ING Clarion
	Foreign	Growth	Value	Global Real	Real Estate
	Portfolio -	Portfolio -	Portfolio -	Estate	Portfolio -
	Institutional	Institutional	Institutional	Portfolio -	Institutional
	Class	Class	Class	Service Class	Class
Assets
Investments in mutual funds
at fair value	$ 10,709	$ 1,028	$ 4,738	$ 3,417	$ 2,040
Total assets	10,709	1,028	4,738	3,417	2,040
Net assets	$ 10,709	$ 1,028	$ 4,738	$ 3,417	$ 2,040
Total number of mutual fund shares	982,482	118,608	490,980	370,556	114,716
Cost of mutual fund shares	$ 14,222	$ 1,004	$ 5,836	$ 3,483	$ 3,180

The accompanying notes are an integral part of these financial statements.

5

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

					ING Franklin
					Templeton
	ING Evergreen	ING Evergreen	ING FMRSM		Founding
	Health Sciences	Omega	Diversified Mid		Strategy
	Portfolio -	Portfolio -	Cap Portfolio -	ING Focus 5	Portfolio -
	Institutional	Institutional	Institutional	Portfolio -	Institutional
	Class	Class	Class	Class I	Class
Assets
Investments in mutual funds
at fair value	$ 2,444	$ 89,062	$ 4,623	$ 175	$ 974
Total assets	2,444	89,062	4,623	175	974
Net assets	$ 2,444	$ 89,062	$ 4,623	$ 175	$ 974
Total number of mutual fund shares	236,338	7,657,931	388,838	24,814	124,874
Cost of mutual fund shares	$ 2,208	$ 81,171	$ 4,975	$ 142	$ 817

The accompanying notes are an integral part of these financial statements.

6

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

		ING JPMorgan	ING JPMorgan
	ING Global	Emerging	Small Cap Core		ING Liquid
	Resources	Markets Equity	Equity	ING Limited	Assets
	Portfolio -	Portfolio -	Portfolio -	Maturity Bond	Portfolio -
	Institutional	Institutional	Institutional	Portfolio -	Institutional
	Class	Class	Class	Service Class	Class
Assets
Investments in mutual funds
at fair value	$ 13,467	$ 8,819	$ 23,344	$ 23,837	$ 64,632
Total assets	13,467	8,819	23,344	23,837	64,632
Net assets	$ 13,467	$ 8,819	$ 23,344	$ 23,837	$ 64,632
Total number of mutual fund shares	748,149	432,717	2,231,700	2,287,591	64,632,291
Cost of mutual fund shares	$ 15,595	$ 8,495	$ 27,533	$ 24,287	$ 64,632

The accompanying notes are an integral part of these financial statements.

7

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

	ING Lord		ING Marsico
	Abbett	ING Marsico	International	ING MFS Total	ING MFS
	Affiliated	Growth	Opportunities	Return	Utilities
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Institutional	Institutional	Institutional	Institutional	Institutional
	Class	Class	Class	Class	Class
Assets
Investments in mutual funds
at fair value	$ 101	$ 3,313	$ 19,196	$ 7,096	$ 3,174
Total assets	101	3,313	19,196	7,096	3,174
Net assets	$ 101	$ 3,313	$ 19,196	$ 7,096	$ 3,174
Total number of mutual fund shares	13,159	228,350	1,835,226	519,506	263,813
Cost of mutual fund shares	$ 148	$ 3,726	$ 23,201	$ 7,227	$ 3,944

The accompanying notes are an integral part of these financial statements.

8

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

		ING PIMCO		ING Pioneer	ING Retirement
	ING MFS	Total Return	ING Pioneer	Mid Cap Value	Growth
	Utilities	Bond Portfolio -	Fund Portfolio -	Portfolio -	Portfolio -
	Portfolio -	Institutional	Institutional	Institutional	Institutional
	Service Class	Class	Class	Class	Class
Assets
Investments in mutual funds
at fair value	$ 2,405	$ 17,785	$ 322	$ 5,363	$ 17,355
Total assets	2,405	17,785	322	5,363	17,355
Net assets	$ 2,405	$ 17,785	$ 322	$ 5,363	$ 17,355
Total number of mutual fund shares	200,408	1,456,625	33,113	571,113	1,842,379
Cost of mutual fund shares	$ 2,663	$ 16,970	$ 355	$ 6,547	$ 17,019

The accompanying notes are an integral part of these financial statements.

9

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

	ING Retirement			ING T. Rowe	ING T. Rowe
	Moderate	ING Retirement	ING Stock	Price Capital	Price Equity
	Growth	Moderate	Index	Appreciation	Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Institutional	Institutional	Institutional	Institutional	Institutional
	Class	Class	Class	Class	Class
Assets
Investments in mutual funds
at fair value	$ 5,900	$ 7,455	$ 59,892	$ 50,266	$ 9,011
Total assets	5,900	7,455	59,892	50,266	9,011
Net assets	$ 5,900	$ 7,455	$ 59,892	$ 50,266	$ 9,011
Total number of mutual fund shares	613,953	747,707	6,200,047	2,490,897	866,404
Cost of mutual fund shares	$ 5,795	$ 7,344	$ 65,799	$ 58,258	$ 11,382

The accompanying notes are an integral part of these financial statements.

10

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

	ING Van	ING Wells
	Kampen	Fargo Small	ING American	ING Baron	ING Columbia
	Growth and	Cap Disciplined	Century Small-	Small Cap	Small Cap
	Income	Portfolio -	Mid Cap Value	Growth	Value
	Portfolio -	Institutional	Portfolio -	Portfolio -	Portfolio -
	Service Class	Class	Initial Class	Initial Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 9,636	$ 6,529	$ 390	$ 4,909	$ 3,903
Total assets	9,636	6,529	390	4,909	3,903
Net assets	$ 9,636	$ 6,529	$ 390	$ 4,909	$ 3,903
Total number of mutual fund shares	498,220	807,070	39,594	321,470	461,393
Cost of mutual fund shares	$ 12,201	$ 8,120	$ 470	$ 5,242	$ 4,500

The accompanying notes are an integral part of these financial statements.

11

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

		ING Legg		ING
		Mason Partners	ING	Oppenheimer
	ING JPMorgan	Aggressive	Oppenheimer	Strategic	ING PIMCO
	Mid Cap Value	Growth	Global	Income	Total Return
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Service Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 7,161	$ 125	$ 42,302	$ 10,828	$ 6,305
Total assets	7,161	125	42,302	10,828	6,305
Net assets	$ 7,161	$ 125	$ 42,302	$ 10,828	$ 6,305
Total number of mutual fund shares	627,061	3,219	3,475,913	1,031,283	540,237
Cost of mutual fund shares	$ 8,944	$ 148	$ 45,357	$ 10,970	$ 6,369

The accompanying notes are an integral part of these financial statements.

12

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

		ING T. Rowe
		Price	ING UBS U.S.	ING Van	ING Van
	ING Pioneer	Diversified Mid	Large Cap	Kampen	Kampen Equity
	High Yield	Cap Growth	Equity	Comstock	and Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 18,668	$ 45,685	$ 4,276	$ 5,599	$ 1,715
Total assets	18,668	45,685	4,276	5,599	1,715
Net assets	$ 18,668	$ 45,685	$ 4,276	$ 5,599	$ 1,715
Total number of mutual fund shares	1,857,503	6,808,544	530,523	624,157	55,268
Cost of mutual fund shares	$ 16,093	$ 55,249	$ 3,685	$ 7,109	$ 1,845

The accompanying notes are an integral part of these financial statements.

13

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

	ING Strategic	ING Strategic	ING Strategic
	Allocation	Allocation	Allocation	ING Growth	ING Index Plus
	Conservative	Growth	Moderate	and Income	LargeCap
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class I	Class I
Assets
Investments in mutual funds
at fair value	$ 23	$ 644	$ 427	$ 2,730	$ 2,460
Total assets	23	644	427	2,730	2,460
Net assets	$ 23	$ 644	$ 427	$ 2,730	$ 2,460
Total number of mutual fund shares	2,311	68,570	44,524	140,553	198,036
Cost of mutual fund shares	$ 27	$ 955	$ 587	$ 2,812	$ 1,913

The accompanying notes are an integral part of these financial statements.

14

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

			ING	ING	ING Russell™
	ING Index Plus	ING Index Plus	International	Opportunistic	Large Cap
	MidCap	SmallCap	Index	Large Cap	Growth Index
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class S	Class I	Class I
Assets
Investments in mutual funds
at fair value	$ 10,801	$ 8,196	$ 6,321	$ 811	$ 90,993
Total assets	10,801	8,196	6,321	811	90,993
Net assets	$ 10,801	$ 8,196	$ 6,321	$ 811	$ 90,993
Total number of mutual fund shares	840,570	711,461	773,718	84,523	7,086,670
Cost of mutual fund shares	$ 10,055	$ 7,383	$ 5,838	$ 1,133	$ 77,238

The accompanying notes are an integral part of these financial statements.

15

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

	ING Russell™	ING Russell™	ING Russell™	ING Russell™
	Large Cap	Large Cap	Mid Cap	Small Cap	ING U.S. Bond
	Index	Value Index	Growth Index	Index	Index
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class I	Class I
Assets
Investments in mutual funds
at fair value	$ 1,377	$ 24,467	$ 1,235	$ 296	$ 2,328
Total assets	1,377	24,467	1,235	296	2,328
Net assets	$ 1,377	$ 24,467	$ 1,235	$ 296	$ 2,328
Total number of mutual fund shares	154,335	1,934,114	94,012	30,163	224,037
Cost of mutual fund shares	$ 1,217	$ 20,683	$ 1,103	$ 245	$ 2,334

The accompanying notes are an integral part of these financial statements.

16

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2009
(Dollars in thousands)

				Neuberger
	ING			Berman AMT
	International	ING MidCap	ING SmallCap	Socially
	Value	Opportunities	Opportunities	Responsive
	Portfolio -	Portfolio -	Portfolio -	Portfolio® -
	Class I	Class I	Class I	Class I
Assets
Investments in mutual funds
at fair value	$ 11,338	$ 10,453	$ 15,359	$ 2,350
Total assets	11,338	10,453	15,359	2,350
Net assets	$ 11,338	$ 10,453	$ 15,359	$ 2,350
Total number of mutual fund shares	1,340,181	1,157,584	955,166	194,220
Cost of mutual fund shares	$ 16,473	$ 8,161	$ 15,615	$ 2,746

The accompanying notes are an integral part of these financial statements.

17

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

		American	American
	American	Funds	Funds
	Funds	Insurance	Insurance	BlackRock	Fidelity® VIP
	Insurance	Series®	Series®	Global	Equity-Income
	Series® Growth	Growth-Income	International	Allocation V.I.	Portfolio -
	Fund - Class 2	Fund - Class 2	Fund - Class 2	Fund - Class III	Initial Class
Net investment income (loss)
Income:
Dividends	$ 251	$ 440	$ 452	$ 26	$ 1,329
Total investment income	251	440	452	26	1,329
Expenses:
Mortality, expense risk
and other charges	236	169	169	4	322
Total expenses	236	169	169	4	322
Net investment income (loss)	15	271	283	22	1,007
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(2,652)	(2,048)	(1,073)	6	(5,095)
Capital gains distributions	-	-	156	-	-
Total realized gain (loss) on investments
and capital gains distributions	(2,652)	(2,048)	(917)	6	(5,095)
Net unrealized appreciation
(depreciation) of investments	15,198	9,191	11,116	70	19,291
Net realized and unrealized gain (loss)
on investments	12,546	7,143	10,199	76	14,196
Net increase (decrease) in net assets
resulting from operations	$ 12,561	$ 7,414	$ 10,482	$ 98	$ 15,203

The accompanying notes are an integral part of these financial statements.

18

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

			Fidelity® VIP
	Fidelity® VIP	Fidelity® VIP	Investment		ING
	Contrafund®	Index 500	Grade Bond	ING Balanced	Intermediate
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Bond Portfolio -
	Initial Class	Initial Class	Initial Class	Class I	Class I
Net investment income (loss)
Income:
Dividends	$ 1,031	$ 53	$ 930	$ 319	$ 638
Total investment income	1,031	53	930	319	638
Expenses:
Mortality, expense risk
and other charges	369	18	54	43	61
Total expenses	369	18	54	43	61
Net investment income (loss)	662	35	876	276	577
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(851)	(129)	(216)	(799)	(575)
Capital gains distributions	20	53	40	-	-
Total realized gain (loss) on investments
and capital gains distributions	(831)	(76)	(176)	(799)	(575)
Net unrealized appreciation
(depreciation) of investments	22,969	544	769	1,672	1,015
Net realized and unrealized gain (loss)
on investments	22,138	468	593	873	440
Net increase (decrease) in net assets
resulting from operations	$ 22,800	$ 503	$ 1,469	$ 1,149	$ 1,017

The accompanying notes are an integral part of these financial statements.

19

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

			ING BlackRock	ING BlackRock
	ING	ING Artio	Large Cap	Large Cap	ING Clarion
	AllianceBernstein	Foreign	Growth	Value	Global Real
	Mid Cap Growth	Portfolio -	Portfolio -	Portfolio -	Estate
	Portfolio -	Institutional	Institutional	Institutional	Portfolio -
	Institutional Class	Class	Class	Class	Service Class
Net investment income (loss)
Income:
Dividends	$ -	$ 372	$ 5	$ 38	$ 78
Total investment income	-	372	5	38	78
Expenses:
Mortality, expense risk
and other charges	3	58	3	21	17
Total expenses	3	58	3	21	17
Net investment income (loss)	(3)	314	2	17	61
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(526)	(2,755)	(18)	(369)	(408)
Capital gains distributions	-	-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	(526)	(2,755)	(18)	(369)	(408)
Net unrealized appreciation
(depreciation) of investments	755	4,140	258	857	1,280
Net realized and unrealized gain (loss)
on investments	229	1,385	240	488	872
Net increase (decrease) in net assets
resulting from operations	$ 226	$ 1,699	$ 242	$ 505	$ 933

The accompanying notes are an integral part of these financial statements.

20

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING Clarion	ING Evergreen	ING Evergreen	ING FMRSM
	Real Estate	Health Sciences	Omega	Diversified Mid
	Portfolio -	Portfolio -	Portfolio -	Cap Portfolio -	ING Focus 5
	Institutional	Institutional	Institutional	Institutional	Portfolio -
	Class	Class	Class	Class	Class I
Net investment income (loss)
Income:
Dividends	$ 75	$ -	$ 385	$ 28	$ -
Total investment income	75	-	385	28	-
Expenses:
Mortality, expense risk
and other charges	8	-	347	22	1
Total expenses	8	-	347	22	1
Net investment income (loss)	67	-	38	6	(1)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(654)	(556)	(1,653)	(528)	(12)
Capital gains distributions	41	-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	(613)	(556)	(1,653)	(528)	(12)
Net unrealized appreciation
(depreciation) of investments	1,051	1,007	28,947	1,785	50
Net realized and unrealized gain (loss)
on investments	438	451	27,294	1,257	38
Net increase (decrease) in net assets
resulting from operations	$ 505	$ 451	$ 27,332	$ 1,263	$ 37

The accompanying notes are an integral part of these financial statements.

21

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING Franklin
	Templeton					ING
	Founding		ING Global	ING Growth	ING Index Plus	International
	Strategy		Resources	and Income	International	Growth
	Portfolio -		Portfolio -	Portfolio II -	Equity	Opportunities
	Institutional		Institutional	Institutional	Portfolio -	Portfolio -
	Class		Class	Class	Service Class	Service Class
Net investment income (loss)
Income:
Dividends	$ 22		$ 69	$ 46	$ 308	$ 9
Total investment income		22	69	46	308		9
Expenses:
Mortality, expense risk
and other charges		6	63	5	16		1
Total expenses		6	63	5	16		1
Net investment income (loss)		16	6	41	292		8
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		6	(1,464)	(1,741)	(1,973)		(310)
Capital gains distributions		10	-	-	-		-
Total realized gain (loss) on investments
and capital gains distributions		16	(1,464)	(1,741)	(1,973)		(310)
Net unrealized appreciation
(depreciation) of investments		159	5,106	1,906	2,516		397
Net realized and unrealized gain (loss)
on investments		175	3,642	165	543		87
Net increase (decrease) in net assets
resulting from operations	$ 191		$ 3,648	$ 206	$ 835	$ 95

The accompanying notes are an integral part of these financial statements.

22

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING JPMorgan	ING JPMorgan	ING JPMorgan	ING LifeStyle
	Emerging	Small Cap Core	Value	Aggressive	ING LifeStyle
	Markets Equity	Equity	Opportunities	Growth	Growth
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Institutional	Institutional	Institutional	Institutional	Institutional
	Class	Class	Class	Class	Class
Net investment income (loss)
Income:
Dividends	$ 102	$ 162	$ 1,233	$ 240	$ 424
Total investment income	102	162	1,233	240	424
Expenses:
Mortality, expense risk
and other charges	34	103	51	25	40
Total expenses	34	103	51	25	40
Net investment income (loss)	68	59	1,182	215	384
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(685)	(1,546)	(15,637)	(2,363)	(4,430)
Capital gains distributions	-	479	-	88	172
Total realized gain (loss) on investments
and capital gains distributions	(685)	(1,067)	(15,637)	(2,275)	(4,258)
Net unrealized appreciation
(depreciation) of investments	3,843	6,016	15,963	3,544	5,657
Net realized and unrealized gain (loss)
on investments	3,158	4,949	326	1,269	1,399
Net increase (decrease) in net assets
resulting from operations	$ 3,226	$ 5,008	$ 1,508	$ 1,484	$ 1,783

The accompanying notes are an integral part of these financial statements.

23

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING LifeStyle				ING Lord
	Moderate	ING LifeStyle		ING Liquid	Abbett
	Growth	Moderate	ING Limited	Assets	Affiliated
	Portfolio -	Portfolio -	Maturity Bond	Portfolio -	Portfolio -
	Institutional	Institutional	Portfolio -	Institutional	Institutional
	Class	Class	Service Class	Class	Class
Net investment income (loss)
Income:
Dividends	$ 291	$ 406	$ 1,025	$ 200	$ 1
Total investment income	291	406	1,025	200		1
Expenses:
Mortality, expense risk
and other charges	24	29	128	367		1
Total expenses	24	29	128	367		1
Net investment income (loss)	267	377	897	(167)		-
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1,366)	(922)	(128)	-		(20)
Capital gains distributions	103	83	178	151		-
Total realized gain (loss) on investments
and capital gains distributions	(1,263)	(839)	50	151		(20)
Net unrealized appreciation
(depreciation) of investments	2,067	1,633	398	-		36
Net realized and unrealized gain (loss)
on investments	804	794	448	151		16
Net increase (decrease) in net assets
resulting from operations	$ 1,071	$ 1,171	$ 1,345	$ (16)	$ 16

The accompanying notes are an integral part of these financial statements.

24

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

		ING Marsico
	ING Marsico	International	ING MFS Total	ING MFS
	Growth	Opportunities	Return	Utilities	ING MFS
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Utilities
	Institutional	Institutional	Institutional	Institutional	Portfolio -
	Class	Class	Class	Class	Service Class
Net investment income (loss)
Income:
Dividends	$ 37	$ 273	$ 184	$ 162	$ 116
Total investment income	37	273	184	162	116
Expenses:
Mortality, expense risk
and other charges	18	84	44	15	10
Total expenses	18	84	44	15	10
Net investment income (loss)	19	189	140	147	106
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(290)	(920)	(1,282)	(510)	(419)
Capital gains distributions	-	-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	(290)	(920)	(1,282)	(510)	(419)
Net unrealized appreciation
(depreciation) of investments	1,063	6,195	2,221	1,182	881
Net realized and unrealized gain (loss)
on investments	773	5,275	939	672	462
Net increase (decrease) in net assets
resulting from operations	$ 792	$ 5,464	$ 1,079	$ 819	$ 568

The accompanying notes are an integral part of these financial statements.

25

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING
	Oppenheimer		ING PIMCO		ING Pioneer	ING Retirement
	Main Street		Total Return	ING Pioneer	Mid Cap Value	Growth
	Portfolio® -		Bond Portfolio -	Fund Portfolio -	Portfolio -	Portfolio -
	Institutional		Institutional	Institutional	Institutional	Institutional
	Class		Class	Class	Class	Class
Net investment income (loss)
Income:
Dividends	$ 3		$ 442	$ 4	$ 72	$ -
Total investment income		3	442	4	72	-
Expenses:
Mortality, expense risk
and other charges		1	70	-	26	19
Total expenses		1	70	-	26	19
Net investment income (loss)		2	372	4	46	(19)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(214)	45	(36)	(366)	4
Capital gains distributions		-	345	-	-	-
Total realized gain (loss) on investments
and capital gains distributions		(214)	390	(36)	(366)	4
Net unrealized appreciation
(depreciation) of investments		206	716	80	1,369	336
Net realized and unrealized gain (loss)
on investments		(8)	1,106	44	1,003	340
Net increase (decrease) in net assets
resulting from operations	$ (6)		$ 1,478	$ 48	$ 1,049	$ 321

The accompanying notes are an integral part of these financial statements.

26

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING Retirement			ING T. Rowe	ING T. Rowe
	Moderate	ING Retirement	ING Stock	Price Capital	Price Equity
	Growth	Moderate	Index	Appreciation	Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Institutional	Institutional	Institutional	Institutional	Institutional
	Class	Class	Class	Class	Class
Net investment income (loss)
Income:
Dividends	$ -	$ -	$ 361	$ 948	$ 156
Total investment income	-	-	361	948	156
Expenses:
Mortality, expense risk
and other charges	7	8	268	266	44
Total expenses	7	8	268	266	44
Net investment income (loss)	(7)	(8)	93	682	112
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	2	6	(2,471)	(2,809)	(872)
Capital gains distributions	-	-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	2	6	(2,471)	(2,809)	(872)
Net unrealized appreciation
(depreciation) of investments	105	111	15,005	14,900	2,489
Net realized and unrealized gain (loss)
on investments	107	117	12,534	12,091	1,617
Net increase (decrease) in net assets
resulting from operations	$ 100	$ 109	$ 12,627	$ 12,773	$ 1,729

The accompanying notes are an integral part of these financial statements.

27

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING Van	ING Van	ING Wells
	Kampen	Kampen	Fargo Small	ING American	ING American
	Capital Growth	Growth and	Cap Disciplined	Century Large	Century Small-
	Portfolio -	Income	Portfolio -	Company Value	Mid Cap Value
	Institutional	Portfolio -	Institutional	Portfolio -	Portfolio -
	Class	Service Class	Class	Initial Class	Initial Class
Net investment income (loss)
Income:
Dividends	$ 714	$ 112	$ 60	$ 3	$ 7
Total investment income	714	112	60	3	7
Expenses:
Mortality, expense risk
and other charges	228	42	29	1	2
Total expenses	228	42	29	1	2
Net investment income (loss)	486	70	31	2	5
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(47,528)	(1,078)	(649)	(202)	(47)
Capital gains distributions	-	-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	(47,528)	(1,078)	(649)	(202)	(47)
Net unrealized appreciation
(depreciation) of investments	63,599	2,815	2,128	200	146
Net realized and unrealized gain (loss)
on investments	16,071	1,737	1,479	(2)	99
Net increase (decrease) in net assets
resulting from operations	$ 16,557	$ 1,807	$ 1,510	$ -	$ 104

The accompanying notes are an integral part of these financial statements.

28

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

				ING Legg
	ING Baron	ING Columbia		Mason Partners	ING Neuberger
	Small Cap	Small Cap	ING JPMorgan	Aggressive	Berman
	Growth	Value	Mid Cap Value	Growth	Partners
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class	Initial Class
Net investment income (loss)
Income:
Dividends	$ -	$ 51	$ 95	$ -	$ 30
Total investment income	-	51	95	-	30
Expenses:
Mortality, expense risk
and other charges	21	19	36	1	2
Total expenses	21	19	36	1	2
Net investment income (loss)	(21)	32	59	(1)	28
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(488)	(430)	(624)	(9)	(337)
Capital gains distributions	-	-	103	-	-
Total realized gain (loss) on investments
and capital gains distributions	(488)	(430)	(521)	(9)	(337)
Net unrealized appreciation
(depreciation) of investments	1,743	1,152	1,939	41	409
Net realized and unrealized gain (loss)
on investments	1,255	722	1,418	32	72
Net increase (decrease) in net assets
resulting from operations	$ 1,234	$ 754	$ 1,477	$ 31	$ 100

The accompanying notes are an integral part of these financial statements.

29

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

		ING			ING T. Rowe
	ING	Oppenheimer			Price
	Oppenheimer	Strategic	ING PIMCO	ING Pioneer	Diversified Mid
	Global	Income	Total Return	High Yield	Cap Growth
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service Class	Initial Class	Initial Class	Initial Class
Net investment income (loss)
Income:
Dividends	$ 914	$ 356	$ 215	$ 1,202	$ 170
Total investment income	914	356	215	1,202	170
Expenses:
Mortality, expense risk
and other charges	190	63	39	83	202
Total expenses	190	63	39	83	202
Net investment income (loss)	724	293	176	1,119	(32)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1,251)	(373)	8	(727)	(3,413)
Capital gains distributions	660	-	227	-	-
Total realized gain (loss) on investments
and capital gains distributions	(591)	(373)	235	(727)	(3,413)
Net unrealized appreciation
(depreciation) of investments	12,151	1,864	350	7,502	18,430
Net realized and unrealized gain (loss)
on investments	11,560	1,491	585	6,775	15,017
Net increase (decrease) in net assets
resulting from operations	$ 12,284	$ 1,784	$ 761	$ 7,894	$ 14,985

The accompanying notes are an integral part of these financial statements.

30

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING UBS U.S.	ING Van	ING Van	ING Strategic		ING Strategic
	Large Cap	Kampen	Kampen Equity	Allocation		Allocation
	Equity	Comstock	and Income	Conservative		Growth
	Portfolio -	Portfolio -	Portfolio -	Portfolio -		Portfolio -
	Initial Class	Initial Class	Initial Class	Class I		Class I
Net investment income (loss)
Income:
Dividends	$ 56	$ 127	$ 31	$ 3		$ 60
Total investment income	56	127	31		3	60
Expenses:
Mortality, expense risk
and other charges	18	30	11		-	3
Total expenses	18	30	11		-	3
Net investment income (loss)	38	97	20		3	57
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1,541)	(911)	(244)		(7)	(51)
Capital gains distributions	-	-	-		-	33
Total realized gain (loss) on investments
and capital gains distributions	(1,541)	(911)	(244)		(7)	(18)
Net unrealized appreciation
(depreciation) of investments	2,529	2,012	544		9	94
Net realized and unrealized gain (loss)
on investments	988	1,101	300		2	76
Net increase (decrease) in net assets
resulting from operations	$ 1,026	$ 1,198	$ 320	$ 5		$ 133

The accompanying notes are an integral part of these financial statements.

31

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING Strategic
	Allocation	ING Growth	ING Index Plus	ING Index Plus	ING Index Plus
	Moderate	and Income	LargeCap	MidCap	SmallCap
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class I	Class I
Net investment income (loss)
Income:
Dividends	$ 38	$ 36	$ 78	$ 166	$ 134
Total investment income	38	36	78	166	134
Expenses:
Mortality, expense risk
and other charges	2	8	14	56	43
Total expenses	2	8	14	56	43
Net investment income (loss)	36	28	64	110	91
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(82)	(159)	(814)	(3,777)	(2,870)
Capital gains distributions	13	-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	(69)	(159)	(814)	(3,777)	(2,870)
Net unrealized appreciation
(depreciation) of investments	100	545	1,260	6,308	4,360
Net realized and unrealized gain (loss)
on investments	31	386	446	2,531	1,490
Net increase (decrease) in net assets
resulting from operations	$ 67	$ 414	$ 510	$ 2,641	$ 1,581

The accompanying notes are an integral part of these financial statements.

32

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING		ING		ING Russell™	ING Russell™	ING Russell™
	International		Opportunistic		Large Cap	Large Cap	Large Cap
	Index		Large Cap		Growth Index	Index	Value Index
	Portfolio -		Portfolio -		Portfolio -	Portfolio -	Portfolio -
	Class S		Class I		Class I	Class I	Class I
Net investment income (loss)
Income:
Dividends	$ -		$ 26		$ -	$ -	$ -
Total investment income		-		26	-	-	-
Expenses:
Mortality, expense risk
and other charges		14		4	207	3	48
Total expenses		14		4	207	3	48
Net investment income (loss)		(14)		22	(207)	(3)	(48)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		50		(117)	484	38	201
Capital gains distributions		-		-	-	-	-
Total realized gain (loss) on investments
and capital gains distributions		50		(117)	484	38	201
Net unrealized appreciation
(depreciation) of investments		483		191	13,755	160	3,784
Net realized and unrealized gain (loss)
on investments		533		74	14,239	198	3,985
Net increase (decrease) in net assets
resulting from operations	$ 519		$ 96		$ 14,032	$ 195	$ 3,937

The accompanying notes are an integral part of these financial statements.

33

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

	ING Russell™	ING Russell™				ING
	Mid Cap	Small Cap		ING U.S. Bond		International	ING MidCap
	Growth Index	Index		Index		Value	Opportunities
	Portfolio -	Portfolio -		Portfolio -		Portfolio -	Portfolio -
	Class I	Class I		Class I		Class I	Class I
Net investment income (loss)
Income:
Dividends	$ -	$ -		$ 37		$ 187	$ 22
Total investment income	-		-		37	187	22
Expenses:
Mortality, expense risk
and other charges	5		2		7	56	45
Total expenses	5		2		7	56	45
Net investment income (loss)	(5)		(2)		30	131	(23)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	11		18		37	(1,966)	257
Capital gains distributions	-		-		16	-	-
Total realized gain (loss) on investments
and capital gains distributions	11		18		53	(1,966)	257
Net unrealized appreciation
(depreciation) of investments	132		77		(21)	4,369	3,054
Net realized and unrealized gain (loss)
on investments	143		95		32	2,403	3,311
Net increase (decrease) in net assets
resulting from operations	$ 138	$ 93		$ 62		$ 2,534	$ 3,288

The accompanying notes are an integral part of these financial statements.

34

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the year ended December 31, 2009
(Dollars in thousands)

		Neuberger
		Berman AMT
	ING SmallCap	Socially
	Opportunities	Responsive
	Portfolio -	Portfolio® -
	Class I	Class I
Net investment income (loss)
Income:
Dividends	$ -	$ 43
Total investment income	-	43
Expenses:
Mortality, expense risk
and other charges	66	12
Total expenses	66	12
Net investment income (loss)	(66)	31
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(121)	(303)
Capital gains distributions	-	-
Total realized gain (loss) on investments
and capital gains distributions	(121)	(303)
Net unrealized appreciation
(depreciation) of investments	3,859	823
Net realized and unrealized gain (loss)
on investments	3,738	520
Net increase (decrease) in net assets
resulting from operations	$ 3,672	$ 551

The accompanying notes are an integral part of these financial statements.

35

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

		American	American
	American	Funds	Funds
	Funds	Insurance	Insurance	BlackRock
	Insurance	Series®	Series®	Global
	Series® Growth	Growth-Income	International	Allocation V.I.
	Fund - Class 2	Fund - Class 2	Fund - Class 2	Fund - Class III
Net assets at January 1, 2008	$ 68,014	$ 44,497	$ 56,099	$ -
Increase (decrease) in net assets
Operations:
Net investment income (loss)	88	396	527	-
Total realized gain (loss) on investments
and capital gains distributions	6,739	2,214	7,928	-
Net unrealized appreciation (depreciation)
of investments	(36,151)	(19,437)	(30,321)	-
Net increase (decrease) in net assets from operations	(29,324)	(16,827)	(21,866)	-
Changes from principal transactions:
Premiums	9,783	7,289	4,948	-
Death benefits	(263)	(252)	(105)	-
Surrenders and withdrawals	(2,531)	(1,616)	(1,983)	-
Policy loans	(713)	(360)	(287)	-
Contract charges	(3,507)	(2,479)	(2,402)	-
Transfers between Divisions
(including fixed account), net	(5,697)	(3,782)	(6,329)	-
Increase (decrease) in net assets derived from
principal transactions	(2,928)	(1,200)	(6,158)	-
Total increase (decrease) in net assets	(32,252)	(18,027)	(28,024)	-
Net assets at December 31, 2008	35,762	26,470	28,075	-
Increase (decrease) in net assets
Operations:
Net investment income (loss)	15	271	283	22
Total realized gain (loss) on investments
and capital gains distributions	(2,652)	(2,048)	(917)	6
Net unrealized appreciation (depreciation)
of investments	15,198	9,191	11,116	70
Net increase (decrease) in net assets from operations	12,561	7,414	10,482	98
Changes from principal transactions:
Premiums	6,299	4,599	3,316	95
Death benefits	(35)	(23)	(24)	-
Surrenders and withdrawals	(2,796)	(1,887)	(2,267)	(17)
Policy loans	(306)	(187)	(386)	3
Contract charges	(2,949)	(2,119)	(2,137)	(34)
Transfers between Divisions
(including fixed account), net	(3,949)	(2,656)	(2,448)	1,980
Increase (decrease) in net assets derived from
principal transactions	(3,736)	(2,273)	(3,946)	2,027
Total increase (decrease) in net assets	8,825	5,141	6,536	2,125
Net assets at December 31, 2009	$ 44,587	$ 31,611	$ 34,611	$ 2,125

The accompanying notes are an integral part of these financial statements.

36

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

				Fidelity® VIP
	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Investment
	Equity-Income	Contrafund®	Index 500	Grade Bond
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class
Net assets at January 1, 2008	$ 117,512	$ 145,859	$ 4,457	$ 14,574
Increase (decrease) in net assets
Operations:
Net investment income (loss)	1,646	434	44	500
Total realized gain (loss) on investments
and capital gains distributions	(304)	7,111	77	(140)
Net unrealized appreciation (depreciation)
of investments	(48,362)	(65,330)	(1,663)	(844)
Net increase (decrease) in net assets from operations	(47,020)	(57,785)	(1,542)	(484)
Changes from principal transactions:
Premiums	7,904	10,209	-	-
Death benefits	(396)	(223)	(8)	(31)
Surrenders and withdrawals	(6,773)	(7,596)	(169)	(884)
Policy loans	(1,323)	(1,579)	(53)	(145)
Contract charges	(6,052)	(6,903)	(202)	(948)
Transfers between Divisions
(including fixed account), net	(5,143)	(9,993)	(85)	(651)
Increase (decrease) in net assets derived from
principal transactions	(11,783)	(16,085)	(517)	(2,659)
Total increase (decrease) in net assets	(58,803)	(73,870)	(2,059)	(3,143)
Net assets at December 31, 2008	58,709	71,989	2,398	11,431
Increase (decrease) in net assets
Operations:
Net investment income (loss)	1,007	662	35	876
Total realized gain (loss) on investments
and capital gains distributions	(5,095)	(831)	(76)	(176)
Net unrealized appreciation (depreciation)
of investments	19,291	22,969	544	769
Net increase (decrease) in net assets from operations	15,203	22,800	503	1,469
Changes from principal transactions:
Premiums	6,208	7,804	(3)	-
Death benefits	(277)	(203)	(9)	(73)
Surrenders and withdrawals	(5,158)	(6,248)	(293)	(1,242)
Policy loans	(594)	(1,021)	(26)	(130)
Contract charges	(5,252)	(5,973)	(175)	(893)
Transfers between Divisions
(including fixed account), net	(2,518)	(4,239)	(93)	(1,011)
Increase (decrease) in net assets derived from
principal transactions	(7,591)	(9,880)	(599)	(3,349)
Total increase (decrease) in net assets	7,612	12,920	(96)	(1,880)
Net assets at December 31, 2009	$ 66,321	$ 84,909	$ 2,302	$ 9,551

The accompanying notes are an integral part of these financial statements.

37

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

			ING	ING Artio
		ING	AllianceBernstein	Foreign
	ING Balanced	Intermediate	Mid Cap Growth	Portfolio -
	Portfolio -	Bond Portfolio -	Portfolio -	Institutional
	Class I	Class I	Institutional Class	Class
Net assets at January 1, 2008	$ 11,739	$ 7,393	$ 1,738	$ 16,838
Increase (decrease) in net assets
Operations:
Net investment income (loss)	296	579	(8)	(91)
Total realized gain (loss) on investments
and capital gains distributions	578	139	16	1,515
Net unrealized appreciation (depreciation)
of investments	(3,947)	(1,791)	(747)	(9,548)
Net increase (decrease) in net assets from operations	(3,073)	(1,073)	(739)	(8,124)
Changes from principal transactions:
Premiums	94	1,735	232	2,221
Death benefits	(45)	(6)	-	(149)
Surrenders and withdrawals	(849)	(670)	(185)	(752)
Policy loans	(73)	(127)	(38)	(242)
Contract charges	(663)	(826)	(97)	(979)
Transfers between Divisions
(including fixed account), net	99	4,549	(165)	1,715
Increase (decrease) in net assets derived from
principal transactions	(1,437)	4,655	(253)	1,814
Total increase (decrease) in net assets	(4,510)	3,582	(992)	(6,310)
Net assets at December 31, 2008	7,229	10,975	746	10,528
Increase (decrease) in net assets
Operations:
Net investment income (loss)	276	577	(3)	314
Total realized gain (loss) on investments
and capital gains distributions	(799)	(575)	(526)	(2,755)
Net unrealized appreciation (depreciation)
of investments	1,672	1,015	755	4,140
Net increase (decrease) in net assets from operations	1,149	1,017	226	1,699
Changes from principal transactions:
Premiums	169	1,393	112	1,482
Death benefits	(41)	(32)	-	(7)
Surrenders and withdrawals	(675)	(955)	(38)	(568)
Policy loans	(42)	(143)	-	4
Contract charges	(626)	(876)	(47)	(802)
Transfers between Divisions
(including fixed account), net	168	(1,511)	(999)	(1,627)
Increase (decrease) in net assets derived from
principal transactions	(1,047)	(2,124)	(972)	(1,518)
Total increase (decrease) in net assets	102	(1,107)	(746)	181
Net assets at December 31, 2009	$ 7,331	$ 9,868	$ -	$ 10,709

The accompanying notes are an integral part of these financial statements.

38

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING BlackRock	ING BlackRock
	Large Cap	Large Cap	ING Clarion	ING Clarion
	Growth	Value	Global Real	Real Estate
	Portfolio -	Portfolio -	Estate	Portfolio -
	Institutional	Institutional	Portfolio -	Institutional
	Class	Class	Service Class	Class
Net assets at January 1, 2008	$ 1,252	$ 10,227	$ -	$ 4,906
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(3)	9	(8)	38
Total realized gain (loss) on investments
and capital gains distributions	(341)	366	(224)	329
Net unrealized appreciation (depreciation)
of investments	(217)	(3,606)	(1,346)	(1,767)
Net increase (decrease) in net assets from operations	(561)	(3,231)	(1,578)	(1,400)
Changes from principal transactions:
Premiums	-	-	115	-
Death benefits	-	(36)	(11)	(17)
Surrenders and withdrawals	-	(558)	(41)	(279)
Policy loans	-	(130)	(2)	(128)
Contract charges	-	(475)	(99)	(270)
Transfers between Divisions
(including fixed account), net	128	(602)	4,724	(792)
Increase (decrease) in net assets derived from
principal transactions	128	(1,801)	4,686	(1,486)
Total increase (decrease) in net assets	(433)	(5,032)	3,108	(2,886)
Net assets at December 31, 2008	819	5,195	3,108	2,020
Increase (decrease) in net assets
Operations:
Net investment income (loss)	2	17	61	67
Total realized gain (loss) on investments
and capital gains distributions	(18)	(369)	(408)	(613)
Net unrealized appreciation (depreciation)
of investments	258	857	1,280	1,051
Net increase (decrease) in net assets from operations	242	505	933	505
Changes from principal transactions:
Premiums	-	-	158	-
Death benefits	-	(5)	(3)	(2)
Surrenders and withdrawals	-	(354)	(265)	(156)
Policy loans	-	(65)	(40)	(31)
Contract charges	-	(347)	(228)	(133)
Transfers between Divisions
(including fixed account), net	(33)	(191)	(246)	(163)
Increase (decrease) in net assets derived from
principal transactions	(33)	(962)	(624)	(485)
Total increase (decrease) in net assets	209	(457)	309	20
Net assets at December 31, 2009	$ 1,028	$ 4,738	$ 3,417	$ 2,040

The accompanying notes are an integral part of these financial statements.

39

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING Evergreen	ING Evergreen	ING FMRSM
	Health Sciences	Omega	Diversified Mid
	Portfolio -	Portfolio -	Cap Portfolio -	ING Focus 5
	Institutional	Institutional	Institutional	Portfolio -
	Class	Class	Class	Class I
Net assets at January 1, 2008	$ 2,056	$ 110,080	$ 4,576	$ -
Increase (decrease) in net assets
Operations:
Net investment income (loss)	12	16	32	1
Total realized gain (loss) on investments
and capital gains distributions	(104)	10,824	(47)	(1)
Net unrealized appreciation (depreciation)
of investments	(816)	(39,441)	(2,404)	(17)
Net increase (decrease) in net assets from operations	(908)	(28,601)	(2,419)	(17)
Changes from principal transactions:
Premiums	-	9,254	751	24
Death benefits	-	(326)	(14)	-
Surrenders and withdrawals	-	(7,748)	(126)	-
Policy loans	-	(1,484)	(131)	-
Contract charges	-	(6,751)	(311)	(3)
Transfers between Divisions
(including fixed account), net	1,763	(3,566)	1,273	31
Increase (decrease) in net assets derived from
principal transactions	1,763	(10,621)	1,442	52
Total increase (decrease) in net assets	855	(39,222)	(977)	35
Net assets at December 31, 2008	2,911	70,858	3,599	35
Increase (decrease) in net assets
Operations:
Net investment income (loss)	-	38	6	(1)
Total realized gain (loss) on investments
and capital gains distributions	(556)	(1,653)	(528)	(12)
Net unrealized appreciation (depreciation)
of investments	1,007	28,947	1,785	50
Net increase (decrease) in net assets from operations	451	27,332	1,263	37
Changes from principal transactions:
Premiums	-	7,779	550	38
Death benefits	-	(240)	(23)	-
Surrenders and withdrawals	-	(7,242)	(270)	(13)
Policy loans	-	(1,298)	(44)	-
Contract charges	-	(6,771)	(293)	(12)
Transfers between Divisions
(including fixed account), net	(918)	(1,356)	(159)	90
Increase (decrease) in net assets derived from
principal transactions	(918)	(9,128)	(239)	103
Total increase (decrease) in net assets	(467)	18,204	1,024	140
Net assets at December 31, 2009	$ 2,444	$ 89,062	$ 4,623	$ 175

The accompanying notes are an integral part of these financial statements.

40

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING Franklin
	Templeton
	Founding		ING Global	ING Growth	ING Index Plus
	Strategy		Resources	and Income	International
	Portfolio -		Portfolio -	Portfolio II -	Equity
	Institutional		Institutional	Institutional	Portfolio -
	Class		Class	Class	Service Class
Net assets at January 1, 2008	$ -		$ 15,123	$ 4,323	$ 10,565
Increase (decrease) in net assets
Operations:
Net investment income (loss)		(2)	193	(10)	452
Total realized gain (loss) on investments
and capital gains distributions		(86)	1,933	(255)	(856)
Net unrealized appreciation (depreciation)
of investments		(2)	(9,354)	(1,728)	(3,773)
Net increase (decrease) in net assets from operations		(90)	(7,228)	(1,993)	(4,177)
Changes from principal transactions:
Premiums		64	1,793	442	135
Death benefits		-	(75)	(15)	(17)
Surrenders and withdrawals		(1)	(517)	(139)	(575)
Policy loans		-	(233)	(121)	(79)
Contract charges		(15)	(863)	(163)	(471)
Transfers between Divisions
(including fixed account), net		590	1,839	(994)	(133)
Increase (decrease) in net assets derived from
principal transactions		638	1,944	(990)	(1,140)
Total increase (decrease) in net assets		548	(5,284)	(2,983)	(5,317)
Net assets at December 31, 2008		548	9,839	1,340	5,248
Increase (decrease) in net assets
Operations:
Net investment income (loss)		16	6	41	292
Total realized gain (loss) on investments
and capital gains distributions		16	(1,464)	(1,741)	(1,973)
Net unrealized appreciation (depreciation)
of investments		159	5,106	1,906	2,516
Net increase (decrease) in net assets from operations		191	3,648	206	835
Changes from principal transactions:
Premiums		108	1,430	160	92
Death benefits		-	(13)	-	(35)
Surrenders and withdrawals		(8)	(855)	(19)	(273)
Policy loans		(2)	(62)	4	(13)
Contract charges		(58)	(811)	(70)	(237)
Transfers between Divisions
(including fixed account), net		195	291	(1,621)	(5,617)
Increase (decrease) in net assets derived from
principal transactions		235	(20)	(1,546)	(6,083)
Total increase (decrease) in net assets		426	3,628	(1,340)	(5,248)
Net assets at December 31, 2009	$ 974		$ 13,467	$ -	$ -

The accompanying notes are an integral part of these financial statements.

41

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)
	ING	ING JPMorgan	ING JPMorgan	ING JPMorgan
	International	Emerging	Small Cap Core	Value
	Growth	Markets Equity	Equity	Opportunities
	Opportunities	Portfolio -	Portfolio -	Portfolio -
	Portfolio -	Institutional	Institutional	Institutional
	Service Class	Class	Class	Class
Net assets at January 1, 2008	$ 727	$ 8,798	$ 34,220	$ 40,546
Increase (decrease) in net assets
Operations:
Net investment income (loss)	3	137	64	1,050
Total realized gain (loss) on investments
and capital gains distributions	59	435	2,161	2,932
Net unrealized appreciation (depreciation)
of investments	(404)	(4,976)	(11,903)	(19,088)
Net increase (decrease) in net assets from operations	(342)	(4,404)	(9,678)	(15,106)
Changes from principal transactions:
Premiums	-	800	3,243	3,093
Death benefits	-	(19)	(139)	(186)
Surrenders and withdrawals	(25)	(349)	(1,974)	(2,583)
Policy loans	(4)	(62)	(316)	(304)
Contract charges	(32)	(397)	(1,886)	(2,421)
Transfers between Divisions
(including fixed account), net	(67)	(678)	(2,068)	(1,193)
Increase (decrease) in net assets derived from
principal transactions	(128)	(705)	(3,140)	(3,594)
Total increase (decrease) in net assets	(470)	(5,109)	(12,818)	(18,700)
Net assets at December 31, 2008	257	3,689	21,402	21,846
Increase (decrease) in net assets
Operations:
Net investment income (loss)	8	68	59	1,182
Total realized gain (loss) on investments
and capital gains distributions	(310)	(685)	(1,067)	(15,637)
Net unrealized appreciation (depreciation)
of investments	397	3,843	6,016	15,963
Net increase (decrease) in net assets from operations	95	3,226	5,008	1,508
Changes from principal transactions:
Premiums	-	809	2,524	1,474
Death benefits	-	-	(50)	(40)
Surrenders and withdrawals	(8)	(480)	(2,021)	(1,139)
Policy loans	(2)	(56)	(332)	(99)
Contract charges	(14)	(459)	(1,741)	(1,223)
Transfers between Divisions
(including fixed account), net	(328)	2,090	(1,446)	(22,327)
Increase (decrease) in net assets derived from
principal transactions	(352)	1,904	(3,066)	(23,354)
Total increase (decrease) in net assets	(257)	5,130	1,942	(21,846)
Net assets at December 31, 2009	$ -	$ 8,819	$ 23,344	$ -

The accompanying notes are an integral part of these financial statements.

42

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING LifeStyle		ING LifeStyle
	Aggressive	ING LifeStyle	Moderate	ING LifeStyle
	Growth	Growth	Growth	Moderate
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Institutional	Institutional	Institutional	Institutional
	Class	Class	Class	Class
Net assets at January 1, 2008	$ 6,292	$ 16,128	$ 6,725	$ 1,628
Increase (decrease) in net assets
Operations:
Net investment income (loss)	86	164	86	88
Total realized gain (loss) on investments
and capital gains distributions	349	227	48	33
Net unrealized appreciation (depreciation)
of investments	(3,424)	(5,971)	(2,204)	(1,653)
Net increase (decrease) in net assets from operations	(2,989)	(5,580)	(2,070)	(1,532)
Changes from principal transactions:
Premiums	1,312	2,205	851	798
Death benefits	-	-	-	-
Surrenders and withdrawals	(115)	(232)	(358)	(429)
Policy loans	22	(5)	(24)	(93)
Contract charges	(491)	(922)	(404)	(356)
Transfers between Divisions
(including fixed account), net	276	(2,586)	(147)	5,140
Increase (decrease) in net assets derived from
principal transactions	1,004	(1,540)	(82)	5,060
Total increase (decrease) in net assets	(1,985)	(7,120)	(2,152)	3,528
Net assets at December 31, 2008	4,307	9,008	4,573	5,156
Increase (decrease) in net assets
Operations:
Net investment income (loss)	215	384	267	377
Total realized gain (loss) on investments
and capital gains distributions	(2,275)	(4,258)	(1,263)	(839)
Net unrealized appreciation (depreciation)
of investments	3,544	5,657	2,067	1,633
Net increase (decrease) in net assets from operations	1,484	1,783	1,071	1,171
Changes from principal transactions:
Premiums	1,038	1,306	518	628
Death benefits	-	(34)	-	(27)
Surrenders and withdrawals	(249)	(1,609)	(395)	(107)
Policy loans	(44)	(172)	(24)	(34)
Contract charges	(422)	(702)	(360)	(382)
Transfers between Divisions
(including fixed account), net	(6,114)	(9,580)	(5,383)	(6,405)
Increase (decrease) in net assets derived from
principal transactions	(5,791)	(10,791)	(5,644)	(6,327)
Total increase (decrease) in net assets	(4,307)	(9,008)	(4,573)	(5,156)
Net assets at December 31, 2009	$ -	$ -	$ -	$ -

The accompanying notes are an integral part of these financial statements.

43

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

			ING Lord
		ING Liquid	Abbett		ING Marsico
	ING Limited	Assets	Affiliated		Growth
	Maturity Bond	Portfolio -	Portfolio -		Portfolio -
	Portfolio -	Institutional	Institutional		Institutional
	Service Class	Class	Class		Class
Net assets at January 1, 2008	$ 15,362	$ 54,009	$ 192		$ 6,478
Increase (decrease) in net assets
Operations:
Net investment income (loss)	1,022	1,196		4	10
Total realized gain (loss) on investments
and capital gains distributions	78	-		15	10
Net unrealized appreciation (depreciation)
of investments	(1,317)	-		(86)	(2,239)
Net increase (decrease) in net assets from operations	(217)	1,196		(67)	(2,219)
Changes from principal transactions:
Premiums	2,769	14,832		-	741
Death benefits	(112)	(264)		-	(1)
Surrenders and withdrawals	(1,160)	(7,648)		(7)	(321)
Policy loans	(327)	(1,116)		(1)	(83)
Contract charges	(1,308)	(4,796)		(10)	(292)
Transfers between Divisions
(including fixed account), net	5,464	9,808		-	(1,462)
Increase (decrease) in net assets derived from
principal transactions	5,326	10,816		(18)	(1,418)
Total increase (decrease) in net assets	5,109	12,012		(85)	(3,637)
Net assets at December 31, 2008	20,471	66,021		107	2,841
Increase (decrease) in net assets
Operations:
Net investment income (loss)	897	(167)		-	19
Total realized gain (loss) on investments
and capital gains distributions	50	151		(20)	(290)
Net unrealized appreciation (depreciation)
of investments	398	-		36	1,063
Net increase (decrease) in net assets from operations	1,345	(16)		16	792
Changes from principal transactions:
Premiums	2,734	9,356		-	464
Death benefits	(53)	(276)		-	(1)
Surrenders and withdrawals	(2,091)	(12,162)		(7)	(201)
Policy loans	(160)	(845)		-	(24)
Contract charges	(1,678)	(5,997)		(8)	(241)
Transfers between Divisions
(including fixed account), net	3,269	8,551		(7)	(317)
Increase (decrease) in net assets derived from
principal transactions	2,021	(1,373)		(22)	(320)
Total increase (decrease) in net assets	3,366	(1,389)		(6)	472
Net assets at December 31, 2009	$ 23,837	$ 64,632	$ 101		$ 3,313

The accompanying notes are an integral part of these financial statements.

44

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING Marsico
	International	ING MFS Total	ING MFS
	Opportunities	Return	Utilities	ING MFS
	Portfolio -	Portfolio -	Portfolio -	Utilities
	Institutional	Institutional	Institutional	Portfolio -
	Class	Class	Class	Service Class
Net assets at January 1, 2008	$ 37,760	$ 3,639	$ 4,740	$ 2,927
Increase (decrease) in net assets
Operations:
Net investment income (loss)	182	425	132	71
Total realized gain (loss) on investments
and capital gains distributions	3,526	338	734	341
Net unrealized appreciation (depreciation)
of investments	(20,585)	(2,363)	(2,779)	(1,576)
Net increase (decrease) in net assets from operations	(16,877)	(1,600)	(1,913)	(1,164)
Changes from principal transactions:
Premiums	2,257	1,430	255	397
Death benefits	(181)	-	(15)	(16)
Surrenders and withdrawals	(2,231)	(126)	(261)	(106)
Policy loans	(254)	(95)	(20)	(31)
Contract charges	(1,767)	(463)	(264)	(195)
Transfers between Divisions
(including fixed account), net	(2,800)	4,117	465	6
Increase (decrease) in net assets derived from
principal transactions	(4,976)	4,863	160	55
Total increase (decrease) in net assets	(21,853)	3,263	(1,753)	(1,109)
Net assets at December 31, 2008	15,907	6,902	2,987	1,818
Increase (decrease) in net assets
Operations:
Net investment income (loss)	189	140	147	106
Total realized gain (loss) on investments
and capital gains distributions	(920)	(1,282)	(510)	(419)
Net unrealized appreciation (depreciation)
of investments	6,195	2,221	1,182	881
Net increase (decrease) in net assets from operations	5,464	1,079	819	568
Changes from principal transactions:
Premiums	1,800	1,128	158	300
Death benefits	(64)	(8)	(15)	-
Surrenders and withdrawals	(1,409)	(344)	(162)	(131)
Policy loans	(199)	(26)	(56)	(5)
Contract charges	(1,420)	(517)	(246)	(164)
Transfers between Divisions
(including fixed account), net	(883)	(1,118)	(311)	19
Increase (decrease) in net assets derived from
principal transactions	(2,175)	(885)	(632)	19
Total increase (decrease) in net assets	3,289	194	187	587
Net assets at December 31, 2009	$ 19,196	$ 7,096	$ 3,174	$ 2,405

The accompanying notes are an integral part of these financial statements.

45

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING
	Oppenheimer		ING PIMCO		ING Pioneer
	Main Street		Total Return	ING Pioneer	Mid Cap Value
	Portfolio® -		Bond Portfolio -	Fund Portfolio -	Portfolio -
	Institutional		Institutional	Institutional	Institutional
	Class		Class	Class	Class
Net assets at January 1, 2008	$ 638		$ -	$ 282	$ 7,484
Increase (decrease) in net assets
Operations:
Net investment income (loss)		18	16	9	98
Total realized gain (loss) on investments
and capital gains distributions		(77)	(28)	(1)	392
Net unrealized appreciation (depreciation)
of investments		(224)	99	(116)	(2,936)
Net increase (decrease) in net assets from operations		(283)	87	(108)	(2,446)
Changes from principal transactions:
Premiums		101	201	-	899
Death benefits		(1)	-	-	(59)
Surrenders and withdrawals		(91)	(84)	-	(363)
Policy loans		(3)	(32)	-	(99)
Contract charges		(45)	(75)	-	(445)
Transfers between Divisions
(including fixed account), net		281	3,416	33	(93)
Increase (decrease) in net assets derived from
principal transactions		242	3,426	33	(160)
Total increase (decrease) in net assets		(41)	3,513	(75)	(2,606)
Net assets at December 31, 2008		597	3,513	207	4,878
Increase (decrease) in net assets
Operations:
Net investment income (loss)		2	372	4	46
Total realized gain (loss) on investments
and capital gains distributions		(214)	390	(36)	(366)
Net unrealized appreciation (depreciation)
of investments		206	716	80	1,369
Net increase (decrease) in net assets from operations		(6)	1,478	48	1,049
Changes from principal transactions:
Premiums		44	1,447	-	646
Death benefits		(18)	(9)	-	(15)
Surrenders and withdrawals		(49)	(648)	-	(340)
Policy loans		(3)	(58)	-	(76)
Contract charges		(22)	(723)	-	(384)
Transfers between Divisions
(including fixed account), net		(543)	12,785	67	(395)
Increase (decrease) in net assets derived from
principal transactions		(591)	12,794	67	(564)
Total increase (decrease) in net assets		(597)	14,272	115	485
Net assets at December 31, 2009	$ -		$ 17,785	$ 322	$ 5,363

The accompanying notes are an integral part of these financial statements.

46

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

		ING Retirement
	ING Retirement	Moderate	ING Retirement	ING Stock
	Growth	Growth	Moderate	Index
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Institutional	Institutional	Institutional	Institutional
	Class	Class	Class	Class
Net assets at January 1, 2008	$ -	$ -	$ -	$ 95,860
Increase (decrease) in net assets
Operations:
Net investment income (loss)	-	-	-	2,316
Total realized gain (loss) on investments
and capital gains distributions	-	-	-	1,314
Net unrealized appreciation (depreciation)
of investments	-	-	-	(37,704)
Net increase (decrease) in net assets from operations	-	-	-	(34,074)
Changes from principal transactions:
Premiums	-	-	-	8,994
Death benefits	-	-	-	(334)
Surrenders and withdrawals	-	-	-	(5,053)
Policy loans	-	-	-	(1,097)
Contract charges	-	-	-	(5,990)
Transfers between Divisions
(including fixed account), net	-	-	-	(3,623)
Increase (decrease) in net assets derived from
principal transactions	-	-	-	(7,103)
Total increase (decrease) in net assets	-	-	-	(41,177)
Net assets at December 31, 2008	-	-	-	54,683
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(19)	(7)	(8)	93
Total realized gain (loss) on investments
and capital gains distributions	4	2	6	(2,471)
Net unrealized appreciation (depreciation)
of investments	336	105	111	15,005
Net increase (decrease) in net assets from operations	321	100	109	12,627
Changes from principal transactions:
Premiums	587	124	188	7,299
Death benefits	(41)	-	-	(206)
Surrenders and withdrawals	(235)	(80)	(103)	(4,764)
Policy loans	(56)	(11)	(80)	(700)
Contract charges	(257)	(84)	(90)	(5,227)
Transfers between Divisions
(including fixed account), net	17,036	5,851	7,431	(3,820)
Increase (decrease) in net assets derived from
principal transactions	17,034	5,800	7,346	(7,418)
Total increase (decrease) in net assets	17,355	5,900	7,455	5,209
Net assets at December 31, 2009	$ 17,355	$ 5,900	$ 7,455	$ 59,892

The accompanying notes are an integral part of these financial statements.

47

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING T. Rowe	ING T. Rowe	ING Van	ING Van
	Price Capital	Price Equity	Kampen	Kampen
	Appreciation	Income	Capital Growth	Growth and
	Portfolio -	Portfolio -	Portfolio -	Income
	Institutional	Institutional	Institutional	Portfolio -
	Class	Class	Class	Service Class
Net assets at January 1, 2008	$ 50,611	$ 10,905	$ 19,618	$ 14,677
Increase (decrease) in net assets
Operations:
Net investment income (loss)	2,239	426	(349)	377
Total realized gain (loss) on investments
and capital gains distributions	4,935	601	4,211	(199)
Net unrealized appreciation (depreciation)
of investments	(23,787)	(5,307)	(69,093)	(4,698)
Net increase (decrease) in net assets from operations	(16,613)	(4,280)	(65,231)	(4,520)
Changes from principal transactions:
Premiums	6,420	1,509	7,711	1,383
Death benefits	(523)	(170)	(283)	(16)
Surrenders and withdrawals	(2,909)	(483)	(6,414)	(828)
Policy loans	(664)	(100)	(1,294)	(140)
Contract charges	(3,515)	(665)	(6,511)	(923)
Transfers between Divisions
(including fixed account), net	10,457	945	123,024	(953)
Increase (decrease) in net assets derived from
principal transactions	9,266	1,036	116,233	(1,477)
Total increase (decrease) in net assets	(7,347)	(3,244)	51,002	(5,997)
Net assets at December 31, 2008	43,264	7,661	70,620	8,680
Increase (decrease) in net assets
Operations:
Net investment income (loss)	682	112	486	70
Total realized gain (loss) on investments
and capital gains distributions	(2,809)	(872)	(47,528)	(1,078)
Net unrealized appreciation (depreciation)
of investments	14,900	2,489	63,599	2,815
Net increase (decrease) in net assets from operations	12,773	1,729	16,557	1,807
Changes from principal transactions:
Premiums	4,761	1,135	5,590	1,099
Death benefits	(60)	(29)	(200)	(56)
Surrenders and withdrawals	(3,675)	(502)	(3,882)	(629)
Policy loans	(359)	(84)	(412)	(103)
Contract charges	(3,423)	(627)	(4,639)	(819)
Transfers between Divisions
(including fixed account), net	(3,015)	(272)	(83,634)	(343)
Increase (decrease) in net assets derived from
principal transactions	(5,771)	(379)	(87,177)	(851)
Total increase (decrease) in net assets	7,002	1,350	(70,620)	956
Net assets at December 31, 2009	$ 50,266	$ 9,011	$ -	$ 9,636

The accompanying notes are an integral part of these financial statements.

48

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING Wells
	Fargo Small	ING American	ING American	ING Baron
	Cap Disciplined	Century Large	Century Small-	Small Cap
	Portfolio -	Company Value	Mid Cap Value	Growth
	Institutional	Portfolio -	Portfolio -	Portfolio -
	Class	Initial Class	Initial Class	Initial Class
Net assets at January 1, 2008	$ 9,073	$ 317	$ 589	$ 6,493
Increase (decrease) in net assets
Operations:
Net investment income (loss)	59	28	2	(27)
Total realized gain (loss) on investments
and capital gains distributions	660	67	39	(191)
Net unrealized appreciation (depreciation)
of investments	(3,527)	(200)	(184)	(2,373)
Net increase (decrease) in net assets from operations	(2,808)	(105)	(143)	(2,591)
Changes from principal transactions:
Premiums	1,041	-	-	695
Death benefits	(31)	-	(2)	(9)
Surrenders and withdrawals	(471)	(26)	(26)	(154)
Policy loans	(166)	-	(1)	(50)
Contract charges	(558)	(12)	(24)	(321)
Transfers between Divisions
(including fixed account), net	(624)	(16)	(34)	(636)
Increase (decrease) in net assets derived from
principal transactions	(809)	(54)	(87)	(475)
Total increase (decrease) in net assets	(3,617)	(159)	(230)	(3,066)
Net assets at December 31, 2008	5,456	158	359	3,427
Increase (decrease) in net assets
Operations:
Net investment income (loss)	31	2	5	(21)
Total realized gain (loss) on investments
and capital gains distributions	(649)	(202)	(47)	(488)
Net unrealized appreciation (depreciation)
of investments	2,128	200	146	1,743
Net increase (decrease) in net assets from operations	1,510	-	104	1,234
Changes from principal transactions:
Premiums	774	-	-	592
Death benefits	(15)	-	-	(1)
Surrenders and withdrawals	(433)	-	(13)	(233)
Policy loans	(44)	-	(1)	(39)
Contract charges	(507)	(5)	(18)	(328)
Transfers between Divisions
(including fixed account), net	(212)	(153)	(41)	257
Increase (decrease) in net assets derived from
principal transactions	(437)	(158)	(73)	248
Total increase (decrease) in net assets	1,073	(158)	31	1,482
Net assets at December 31, 2009	$ 6,529	$ -	$ 390	$ 4,909

The accompanying notes are an integral part of these financial statements.

49

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

			ING Legg
	ING Columbia		Mason Partners	ING Neuberger
	Small Cap	ING JPMorgan	Aggressive	Berman
	Value	Mid Cap Value	Growth	Partners
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class
Net assets at January 1, 2008	$ 4,608	$ 10,192	$ 251	$ 618
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(14)	171	(1)	(4)
Total realized gain (loss) on investments
and capital gains distributions	(98)	467	-	(189)
Net unrealized appreciation (depreciation)
of investments	(1,721)	(3,975)	(84)	(378)
Net increase (decrease) in net assets from operations	(1,833)	(3,337)	(85)	(571)
Changes from principal transactions:
Premiums	706	1,482	-	82
Death benefits	(8)	(13)	-	-
Surrenders and withdrawals	(293)	(486)	(8)	(19)
Policy loans	(47)	(115)	(3)	(7)
Contract charges	(278)	(595)	(14)	(50)
Transfers between Divisions
(including fixed account), net	731	(691)	(24)	418
Increase (decrease) in net assets derived from
principal transactions	811	(418)	(49)	424
Total increase (decrease) in net assets	(1,022)	(3,755)	(134)	(147)
Net assets at December 31, 2008	3,586	6,437	117	471
Increase (decrease) in net assets
Operations:
Net investment income (loss)	32	59	(1)	28
Total realized gain (loss) on investments
and capital gains distributions	(430)	(521)	(9)	(337)
Net unrealized appreciation (depreciation)
of investments	1,152	1,939	41	409
Net increase (decrease) in net assets from operations	754	1,477	31	100
Changes from principal transactions:
Premiums	562	1,052	-	35
Death benefits	-	(29)	-	-
Surrenders and withdrawals	(215)	(412)	(11)	(6)
Policy loans	(56)	(118)	(1)	-
Contract charges	(247)	(532)	(8)	(28)
Transfers between Divisions
(including fixed account), net	(481)	(714)	(3)	(572)
Increase (decrease) in net assets derived from
principal transactions	(437)	(753)	(23)	(571)
Total increase (decrease) in net assets	317	724	8	(471)
Net assets at December 31, 2009	$ 3,903	$ 7,161	$ 125	$ -

The accompanying notes are an integral part of these financial statements.

50

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

		ING
	ING	Oppenheimer
	Oppenheimer	Strategic	ING PIMCO	ING Pioneer
	Global	Income	Total Return	High Yield
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service Class	Initial Class	Initial Class
Net assets at January 1, 2008	$ 57,740	$ 5,079	$ 8,866	$ -
Increase (decrease) in net assets
Operations:
Net investment income (loss)	860	423	400	461
Total realized gain (loss) on investments
and capital gains distributions	3,961	(69)	390	(382)
Net unrealized appreciation (depreciation)
of investments	(28,877)	(2,177)	(928)	(4,927)
Net increase (decrease) in net assets from operations	(24,056)	(1,823)	(138)	(4,848)
Changes from principal transactions:
Premiums	6,170	1,635	423	19
Death benefits	(159)	(98)	(226)	(10)
Surrenders and withdrawals	(3,382)	(284)	(767)	(408)
Policy loans	(597)	(114)	(128)	(89)
Contract charges	(3,369)	(581)	(599)	(429)
Transfers between Divisions
(including fixed account), net	2,508	5,515	414	18,048
Increase (decrease) in net assets derived from
principal transactions	1,171	6,073	(883)	17,131
Total increase (decrease) in net assets	(22,885)	4,250	(1,021)	12,283
Net assets at December 31, 2008	34,855	9,329	7,845	12,283
Increase (decrease) in net assets
Operations:
Net investment income (loss)	724	293	176	1,119
Total realized gain (loss) on investments
and capital gains distributions	(591)	(373)	235	(727)
Net unrealized appreciation (depreciation)
of investments	12,151	1,864	350	7,502
Net increase (decrease) in net assets from operations	12,284	1,784	761	7,894
Changes from principal transactions:
Premiums	4,898	1,296	-	203
Death benefits	(105)	(14)	(46)	(69)
Surrenders and withdrawals	(3,771)	(529)	(265)	(1,362)
Policy loans	(556)	(42)	(87)	(193)
Contract charges	(3,138)	(652)	(466)	(1,364)
Transfers between Divisions
(including fixed account), net	(2,165)	(344)	(1,437)	1,276
Increase (decrease) in net assets derived from
principal transactions	(4,837)	(285)	(2,301)	(1,509)
Total increase (decrease) in net assets	7,447	1,499	(1,540)	6,385
Net assets at December 31, 2009	$ 42,302	$ 10,828	$ 6,305	$ 18,668

The accompanying notes are an integral part of these financial statements.

51

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING T. Rowe
	Price	ING UBS U.S.	ING Van	ING Van
	Diversified Mid	Large Cap	Kampen	Kampen Equity
	Cap Growth	Equity	Comstock	and Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class
Net assets at January 1, 2008	$ 72,067	$ 7,067	$ 9,558	$ 2,019
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(69)	103	271	90
Total realized gain (loss) on investments
and capital gains distributions	9,035	52	153	59
Net unrealized appreciation (depreciation)
of investments	(37,926)	(2,897)	(3,558)	(660)
Net increase (decrease) in net assets from operations	(28,960)	(2,742)	(3,134)	(511)
Changes from principal transactions:
Premiums	6,372	640	1,212	330
Death benefits	(206)	(20)	(5)	-
Surrenders and withdrawals	(4,287)	(431)	(359)	(69)
Policy loans	(947)	(90)	(122)	(18)
Contract charges	(4,145)	(399)	(436)	(133)
Transfers between Divisions
(including fixed account), net	(3,793)	(223)	(1,524)	47
Increase (decrease) in net assets derived from
principal transactions	(7,006)	(523)	(1,234)	157
Total increase (decrease) in net assets	(35,966)	(3,265)	(4,368)	(354)
Net assets at December 31, 2008	36,101	3,802	5,190	1,665
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(32)	38	97	20
Total realized gain (loss) on investments
and capital gains distributions	(3,413)	(1,541)	(911)	(244)
Net unrealized appreciation (depreciation)
of investments	18,430	2,529	2,012	544
Net increase (decrease) in net assets from operations	14,985	1,026	1,198	320
Changes from principal transactions:
Premiums	5,019	537	770	174
Death benefits	(119)	(15)	(1)	-
Surrenders and withdrawals	(3,536)	(333)	(636)	(127)
Policy loans	(694)	(83)	(112)	(14)
Contract charges	(3,644)	(348)	(370)	(122)
Transfers between Divisions
(including fixed account), net	(2,427)	(310)	(440)	(181)
Increase (decrease) in net assets derived from
principal transactions	(5,401)	(552)	(789)	(270)
Total increase (decrease) in net assets	9,584	474	409	50
Net assets at December 31, 2009	$ 45,685	$ 4,276	$ 5,599	$ 1,715

The accompanying notes are an integral part of these financial statements.

52

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING Strategic		ING Strategic	ING Strategic
	Allocation		Allocation	Allocation	ING Growth
	Conservative		Growth	Moderate	and Income
	Portfolio -		Portfolio -	Portfolio -	Portfolio -
	Class I		Class I	Class I	Class I
Net assets at January 1, 2008	$ 64		$ 1,596	$ 820	$ 1,972
Increase (decrease) in net assets
Operations:
Net investment income (loss)		2	18	17	13
Total realized gain (loss) on investments
and capital gains distributions		2	68	32	(59)
Net unrealized appreciation (depreciation)
of investments		(16)	(479)	(294)	(629)
Net increase (decrease) in net assets from operations		(12)	(393)	(245)	(675)
Changes from principal transactions:
Premiums		-	-	-	-
Death benefits		-	-	-	(3)
Surrenders and withdrawals		(2)	(374)	(3)	(99)
Policy loans		-	(1)	(1)	(14)
Contract charges		(5)	(38)	(40)	(101)
Transfers between Divisions
(including fixed account), net		(11)	(221)	(71)	(72)
Increase (decrease) in net assets derived from
principal transactions		(18)	(634)	(115)	(289)
Total increase (decrease) in net assets		(30)	(1,027)	(360)	(964)
Net assets at December 31, 2008		34	569	460	1,008
Increase (decrease) in net assets
Operations:
Net investment income (loss)		3	57	36	28
Total realized gain (loss) on investments
and capital gains distributions		(7)	(18)	(69)	(159)
Net unrealized appreciation (depreciation)
of investments		9	94	100	545
Net increase (decrease) in net assets from operations		5	133	67	414
Changes from principal transactions:
Premiums		-	-	-	70
Death benefits		-	-	(12)	(1)
Surrenders and withdrawals		(1)	(16)	-	(121)
Policy loans		-	-	-	(33)
Contract charges		(5)	(25)	(30)	(123)
Transfers between Divisions
(including fixed account), net		(10)	(17)	(58)	1,516
Increase (decrease) in net assets derived from
principal transactions		(16)	(58)	(100)	1,308
Total increase (decrease) in net assets		(11)	75	(33)	1,722
Net assets at December 31, 2009	$ 23		$ 644	$ 427	$ 2,730

The accompanying notes are an integral part of these financial statements.

53

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

				ING
	ING Index Plus	ING Index Plus	ING Index Plus	International
	LargeCap	MidCap	SmallCap	Index
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class S
Net assets at January 1, 2008	$ 2,752	$ 15,483	$ 13,106	$ -
Increase (decrease) in net assets
Operations:
Net investment income (loss)	45	102	35	-
Total realized gain (loss) on investments
and capital gains distributions	(556)	(555)	(2,390)	-
Net unrealized appreciation (depreciation)
of investments	(782)	(5,242)	(1,636)	-
Net increase (decrease) in net assets from operations	(1,293)	(5,695)	(3,991)	-
Changes from principal transactions:
Premiums	465	1,678	1,283	-
Death benefits	-	(13)	(76)	-
Surrenders and withdrawals	(65)	(637)	(554)	-
Policy loans	(52)	(118)	(193)	-
Contract charges	(201)	(756)	(582)	-
Transfers between Divisions
(including fixed account), net	562	(726)	(1,683)	-
Increase (decrease) in net assets derived from
principal transactions	709	(572)	(1,805)	-
Total increase (decrease) in net assets	(584)	(6,267)	(5,796)	-
Net assets at December 31, 2008	2,168	9,216	7,310	-
Increase (decrease) in net assets
Operations:
Net investment income (loss)	64	110	91	(14)
Total realized gain (loss) on investments
and capital gains distributions	(814)	(3,777)	(2,870)	50
Net unrealized appreciation (depreciation)
of investments	1,260	6,308	4,360	483
Net increase (decrease) in net assets from operations	510	2,641	1,581	519
Changes from principal transactions:
Premiums	381	1,156	786	66
Death benefits	(51)	(7)	(26)	(24)
Surrenders and withdrawals	(553)	(920)	(565)	(327)
Policy loans	24	(31)	(7)	(39)
Contract charges	(200)	(674)	(507)	(152)
Transfers between Divisions
(including fixed account), net	181	(580)	(376)	6,278
Increase (decrease) in net assets derived from
principal transactions	(218)	(1,056)	(695)	5,802
Total increase (decrease) in net assets	292	1,585	886	6,321
Net assets at December 31, 2009	$ 2,460	$ 10,801	$ 8,196	$ 6,321

The accompanying notes are an integral part of these financial statements.

54

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING	ING Russell™	ING Russell™	ING Russell™
	Opportunistic	Large Cap	Large Cap	Large Cap
	Large Cap	Growth Index	Index	Value Index
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class I
Net assets at January 1, 2008	$ 1,753	$ -	$ -	$ -
Increase (decrease) in net assets
Operations:
Net investment income (loss)	22	-	-	-
Total realized gain (loss) on investments
and capital gains distributions	162	-	-	-
Net unrealized appreciation (depreciation)
of investments	(737)	-	-	-
Net increase (decrease) in net assets from operations	(553)	-	-	-
Changes from principal transactions:
Premiums	-	-	-	-
Death benefits	(3)	-	-	-
Surrenders and withdrawals	(117)	-	-	-
Policy loans	(23)	-	-	-
Contract charges	(92)	-	-	-
Transfers between Divisions
(including fixed account), net	(88)	-	-	-
Increase (decrease) in net assets derived from
principal transactions	(323)	-	-	-
Total increase (decrease) in net assets	(876)	-	-	-
Net assets at December 31, 2008	877	-	-	-
Increase (decrease) in net assets
Operations:
Net investment income (loss)	22	(207)	(3)	(48)
Total realized gain (loss) on investments
and capital gains distributions	(117)	484	38	201
Net unrealized appreciation (depreciation)
of investments	191	13,755	160	3,784
Net increase (decrease) in net assets from operations	96	14,032	195	3,937
Changes from principal transactions:
Premiums	-	4,189	61	1,140
Death benefits	-	(188)	-	(87)
Surrenders and withdrawals	(50)	(3,719)	(68)	(977)
Policy loans	(10)	(486)	(21)	(164)
Contract charges	(67)	(3,487)	(36)	(972)
Transfers between Divisions
(including fixed account), net	(35)	80,652	1,246	21,590
Increase (decrease) in net assets derived from
principal transactions	(162)	76,961	1,182	20,530
Total increase (decrease) in net assets	(66)	90,993	1,377	24,467
Net assets at December 31, 2009	$ 811	$ 90,993	$ 1,377	$ 24,467

The accompanying notes are an integral part of these financial statements.

55

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

	ING Russell™	ING Russell™		ING
	Mid Cap	Small Cap	ING U.S. Bond	International
	Growth Index	Index	Index	Value
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class I
Net assets at January 1, 2008	$ -	$ -	$ -	$ 27,156
Increase (decrease) in net assets
Operations:
Net investment income (loss)	-	2	8	415
Total realized gain (loss) on investments
and capital gains distributions	-	(3)	(14)	2,740
Net unrealized appreciation (depreciation)
of investments	-	(26)	15	(13,308)
Net increase (decrease) in net assets from operations	-	(27)	9	(10,153)
Changes from principal transactions:
Premiums	-	5	43	-
Death benefits	-	-	-	(40)
Surrenders and withdrawals	-	-	(5)	(1,119)
Policy loans	-	-	(14)	(278)
Contract charges	-	(3)	(18)	(1,021)
Transfers between Divisions
(including fixed account), net	-	227	500	(2,579)
Increase (decrease) in net assets derived from
principal transactions	-	229	506	(5,037)
Total increase (decrease) in net assets	-	202	515	(15,190)
Net assets at December 31, 2008	-	202	515	11,966
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(5)	(2)	30	131
Total realized gain (loss) on investments
and capital gains distributions	11	18	53	(1,966)
Net unrealized appreciation (depreciation)
of investments	132	77	(21)	4,369
Net increase (decrease) in net assets from operations	138	93	62	2,534
Changes from principal transactions:
Premiums	64	29	207	-
Death benefits	-	-	-	(9)
Surrenders and withdrawals	(42)	(121)	(165)	(1,039)
Policy loans	(7)	-	(2)	(149)
Contract charges	(34)	(16)	(108)	(732)
Transfers between Divisions
(including fixed account), net	1,116	109	1,819	(1,233)
Increase (decrease) in net assets derived from
principal transactions	1,097	1	1,751	(3,162)
Total increase (decrease) in net assets	1,235	94	1,813	(628)
Net assets at December 31, 2009	$ 1,235	$ 296	$ 2,328	$ 11,338

The accompanying notes are an integral part of these financial statements.

56

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the years ended December 31, 2009 and 2008
(Dollars in thousands)

			Neuberger
			Berman AMT
	ING MidCap	ING SmallCap	Socially
	Opportunities	Opportunities	Responsive
	Portfolio -	Portfolio -	Portfolio® -
	Class I	Class I	Class I
Net assets at January 1, 2008	$ 17,470	$ 22,091	$ 2,167
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(74)	(97)	48
Total realized gain (loss) on investments
and capital gains distributions	821	3,657	271
Net unrealized appreciation (depreciation)
of investments	(7,112)	(10,835)	(1,582)
Net increase (decrease) in net assets from operations	(6,365)	(7,275)	(1,263)
Changes from principal transactions:
Premiums	-	2,327	484
Death benefits	(15)	(61)	-
Surrenders and withdrawals	(1,056)	(1,538)	(138)
Policy loans	(239)	(299)	(39)
Contract charges	(1,075)	(1,369)	(170)
Transfers between Divisions
(including fixed account), net	804	(744)	993
Increase (decrease) in net assets derived from
principal transactions	(1,581)	(1,684)	1,130
Total increase (decrease) in net assets	(7,946)	(8,959)	(133)
Net assets at December 31, 2008	9,524	13,132	2,034
Increase (decrease) in net assets
Operations:
Net investment income (loss)	(23)	(66)	31
Total realized gain (loss) on investments
and capital gains distributions	257	(121)	(303)
Net unrealized appreciation (depreciation)
of investments	3,054	3,859	823
Net increase (decrease) in net assets from operations	3,288	3,672	551
Changes from principal transactions:
Premiums	-	1,781	374
Death benefits	(8)	(16)	(3)
Surrenders and withdrawals	(905)	(1,221)	(339)
Policy loans	(191)	(172)	(28)
Contract charges	(823)	(1,228)	(160)
Transfers between Divisions
(including fixed account), net	(432)	(589)	(79)
Increase (decrease) in net assets derived from
principal transactions	(2,359)	(1,445)	(235)
Total increase (decrease) in net assets	929	2,227	316
Net assets at December 31, 2009	$ 10,453	$ 15,359	$ 2,350

The accompanying notes are an integral part of these financial statements.

57

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

1. Organization

ReliaStar Life Insurance Company Select*Life Variable Account (the “Account”) was established by ReliaStar Life Insurance Company (“ReliaStar Life” or the “Company”) to support the operations of variable life policies (“Policies”). ReliaStar Life is an indirect, wholly owned subsidiary of ING America Insurance Holdings, Inc. (“ING AIH”), an insurance holding company domiciled in the State of Delaware. ING AIH is an indirect wholly owned subsidiary of ING Groep, N.V. (“ING”), a global financial services holding company based in The Netherlands.

As part of a restructuring plan approved by the European Commission (“EC”), ING has agreed to separate its banking and insurance businesses by 2013. ING intends to achieve this separation over the next four years by divestment of its insurance and investment management operations, including the Account. ING has announced that it will explore all options for implementing the separation including initial public offerings, sales, or combinations thereof.

The Account is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The Policies consist of the Select*Life I product and Select*Life Series 2000 product, which incorporates Select*Life II, Select*Life III, Variable Estate Design, Flexdesign® VUL, ING Protector Elite, ING Investor Elite and Variable Accumulation Design^SM products. ReliaStar Life provides for variable accumulation and benefits under the Policies by crediting premium payments to one or more divisions within the Account or the fixed separate account, which is not part of the Account, as directed by the contractowners. The portion of the Account’s assets applicable to Policies will not be charged with liabilities arising out of any other business ReliaStar Life may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of ReliaStar Life. The assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of ReliaStar Life.

At December 31, 2009, the Account had 74 investment divisions (the “Divisions”), 9 of which invest in independently managed mutual funds and 65 of which invest in mutual funds managed by an affiliate, either Directed Services LLC (“DSL”) or ING Investments, LLC (“IIL”). The assets in each Division are invested in shares of a designated fund (“Fund”) of various investment trusts (the “Trusts”). Investment Divisions with asset balances at December 31, 2009 and related Trusts are as follows:

American Funds Insurance Series:
  American Funds Insurance Series® Growth Fund - Class 2
  American Funds Insurance Series® Growth-Income Fund - Class 2
  American Funds Insurance Series® International Fund - Class 2
BlackRock Variable Series Funds, Inc.:
  BlackRock Global Allocation V.I. Fund - Class III**

Fidelity® Variable Insurance Products:
  Fidelity® VIP Equity-Income Portfolio - Initial Class
Fidelity® Variable Insurance Products II:
  Fidelity® VIP Contrafund® Portfolio - Initial Class
  Fidelity® VIP Index 500 Portfolio - Initial Class
  Fidelity® Variable Insurance Products V:
  Fidelity® VIP Investment Grade Bond Portfolio - Initial Class
ING Balanced Portfolio, Inc.:
  ING Balanced Portfolio - Class I

58

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

ING Intermediate Bond Portfolio:
  ING Intermediate Bond Portfolio - Class I
ING Investors Trust:
  ING Artio Foreign Portfolio - Institutional Class
  ING BlackRock Large Cap Growth Portfolio - Institutional Class
  ING BlackRock Large Cap Value Portfolio - Institutional Class
  ING Clarion Global Real Estate Portfolio - Service Class*
  ING Clarion Real Estate Portfolio - Institutional Class
  ING Evergreen Health Sciences Portfolio - Institutional Class
  ING Evergreen Omega Portfolio - Institutional Class
  ING FMR^SM Diversified Mid Cap Portfolio - Institutional Class
  ING Focus 5 Portfolio - Class I*
  ING Franklin Templeton Founding Strategy Portfolio - Institutional Class*
  ING Global Resources Portfolio - Institutional Class
  ING JPMorgan Emerging Markets Equity Portfolio - Institutional Class
  ING JPMorgan Small Cap Core Equity Portfolio - Institutional Class
  ING Limited Maturity Bond Portfolio - Service Class
  ING Liquid Assets Portfolio - Institutional Class
  ING Lord Abbett Affiliated Portfolio - Institutional Class
  ING Marsico Growth Portfolio - Institutional Class
  ING Marsico International Opportunities Portfolio - Institutional Class
  ING MFS Total Return Portfolio - Institutional Class
  ING MFS Utilities Portfolio - Institutional Class
  ING MFS Utilities Portfolio - Service Class
  ING PIMCO Total Return Bond Portfolio - Institutional Class*
  ING Pioneer Fund Portfolio - Institutional Class
  ING Pioneer Mid Cap Value Portfolio - Institutional Class
  ING Retirement Growth Portfolio - Institutional Class**
  ING Retirement Moderate Growth Portfolio -  Institutional Class**
  ING Retirement Moderate Portfolio - Institutional Class**
  ING Stock Index Portfolio - Institutional Class
  ING T. Rowe Price Capital Appreciation Portfolio - Institutional Class
  ING T. Rowe Price Equity Income Portfolio - Institutional Class
  ING Van Kampen Growth and Income Portfolio - Service Class
  ING Wells Fargo Small Cap Disciplined Portfolio - Institutional Class
ING Partners, Inc.:
  ING American Century Small-Mid Cap Value Portfolio - Initial Class

ING Partners, Inc. (continued):
  ING Baron Small Cap Growth Portfolio - Initial Class
  ING Columbia Small Cap Value Portfolio - Initial Class
  ING JPMorgan Mid Cap Value Portfolio - Initial Class
  ING Legg Mason Partners Aggressive Growth Portfolio - Initial Class
  ING Oppenheimer Global Portfolio - Initial Class
  ING Oppenheimer Strategic Income Portfolio - Service Class
  ING PIMCO Total Return Portfolio - Initial Class
  ING Pioneer High Yield Portfolio - Initial Class*
  ING T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
  ING UBS U.S. Large Cap Equity Portfolio - Initial Class
  ING Van Kampen Comstock Portfolio - Initial Class
  ING Van Kampen Equity and Income Portfolio - Initial Class
ING Strategic Allocation Portfolios, Inc.:
  ING Strategic Allocation Conservative Portfolio - Class I
  ING Strategic Allocation Growth Portfolio - Class I
  ING Strategic Allocation Moderate Portfolio - Class I
ING Variable Funds:
  ING Growth and Income Portfolio - Class I
  ING Variable Portfolios, Inc.:
  ING Index Plus LargeCap Portfolio - Class I
  ING Index Plus MidCap Portfolio - Class I
  ING Index Plus SmallCap Portfolio - Class I
  ING International Index Portfolio - Class S**
  ING Opportunistic Large Cap Portfolio - Class I
  ING Russell™ Large Cap Growth Index Portfolio - Class I**
  ING Russell™ Large Cap Index Portfolio - Class I**
  ING Russell™ Large Cap Value Index Portfolio - Class I**
  ING Russell™ Mid Cap Growth Index Portfolio - Class I**
  ING Russell™ Small Cap Index Portfolio - Class I*
  ING U.S. Bond Index Portfolio - Class I*
ING Variable Products Trust:
  ING International Value Portfolio - Class I
  ING MidCap Opportunities Portfolio - Class I
  ING SmallCap Opportunities Portfolio - Class I
Neuberger Berman Advisers Management Trust:
  Neuberger Berman AMT Socially ResponsivePortfolio® - Class I

* Division was added in 2008
** Division was added in 2009

59

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

The names of certain Divisions and Trusts were changed during 2009. The following is a summary of current and former names for those Divisions and Trusts:

Current Name
ING Balanced Portfolio, Inc.:
  ING Balanced Portfolio - Class I
  ING Intermediate Bond Portfolio:
  ING Intermediate Bond Portfolio - Class I
ING Investors Trust:
  ING Artio Foreign Portfolio - Institutional Class
  ING Clarion Global Real Estate Portfolio - Service Class
  ING Clarion Real Estate Portfolio - Institutional Class
  ING Growth and Income Portfolio II - Institutional Class
  ING Index Plus International Equity Portfolio - Service Class
  ING PIMCO Total Return Bond Portfolio - Institutional Class
ING Partners, Inc.:
  ING Columbia Small Cap Value Portfolio - Initial Class
ING Strategic Allocation Portfolios, Inc.:
  ING Strategic Allocation Conservative Portfolio -  Class I
  ING Strategic Allocation Growth Portfolio - Class I
  ING Strategic Allocation Moderate Portfolio - Class I
ING Variable Funds:
  ING Growth and Income Portfolio - Class I
ING Variable Portfolios, Inc.:
  ING Index Plus LargeCap Portfolio - Class I
  ING Index Plus MidCap Portfolio - Class I
  ING Index Plus SmallCap Portfolio - Class I
  ING Opportunistic Large Cap Portfolio - Class I
  ING U.S. Bond Index Portfolio - Class I
ING Variable Products Trust:
  ING International Value Portfolio - Class I
  ING MidCap Opportunities Portfolio - Class I
  ING SmallCap Opportunities Portfolio - Class I

Former Name
ING VP Balanced Portfolio, Inc.:
  ING VP Balanced Portfolio - Class I
  ING VP Intermediate Bond Portfolio:
  ING VP Intermediate Bond Portfolio - Class I
ING Investors Trust:
  ING Julius Baer Foreign Portfolio - Institutional Class
  ING Global Real Estate Portfolio - Service Class
  ING Van Kampen Real Estate Portfolio - Institutional Class
  ING Legg Mason Value Portfolio - Institutional Class
  ING VP Index Plus International Equity Portfolio - Service Class
  ING PIMCO Core Bond Portfolio - Institutional Class
ING Partners, Inc.:
  ING Columbia Small Cap Value II Portfolio - Initial Class
ING Strategic Allocation Portfolios, Inc.:
  ING VP Strategic Allocation Conservative Portfolio - Class I
  ING VP Strategic Allocation Growth Portfolio - Class I
  ING VP Strategic Allocation Moderate Portfolio - Class I
ING Variable Funds:
  ING VP Growth and Income Portfolio - Class I
ING Variable Portfolios, Inc.:
  ING VP Index Plus LargeCap Portfolio - Class I
  ING VP Index Plus MidCap Portfolio - Class I
  ING VP Index Plus SmallCap Portfolio - Class I
  ING Opportunistic Large Cap Value Portfolio - Class I
  ING Lehman Brothers U.S. Aggregate Bond
  Index® Portfolio - Class I
ING Variable Products Trust:
  ING VP International Value Portfolio - Class I
  ING VP MidCap Opportunities Portfolio - Class I
  ING VP SmallCap Opportunities Portfolio - Class I

60

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

During 2009, the following Divisions were closed to contractowners:

ING Investors Trust:
  ING AllianceBernstein Mid Cap Growth Portfolio - Institutional Class
  ING Growth and Income Portfolio II - Institutional Class
  ING Index Plus International Equity Portfolio - Service Class
  ING International Growth Opportunities Portfolio - Service Class
  ING JPMorgan Value Opportunities Portfolio - Institutional Class
  ING LifeStyle Aggressive Growth Portfolio - Institutional Class
  ING LifeStyle Growth Portfolio - Institutional Class
  ING LifeStyle Moderate Growth Portfolio - Institutional Class
  ING LifeStyle Moderate Portfolio - Institutional Class
  ING Oppenheimer Main Street Portfolio® - Institutional Class
  ING Van Kampen Capital Growth Portfolio - Institutional Class
ING Partners, Inc.:
  ING American Century Large Company Value Portfolio - Initial Class
  ING Neuberger Berman Partners Portfolio - Initial Class

There were no Divisions offered to contractowners during 2009 that did not have any
activity for the year ended December 31, 2009.

2. Significant Accounting Policies

The following is a summary of the significant accounting policies of the Account:

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates.

Investments

Investments are made in shares of a Fund and are recorded at fair value, determined by the net asset value per share of the respective Fund. Investment transactions in each Fund are recorded on the trade date. Distributions of net investment income and capital gains from each Fund are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Fund are determined on a first-in, first-out basis. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

Federal Income Taxes

Operations of the Account form a part of, and are taxed with, the total operations of ReliaStar Life, which is taxed as a life insurance company under the Internal Revenue 

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RELIASTAR LIFE INSURANCE COMPANY
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Notes to Financial Statements

Code. Earnings and realized capital gains of the Account attributable to the contractowners are excluded in the determination of the federal income tax liability of ReliaStar Life.

Contractowner Reserves

Contractowner reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contractowners invested in the Account Divisions. To the extent that benefits to be paid to the contractowners exceed their account values, ReliaStar Life will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to ReliaStar Life.

Changes from Principal Transactions

Included in Changes from Principal Transactions on the Statements of Changes in Net Assets are items which relate to contractowner activity, including premiums, surrenders and withdrawals, policy loans, death benefits, and policy charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, and transfers to (from) ReliaStar Life related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by ReliaStar Life). Any net unsettled transactions as of the reporting date are included in Payable to related parties on the Statements of Assets and Liabilities.

Subsequent Events

The Account has evaluated subsequent events for recognition and disclosure through the date the financial statements as of December 31, 2009 and for the years ended December 31, 2009 and 2008, were issued.

3. Recently Adopted Accounting Standards

FASB Accounting Standards Codification

In June 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-01, “Topic 105 - Generally Accepted Accounting Principles: amendments based on Statement of Financial Accounting Standards (“FAS”) No. 168 - The FASB Accounting Standards Codification^TM and the Hierarchy of Generally Accepted Accounting Principles” (“ASU 2009-01”), which confirms that as of July 1, 2009, the “FASB Accounting Standards Codification^TM” (“the Codification” or “ASC”) is the single official source of authoritative, nongovernmental US GAAP. All existing accounting standard documents are superseded, and all other accounting literature not included in the Codification is considered nonauthoritative.

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RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

The Account adopted the Codification as of July 1, 2009. There was no effect on the Account’s net assets and results of operations. The Account has revised its disclosures to incorporate references to the Codification topics.

Subsequent Events

In May 2009, the FASB issued new guidance on subsequent events, included in ASC

Topic 855, “Subsequent Events,” which establishes:

§	The period after the balance sheet date during which an entity should evaluate events or transactions for potential recognition or disclosure in the financial statements;
§	The circumstances under which an entity should recognize such events or transactions in its financial statements; and
§	Disclosures regarding such events or transactions and the date through which an entity has evaluated subsequent events.

These provisions, as included in ASC Topic 855, were adopted by the Account on June 30, 2009. In addition, in February 2010, the FASB issued ASU 2010-09, “Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements,” which clarifies that an SEC filer should evaluate subsequent events through the date the financial statements are issued and eliminates the requirement for an SEC filer to disclose that date, effective upon issuance. The Account determined that there was no effect on the Account’s net assets and results of operations upon adoption, as the guidance is consistent with that previously applied by the Account under US auditing standards. The disclosure provisions included in ASC Topic 855, as amended, are presented in the Significant Accounting Policies footnote.

Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

In April 2009, the FASB issued new guidance on determining fair value when the volume and level of activity for the asset or liability have significantly decreased and identifying transactions that are not orderly, included in ASC Topic 820, “Fair Value Measurements and Disclosures,” which confirms that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. In addition, this guidance, as included in ASC Topic 820:

§	Clarifies factors for determining whether there has been a significant decrease in market activity for an asset or liability;
§	Requires an entity to determine whether a transaction is not orderly based on the weight of the evidence; and

63

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

§      Requires an entity to disclose in interim and annual periods the input and valuation technique used to measure fair value and any change in valuation technique.

These provisions, as included in ASC Topic 820, were adopted by the Account on April 1, 2009. The Account determined, however, that there was no effect on the Account’s net assets and results of operations upon adoption, as its guidance is consistent with that previously applied by the Account under US GAAP.

Fair Value Measurements

In September 2006, the FASB issued new guidance on fair value measurements included in ASC Topic 820, “Fair Value Measurements and Disclosures,” which provides guidance for using fair value to measure assets and liabilities whenever other standards require (or permit) assets or liabilities to be measured at fair value. ASC Topic 820 does not expand the use of fair value to any new circumstances.

ASC Topic 820 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing the asset or liability. In support of this principle, ASC Topic 820 establishes a fair value hierarchy that prioritizes the information used to develop such assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. ASC Topic 820 also requires separate disclosure of fair value measurements by level within the hierarchy and expanded disclosure of the effect on earnings for items measured using unobservable data.

The adoption of ASC Topic 820 on January 1, 2008 did not have an impact on the Account’s net assets or results of operations. New disclosures are included in the Financial Instruments footnote.

4. Financial Instruments

The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values (“NAV”). The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodian and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.

The Account’s financial assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2009 and 2008, respectively, based on the priority of the inputs to the valuation technique below. The Account had no financial liabilities as of December 31, 2009.

64

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

The ASC Topic 820 fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

§	Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market.
§	Level 2 - Quoted prices in markets that are not active or inputs that are observable either  directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
	a)	Quoted prices for similar assets or liabilities in active markets;
	b)	Quoted prices for identical or similar assets or liabilities in non-active markets;
	c)	Inputs other than quoted market prices that are observable; and
	d)	Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
§	Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or btained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

5. Charges and Fees

Under the terms of the Contracts, certain charges are allocated to the Contracts to cover ReliaStar Life’s expenses in connection with the issuance and administration of the Policies. Following is a summary of these charges:

Premium Expense Charge

ReliaStar Life deducts a premium charge ranging from 3.00% to 8.00% of each premium payment as defined in the Policies.

Mortality and Expense Risk Charges

The monthly deduction includes a monthly mortality and expense risk charge, a cost of insurance charge, a monthly administrative charge, a monthly amount charge, and any charges for optional insurance benefits.

ReliaStar Life assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Policies, deducts a mortality and expense risk charge from the assets of the Account. Monthly charges are deducted at annual rates of up to 0.90% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Policies.

65

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

The cost of insurance charge varies based on the insured’s sex, issue age, policy year, rate class, and the face amount of the Policies.

The monthly administrative charge currently ranges from $8.25 to $19.00 per month. Monthly administrative charges for Select*Life II (policies with policy dates before February 17, 2004), Select*Life III, Flexdesign® VUL, Variable Estate Design and Variable Accumulation Design products are guaranteed not to exceed $12.00 per month. Monthly administrative charges for Select*Life II policies with policy dates on or after February 17, 2004 are guaranteed not to exceed $10.00 per month.

The monthly amount charged and charges for optional insurance benefits vary based on a number of factors and are defined in the Policies.

Surrender and Lapse Charges

As defined in the Policies, ReliaStar Life assesses a surrender charge if the Policies lapse or are surrendered before a specified period.

Transfer and Other Charges

A transfer charge of up to $25 may be imposed on each transfer between Divisions. A charge for partial withdrawals of $10 is also imposed in accordance with the terms of the Policies, and may be increased up to a maximum of $25.

6. Related Party Transactions

During the year ended December 31, 2009, management fees were paid to DSL, an affiliate of the Company, in its capacity as investment manager to ING Investors Trust and ING Partners, Inc. The Trusts’ advisory agreement provided for a fee at annual rates up to 1.25% of the average net assets of each respective Fund of the Trust.

Management fees were also paid to IIL, an affiliate of the Company, in its capacity as investment manager to ING Intermediate Bond Portfolio, ING Strategic Allocation Portfolios, Inc., ING Variable Portfolios, Inc., ING Balanced Portfolio, Inc., ING Variable Funds and ING Variable Products Trust. The Trusts’ advisory agreement provided for a fee at annual rates ranging from 0.08% to 0.85% of the average net assets of each respective Fund of the Trusts.

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RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

7. Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments follow:

	Year Ending December 31
	2009		2008
	Purchases	Sales	Purchases		Sales
	(Dollars in thousands)
American Funds Insurance Series:
American Funds Insurance Series® Growth Fund - Class 2	$ 2,827	$ 6,547	$ 11,672	$ 8,303
American Funds Insurance Series® Growth-Income Fund - Class 2	2,900	4,902	7,322		5,644
American Funds Insurance Series® International Fund - Class 2	2,165	5,671	9,471		9,465
BlackRock Variable Series Funds, Inc.:
BlackRock Global Allocation V.I. Fund - Class III	2,115	66	-		-
Fidelity® Variable Insurance Products:
Fidelity® VIP Equity-Income Portfolio - Initial Class	1,921	8,505	2,582		12,622
Fidelity® Variable Insurance Products II:
Fidelity® VIP Contrafund® Portfolio - Initial Class	1,737	10,936	6,118		18,488
Fidelity® VIP Index 500 Portfolio - Initial Class	110	621	114		548
Fidelity® Variable Insurance Products V:
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class	983	3,417	604		2,752
ING Balanced Portfolio, Inc.:
ING Balanced Portfolio - Class I	751	1,521	1,600		1,820
ING Intermediate Bond Portfolio:
ING Intermediate Bond Portfolio - Class I	2,234	3,781	8,014		2,513
ING Investors Trust:
ING AllianceBernstein Mid Cap Growth Portfolio - Institutional Class	392	1,367	845		840
ING Artio Foreign Portfolio - Institutional Class	1,614	2,818	10,770		7,492
ING BlackRock Large Cap Growth Portfolio - Institutional Class	4,759	4,789	7,081		6,844
ING BlackRock Large Cap Value Portfolio - Institutional Class	38	983	435		1,851
ING Clarion Global Real Estate Portfolio - Service Class	639	1,202	5,435		756
ING Clarion Real Estate Portfolio - Institutional Class	132	508	698		1,524
ING Evergreen Health Sciences Portfolio - Institutional Class	666	1,585	3,009		1,087
ING Evergreen Omega Portfolio - Institutional Class	1,092	10,181	11,833		11,588
ING FMRSM Diversified Mid Cap Portfolio - Institutional Class	705	937	6,314		4,476
ING Focus 5 Portfolio - Class I	125	23	56		3
ING Franklin Templeton Founding Strategy Portfolio - Institutional
Class	699	438	890		255
ING Global Resources Portfolio - Institutional Class	2,949	2,965	8,944		4,209
ING Growth and Income Portfolio II - Institutional Class	163	1,667	1,142		1,505
ING Index Plus International Equity Portfolio - Service Class	489	6,281	4,745		3,081
ING International Growth Opportunities Portfolio - Service Class	9	353	163		131
ING JPMorgan Emerging Markets Equity Portfolio - Institutional
Class	3,673	1,702	3,095		3,265
ING JPMorgan Small Cap Core Equity Portfolio - Institutional Class	1,171	3,700	3,651		4,092
ING JPMorgan Value Opportunities Portfolio - Institutional Class	1,411	23,583	5,307		4,237
ING LifeStyle Aggressive Growth Portfolio - Institutional Class	2,987	8,475	2,611		910
ING LifeStyle Growth Portfolio - Institutional Class	1,893	12,128	4,279		4,917
ING LifeStyle Moderate Growth Portfolio - Institutional Class	1,700	6,974	2,376		2,103
ING LifeStyle Moderate Portfolio - Institutional Class	3,050	8,916	6,416		1,075
ING Limited Maturity Bond Portfolio - Service Class	6,755	3,659	9,325		2,854

67

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

	Year Ending December 31
	2009		2008
	Purchases	Sales	Purchases	Sales
	(Dollars in thousands)
ING Investors Trust (continued):
ING Liquid Assets Portfolio - Institutional Class	$ 41,017	$ 42,406	$ 89,124	$ 77,112
ING Lord Abbett Affiliated Portfolio - Institutional Class	1	23	26	20
ING Marsico Growth Portfolio - Institutional Class	598	899	643	2,051
ING Marsico International Opportunities Portfolio - Institutional  Class	1,163	3,149	9,655	11,610
ING MFS Total Return Portfolio - Institutional Class	1,938	2,683	6,555	681
ING MFS Utilities Portfolio - Institutional Class	336	822	2,529	1,726
ING MFS Utilities Portfolio - Service Class	792	667	1,514	1,079
ING Oppenheimer Main Street Portfolio® - Institutional Class	38	627	845	584
ING PIMCO Total Return Bond Portfolio - Institutional Class	14,653	1,142	3,899	451
ING Pioneer Fund Portfolio - Institutional Class	122	51	130	78
ING Pioneer Mid Cap Value Portfolio - Institutional Class	461	980	1,650	1,314
ING Retirement Growth Portfolio - Institutional Class	17,426	411	-	-
ING Retirement Moderate Growth Portfolio - Institutional Class	6,053	260	-	-
ING Retirement Moderate Portfolio - Institutional Class	8,004	667	-	-
ING Stock Index Portfolio - Institutional Class	3,834	11,158	5,551	9,555
ING T. Rowe Price Capital Appreciation Portfolio - Institutional Class	2,437	7,526	20,688	3,970
ING T. Rowe Price Equity Income Portfolio - Institutional Class	1,180	1,448	3,417	1,118
ING Van Kampen Capital Growth Portfolio - Institutional Class	1,168	87,859	130,359	11,243
ING Van Kampen Growth and Income Portfolio - Service Class	531	1,312	5,712	5,794
ING Wells Fargo Small Cap Disciplined Portfolio - Institutional Class	588	993	1,524	1,259
ING Partners, Inc.:
ING American Century Large Company Value Portfolio - Initial Class	3	159	116	57
ING American Century Small-Mid Cap Value Portfolio - Initial Class	7	74	65	90
ING Baron Small Cap Growth Portfolio - Initial Class	1,220	994	4,720	5,073
ING Columbia Small Cap Value Portfolio - Initial Class	411	817	1,483	643
ING JPMorgan Mid Cap Value Portfolio - Initial Class	733	1,323	2,483	1,913
ING Legg Mason Partners Aggressive Growth Portfolio - Initial Class	-	25	-	50
ING Neuberger Berman Partners Portfolio - Initial Class	314	857	4,236	3,816
ING Oppenheimer Global Portfolio - Initial Class	2,447	5,900	9,659	3,676
ING Oppenheimer Strategic Income Portfolio - Service Class	2,325	2,316	7,969	1,440
ING PIMCO Total Return Portfolio - Initial Class	477	2,375	4,584	4,926
ING Pioneer High Yield Portfolio - Initial Class	3,800	4,190	19,788	2,191
ING T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial  Class	1,014	6,446	10,179	8,337
ING UBS U.S. Large Cap Equity Portfolio - Initial Class	4,705	5,220	7,247	7,667
ING Van Kampen Comstock Portfolio - Initial Class	667	1,360	1,691	2,228
ING Van Kampen Equity and Income Portfolio - Initial Class	328	578	712	358
ING Strategic Allocation Portfolios, Inc.:
ING Strategic Allocation Conservative Portfolio - Class I	3	17	6	18
ING Strategic Allocation Growth Portfolio - Class I	93	61	162	645
ING Strategic Allocation Moderate Portfolio - Class I	51	102	103	119

68

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

	Year Ending December 31
	2009		2008
	Purchases	Sales	Purchases	Sales
	(Dollars in thousands)
ING Variable Funds:
ING Growth and Income Portfolio - Class I	$ 1,698	$ 362	$ 21	$ 298
ING Variable Portfolios, Inc.:
ING Index Plus LargeCap Portfolio - Class I	2,793	2,949	11,332	10,367
ING Index Plus MidCap Portfolio - Class I	5,645	6,591	10,010	8,796
ING Index Plus SmallCap Portfolio - Class I	5,044	5,649	8,171	9,264
ING International Index Portfolio - Class S	6,428	640	-	-
ING Opportunistic Large Cap Portfolio - Class I	26	165	249	329
ING Russell™ Large Cap Growth Index Portfolio - Class I	82,655	5,902	-	-
ING Russell™ Large Cap Index Portfolio - Class I	1,605	426	-	-
ING Russell™ Large Cap Value Index Portfolio - Class I	22,154	1,672	-	-
ING Russell™ Mid Cap Growth Index Portfolio - Class I	1,537	445	-	-
ING Russell™ Small Cap Index Portfolio - Class I	250	252	237	6
ING U.S. Bond Index Portfolio - Class I	3,001	1,203	1,891	1,376
ING Variable Products Trust:
ING International Value Portfolio - Class I	198	3,229	3,532	5,180
ING MidCap Opportunities Portfolio - Class I	32	2,414	1,592	3,247
ING SmallCap Opportunities Portfolio - Class I	508	2,019	3,970	2,745
Neuberger Berman Advisers Management Trust:
Neuberger Berman AMT Socially Responsive Portfolio® - Class I	402	607	1,795	403

69

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

8. Changes in Units

The net changes in units outstanding follow:

			Year Ended December 31
		2009			2008
		Units	Net Increase		Units	Net Increase
	Units Issued	Redeemed	(Decrease)	Units Issued	Redeemed	(Decrease)
American Funds Insurance Series:
American Funds Insurance Series® Growth Fund - Class 2	642,095	973,561	(331,466)	808,564	1,014,484	(205,920)
American Funds Insurance Series® Growth-Income Fund - Class 2	539,329	751,552	(212,223)	671,555	778,578	(107,023)
American Funds Insurance Series® International Fund - Class 2	293,180	533,538	(240,358)	386,426	661,308	(274,882)
BlackRock Variable Series Funds, Inc.:
BlackRock Global Allocation V.I. Fund - Class III	215,852	42,336	173,516	-	-	-
Fidelity® Variable Insurance Products:
Fidelity® VIP Equity-Income Portfolio - Initial Class	274,749	575,453	(300,704)	262,777	597,268	(334,491)
Fidelity® Variable Insurance Products II:
Fidelity® VIP Contrafund® Portfolio - Initial Class	297,144	641,520	(344,376)	363,921	785,002	(421,081)
Fidelity® VIP Index 500 Portfolio - Initial Class	285	24,418	(24,133)	100	16,608	(16,508)
Fidelity® Variable Insurance Products V:
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class	1,222	147,267	(146,045)	1,819	123,718	(121,899)
ING Balanced Portfolio, Inc.:
ING Balanced Portfolio - Class I	79,804	213,259	(133,455)	50,907	198,877	(147,970)
ING Intermediate Bond Portfolio:
ING Intermediate Bond Portfolio - Class I	237,738	409,668	(171,930)	653,232	313,582	339,650
ING Investors Trust:
ING AllianceBernstein Mid Cap Growth Portfolio - Institutional Class	57,366	152,838	(95,472)	56,854	80,812	(23,958)
ING Artio Foreign Portfolio - Institutional Class	262,685	425,381	(162,696)	788,467	688,160	100,307
ING BlackRock Large Cap Growth Portfolio - Institutional Class	667,869	671,745	(3,876)	603,886	597,139	6,747
ING BlackRock Large Cap Value Portfolio - Institutional Class	178	109,721	(109,543)	3,920	160,241	(156,321)
ING Clarion Global Real Estate Portfolio - Service Class	139,061	234,351	(95,290)	666,391	124,781	541,610
ING Clarion Real Estate Portfolio - Institutional Class	1,238	36,639	(35,401)	1,015	69,346	(68,331)
ING Evergreen Health Sciences Portfolio - Institutional Class	117,527	207,615	(90,088)	286,010	138,646	147,364
ING Evergreen Omega Portfolio - Institutional Class	843,642	1,701,839	(858,197)	863,161	1,780,727	(917,566)
ING FMRSM Diversified Mid Cap Portfolio - Institutional Class	148,310	189,275	(40,965)	653,677	537,564	116,113

70

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements
			Year Ended December 31
		2009			2008
		Units	Net Increase		Units	Net Increase
	Units Issued	Redeemed	(Decrease)	Units Issued	Redeemed	(Decrease)
ING Investors Trust (continued):
ING Focus 5 Portfolio - Class I	22,783	4,713	18,070	6,206	475	5,731
ING Franklin Templeton Founding Strategy Portfolio - Institutional Class	96,487	67,264	29,223	115,867	35,191	80,676
ING Global Resources Portfolio - Institutional Class	196,393	201,983	(5,590)	258,174	221,798	36,376
ING Growth and Income Portfolio II - Institutional Class	38,642	285,308	(246,666)	93,708	202,045	(108,337)
ING Index Plus International Equity Portfolio - Service Class	49,312	719,963	(670,651)	295,548	381,813	(86,265)
ING International Growth Opportunities Portfolio - Service Class	-	21,969	(21,969)	-	7,661	(7,661)
ING JPMorgan Emerging Markets Equity Portfolio - Institutional Class	451,412	267,108	184,304	279,833	357,332	(77,499)
ING JPMorgan Small Cap Core Equity Portfolio - Institutional Class	289,382	593,248	(303,866)	319,533	582,964	(263,431)
ING JPMorgan Value Opportunities Portfolio - Institutional Class	241,001	3,048,700	(2,807,699)	350,557	703,353	(352,796)
ING LifeStyle Aggressive Growth Portfolio - Institutional Class	422,057	915,710	(493,653)	201,810	128,444	73,366
ING LifeStyle Growth Portfolio - Institutional Class	231,333	1,218,269	(986,936)	371,079	505,861	(134,782)
ING LifeStyle Moderate Growth Portfolio - Institutional Class	169,250	652,415	(483,165)	207,704	211,976	(4,272)
ING LifeStyle Moderate Portfolio - Institutional Class	309,314	829,989	(520,675)	545,095	146,341	398,754
ING Limited Maturity Bond Portfolio - Service Class	740,800	585,655	155,145	939,606	488,786	450,820
ING Liquid Assets Portfolio - Institutional Class	5,263,030	5,412,813	(149,783)	9,103,154	8,197,120	906,034
ING Lord Abbett Affiliated Portfolio - Institutional Class	-	1,910	(1,910)	-	1,305	(1,305)
ING Marsico Growth Portfolio - Institutional Class	81,888	107,633	(25,745)	74,379	167,414	(93,035)
ING Marsico International Opportunities Portfolio - Institutional Class	258,247	466,616	(208,369)	683,202	1,020,552	(337,350)
ING MFS Total Return Portfolio - Institutional Class	233,366	308,814	(75,448)	469,358	126,979	342,379
ING MFS Utilities Portfolio - Institutional Class	33,335	90,424	(57,089)	151,936	148,770	3,166
ING MFS Utilities Portfolio - Service Class	71,495	72,094	(599)	84,633	85,097	(464)
ING Oppenheimer Main Street Portfolio® - Institutional Class	7,043	79,180	(72,137)	80,523	55,719	24,804
ING PIMCO Total Return Bond Portfolio - Institutional Class	1,500,880	313,024	1,187,856	414,668	67,122	347,546
ING Pioneer Fund Portfolio - Institutional Class	13,276	7,405	5,871	11,051	8,539	2,512
ING Pioneer Mid Cap Value Portfolio - Institutional Class	100,663	169,017	(68,354)	159,048	175,278	(16,230)
ING Retirement Growth Portfolio - Institutional Class	1,943,585	101,042	1,842,543	-	-	-
ING Retirement Moderate Growth Portfolio - Institutional Class	654,415	40,445	613,970	-	-	-
ING Retirement Moderate Portfolio - Institutional Class	825,622	77,875	747,747	-	-	-

71

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements
			Year Ended December 31
		2009			2008
		Units	Net Increase		Units	Net Increase
	Units Issued	Redeemed	(Decrease)	Units Issued	Redeemed	(Decrease)
ING Investors Trust (continued):
ING Stock Index Portfolio - Institutional Class	1,261,356	2,080,817	(819,461)	935,311	1,567,807	(632,496)
ING T. Rowe Price Capital Appreciation Portfolio - Institutional Class	448,550	845,957	(397,407)	1,132,034	671,185	460,849
ING T. Rowe Price Equity Income Portfolio - Institutional Class	175,565	215,957	(40,392)	222,441	168,270	54,171
ING Van Kampen Capital Growth Portfolio - Institutional Class	709,093	9,540,527	(8,831,434)	9,190,044	1,607,308	7,582,736
ING Van Kampen Growth and Income Portfolio - Service Class	167,515	266,628	(99,113)	462,096	602,203	(140,107)
ING Wells Fargo Small Cap Disciplined Portfolio - Institutional Class	168,304	233,421	(65,117)	153,529	249,971	(96,442)
ING Partners, Inc.:
ING American Century Large Company Value Portfolio - Initial Class	-	19,901	(19,901)	-	5,270	(5,270)
ING American Century Small-Mid Cap Value Portfolio - Initial Class	-	7,559	(7,559)	-	7,654	(7,654)
ING Baron Small Cap Growth Portfolio - Initial Class	192,982	168,609	24,373	428,528	477,857	(49,329)
ING Columbia Small Cap Value Portfolio - Initial Class	109,579	176,697	(67,118)	244,295	166,315	77,980
ING JPMorgan Mid Cap Value Portfolio - Initial Class	106,800	165,990	(59,190)	167,442	200,820	(33,378)
ING Legg Mason Partners Aggressive Growth Portfolio - Initial Class	31	2,296	(2,265)	7	3,594	(3,587)
ING Neuberger Berman Partners Portfolio - Initial Class	51,094	136,023	(84,929)	404,394	373,880	30,514
ING Oppenheimer Global Portfolio - Initial Class	596,195	1,095,944	(499,749)	915,366	871,563	43,803
ING Oppenheimer Strategic Income Portfolio - Service Class	300,183	339,741	(39,558)	740,865	240,812	500,053
ING PIMCO Total Return Portfolio - Initial Class	4,365	187,283	(182,918)	393,314	477,599	(84,285)
ING Pioneer High Yield Portfolio - Initial Class	429,968	584,683	(154,715)	1,987,232	262,482	1,724,750
ING T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class	652,140	1,244,150	(592,010)	671,470	1,256,396	(584,926)
ING UBS U.S. Large Cap Equity Portfolio - Initial Class	722,216	792,633	(70,417)	654,597	712,080	(57,483)
ING Van Kampen Comstock Portfolio - Initial Class	112,777	202,860	(90,083)	143,939	241,634	(97,695)
ING Van Kampen Equity and Income Portfolio - Initial Class	37,186	61,488	(24,302)	50,527	38,956	11,571
ING Strategic Allocation Portfolios, Inc.:
ING Strategic Allocation Conservative Portfolio - Class I	-	1,564	(1,564)	-	1,532	(1,532)
ING Strategic Allocation Growth Portfolio - Class I	45	6,277	(6,232)	548	51,617	(51,069)
ING Strategic Allocation Moderate Portfolio - Class I	-	11,908	(11,908)	-	11,984	(11,984)
ING Variable Funds:
ING Growth and Income Portfolio - Class I	233,311	58,651	174,660	124	35,741	(35,617)

72

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements
			Year Ended December 31
		2009			2008
		Units	Net Increase		Units	Net Increase
	Units Issued	Redeemed	(Decrease)	Units Issued	Redeemed	(Decrease)
ING Variable Portfolios, Inc.:
ING Index Plus LargeCap Portfolio - Class I	339,806	358,308	(18,502)	867,052	818,747	48,305
ING Index Plus MidCap Portfolio - Class I	726,193	826,749	(100,556)	681,002	725,688	(44,686)
ING Index Plus SmallCap Portfolio - Class I	673,233	747,181	(73,948)	629,955	771,305	(141,350)
ING International Index Portfolio - Class S	524,040	55,100	468,940	-	-	-
ING Opportunistic Large Cap Portfolio - Class I	126	22,529	(22,403)	74	33,116	(33,042)
ING Russell™ Large Cap Growth Index Portfolio - Class I	7,940,743	845,733	7,095,010	-	-	-
ING Russell™ Large Cap Index Portfolio - Class I	147,428	40,446	106,982	-	-	-
ING Russell™ Large Cap Value Index Portfolio - Class I	2,164,021	229,500	1,934,521	-	-	-
ING Russell™ Mid Cap Growth Index Portfolio - Class I	7,844,945	7,750,910	94,035	-	-	-
ING Russell™ Small Cap Index Portfolio - Class I	36,094	31,616	4,478	29,863	1,093	28,770
ING U.S. Bond Index Portfolio - Class I	308,517	145,994	162,523	193,215	143,520	49,695
ING Variable Products Trust:
ING International Value Portfolio - Class I	7,913	166,967	(159,054)	4,534	190,749	(186,215)
ING MidCap Opportunities Portfolio - Class I	5,071	332,049	(326,978)	165,222	371,794	(206,572)
ING SmallCap Opportunities Portfolio - Class I	90,059	148,049	(57,990)	103,712	159,141	(55,429)
Neuberger Berman Advisers Management Trust:
Neuberger Berman AMT Socially Responsive Portfolio® - Class I	58,435	81,983	(23,548)	125,213	56,219	68,994

73

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

9. Unit Summary

A summary of units outstanding at December 31, 2009 follows:

Division/Contract	Units	Unit Value	Extended Value
American Funds Insurance Series® Growth Fund - Class 2
Contracts in accumulation period:
Select*Life I	99,604.701	$ 11.38	$ 1,133,501
Select*Life Series 2000	2,727,797.544	15.93	43,453,815
	2,827,402.245		$ 44,587,316
American Funds Insurance Series® Growth-Income Fund -
Class 2
Contracts in accumulation period:
Select*Life I	105,629.124	$ 10.61	$ 1,120,725
Select*Life Series 2000	2,091,253.601	14.58	30,490,478
	2,196,882.725		$ 31,611,203
American Funds Insurance Series® International Fund -
Class 2
Contracts in accumulation period:
Select*Life I	75,609.842	$ 14.21	$ 1,074,416
Select*Life Series 2000	1,443,694.119	23.23	33,537,014
	1,519,303.961		$ 34,611,430
BlackRock Global Allocation V.I. Fund - Class III
Contracts in accumulation period:
Select*Life I	10,984.535	$ 12.19	$ 133,901
Select*Life Series 2000	162,531.118	12.25	1,991,006
	173,515.653		$ 2,124,907
Fidelity® VIP Equity-Income Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	403,403.828	$ 45.35	$ 18,294,364
Select*Life Series 2000	1,599,288.746	30.03	48,026,641
	2,002,692.574		$ 66,321,005
Fidelity® VIP Contrafund® Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	173,634.185	$ 19.96	$ 3,465,738
Select*Life Series 2000	2,076,035.982	39.23	81,442,892
	2,249,670.167		$ 84,908,630
Fidelity® VIP Index 500 Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	78,206.047	$ 29.43	$ 2,301,604
Fidelity® VIP Investment Grade Bond Portfolio - Initial
Class
Contracts in accumulation period:
Select*Life I	36,850.034	$ 28.23	$ 1,040,276
Select*Life Series 2000	341,814.463	24.90	8,511,180
	378,664.497		$ 9,551,456

74

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING Balanced Portfolio - Class I
Contracts in accumulation period:
Select*Life I	367,176.084	$ 9.32	$ 3,422,081
Select*Life Series 2000	407,197.564	9.60	3,909,097
	774,373.648		$ 7,331,178
ING Intermediate Bond Portfolio - Class I
Contracts in accumulation period:
Select*Life I	18,335.044	$ 11.09	$ 203,336
Select*Life Series 2000	693,826.658	13.93	9,665,005
	712,161.702		$ 9,868,341
ING Artio Foreign Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	61,017.771	$ 11.81	$ 720,620
Select*Life Series 2000	814,717.599	12.26	9,988,438
	875,735.370		$ 10,709,058
ING BlackRock Large Cap Growth Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	37,588.472	$ 10.32	$ 387,913
Select*Life Series 2000	59,740.772	10.72	640,421
	97,329.244		$ 1,028,334
ING BlackRock Large Cap Value Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	22,171.761	$ 9.76	$ 216,396
Select*Life Series 2000	433,515.174	10.43	4,521,563
	455,686.935		$ 4,737,959
ING Clarion Global Real Estate Portfolio - Service Class
Contracts in accumulation period:
Select*Life I	22,879.529	$ 7.56	$ 172,969
Select*Life Series 2000	423,440.944	7.66	3,243,558
	446,320.473		$ 3,416,527
ING Clarion Real Estate Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life Series 2000	101,626.633	$ 20.07	$ 2,039,647
ING Evergreen Health Sciences Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	1,608.284	$ 11.32	$ 18,206
Select*Life Series 2000	206,252.107	11.76	2,425,525
	207,860.391		$ 2,443,731
ING Evergreen Omega Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	197,269.065	$ 13.61	$ 2,684,832
Select*Life Series 2000	6,108,691.757	14.14	86,376,901
	6,305,960.822		$ 89,061,733

75

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING FMRSM Diversified Mid Cap Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	26,078.029	$ 9.44	$ 246,177
Select*Life Series 2000	449,856.740	9.73	4,377,106
	475,934.769		$ 4,623,283
ING Focus 5 Portfolio - Class I
Contracts in accumulation period:
Select*Life Series 2000	23,800.778	$ 7.35	$ 174,936
ING Franklin Templeton Founding Strategy Portfolio -
Institutional Class
Contracts in accumulation period:
Select*Life I	6,523.510	$ 8.75	$ 57,081
Select*Life Series 2000	103,375.295	8.87	916,939
	109,898.805		$ 974,020
ING Global Resources Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	54,334.985	$ 17.42	$ 946,515
Select*Life Series 2000	420,139.820	29.80	12,520,167
	474,474.805		$ 13,466,682
ING JPMorgan Emerging Markets Equity Portfolio -
Institutional Class
Contracts in accumulation period:
Select*Life I	23,278.760	$ 13.02	$ 303,089
Select*Life Series 2000	635,024.646	13.41	8,515,681
	658,303.406		$ 8,818,770
ING JPMorgan Small Cap Core Equity Portfolio -
Institutional Class
Contracts in accumulation period:
Select*Life I	100,195.824	$ 11.54	$ 1,156,260
Select*Life Series 2000	1,710,665.149	12.97	22,187,327
	1,810,860.973		$ 23,343,587
ING Limited Maturity Bond Portfolio - Service Class
Contracts in accumulation period:
Select*Life I	48,753.799	$ 11.45	$ 558,231
Select*Life Series 2000	1,898,733.178	12.26	23,278,469
	1,947,486.977		$ 23,836,700
ING Liquid Assets Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	477,621.592	$ 11.23	$ 5,363,690
Select*Life Series 2000	5,001,569.671	11.85	59,268,601
	5,479,191.263		$ 64,632,291
ING Lord Abbett Affiliated Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	274.966	$ 10.02	$ 2,755
Select*Life Series 2000	7,147.595	13.79	98,565
	7,422.561		$ 101,320

76

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING Marsico Growth Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	10,770.765	$ 10.42	$ 112,231
Select*Life Series 2000	222,919.545	14.36	3,201,125
	233,690.310		$ 3,313,356
ING Marsico International Opportunities Portfolio -
Institutional Class
Contracts in accumulation period:
Select*Life I	96,981.450	$ 12.70	$ 1,231,664
Select*Life Series 2000	1,362,001.437	13.19	17,964,799
	1,458,982.887		$ 19,196,463
ING MFS Total Return Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	10,187.804	$ 10.92	$ 111,251
Select*Life Series 2000	495,404.342	14.10	6,985,201
	505,592.146		$ 7,096,452
ING MFS Utilities Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	37,855.185	$ 13.52	$ 511,802
Select*Life Series 2000	190,269.296	13.99	2,661,867
	228,124.481		$ 3,173,669
ING MFS Utilities Portfolio - Service Class
Contracts in accumulation period:
Select*Life Series 2000	151,632.706	$ 15.86	$ 2,404,895
ING PIMCO Total Return Bond Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	61,973.748	$ 11.43	$ 708,360
Select*Life Series 2000	1,473,428.190	11.59	17,077,033
	1,535,401.938		$ 17,785,393
ING Pioneer Fund Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	3,350.246	$ 10.71	$ 35,881
Select*Life Series 2000	25,747.112	11.12	286,308
	29,097.358		$ 322,189
ING Pioneer Mid Cap Value Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	4,026.416	$ 10.64	$ 42,841
Select*Life Series 2000	481,440.093	11.05	5,319,913
	485,466.509		$ 5,362,754
ING Retirement Growth Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	77,070.564	$ 9.40	$ 724,463
Select*Life Series 2000	1,765,472.142	9.42	16,630,748
	1,842,542.706		$ 17,355,211

77

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING Retirement Moderate Growth Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	8,170.965	$ 9.59	$ 78,360
Select*Life Series 2000	605,799.475	9.61	5,821,733
	613,970.440		$ 5,900,093
ING Retirement Moderate Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	19,692.742	$ 9.95	$ 195,943
Select*Life Series 2000	728,054.227	9.97	7,258,701
	747,746.969		$ 7,454,644
ING Stock Index Portfolio - Institutional Class
Contracts in accumulation period:
Select*Life I	9,410.095	$ 10.27	$ 96,642
Select*Life Series 2000	5,358,047.562	11.16	59,795,811
	5,367,457.657		$ 59,892,453
ING T. Rowe Price Capital Appreciation Portfolio -
Institutional Class
Contracts in accumulation period:
Select*Life I	89,572.955	$ 12.53	$ 1,122,349
Select*Life Series 2000	2,597,460.372	18.92	49,143,950
	2,687,033.327		$ 50,266,299
ING T. Rowe Price Equity Income Portfolio - Institutional
Class
Contracts in accumulation period:
Select*Life I	14,548.149	$ 10.37	$ 150,864
Select*Life Series 2000	606,001.217	14.62	8,859,738
	620,549.366		$ 9,010,602
ING Van Kampen Growth and Income Portfolio - Service
Class
Contracts in accumulation period:
Select*Life I	55,261.826	$ 10.84	$ 599,038
Select*Life Series 2000	802,534.969	11.26	9,036,544
	857,796.795		$ 9,635,582
ING Wells Fargo Small Cap Disciplined Portfolio -
Institutional Class
Contracts in accumulation period:
Select*Life I	570.800	$ 8.71	$ 4,972
Select*Life Series 2000	727,337.860	8.97	6,524,221
	727,908.660		$ 6,529,193
ING American Century Small-Mid Cap Value Portfolio -
Initial Class
Contracts in accumulation period:
Select*Life I	16,914.280	$ 12.46	$ 210,752
Select*Life Series 2000	13,882.992	12.94	179,646
	30,797.272		$ 390,398

78

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING Baron Small Cap Growth Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	9,543.700	$ 10.52	$ 100,400
Select*Life Series 2000	439,931.759	10.93	4,808,454
	449,475.459		$ 4,908,854
ING Columbia Small Cap Value Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	3,600.408	$ 8.43	$ 30,351
Select*Life Series 2000	446,201.561	8.68	3,873,030
	449,801.969		$ 3,903,381
ING JPMorgan Mid Cap Value Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	10,013.086	$ 10.79	$ 108,041
Select*Life Series 2000	423,603.560	16.65	7,052,999
	433,616.646		$ 7,161,040
ING Legg Mason Partners Aggressive Growth Portfolio -
Initial Class
Contracts in accumulation period:
Select*Life I	340.483	$ 10.12	$ 3,446
Select*Life Series 2000	9,256.686	13.14	121,633
	9,597.169		$ 125,079
ING Oppenheimer Global Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	199,332.495	$ 12.20	$ 2,431,856
Select*Life Series 2000	3,146,803.792	12.67	39,870,004
	3,346,136.287		$ 42,301,860
ING Oppenheimer Strategic Income Portfolio - Service
Class
Contracts in accumulation period:
Select*Life I	22,657.342	$ 11.80	$ 267,357
Select*Life Series 2000	862,131.684	12.25	10,561,113
	884,789.026		$ 10,828,470
ING PIMCO Total Return Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	28,712.592	$ 12.66	$ 363,501
Select*Life Series 2000	424,968.741	13.98	5,941,063
	453,681.333		$ 6,304,564
ING Pioneer High Yield Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	293,216.061	$ 11.76	$ 3,448,221
Select*Life Series 2000	1,276,818.875	11.92	15,219,681
	1,570,034.936		$ 18,667,902
ING T. Rowe Price Diversified Mid Cap Growth Portfolio -
Initial Class
Contracts in accumulation period:
Select*Life I	235,078.717	$ 11.70	$ 2,750,421
Select*Life Series 2000	3,530,831.247	12.16	42,934,908
	3,765,909.964		$ 45,685,329

79

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING UBS U.S. Large Cap Equity Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	21,388.237	$ 10.05	$ 214,952
Select*Life Series 2000	388,991.021	10.44	4,061,066
	410,379.258		$ 4,276,018
ING Van Kampen Comstock Portfolio - Initial Class
Contracts in accumulation period:
Select*Life I	13,342.337	$ 9.64	$ 128,620
Select*Life Series 2000	442,562.273	12.36	5,470,070
	455,904.610		$ 5,598,690
ING Van Kampen Equity and Income Portfolio - Initial
Class
Contracts in accumulation period:
Select*Life I	8,363.919	$ 11.61	$ 97,105
Select*Life Series 2000	118,872.010	13.61	1,617,848
	127,235.929		$ 1,714,953
ING Strategic Allocation Conservative Portfolio - Class I
Contracts in accumulation period:
Select*Life I	548.119	$ 10.52	$ 5,766
Select*Life Series 2000	1,499.382	11.26	16,883
	2,047.501		$ 22,649
ING Strategic Allocation Growth Portfolio - Class I
Contracts in accumulation period:
Select*Life I	4,349.104	$ 10.16	$ 44,187
Select*Life Series 2000	53,928.850	11.12	599,689
	58,277.954		$ 643,876
ING Strategic Allocation Moderate Portfolio - Class I
Contracts in accumulation period:
Select*Life I	2,279.047	$ 10.34	$ 23,565
Select*Life Series 2000	35,979.913	11.20	402,975
	38,258.960		$ 426,540
ING Growth and Income Portfolio - Class I
Contracts in accumulation period:
Select*Life I	6,823.813	$ 7.97	$ 54,386
Select*Life Series 2000	329,858.043	8.11	2,675,149
	336,681.856		$ 2,729,535
ING Index Plus LargeCap Portfolio - Class I
Contracts in accumulation period:
Select*Life I	8,657.715	$ 9.94	$ 86,058
Select*Life Series 2000	210,420.672	11.28	2,373,545
	219,078.387		$ 2,459,603
ING Index Plus MidCap Portfolio - Class I
Contracts in accumulation period:
Select*Life I	13,946.262	$ 10.71	$ 149,364
Select*Life Series 2000	800,297.155	13.31	10,651,955
	814,243.417		$ 10,801,319

80

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING Index Plus SmallCap Portfolio - Class I
Contracts in accumulation period:
Select*Life I	29,765.313	$ 9.90	$ 294,677
Select*Life Series 2000	632,614.587	12.49	7,901,356
	662,379.900		$ 8,196,033
ING International Index Portfolio - Class S
Contracts in accumulation period:
Select*Life I	134,505.683	$ 13.43	$ 1,806,411
Select*Life Series 2000	334,434.488	13.50	4,514,866
	468,940.171		$ 6,321,277
ING Opportunistic Large Cap Portfolio - Class I
Contracts in accumulation period:
Select*Life Series 2000	92,206.620	$ 8.80	$ 811,418
ING Russell™ Large Cap Growth Index Portfolio - Class I
Contracts in accumulation period:
Select*Life I	1,529,728.637	$ 12.77	$ 19,534,635
Select*Life Series 2000	5,565,281.157	12.84	71,458,210
	7,095,009.794		$ 90,992,845
ING Russell™ Large Cap Index Portfolio - Class I
Contracts in accumulation period:
Select*Life I	2,709.556	$ 12.80	$ 34,682
Select*Life Series 2000	104,272.726	12.87	1,341,990
	106,982.282		$ 1,376,672
ING Russell™ Large Cap Value Index Portfolio - Class I
Contracts in accumulation period:
Select*Life I	73,614.955	$ 12.58	$ 926,076
Select*Life Series 2000	1,860,906.189	12.65	23,540,463
	1,934,521.144		$ 24,466,539
ING Russell™ Mid Cap Growth Index Portfolio - Class I
Contracts in accumulation period:
Select*Life I	4,387.018	$ 13.07	$ 57,338
Select*Life Series 2000	89,648.043	13.14	1,177,975
	94,035.061		$ 1,235,313
ING Russell™ Small Cap Index Portfolio - Class I
Contracts in accumulation period:
Select*Life I	68.156	$ 8.78	$ 598
Select*Life Series 2000	33,179.644	8.90	295,299
	33,247.800		$ 295,897
ING U.S. Bond Index Portfolio - Class I
Contracts in accumulation period:
Select*Life I	1,901.427	$ 10.82	$ 20,573
Select*Life Series 2000	210,316.534	10.97	2,307,172
	212,217.961		$ 2,327,745

81

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

Division/Contract	Units	Unit Value	Extended Value
ING International Value Portfolio - Class I
Contracts in accumulation period:
Select*Life I	27,723.065	$ 22.16	$ 614,343
Select*Life Series 2000	438,055.146	24.48	10,723,590
	465,778.211		$ 11,337,933
ING MidCap Opportunities Portfolio - Class I
Contracts in accumulation period:
Select*Life I	22,219.336	$ 16.78	$ 372,840
Select*Life Series 2000	1,111,371.705	9.07	10,080,141
	1,133,591.041		$ 10,452,981
ING SmallCap Opportunities Portfolio - Class I
Contracts in accumulation period:
Select*Life I	32,746.504	$ 19.08	$ 624,803
Select*Life Series 2000	453,920.524	32.46	14,734,260
	486,667.028		$ 15,359,063
Neuberger Berman AMT Socially Responsive Portfolio® -
Class I
Contracts in accumulation period:
Select*Life I	1,377.640	$ 10.72	$ 14,768
Select*Life Series 2000	169,470.019	13.78	2,335,297
	170,847.659		$ 2,350,065

82

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

10. Financial Highlights

A summary of unit values, units outstanding and net assets for variable annuity Contracts, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the years ended December 31, 2009, 2008, 2007, 2006 and 2005, follows:

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
American Funds Insurance Series® Growth Fund -
Class 2
2009	2,827	$11.38	to	$15.93	$44,587	0.62%	0.00%	to	0.80%	38.27%	to	39.37%
2008	3,159	$8.23	to	$11.43	$35,762	0.84%	0.00%	to	0.80%	-44.39%	to	-43.94%
2007	3,365	$14.80	to	$20.39	$68,014	0.83%	0.00%	to	0.80%	11.45%	to	12.34%
2006	3,098	$13.28	to	$18.15	$55,783	0.87%	0.00%	to	0.80%	9.30%	to	10.20%
2005	2,406	$12.15	to	$16.47	$39,452	0.82%	0.00%	to	0.80%	16.23%
American Funds Insurance Series® Growth-Income
Fund - Class 2
2009	2,197	$10.61	to	$14.58	$31,611	1.52%	0.00%	to	0.80%	30.18%	to	31.23%
2008	2,409	$8.15	to	$11.11	$26,470	1.78%	0.00%	to	0.80%	-38.35%	to	-37.86%
2007	2,516	$13.22	to	$17.88	$44,497	1.63%	0.00%	to	0.80%	4.18%	to	5.05%
2006	2,250	$12.69	to	$17.02	$37,955	1.69%	0.00%	to	0.80%	14.32%	to	15.23%
2005	1,758	$11.10	to	$14.77	$25,866	1.65%	0.00%	to	0.80%	5.80%
American Funds Insurance Series® International
Fund - Class 2
2009	1,519	$14.21	to	$23.23	$34,611	1.44%	0.00%	to	0.80%	41.96%	to	43.04%
2008	1,760	$10.01	to	$16.24	$28,075	1.85%	0.00%	to	0.80%	-42.60%	to	-42.12%
2007	2,035	$17.44	to	$28.06	$56,099	1.63%	0.00%	to	0.80%	19.04%	to	20.02%
2006	1,761	$14.65	to	$23.38	$40,541	1.81%	0.00%	to	0.80%	18.05%	to	18.98%
2005	1,346	$12.41	to	$19.65	$26,342	1.83%	0.00%	to	0.80%	21.52%
BlackRock Global Allocation V.I. Fund - Class III
2009	174	$12.19	to	$12.25	$2,125	(e)	0.00%	to	0.80%		(e)
2008	(e)		(e)		(e)	(e)		(e)			(e)
2007	(e)		(e)		(e)	(e)		(e)			(e)
2006	(e)		(e)		(e)	(e)		(e)			(e)
2005	(e)		(e)		(e)	(e)		(e)			(e)

83

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
Fidelity® VIP Equity-Income Portfolio - Initial Class
2009	2,003	$30.03	to	$45.35	$66,321	2.13%	0.00%	to	0.80%	29.17%	to	30.23%
2008	2,303	$23.06	to	$35.11	$58,709	2.47%	0.00%	to	0.80%	-43.10%	to	-42.65%
2007	2,638	$40.21	to	$61.71	$117,512	1.83%	0.00%	to	0.80%	0.70%	to	1.51%
2006	2,876	$39.61	to	$61.28	$126,505	3.27%	0.00%	to	0.80%	19.24%	to	20.21%
2005	3,110	$32.95	to	$51.39	$114,643	1.64%	0.00%	to	0.80%	5.01%	to	5.85%
Fidelity® VIP Contrafund® Portfolio - Initial Class
2009	2,250	$19.96	to	$39.23	$84,909	1.31%	0.00%	to	0.80%	34.68%	to	35.70%
2008	2,594	$14.82	to	$28.91	$71,989	0.96%	0.00%	to	0.80%	-43.00%	to	-42.51%
2007	3,015	$26.00	to	$50.29	$145,859	0.95%	0.00%	to	0.80%	16.64%	to	17.58%
2006	3,181	$22.29	to	$42.77	$130,851	1.29%	0.00%	to	0.80%	10.84%	to	11.73%
2005	3,244	$20.11	to	$38.28	$119,867	0.28%	0.00%	to	0.80%	15.97%	to	16.92%
Fidelity® VIP Index 500 Portfolio - Initial Class
2009	78	$29.43			$2,302	2.26%	0.80%			25.61%
2008	102	$23.43	to	$24.74	$2,398	2.10%	0.00%	to	0.80%	-37.52%	to	-37.00%
2007	119	$37.50	to	$39.27	$4,457	3.64%	0.00%	to	0.80%	4.60%	to	5.45%
2006	144	$35.85	to	$37.24	$5,161	2.01%	0.00%	to	0.80%	14.79%	to	15.72%
2005	230	$31.23	to	$32.18	$7,183	1.77%	0.00%	to	0.80%	4.00%	to	4.82%
Fidelity® VIP Investment Grade Bond Portfolio -
Initial Class
2009	379	$24.90	to	$28.23	$9,551	8.86%	0.00%	to	0.80%	14.80%	to	15.76%
2008	525	$21.51	to	$24.59	$11,431	4.41%	0.00%	to	0.80%	-4.02%	to	-3.28%
2007	647	$22.24	to	$25.62	$14,574	4.41%	0.00%	to	0.80%	3.52%	to	4.36%
2006	793	$21.31	to	$24.75	$17,127	4.43%	0.00%	to	0.80%	3.51%	to	4.36%
2005	1,055	$20.42	to	$23.91	$21,869	3.70%	0.00%	to	0.80%	1.36%	to	2.20%
ING Balanced Portfolio - Class I
2009	774	$9.32	to	$9.60	$7,331	4.38%	0.00%	to	0.80%	18.27%	to	19.25%
2008	908	$7.88	to	$8.05	$7,229	3.76%	0.00%	to	0.80%	-28.69%	to	-28.12%
2007	1,056	$11.05	to	$11.20	$11,739	2.63%	0.00%	to	0.80%	4.74%	to	5.56%
2006	1,150	$10.55	to	$10.61	$12,161	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)

84

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Intermediate Bond Portfolio - Class I
2009	712	$11.09	to	$13.93	$9,868	6.12%	0.00%	to	0.80%	10.68%	to	11.62%
2008	884	$10.02	to	$12.48	$10,975	7.01%	0.00%	to	0.80%	-9.16%	to	-8.50%
2007	544	$11.03	to	$13.64	$7,393	4.03%	0.00%	to	0.80%	5.15%	to	6.07%
2006	484	$10.49	to	$12.86	$6,189	4.39%	0.00%	to	0.80%	3.25%	to	4.05%
2005	407	$10.16	to	$12.36	$5,030	4.96%	0.00%	to	0.80%	3.17%
ING Artio Foreign Portfolio - Institutional Class
2009	876	$11.81	to	$12.26	$10,709	3.50%	0.00%	to	0.80%	19.66%	to	20.67%
2008	1,038	$9.87	to	$10.16	$10,528	-	0.00%	to	0.80%	-43.89%	to	-43.49%
2007	938	$17.59	to	$17.98	$16,838	0.29%	0.00%	to	0.80%	15.80%	to	16.75%
2006	667	$15.19	to	$15.40	$10,259	-	0.00%	to	0.80%	28.62%	to	29.63%
2005	290	$11.81	to	$11.88	$3,449	(a)	0.00%	to	0.80%		(a)
ING BlackRock Large Cap Growth Portfolio -
Institutional Class
2009	97	$10.32	to	$10.72	$1,028	0.54%	0.00%	to	0.80%	29.49%	to	30.57%
2008	101	$7.97	to	$8.21	$819	0.19%	0.00%	to	0.80%	-39.39%	to	-38.91%
2007	94	$13.15	to	$13.44	$1,252	-	0.00%	to	0.80%	6.22%	to	7.09%
2006	21	$12.38	to	$12.55	$258	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING BlackRock Large Cap Value Portfolio -
Institutional Class
2009	456	$9.76	to	$10.43	$4,738	0.77%	0.00%	to	0.80%	12.31%	to	13.12%
2008	565	$8.69	to	$9.22	$5,195	0.70%	0.00%	to	0.80%	-35.72%	to	-35.16%
2007	722	$13.52	to	$14.22	$10,227	0.56%	0.00%	to	0.80%	3.68%	to	4.56%
2006	870	$13.04	to	$13.60	$11,798	0.80%	0.00%	to	0.80%	15.71%	to	16.64%
2005	1,093	$11.27	to	$11.66	$12,707	-	0.00%	to	0.80%	5.62%
ING Clarion Global Real Estate Portfolio - Service
Class
2009	446	$7.56	to	$7.66	$3,417	2.39%	0.00%	to	0.80%	32.40%	to	33.45%
2008	542	$5.71	to	$5.74	$3,108	(d)	0.00%	to	0.80%		(d)
2007	(d)		(d)		(d)	(d)		(d)			(d)
2006	(d)		(d)		(d)	(d)		(d)			(d)
2005	(d)		(d)		(d)	(d)		(d)			(d)

85

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Clarion Real Estate Portfolio - Institutional Class
2009	102	$20.07			$2,040	3.69%		-		36.16%
2008	137	$14.74			$2,020	1.65%		-		-38.30%
2007	205	$23.89			$4,906	1.43%		-		-17.54%
2006	327	$28.97			$9,468	1.48%		-		37.95%
2005	415	$21.00			$8,716	1.29%		-		17.12%
ING Evergreen Health Sciences Portfolio - Institutional
Class
2009	208	$11.32	to	$11.76	$2,444	-	0.00%	to	0.80%	19.41%	to	20.37%
2008	298	$9.48	to	$9.77	$2,911	0.48%	0.00%	to	0.80%	-29.04%	to	-28.48%
2007	151	$13.36	to	$13.66	$2,056	0.36%	0.00%	to	0.80%	7.92%	to	8.76%
2006	104	$12.38	to	$12.56	$1,312	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING Evergreen Omega Portfolio - Institutional Class
2009	6,306	$13.61	to	$14.14	$89,062	0.48%	0.00%	to	0.80%	41.62%	to	42.83%
2008	7,164	$9.61	to	$9.90	$70,858	0.53%	0.00%	to	0.80%	-27.96%	to	-27.37%
2007	8,082	$13.34	to	$13.63	$110,080	0.33%	0.00%	to	0.80%	11.07%	to	11.90%
2006	8,958	$12.01	to	$12.18	$109,063	-	0.00%	to	0.80%	5.07%	to	5.91%
2005	9,855	$11.43	to	$11.50	$113,310	(a)	0.00%	to	0.80%		(a)
ING FMRSM Diversified Mid Cap Portfolio -
Institutional Class
2009	476	$9.44	to	$9.73	$4,623	0.68%	0.00%	to	0.80%	38.42%	to	39.60%
2008	517	$6.82	to	$6.97	$3,599	1.49%	0.00%	to	0.80%	-39.49%	to	-39.02%
2007	401	$11.27	to	$11.43	$4,576	0.25%	0.00%	to	0.80%	13.84%	to	14.87%
2006	354	$9.90	to	$9.95	$3,525	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING Focus 5 Portfolio - Class I
2009	24		$7.35		$175	-		-		22.09%
2008	6		$6.02		$35	(d)		-			(d)
2007	(d)		(d)		(d)	(d)		(d)			(d)
2006	(d)		(d)		(d)	(d)		(d)			(d)
2005	(d)		(d)		(d)	(d)		(d)			(d)

86

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Franklin Templeton Founding Strategy Portfolio -
Institutional Class
2009	110	$8.75	to	$8.87	$974	2.89%	0.00%	to	0.80%	29.63%	to	30.63%
2008	81	$6.75	to	$6.79	$548	(d)	0.00%	to	0.80%		(d)
2007	(d)		(d)		(d)	(d)		(d)			(d)
2006	(d)		(d)		(d)	(d)		(d)			(d)
2005	(d)		(d)		(d)	(d)		(d)			(d)
ING Global Resources Portfolio - Institutional Class
2009	474	$17.42	to	$29.80	$13,467	0.59%	0.00%	to	0.80%	36.73%	to	37.77%
2008	480	$12.74	to	$21.63	$9,839	2.27%	0.00%	to	0.80%	-41.32%	to	-40.82%
2007	444	$21.71	to	$36.55	$15,123	0.12%	0.00%	to	0.80%	32.54%	to	33.59%
2006	390	$16.38	to	$27.36	$9,885	0.34%	0.00%	to	0.80%	20.71%	to	21.71%
2005	195	$13.57	to	$22.48	$4,116	0.61%	0.00%	to	0.80%	38.08%
ING JPMorgan Emerging Markets Equity Portfolio -
Institutional Class
2009	658	$13.02	to	$13.41	$8,819	1.63%	0.00%	to	0.80%	70.64%	to	72.14%
2008	474	$7.63	to	$7.79	$3,689	2.82%	0.00%	to	0.80%	-51.52%	to	-51.19%
2007	551	$15.74	to	$15.96	$8,798	0.98%	0.00%	to	0.80%	37.71%	to	38.90%
2006	172	$11.43	to	$11.49	$1,971	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING JPMorgan Small Cap Core Equity Portfolio -
Institutional Class
2009	1,811	$11.54	to	$12.97	$23,344	0.72%	0.00%	to	0.80%	26.40%	to	27.41%
2008	2,115	$9.13	to	$10.18	$21,402	0.81%	0.00%	to	0.80%	-30.20%	to	-29.65%
2007	2,378	$13.08	to	$14.47	$34,220	0.34%	0.00%	to	0.80%	-2.39%	to	-1.56%
2006	2,645	$13.40	to	$14.70	$38,672	0.07%	0.00%	to	0.80%	16.02%	to	16.95%
2005	2,913	$11.55	to	$12.57	$36,407	-	0.00%	to	0.80%	3.97%
ING Limited Maturity Bond Portfolio - Service Class
2009	1,947	$11.45	to	$12.26	$23,837	4.63%	0.00%	to	0.80%	6.31%	to	7.17%
2008	1,792	$10.77	to	$11.44	$20,471	6.30%	0.00%	to	0.80%	-1.01%	to	-0.26%
2007	1,342	$10.88	to	$11.47	$15,362	2.04%	0.00%	to	0.80%	4.92%	to	5.81%
2006	1,311	$10.37	to	$10.84	$14,188	7.05%	0.00%	to	0.80%	3.83%
2005	57	$10.44			$598	4.03%		-		1.66%

87

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Liquid Assets Portfolio - Institutional Class
2009	5,479	$11.23	to	$11.85	$64,632	0.31%	0.00%	to	0.80%	-0.27%	to	0.59%
2008	5,629	$11.26	to	$11.78	$66,021	2.53%	0.00%	to	0.80%	1.81%	to	2.61%
2007	4,723	$11.06	to	$11.48	$54,009	5.07%	0.00%	to	0.80%	4.44%	to	5.22%
2006	4,664	$10.59	to	$10.91	$50,723	4.82%	0.00%	to	0.80%	4.03%	to	5.00%
2005	4,992	$10.18	to	$10.39	$51,757	2.98%	0.00%	to	0.80%	2.97%
ING Lord Abbett Affiliated Portfolio - Institutional
Class
2009	7	$10.02	to	$13.79	$101	0.96%	0.00%	to	0.80%	18.16%	to	19.08%
2008	9	$8.48	to	$11.58	$107	3.34%	0.00%	to	0.80%	-36.90%	to	-36.41%
2007	11	$13.44	to	$18.21	$192	1.88%	0.00%	to	0.80%	3.46%	to	4.36%
2006	13	$12.99	to	$17.45	$234	1.21%	0.00%	to	0.80%	17.03%	to	17.91%
2005	15	$11.10	to	$14.80	$221	1.49%	0.00%	to	0.80%	5.71%
ING Marsico Growth Portfolio - Institutional Class
2009	234	$10.42	to	$14.36	$3,313	1.20%	0.00%	to	0.80%	28.33%	to	29.25%
2008	259	$8.12	to	$11.11	$2,841	0.82%	0.00%	to	0.80%	-40.64%	to	-40.14%
2007	352	$13.68	to	$18.56	$6,478	0.02%	0.00%	to	0.80%	13.53%	to	14.43%
2006	335	$12.05	to	$16.22	$5,393	-	0.00%	to	0.80%	4.33%	to	5.26%
2005	271	$11.55	to	$15.41	$4,142	(a)	0.00%	to	0.80%		(a)
ING Marsico International Opportunities Portfolio -
Institutional Class
2009	1,459	$12.70	to	$13.19	$19,196	1.56%	0.00%	to	0.80%	36.85%	to	37.97%
2008	1,667	$9.28	to	$9.56	$15,907	1.24%	0.00%	to	0.80%	-49.73%	to	-49.31%
2007	2,005	$18.46	to	$18.86	$37,760	1.18%	0.00%	to	0.80%	19.87%	to	20.90%
2006	2,236	$15.40	to	$15.60	$34,862	0.08%	0.00%	to	0.80%	23.30%	to	24.20%
2005	2,469	$12.49	to	$12.56	$31,000	(a)	0.00%	to	0.80%		(a)
ING MFS Total Return Portfolio - Institutional Class
2009	506	$10.92	to	$14.10	$7,096	2.63%	0.00%	to	0.80%	17.17%	to	18.09%
2008	581	$9.32	to	$11.94	$6,902	8.82%	0.00%	to	0.80%	-22.78%	to	-22.16%
2007	239	$12.07	to	$15.34	$3,639	2.59%	0.00%	to	0.80%	3.43%	to	4.28%
2006	225	$11.67	to	$14.71	$3,300	2.09%	0.00%	to	0.80%	11.35%	to	12.20%
2005	146	$10.48	to	$13.11	$1,911	2.64%	0.00%	to	0.80%	3.15%

88

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING MFS Utilities Portfolio - Institutional Class
2009	228	$13.52	to	$13.99	$3,174	5.26%	0.00%	to	0.80%	32.03%	to	33.11%
2008	285	$10.24	to	$10.51	$2,987	4.04%	0.00%	to	0.80%	-38.05%	to	-37.55%
2007	282	$16.53	to	$16.83	$4,740	0.99%	0.00%	to	0.80%	26.76%	to	27.69%
2006	193	$13.04	to	$13.18	$2,547	0.14%	0.00%	to	0.80%	30.01%	to	31.01%
2005	179	$10.03	to	$10.06	$1,796	(a)	0.00%	to	0.80%		(a)
ING MFS Utilities Portfolio - Service Class
2009	152	$15.86			$2,405	5.49%		-		32.83%
2008	152	$11.94			$1,818	3.54%		-		-37.72%
2007	153	$19.17			$2,927	0.74%		-		27.38%
2006	130	$15.05			$1,955	0.06%		-		30.87%
2005	57	$11.50			$661	(a)		-			(a)
ING PIMCO Total Return Bond Portfolio -
Institutional Class
2009	1,535	$11.43	to	$11.59	$17,785	4.15%	0.00%	to	0.80%	13.73%	to	14.64%
2008	348	$10.05	to	$10.11	$3,513	(d)	0.00%	to	0.80%		(d)
2007	(d)		(d)		(d)	(d)		(d)			(d)
2006	(d)		(d)		(d)	(d)		(d)			(d)
2005	(d)		(d)		(d)	(d)		(d)			(d)
ING Pioneer Fund Portfolio - Institutional Class
2009	29	$10.71	to	$11.12	$322	1.51%	0.00%	to	0.80%	23.53%	to	24.52%
2008	23	$8.67	to	$8.93	$207	3.68%	0.00%	to	0.80%	-35.06%	to	-34.53%
2007	21	$13.35	to	$13.64	$282	1.52%	0.00%	to	0.80%	4.46%	to	5.33%
2006	19	$12.78	to	$12.95	$244	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING Pioneer Mid Cap Value Portfolio - Institutional
Class
2009	485	$10.64	to	$11.05	$5,363	1.41%	0.00%	to	0.80%	24.44%	to	25.43%
2008	554	$8.55	to	$8.81	$4,878	2.17%	0.00%	to	0.80%	-33.46%	to	-32.90%
2007	570	$12.85	to	$13.13	$7,484	0.81%	0.00%	to	0.80%	4.90%	to	5.72%
2006	532	$12.25	to	$12.42	$6,611	0.28%	0.00%	to	0.80%	11.77%	to	12.70%
2005	517	$10.96	to	$11.02	$5,696	(a)	0.00%	to	0.80%		(a)

89

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Retirement Growth Portfolio - Institutional Class
2009	1,843	$9.40	to	$9.42	$17,355	(e)	0.00%	to	0.80%		(e)
2008	(e)		(e)		(e)	(e)		(e)			(e)
2007	(e)		(e)		(e)	(e)		(e)			(e)
2006	(e)		(e)		(e)	(e)		(e)			(e)
2005	(e)		(e)		(e)	(e)		(e)			(e)
ING Retirement Moderate Growth Portfolio -
Institutional Class
2009	614	$9.59	to	$9.61	$5,900	(e)	0.00%	to	0.80%		(e)
2008	(e)		(e)		(e)	(e)		(e)			(e)
2007	(e)		(e)		(e)	(e)		(e)			(e)
2006	(e)		(e)		(e)	(e)		(e)			(e)
2005	(e)		(e)		(e)	(e)		(e)			(e)
ING Retirement Moderate Portfolio - Institutional
Class
2009	748	$9.95	to	$9.97	$7,455	(e)	0.00%	to	0.80%		(e)
2008	(e)		(e)		(e)	(e)		(e)			(e)
2007	(e)		(e)		(e)	(e)		(e)			(e)
2006	(e)		(e)		(e)	(e)		(e)			(e)
2005	(e)		(e)		(e)	(e)		(e)			(e)
ING Stock Index Portfolio - Institutional Class
2009	5,367	$10.27	to	$11.16	$59,892	0.63%	0.00%	to	0.80%	25.24%	to	26.24%
2008	6,187	$8.20	to	$8.84	$54,683	3.66%	0.00%	to	0.80%	-37.64%	to	-37.13%
2007	6,819	$13.15	to	$14.06	$95,860	1.67%	0.00%	to	0.80%	4.45%	to	5.32%
2006	7,300	$12.59	to	$13.35	$97,438	1.58%	0.00%	to	0.80%	14.66%	to	15.48%
2005	7,763	$10.98	to	$11.56	$89,735	-	0.00%	to	0.80%	4.62%
ING T. Rowe Price Capital Appreciation Portfolio -
Institutional Class
2009	2,687	$12.53	to	$18.92	$50,266	2.03%	0.00%	to	0.80%	32.45%	to	33.62%
2008	3,084	$9.46	to	$14.16	$43,264	5.47%	0.00%	to	0.80%	-27.90%	to	-27.35%
2007	2,624	$13.12	to	$19.49	$50,611	2.04%	0.00%	to	0.80%	3.88%	to	4.67%
2006	2,152	$12.63	to	$18.62	$39,681	1.46%	0.00%	to	0.80%	13.99%	to	14.94%
2005	1,873	$11.08	to	$16.20	$30,204	1.46%	0.00%	to	0.80%	8.00%

90

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING T. Rowe Price Equity Income Portfolio -
Institutional Class
2009	621	$10.37	to	$14.62	$9,011	1.87%	0.00%	to	0.80%	24.34%	to	25.28%
2008	661	$8.34	to	$11.67	$7,661	5.22%	0.00%	to	0.80%	-36.04%	to	-35.52%
2007	607	$13.04	to	$18.10	$10,905	1.67%	0.00%	to	0.80%	2.52%	to	3.37%
2006	600	$12.72	to	$17.51	$10,431	1.50%	0.00%	to	0.80%	18.44%	to	19.44%
2005	515	$10.74	to	$14.66	$7,513	(a)	0.00%	to	0.80%		(a)
ING Van Kampen Growth and Income Portfolio -
Service Class
2009	858	$10.84	to	$11.26	$9,636	1.22%	0.00%	to	0.80%	22.90%	to	23.87%
2008	957	$8.82	to	$9.09	$8,680	3.80%	0.00%	to	0.80%	-32.77%	to	-32.16%
2007	1,097	$13.12	to	$13.40	$14,677	1.52%	0.00%	to	0.80%	1.78%	to	2.52%
2006	1,249	$12.89	to	$13.07	$16,308	2.02%	0.00%	to	0.80%	15.09%	to	15.97%
2005	82	$11.20	to	$11.27	$926	(a)	0.00%	to	0.80%		(a)
ING Wells Fargo Small Cap Disciplined Portfolio -
Institutional Class
2009	728	$8.71	to	$8.97	$6,529	1.00%	0.00%	to	0.80%	29.42%	to	30.38%
2008	793	$6.73	to	$6.88	$5,456	1.36%	0.00%	to	0.80%	-32.55%
2007	889	$10.20			$9,073	-		-		-3.41%
2006	1,030	$10.50	to	$10.56	$10,877	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING American Century Small-Mid Cap Value
Portfolio - Initial Class
2009	31	$12.46	to	$12.94	$390	1.87%	0.00%	to	0.80%	34.99%	to	36.07%
2008	38	$9.23	to	$9.51	$359	1.05%	0.00%	to	0.80%	-26.98%	to	-26.39%
2007	46	$12.64	to	$12.92	$589	0.68%	0.00%	to	0.80%	-3.51%	to	-2.71%
2006	67	$13.10	to	$13.28	$886	0.03%	0.00%	to	0.80%	14.81%	to	15.78%
2005	80	$11.41	to	$11.47	$917	(a)	0.00%	to	0.80%		(a)
ING Baron Small Cap Growth Portfolio - Initial Class
2009	449	$10.52	to	$10.93	$4,909	-	0.00%	to	0.80%	34.36%	to	35.44%
2008	425	$7.83	to	$8.07	$3,427	-	0.00%	to	0.80%	-41.57%	to	-41.09%
2007	474	$13.40	to	$13.70	$6,493	-	0.00%	to	0.80%	5.43%	to	6.37%
2006	345	$12.71	to	$12.88	$4,438	-	0.00%	to	0.80%	14.61%	to	15.52%
2005	189	$11.09	to	$11.15	$2,102	(a)	0.00%	to	0.80%		(a)

91

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Columbia Small Cap Value Portfolio - Initial
Class
2009	450	$8.43	to	$8.68	$3,903	1.36%	0.00%	to	0.80%	23.97%	to	25.07%
2008	517	$6.80	to	$6.94	$3,586	0.32%	0.00%	to	0.80%	-34.36%	to	-33.90%
2007	439	$10.36	to	$10.50	$4,608	0.15%	0.00%	to	0.80%	2.47%	to	3.24%
2006	439	$10.11	to	$10.17	$4,467	(b)	0.00%	to	0.80%		(b)
2005	(b)		(b)		(b)	(b)		(b)			(b)
ING JPMorgan Mid Cap Value Portfolio - Initial Class
2009	434	$10.79	to	$16.65	$7,161	1.40%	0.00%	to	0.80%	24.88%	to	25.95%
2008	493	$8.64	to	$13.22	$6,437	2.65%	0.00%	to	0.80%	-33.44%	to	-32.89%
2007	526	$12.98	to	$19.70	$10,192	0.78%	0.00%	to	0.80%	1.80%	to	2.60%
2006	518	$12.75	to	$19.20	$9,804	0.02%	0.00%	to	0.80%	15.91%	to	16.86%
2005	429	$11.00	to	$16.43	$6,973	0.71%	0.00%	to	0.80%	8.74%
ING Legg Mason Partners Aggressive Growth
Portfolio - Initial Class
2009	10	$10.12	to	$13.14	$125	-	0.00%	to	0.80%	31.26%	to	32.33%
2008	12	$7.71	to	$9.93	$117	-	0.00%	to	0.80%	-39.72%	to	-39.19%
2007	15	$12.79	to	$16.33	$251	-	0.00%	to	0.80%	-2.37%	to	-1.63%
2006	19	$13.10	to	$16.60	$320	-	0.00%	to	0.80%	10.30%
2005	20	$15.05			$304	(a)		-			(a)
ING Oppenheimer Global Portfolio - Initial Class
2009	3,346	$12.20	to	$12.67	$42,302	2.37%	0.00%	to	0.80%	38.48%	to	39.54%
2008	3,846	$8.81	to	$9.08	$34,855	2.47%	0.00%	to	0.80%	-40.79%	to	-40.30%
2007	3,802	$14.88	to	$15.21	$57,740	1.11%	0.00%	to	0.80%	5.76%	to	6.59%
2006	4,048	$14.07	to	$14.27	$57,700	0.07%	0.00%	to	0.80%	16.96%	to	18.03%
2005	4,289	$12.03	to	$12.09	$51,836	(a)	0.00%	to	0.80%		(a)
ING Oppenheimer Strategic Income Portfolio - Service
Class
2009	885	$11.80	to	$12.25	$10,828	3.53%	0.00%	to	0.80%	20.41%	to	21.29%
2008	924	$9.80	to	$10.10	$9,329	6.69%	0.00%	to	0.80%	-16.38%	to	-15.69%
2007	424	$11.72	to	$11.98	$5,079	4.64%	0.00%	to	0.80%	7.72%	to	8.61%
2006	212	$10.88	to	$11.03	$2,338	0.18%	0.00%	to	0.80%	7.30%	to	8.24%
2005	30	$10.14	to	$10.19	$305	(a)	0.00%	to	0.80%		(a)

92

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING PIMCO Total Return Portfolio - Initial Class
2009	454	$12.66	to	$13.98	$6,305	3.04%	0.00%	to	0.80%	12.04%	to	12.92%
2008	637	$11.30	to	$12.38	$7,845	5.51%	0.00%	to	0.80%	-0.70%	to	0.08%
2007	721	$11.38	to	$12.37	$8,866	3.71%	0.00%	to	0.80%	8.69%	to	9.66%
2006	512	$10.47	to	$11.28	$5,737	1.88%	0.00%	to	0.80%	3.46%	to	4.16%
2005	345	$10.12	to	$10.83	$3,727	(a)	0.00%	to	0.80%		(a)
ING Pioneer High Yield Portfolio - Initial Class
2009	1,570	$11.76	to	$11.92	$18,668	7.77%	0.00%	to	0.80%	65.87%	to	67.18%
2008	1,725	$7.09	to	$7.13	$12,283	(d)	0.00%	to	0.80%		(d)
2007	(d)		(d)		(d)	(d)		(d)			(d)
2006	(d)		(d)		(d)	(d)		(d)			(d)
2005	(d)		(d)		(d)	(d)		(d)			(d)
ING T. Rowe Price Diversified Mid Cap Growth
Portfolio - Initial Class
2009	3,766	$11.70	to	$12.16	$45,685	0.42%	0.00%	to	0.80%	45.16%	to	46.51%
2008	4,358	$8.06	to	$8.30	$36,101	0.47%	0.00%	to	0.80%	-43.60%	to	-43.15%
2007	4,943	$14.29	to	$14.60	$72,067	0.19%	0.00%	to	0.80%	12.52%	to	13.35%
2006	5,502	$12.70	to	$12.88	$70,799	-	0.00%	to	0.80%	8.18%	to	9.15%
2005	6,074	$11.74	to	$11.80	$71,647	(a)	0.00%	to	0.80%		(a)
ING UBS U.S. Large Cap Equity Portfolio - Initial
Class
2009	410	$10.05	to	$10.44	$4,276	1.39%	0.00%	to	0.80%	30.69%	to	31.82%
2008	481	$7.69	to	$7.92	$3,802	2.47%	0.00%	to	0.80%	-40.20%	to	-39.77%
2007	538	$12.86	to	$13.15	$7,067	0.74%	0.00%	to	0.80%	0.31%	to	1.23%
2006	555	$12.82	to	$12.99	$7,204	0.78%	0.00%	to	0.80%	13.65%	to	14.45%
2005	553	$11.28	to	$11.35	$6,273	(a)	0.00%	to	0.80%		(a)
ING Van Kampen Comstock Portfolio - Initial Class
2009	456	$9.64	to	$12.36	$5,599	2.35%	0.00%	to	0.80%	27.85%	to	28.88%
2008	546	$7.54	to	$9.59	$5,190	4.27%	0.00%	to	0.80%	-36.85%	to	-36.32%
2007	644	$11.94	to	$15.06	$9,558	1.65%	0.00%	to	0.80%	-2.85%	to	-2.08%
2006	626	$12.29	to	$15.38	$9,506	0.99%	0.00%	to	0.80%	15.29%	to	16.25%
2005	553	$10.66	to	$13.23	$7,295	0.64%	0.00%	to	0.80%	3.68%

93

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Van Kampen Equity and Income Portfolio -
Initial Class
2009	127	$11.61	to	$13.61	$1,715	1.83%	0.00%	to	0.80%	21.70%	to	22.61%
2008	152	$9.54	to	$11.10	$1,665	5.59%	0.00%	to	0.80%	-23.98%	to	-23.34%
2007	140	$12.55	to	$14.48	$2,019	2.32%	0.00%	to	0.80%	2.70%	to	3.58%
2006	133	$12.22	to	$13.98	$1,862	2.11%	0.00%	to	0.80%	11.80%	to	12.65%
2005	90	$10.93	to	$12.41	$1,114	0.09%	0.00%	to	0.80%	8.01%
ING Strategic Allocation Conservative Portfolio -
Class I
2009	2	$10.52	to	$11.26	$23	10.53%	0.00%	to	0.80%	16.89%	to	17.91%
2008	4	$9.00	to	$9.55	$34	4.08%	0.00%	to	0.80%	-24.18%	to	-23.60%
2007	5	$11.87	to	$12.50	$64	2.94%	0.00%	to	0.80%	4.95%	to	5.84%
2006	6	$11.31	to	$11.81	$72	2.44%	0.00%	to	0.80%	7.51%	to	8.35%
2005	21	$10.52	to	$10.90	$232	0.40%	0.00%	to	0.80%	3.81%
ING Strategic Allocation Growth Portfolio - Class I
2009	58	$10.16	to	$11.12	$644	9.89%	0.00%	to	0.80%	24.36%	to	25.23%
2008	65	$8.17	to	$8.88	$569	2.22%	0.00%	to	0.80%	-36.62%	to	-36.07%
2007	116	$12.89	to	$13.89	$1,596	1.87%	0.00%	to	0.80%	4.20%	to	5.07%
2006	139	$12.37	to	$13.22	$1,833	2.08%	0.00%	to	0.80%	12.35%	to	13.18%
2005	222	$11.01	to	$11.68	$2,587	1.25%	0.00%	to	0.80%	6.18%
ING Strategic Allocation Moderate Portfolio - Class I
2009	38	$10.34	to	$11.20	$427	8.57%	0.00%	to	0.80%	20.79%	to	21.87%
2008	50	$8.56	to	$9.19	$460	3.28%	0.00%	to	0.80%	-31.02%	to	-30.48%
2007	62	$12.41	to	$13.22	$820	2.40%	0.00%	to	0.80%	4.64%	to	5.51%
2006	74	$11.86	to	$12.53	$930	2.68%	0.00%	to	0.80%	10.33%	to	11.18%
2005	118	$10.75	to	$11.27	$1,328	0.90%	0.00%	to	0.80%	4.64%
ING Growth and Income Portfolio - Class I
2009	337	$7.97	to	$8.11	$2,730	1.93%	0.00%	to	0.80%	29.17%	to	30.39%
2008	162	$6.17	to	$6.22	$1,008	1.41%	0.00%	to	0.80%	-38.11%	to	-37.68%
2007	198	$9.97	to	$9.98	$1,972	(c)	0.00%	to	0.80%		(c)
2006	(c)		(c)		(c)	(c)		(c)			(c)
2005	(c)		(c)		(c)	(c)		(c)			(c)

94

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING Index Plus LargeCap Portfolio - Class I
2009	219	$9.94	to	$11.28	$2,460	3.37%	0.00%	to	0.80%	22.26%	to	23.14%
2008	238	$8.13	to	$9.16	$2,168	2.44%	0.00%	to	0.80%	-37.75%	to	-37.22%
2007	189	$13.06	to	$14.59	$2,752	1.24%	0.00%	to	0.80%	4.15%	to	5.04%
2006	186	$12.54	to	$13.89	$2,578	0.93%	0.00%	to	0.80%	13.69%	to	14.60%
2005	146	$11.03	to	$12.12	$1,764	1.22%	0.00%	to	0.80%	5.39%
ING Index Plus MidCap Portfolio - Class I
2009	814	$10.71	to	$13.31	$10,801	1.66%	0.00%	to	0.80%	30.61%	to	31.65%
2008	915	$8.20	to	$10.11	$9,216	1.46%	0.00%	to	0.80%	-38.02%	to	-37.55%
2007	959	$13.23	to	$16.19	$15,483	0.80%	0.00%	to	0.80%	4.67%	to	5.54%
2006	952	$12.64	to	$15.34	$14,578	0.59%	0.00%	to	0.80%	8.50%	to	9.42%
2005	765	$11.65	to	$14.02	$10,710	0.40%	0.00%	to	0.80%	11.18%
ING Index Plus SmallCap Portfolio - Class I
2009	662	$9.90	to	$12.49	$8,196	1.73%	0.00%	to	0.80%	23.75%	to	24.78%
2008	736	$8.00	to	$10.01	$7,310	0.97%	0.00%	to	0.80%	-34.10%	to	-33.53%
2007	878	$12.14	to	$15.06	$13,106	0.47%	0.00%	to	0.80%	-6.97%	to	-6.23%
2006	879	$13.05	to	$16.06	$14,007	0.38%	0.00%	to	0.80%	12.99%	to	13.82%
2005	653	$11.55	to	$14.11	$9,190	0.28%	0.00%	to	0.80%	7.63%
ING International Index Portfolio - Class S
2009	469	$13.43	to	$13.50	$6,321	(e)	0.00%	to	0.80%		(e)
2008	(e)		(e)		(e)	(e)		(e)			(e)
2007	(e)		(e)		(e)	(e)		(e)			(e)
2006	(e)		(e)		(e)	(e)		(e)			(e)
2005	(e)		(e)		(e)	(e)		(e)			(e)
ING Opportunistic Large Cap Portfolio - Class I
2009	92		$8.80		$811	3.08%		-		15.03%
2008	115		$7.65		$877	2.13%		-		-35.55%
2007	148	$11.87			$1,753	1.77%		-		2.95%
2006	181	$11.53			$2,092	1.44%		-		16.00%
2005	236		$9.94		$2,342	(a)		-			(a)

95

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB	Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)	(lowest to highest)
ING Russell™ Large Cap Growth Index Portfolio -
Class I
2009	7,095	$12.77	to	$12.84	$90,993	(e)	0.00% to 0.80%	(e)
2008	(e)		(e)		(e)	(e)	(e)	(e)
2007	(e)		(e)		(e)	(e)	(e)	(e)
2006	(e)		(e)		(e)	(e)	(e)	(e)
2005	(e)		(e)		(e)	(e)	(e)	(e)
ING Russell™ Large Cap Index Portfolio - Class I
2009	107	$12.80	to	$12.87	$1,377	(e)	0.00% to 0.80%	(e)
2008	(e)		(e)		(e)	(e)	(e)	(e)
2007	(e)		(e)		(e)	(e)	(e)	(e)
2006	(e)		(e)		(e)	(e)	(e)	(e)
2005	(e)		(e)		(e)	(e)	(e)	(e)
ING Russell™ Large Cap Value Index Portfolio -
Class I
2009	1,935	$12.58	to	$12.65	$24,467	(e)	0.00% to 0.80%	(e)
2008	(e)		(e)		(e)	(e)	(e)	(e)
2007	(e)		(e)		(e)	(e)	(e)	(e)
2006	(e)		(e)		(e)	(e)	(e)	(e)
2005	(e)		(e)		(e)	(e)	(e)	(e)
ING Russell™ Mid Cap Growth Index Portfolio -
Class I
2009	94	$13.07	to	$13.14	$1,235	(e)	0.00% to 0.80%	(e)
2008	(e)		(e)		(e)	(e)	(e)	(e)
2007	(e)		(e)		(e)	(e)	(e)	(e)
2006	(e)		(e)		(e)	(e)	(e)	(e)
2005	(e)		(e)		(e)	(e)	(e)	(e)
ING Russell™ Small Cap Index Portfolio - Class I
2009	33	$8.78	to	$8.90	$296	-	0.00% to 0.80%	25.61% to 26.60%
2008	29	$6.99	to	$7.03	$202	(d)	0.00% to 0.80%	(d)
2007	(d)		(d)		(d)	(d)	(d)	(d)
2006	(d)		(d)		(d)	(d)	(d)	(d)
2005	(d)		(d)		(d)	(d)	(d)	(d)

96

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

						Investment
	Units	Unit Fair Value			Net Assets	Income	Expense RatioB			Total ReturnC
	(000's)	(lowest to highest)			(000's)	RatioA	(lowest to highest)			(lowest to highest)
ING U.S. Bond Index Portfolio - Class I
2009	212	$10.82	to	$10.97	$2,328	2.60%	0.00%	to	0.80%	5.05%	to	5.89%
2008	50	$10.30	to	$10.36	$515	(d)	0.00%	to	0.80%		(d)
2007	(d)		(d)		(d)	(d)		(d)			(d)
2006	(d)		(d)		(d)	(d)		(d)			(d)
2005	(d)		(d)		(d)	(d)		(d)			(d)
ING International Value Portfolio - Class I
2009	466	$22.16	to	$24.48	$11,338	1.60%	0.00%	to	0.80%	26.12%	to	27.17%
2008	625	$17.57	to	$19.25	$11,966	2.68%	0.00%	to	0.80%	-43.19%	to	-42.76%
2007	811	$30.93	to	$33.63	$27,156	1.71%	0.00%	to	0.80%	12.51%	to	13.46%
2006	1,053	$27.49	to	$29.64	$31,100	2.42%	0.00%	to	0.80%	28.40%	to	29.43%
2005	1,371	$21.41	to	$22.90	$31,244	2.48%	0.00%	to	0.80%	8.57%	to	9.41%
ING MidCap Opportunities Portfolio - Class I
2009	1,134	$9.07	to	$16.78	$10,453	0.22%	0.00%	to	0.80%	40.30%	to	41.50%
2008	1,461	$6.41	to	$11.96	$9,524	-	0.00%	to	0.80%	-38.10%	to	-37.65%
2007	1,667	$10.28	to	$19.32	$17,470	-	0.00%	to	0.80%	24.73%	to	25.83%
2006	2,100	$8.17	to	$15.49	$17,509	-	0.00%	to	0.80%	6.90%	to	7.78%
2005	2,658	$7.58	to	$14.49	$20,569	-	0.00%	to	0.80%	9.52%	to	10.33%
ING SmallCap Opportunities Portfolio - Class I
2009	487	$19.08	to	$32.46	$15,359	-	0.00%	to	0.80%	29.97%	to	31.05%
2008	545	$14.68	to	$24.77	$13,132	-	0.00%	to	0.80%	-35.02%	to	-34.47%
2007	600	$22.59	to	$37.80	$22,091	-	0.00%	to	0.80%	9.18%	to	10.08%
2006	646	$20.69	to	$34.34	$21,566	-	0.00%	to	0.80%	11.66%	to	12.55%
2005	722	$18.53	to	$30.51	$21,322	-	0.00%	to	0.80%	8.24%	to	9.12%
Neuberger Berman AMT Socially Responsive
Portfolio® - Class I
2009	171	$10.72	to	$13.78	$2,350	1.96%	0.00%	to	0.80%	30.26%	to	31.49%
2008	194	$8.23	to	$10.48	$2,034	2.95%	0.00%	to	0.80%	-39.88%	to	-39.46%
2007	125	$13.69	to	$17.31	$2,167	0.10%	0.00%	to	0.80%	6.70%	to	7.58%
2006	105	$12.83	to	$16.09	$1,685	0.18%	0.00%	to	0.80%	13.71%
2005	106	$14.15			$1,495	-		-		6.87%

97

RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements

(a)	As investment Division was not available until 2005, this data is not meaningful and is therefore not presented.
(b)	As investment Division was not available until 2006, this data is not meaningful and is therefore not presented.
(c)	As investment Division was not available until 2007, this data is not meaningful and is therefore not presented.
(d)	As investment Division was not available until 2008, this data is not meaningful and is therefore not presented.
(e)	As investment Division was not available until 2009, this data is not meaningful and is therefore not presented.
A	The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions divided by the average net assets. The recognition of investment income is determined by the timing of the declaration of dividends by the underlying fund in which the Division invests.
B	The Expense Ratio considers only the expenses borne directly by the Account and is equal to the mortality and expense, administrative and other charges, as defined in Note 4. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.
C	Total Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.

98

FINANCIAL STATEMENTS — STATUTORY BASIS
ReliaStar Life Insurance Company
For the years ended December 31, 2009, 2008 and 2007
with Report of Independent Registered Public Accounting Firm

RELIASTAR LIFE INSURANCE COMPANY
Financial Statements – Statutory Basis
December 31, 2009

Contents

Report of Independent Registered Public Accounting Firm	1
Audited Financial Statements - Statutory Basis
Balance Sheets - Statutory Basis – as of December 31, 2009 and 2008	3
Statements of Operations - Statutory Basis – for the years ended December 31, 2009,
2008 and 2007	5
Statements of Changes in Capital and Surplus - Statutory Basis – for the years ended
December 31, 2009, 2008 and 2007	6
Statements of Cash Flows - Statutory Basis – for the years ended December 31, 2009,
2008 and 2007	7
Notes to Financial Statements - Statutory Basis	8

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholder
ReliaStar Life Insurance Company

We have audited the accompanying statutory basis balance sheets of ReliaStar Life Insurance Company (the “Company”), an indirect wholly owned subsidiary of ING America Insurance Holdings, Inc., as of December 31, 2009 and 2008, and the related statutory basis statements of operations, changes in capital and surplus, and cash flows for each of the three years in the period ended December 31, 2009. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As described in Note 1 to the financial statements, the Company presents its financial statements in conformity with accounting practices prescribed or permitted by the Minnesota Department of Commerce, Division of Insurance (“Minnesota Division of Insurance”), which practices differ from U.S generally accepted accounting principles. The variances between such practices and U.S. generally accepted accounting principles are described in Note 1. The effects on the financial statements of these variances are not reasonably determinable but are presumed to be material.

In our opinion, because of the effects of the matter described in the preceding paragraph, the financial statements referred to above do not present fairly, in conformity with U.S. generally accepted accounting principles, the financial position of ReliaStar Life Insurance Company at December 31, 2009 and 2008, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2009.

However, in our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of ReliaStar Life Insurance Company at December 31, 2009 and 2008, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2009, in conformity with accounting practices prescribed or permitted by the Minnesota Division of Insurance.

As discussed in Note 1 to the financial statements, the Company changed its method of accounting for loan-backed and structured securities and income taxes in 2009.

/s/ Ernst & Young LLP

Atlanta, Georgia
April 1, 2010

RELIASTAR LIFE INSURANCE COMPANY
Balance Sheets - Statutory Basis
	December 31
	2009	2008
	(In Thousands)
Admitted Assets
Cash and invested assets:
Bonds	$ 11,921,786	$ 13,389,937
Preferred stocks	48,516	111,545
Common stocks	60,112	63,967
Subsidiaries	322,591	267,611
Mortgage loans	2,225,989	2,492,588
Real estate:
Properties occupied by the company	9,601	9,519
Properties held for the production of income	7,660	7,673
Contract loans	682,630	690,229
Other invested assets	1,092,726	1,068,202
Cash and short term investments	1,331,064	156,896
Total cash and invested assets	17,702,675	18,258,167
Deferred and uncollected premiums, less loading (2009-$59,523; 2008-$34,078)	(67,517)	(376,766)
Accrued investment income	204,675	185,410
Reinsurance balances recoverable	297,515	184,426
Indebtedness from related parties	57,305	241,749
Net deferred tax asset	222,437	127,427
Separate account assets	2,227,830	1,920,676
Other assets	28,385	22,791
Total admitted assets	$ 20,673,305	$ 20,563,880

The accompanying notes are an integral part of these financial statements.
3

RELIASTAR LIFE INSURANCE COMPANY
Balance Sheets - Statutory Basis
	December 31
	2009	2008
	(In Thousands,
	except share amounts)
Liabilities and Capital and Surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves	$ 12,868,745	$ 12,535,786
Accident and health reserves	936,352	1,119,012
Deposit type contracts	655,939	633,472
Policyholders’ funds	1,671	1,150
Dividends payable	11,240	13,745
Policy and contract claims	123,837	215,745
Total policy and contract liabilities	14,597,784	14,518,910
Accounts payable and accrued expenses	141,510	146,375
Reinsurance balances	1,161,020	363,874
Current federal income taxes payable (including $70,722 and
$10,592 on realized capital gains (losses) at December 31,
2009 and 2008, respectively)	19,907	10,936
Indebtedness to related parties	48,476	142,015
Contingency reserve	40,063	40,226
Asset valuation reserve	19,014	65,691
Borrowed money	-	705,019
Net transfers from separate accounts	(95,033)	(76,412)
Other liabilities	322,424	653,262
Separate account liabilities	2,227,830	1,920,676
Total liabilities	18,482,995	18,490,572
Capital and surplus:
Common stock: authorized 25,000,000 shares of $1.25 par value;
2,000,000 shares issued and outstanding	2,500	2,500
Preferred capital stock	100	100
Special surplus funds	94,219	9,710
Surplus note	100,000	100,000
Paid-in and contributed surplus	1,957,125	1,957,125
Unassigned surplus	36,466	3,973
Preferred capital stock, held in treasury	(100)	(100)
Total capital and surplus	2,190,310	2,073,308
Total liabilities and capital and surplus	$ 20,673,305	$ 20,563,880

The accompanying notes are an integral part of these financial statements.
4

RELIASTAR LIFE INSURANCE COMPANY
Statements of Operations – Statutory Basis
	Year ended December 31
	2009		2008		2007
	(In Thousands)
Premiums and other revenues:
Life, annuity, and accident and health premiums	$ 566,262	$ 2,305,966		$ 1,970,191
Considerations for supplementary contracts with life contingencies	3,638		2,683		2,022
Net investment income	866,422		880,893		958,383
Amortization of interest maintenance reserve	(17,585)		(7,479)		(598)
Commissions, expense allowances and reserve adjustments
on reinsurance ceded	1,158,218		258,258		1,015,902
Other revenue	123,358		133,539		148,941
Total premiums and other revenues	2,700,313		3,573,860		4,094,841
Benefits paid or provided:
Death benefits	128,184		742,637		943,659
Annuity benefits	99,855		110,171		110,050
Surrender benefits and withdrawals	1,162,628		1,610,260		1,847,038
Interest on policy or contract funds	25,458		31,896		28,364
Accident and health benefits	143,838		543,348		579,121
Other benefits	7,922		8,521		7,403
Increase (decrease) in life, annuity and accident and health reserves	158,125		(174,081)		(121,592)
Net transfers from separate accounts	(136,163)		(239,177)		(386,445)
Total benefits paid or provided	1,589,847		2,633,575		3,007,598
Insurance expenses and other deductions:
Commissions	436,865		475,591		392,398
General expenses	381,780		439,337		401,062
Insurance taxes, licenses and fees	57,891		59,482		51,412
Other (additions) deductions	(4,732)		17,033		(36,436)
Total insurance expenses and other deductions	871,804		991,443		808,436
Gain (loss) from operations before policyholder dividends, federal income
taxes and net realized capital gains (losses)	238,662		(51,158)		278,807
Dividends to policyholders	14,704		17,316		18,500
Gain (loss) from operations before federal income taxes
and net realized capital (losses) gains	223,958		(68,474)		260,307
Federal income tax expense (benefit)	119,396		(111,875)		110,413
Gain from operations before net realized capital (losses) gains	104,562		43,401		149,894
Net realized capital (losses) gains	(197,058)		(168,608)		3,156
Net (loss) income	$ (92,496)	$ (125,207)		$ 153,050

The accompanying notes are an integral part of these financial statements.
5

RELIASTAR LIFE INSURANCE COMPANY
Statements of Changes in Capital and Surplus—Statutory Basis
	Year ended December 31
	2009	2008	2007
	(In Thousands)
Common stock:
Balance at beginning and end of year	$ 2,500	$ 2,500	$ 2,500
Preferred stock:
Balance at beginning and end of year	$ 100	$ 100	$ 100
Special surplus funds:
Balance at beginning of year	$ 9,710	$ -	$ -
Reclass of gain on sale/leaseback of home property from unassigned surplus	(694)	9,710		-
Admitted deferred tax asset per SSAP 10R	85,203	-		-
Balance at end of year	$ 94,219	$ 9,710	$ -
Surplus note:
Balance at beginning and end of year	$ 100,000	$ 100,000	$ 100,000
Paid-in and contributed surplus:
Balance at beginning of year	$ 1,957,125	$ 1,767,125	$ 1,672,125
Capital contributions	-	190,000		95,000
Balance at end of year	$ 1,957,125	$ 1,957,125	$ 1,767,125
Unassigned surplus:
Balance at beginning of year	$ 3,973	$ 456,307	$ 548,834
Net (loss) income	(92,496)	(125,207)		153,050
Change in net unrealized capital gains (losses)	14,887	(319,121)		(175,577)
Change in nonadmitted assets	(89,906)	(129,114)		(71,572)
Change in liability for reinsurance in unauthorized companies	21,650	(1,744)		(6,733)
Change in reserve due to change in valuation bases	7,483	-		-
Change in asset valuation reserve	46,677	95,124		(25,549)
Other changes in surplus in separate account statement	-	-		1,209
Cumulative effect of change in accounting principle	(8,570)	-		-
Change in net deferred income tax	64,737	44,616		47,184
Deferred gain on reinsurance of existing business	72,773	-		30,049
Change in surplus as a result of reinsurance	(6,916)	(5,253)		(46,376)
Reclass of gain on sale/leaseback of home property to special surplus	694	(9,710)		-
Dividends to stockholder	-	-		-
Additional minimum pension liability	1,480	(1,925)		1,788
Balance at end of year	$ 36,466	$ 3,973	$ 456,307
Preferred capital stock held in treasury	(100)	(100)		(100)
Total capital and surplus	$ 2,190,310	$ 2,073,308	$ 2,325,932

The accompanying notes are an integral part of these financial statements.
6

RELIASTAR LIFE INSURANCE COMPANY
Statements of Cash Flows—Statutory Basis
	Year ended December 31
	2009	2008		2007
	(In Thousands)
Operations
Premiums, policy proceeds, and other considerations received,
net of reinsurance paid	$ 368,000	$ 2,775,447		$ 2,003,357
Net investment income received	1,011,418		957,129		1,026,284
Commissions and expenses paid	(943,219)		(933,585)		(821,882)
Benefits paid	(1,719,787)		(3,188,156)		(3,557,172)
Net transfers from separate accounts	105,195		301,344		396,242
Dividends paid to policyholders	(17,205)		(18,135)		(18,121)
Federal income taxes (paid) recovered	(38,765)		22,338		(54,150)
Miscellaneous income	1,203,854		373,850		1,168,680
Net cash (used in) provided by operations	(30,509)		290,232		143,238
Investment Activities
Proceeds from sales, maturities, or repayments of investments:
Bonds	3,552,257		4,597,269		7,865,334
Stocks	119,717		159,496		58,279
Mortgage loans	311,118		352,074		343,501
Real estate	-		118,909		2,601
Other invested assets	185,529		11,837,282		11,993,637
Net gain on cash and short term investments	218		102		2,652
Miscellaneous proceeds	63,998		138,501		84,663
Total investment proceeds	4,232,837		17,203,633		20,350,667
Cost of investments acquired:
Bonds	2,995,079		4,635,762		8,222,389
Stocks	135,067		210,573		34,701
Mortgage loans	56,558		431,080		620,696
Real estate	650		-		1,978
Other invested assets	179,091		11,963,019		12,231,320
Miscellaneous applications	173,167		133,726		48,657
Total cost of investments acquired	3,539,612		17,374,160		21,159,741
Net increase (decrease) in contract loans	7,599		(7,011)		(9,088)
Net cash provided by (used in) investment activities	700,824		(177,538)		(818,162)
Financing and Miscellaneous Activities
Other cash provided (applied):
Capital and surplus paid-in	190,000		-		95,000
Borrowed money	(703,908)		93,069		46,069
Net deposits (withdrawals) on deposit type contracts	22,467		(185,448)		208,675
Dividends paid to stockholder	-		-		-
Funds received from reinsurance	751,845		-		-
Other cash provided (used)	243,449		(49,301)		169,821
Net cash provided by (used in) financing and miscellaneous activities	503,853		(141,680)		519,565
Net increase (decrease) in cash and short term investments	1,174,168		(28,986)		(155,359)
Cash and short term investments:
Beginning of year	156,896		185,882		341,241
End of year	$ 1,331,064	$ 156,896		$ 185,882

The accompanying notes are an integral part of these financial statements.
7

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

1. Organization and Significant Accounting Policies

ReliaStar Life Insurance Company (the “Company”) is domiciled in Minnesota and is a wholly owned subsidiary of Lion Connecticut Holdings Inc. (“Lion”), a Connecticut domiciled non-insurance holding company. Lion, in turn, is a wholly owned subsidiary of ING America Insurance Holdings, Inc. (“ING AIH”), a Delaware domiciled non-insurance holding company. The Company’s ultimate parent is ING Groep, N.V. (“ING”), a global financial services company based in the Netherlands.

Description of Business

The Company is principally engaged in the business of providing individual life insurance and annuities, employee benefit products and services, retirement plans, and life and health reinsurance. The Company is presently licensed in all states (approved for reinsurance only in New York), the District of Columbia, Guam, and Puerto Rico.

Use of Estimates

The preparation of the financial statements of the Company requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Recently Adopted Accounting Principles and Actuarial Guidelines

Effective July 1, 2009, the Company adopted Statement of Statutory Accounting Principles (“SSAP”) No. 43R, Loan-backed and Structured Securities (“SSAP 43R”). This statement provides guidance on recording other-than-temporary impairments (“OTTI”) on loan-backed and structured securities. When the holder of a loan-backed or structured security with an unrealized loss position either has the intent to sell the security or does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis, the security must be written down to fair value.

When the holder of a loan-backed or structured security in an unrealized loss position does not intend to sell the security and has the intent and ability to hold the security for a period of time sufficient to recover the amortized cost, the holder of the security must compare the present value of the expected future cash flows for this security to its amortized cost. If the present value of the expected future cash flows for the security is lower than its amortized cost, the security is written down to its present value of the expected future cash flows.

In both instances noted above, the total loss recorded is bifurcated between the interest related loss and the non-interest related loss. The interest related portion shall be recorded through the interest maintenance reserve (“IMR”) and the non-interest related portion shall be recorded through the asset valuation reserve (“AVR”). The effects on the

8

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Company's 2009 financial statements of adopting this change in accounting principle at July 1, 2009 were decreases in total admitted assets of $8.8, total liabilities of $0.2, and capital and surplus of $8.6. This adoption had no impact on net income.

Effective December 31, 2009, the Company adopted SSAP No. 10R, Income Taxes (“SSAP 10R”). This statement requires the Company to calculate admitted deferred tax assets based upon what is expected to reverse within one year with a cap on the admitted portion of the deferred tax asset of 10% of capital and surplus for its most recently filed statement with the domiciliary state commissioner. If the Company’s risk-based capital (“RBC”) levels, after reflecting the above limitations, exceeds 250% of the authorized control level, the statement increases the limitation on admitted deferred tax assets from what is expected to reverse in one year to what is expected to reverse over the next three years and increases the cap on the admitted portion of the deferred tax asset from 10% of capital and surplus for its most recently filed statement with the domiciliary state commissioner to 15% of capital and surplus for its most recently filed statement with the domiciliary state commissioner. Other revisions in the statement include requiring the Company to reduce the gross deferred tax asset by a statutory valuation allowance adjustment if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the gross deferred tax assets will not be realized. The effects on the Company's 2009 financial statements of adopting this change in accounting principle at December 31, 2009 were increases to capital and surplus and total admitted assets of $85.2. This adoption had no impact to net income or total liabilities. The increase in capital and surplus related to the cumulative effect of adopting this change in accounting principle is disclosed in a separate line in the Statements of Changes in Capital and Surplus.

Effective December 31, 2009, the Company adopted Actuarial Guideline 43 – Variable Annuity Commissioners Annuity Reserve Valuation Method (“AG43”). The NAIC replaced the existing formula-based reserve standard methodology (AG34 – Death Benefits and AG39 – Living Benefits) with a stochastic principles-based methodology AG43 for determining reserves for all individual variable annuity contracts with and without guaranteed benefits and all group annuity contracts with guarantees issued on or after 1/1/1981. Variable payout annuity contracts are also subject to AG43. Under the requirements of AG43, there is no cumulative effect of adopting AG43. Reserves calculated using AG43 were lower than reserves calculated under AG34 and AG39 by $2.7. Where the application of AG43 produces higher reserves than the Company had otherwise established under AG34 and AG39, the Company may request a grade-in period, not to exceed three years, from the Domiciliary Commissioner. The grading shall be done only on reserves on the contracts in-force as of December 31, 2009. The reserves under the old basis and the new basis shall be compared each year with two-thirds of the difference subtracted from the reserve under the new basis in 2009 and one-third of the difference subtracted from the new basis in 2010. Since reserves under AG43 were lower that the previous methodology, the Company did not elect the grade-in provision and reserves at December 31, 2009 reflect the full impact of the adoption of AG43.

9

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Reclassifications

Certain amounts in the Company’s statutory basis financial statements have been reclassified to conform to the 2009 financial statement presentation. These reclassifications reflect presentational differences on both the Balance Sheets and Statement of Operations. There were no changes to total capital and surplus or net income. A reconciliation of the more significant presentational differences for 2008 and 2007 balances is as follows:

	2008 Balance per Audited		2008 Balance per Audited
	Financial Statements	Amount	Financial Statements
	December 31, 2008	Reclassified	December 31, 2009
		(In Thousands)
Admitted Assets
Reinsurance balances recoverable	$ 185,418	$ (992)	$ 184,426
Other Assets	21,799	992	22,791
Liabilities
Accounts payable and accrued expenses	204,884	(58,509)	146,375
Reinsurance balances due	298,366	65,508	363,874
Other liabilities	660,261	(6,999)	653,262
Statement of Operations
Net investment income	878,335	2,558	880,893
Other revenue	136,097	(2,558)	133,539
Capital and Surplus
Special surplus funds	-	9,710	9,710
Unassigned funds	13,683	(9,710)	3,973
	2007 Balance per Audited		2007 Balance per Audited
	Financial Statements	Amount	Financial Statements
	December 31, 2007	Reclassified	December 31, 2009
		(In Thousands)
Statement of Operations
Net investment income	$ 950,685	$ 7,698	$ 958,383
Other revenue	156,639	(7,698)	148,941

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Minnesota Division of Insurance, which practices differ from United States generally accepted accounting principles (“GAAP”). The more significant variances from GAAP are:

Investments: Investments in bonds and mandatorily redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC rating; for GAAP, such fixed maturity investments are designated at purchase as held to maturity, trading or available for sale. Held to maturity investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized capital gains and losses reported in operations for those designated as trading and as a separate component of other comprehensive income in stockholder’s equity for those designated as available for sale.

10

RELIASTAR LIFE INSURANCE COMPANY
 Note to Other Financial Information
December 31, 2009

Management regularly reviews the value of the Company’s investments in bonds and mandatorily redeemable preferred stocks. If the value of any investment falls below its cost basis, the decline is analyzed to determine whether it is an other than temporary decline in value. To make this determination for each security, the following are some of the factors considered:

§	The length of time and the extent to which the fair value has been below cost.
§	The financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations or earnings potential.
§	Management’s intent and ability to hold the security long enough for it to recover its value.

Based on the analysis, management makes a judgment as to whether the loss is other than temporary. If the loss is other than temporary, an impairment charge is recorded within net realized investment gains (losses) in the Statements of Operation in the period the determination is made.

The Company invests in structured securities including mortgage backed securities/ collateralized mortgage obligations, asset backed securities, collateralized debt obligations, and commercial mortgage backed securities. For these structured securities in unrealized loss positions in the periods after the adoption of SSAP 43R, management determines whether it has the intent and ability to hold the security for a period of time sufficient to recover the amortized cost. If management has the intent and ability to hold the security to recovery, the Company must compare the present value of the expected future cash flows for this security to its carrying value. If the present value of the expected future cash flows for the security is lower than its carrying value, the security is written down to its present value of the expected future cash flows.

When an OTTI is recorded because there is intent to sell or the holder does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis, the security is written down to fair value. The total loss recorded is bifurcated between the interest related loss and the non-interest related loss. The interest related portion shall be recorded through the IMR and the non-interest related portion shall be recorded through the AVR.

For these structured securities in periods prior the adoption of SSAP 43R, management compared the undiscounted projected future cash flows to the carrying value and an OTTI was considered to have occurred when the undiscounted cash flows were less than the carrying value.

For GAAP, when a decline in fair value is determined to be other-than-temporary, the loss which is calculated as the difference between the securities carrying value and fair value is recorded in net realized capital gains (losses) in its entirety or bifurcated between net realized capital gains (losses) and accumulated other comprehensive income, as appropriate.

11

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Investments in real estate are reported net of related obligations rather than on a gross basis. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses include rent for the Company’s occupancy of those properties. Changes between depreciated cost and admitted asset investment amounts are credited or charged directly to unassigned surplus rather than income as would be required under GAAP.

SSAP No. 31, Derivative Instruments (“SSAP 31”) applies to derivative transactions entered into prior to January 1, 2003. The Company also follows the hedge accounting guidance in SSAP No. 86, Accounting for Derivative Instruments and Hedging Activities

(“SSAP 86”) for derivative transactions entered into or modified on or after January 1, 2003. Under SSAP 86, derivatives that are deemed effective hedges are accounted for entirely in a manner which is consistent with the underlying hedged item. Derivatives used in hedging transactions that do not meet the requirements of SSAP 86 as an effective hedge are carried at fair value with the change in value recorded in surplus as unrealized gains or losses. Embedded derivatives are not accounted for separately from the host contract. Under GAAP, the effective and ineffective portions of a single hedge are accounted for separately. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risk of the host contract is accounted for separately from the host contract and valued and reported at fair value, and the change in fair value for cash flow hedges is credited or charged directly to a separate component of shareholder’s equity rather than to income as required for fair value hedges.

Valuation Reserves: The AVR is intended to establish a reserve to offset potential credit related investment losses on most invested asset categories. AVR is determined by an NAIC prescribed formula and is reported as a liability rather than as a valuation allowance or an appropriation of surplus. The change in AVR is reported directly to unassigned surplus.

Under a formula prescribed by the NAIC, the Company defers the portion of realized gains and losses on sales of fixed income investments, principally bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual securities sold in five year bands. The Company’s net deferral of IMR is negative and as such is reported as a component of other assets and completely nonadmitted in the accompanying Balance Sheets.

Realized gains and losses on investments are reported in the Statements of Operations net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the Statements of Operations on a pretax basis in the period that the asset giving rise to the gain or loss is sold. Realized losses due to impairment are recorded when there has been a decline in value deemed to be other than temporary, in which case the provision for such declines is charged to income or bifurcated to other comprehensive income as appropriate.

12

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Valuation allowances, if necessary, are established for mortgage loans based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, such allowances are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, if foreclosure is probable, on the estimated fair value of the collateral.

The initial valuation allowance and subsequent changes in the allowance for mortgage loans as a result of a temporary impairment are charged or credited directly to unassigned surplus. Under GAAP, such allowances are included as a component of earnings.

Policy Acquisition Costs: The costs of acquiring and renewing business are expensed when incurred. Under GAAP, acquisition costs related to traditional life insurance, to the extent recoverable from future policy revenues, are deferred and amortized over the premium paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves. For universal life insurance and investment products, to the extent recoverable from future gross profits, acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investment, mortality, and expense margins.

Premiums: Life premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

Under GAAP, premiums for traditional life insurance products, which include those products with fixed and guaranteed premiums and benefits and consist primarily of whole life insurance policies, are recognized as revenue when due. Group insurance premiums are recognized as premium revenue over the time period to which the premiums relate. Revenues for universal life, annuities and guaranteed interest contracts consist of policy charges for the cost of insurance, policy administration charges, amortization of policy initiation fees and surrender charges assessed during the period.

Benefit and Contract Reserves: Life policy and contract reserves under statutory accounting practices are calculated based upon both the net level premium and Commissioners’ Reserve Valuation methods (“CRVM”) using statutory rates for mortality and interest. GAAP requires that policy reserves for traditional products be based upon the net level premium method utilizing reasonably conservative estimates of mortality, interest, and withdrawals prevailing when the policies were sold. For interest sensitive products, the GAAP policy reserve is equal to the policy fund balance plus an unearned revenue reserve which reflects the unamortized balance of early year policy loads over renewal year policy loads.

Reinsurance: For business ceded to unauthorized reinsurers, statutory accounting practices require that reinsurance credits permitted by the treaty be recorded as an

13

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

offsetting liability and charged against unassigned surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings. Statutory income recognized on certain reinsurance treaties representing financing arrangements is not recognized on a GAAP basis.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as required under GAAP.

Commissions allowed by reinsurers on business ceded are reported as income when received rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.

Gains and losses generated in certain reinsurance transactions are deferred and amortized over the remaining life of the business for GAAP purposes. For statutory, losses are recognized immediately in income, with gains reported as a separate component of surplus and amortized over the remaining life of the business.

Nonadmitted Assets: Certain assets designated as “nonadmitted,” principally disallowed deferred federal income tax assets, disallowed interest maintenance reserves, non operating software, past due agents’ balances, furniture and equipment, intangible assets, and other assets not specifically identified as an admitted asset within the NAIC

Accounting Practices and Procedures Manual, are excluded from the accompanying Balance Sheets and are charged directly to unassigned surplus. Under GAAP, such assets are included in the Balance Sheets.

Subsidiaries: The accounts and operations of the Company’s subsidiaries are not consolidated. Certain affiliated investments for which audited GAAP statements are not available or expected to be available are nonadmitted. Under GAAP, the accounts and operations of the Company’s subsidiaries are consolidated. All affiliated investments are included in the Consolidated Balance Sheets.

Employee Benefits: For purposes of calculating the Company’s postretirement benefit obligation, only vested participants and current retirees are included in the valuation. Under GAAP, active participants not currently vested are also included.

Universal Life and Annuity Policies: Revenues for universal life and annuity policies consist of the entire premium received and benefits incurred represent the total of death benefits paid and the change in policy reserves. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.

Policyholder Dividends: Policyholder dividends are recognized when declared. Under GAAP, dividends are recognized over the term of the related policies.

14

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Deferred Income Taxes: Deferred tax assets are provided for and admitted to an amount determined under a standard formula. This formula considers the amount of differences that will reverse over the next year, taxes paid in prior years that could be recovered through carrybacks, surplus limits, and the amount of deferred tax liabilities available for offset. For periods after the adoption of SSAP 10R and assuming certain minimum thresholds are met, the formula allows the Company to consider the amount that is expected to reverse over the next three years rather than the single year under SSAP 10. SSAP 10R also requires the Company to reduce the gross deferred tax asset by a statutory valuation allowance adjustment if, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the gross deferred tax assets will not be realized. Any deferred tax assets not covered under the formula are nonadmitted. Deferred taxes do not include any amounts for state taxes. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets that are expected to be realized in future years and a valuation allowance is established for the portion that is not realizable.

Surplus Notes: Surplus notes are reported as a component of surplus and are recorded in other invested assets on the Balance Sheet. Under statutory accounting practices, no interest is recorded on the surplus notes until payment has been approved by the Minnesota Division of Insurance. Under GAAP, surplus notes are reported as liabilities and the related interest is reported as a charge to earnings over the term of the notes.

Statements of Cash Flows: Cash and short term investments in the Statements of Cash Flows represent cash balances, demand deposits, and short term fixed maturity investments with initial maturities of one year or less at the date of acquisition. Under GAAP, the corresponding caption of cash and cash equivalents includes cash balances and investments with initial maturities of three months or less. Other invested assets include cash loaned through the Company’s reciprocal loan program.

Participation Fund Account: On January 3, 1989, the Minnesota Division of Insurance approved a Plan of Conversion and Reorganization ("the Plan"), which provided, among other things, for the conversion of the Company from a combined stock and mutual life insurance company to a stock life insurance company.

The Plan provided for the establishment of a Participation Fund Account ("PFA") for the benefit of certain participating individual life insurance policies and annuities issued by the Company prior to the effective date of the Plan. Under the terms of the PFA, the insurance liabilities and assets (approximately $219.3 as of December 31, 2009) with respect to such policies are included in the Company's financial statements but are segregated in the accounting records of the Company to assure the continuation of policyholder dividend practices.

Reconciliation to GAAP: The effects of the preceding variances from GAAP on the accompanying statutory basis financial statements have not been determined, but are presumed to be material.

15

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Other significant accounting practices are as follows:

Investments: Investments are stated at values prescribed by the NAIC, as follows:

Bonds not backed by other loans are principally stated at amortized cost using the effective interest method.

Loan backed securities are stated at either amortized cost or the lower of amortized cost or fair market value. Amortized cost is determined using the effective interest method and includes anticipated prepayments. The retrospective adjustment method is used to determine the amortized cost for the majority of loan-backed and structured securities. For certain securities the prospective adjustment method is used, including interest only securities and securities that have experienced an other-than-temporary impairment.

Redeemable preferred stocks rated as high quality or better are reported at cost or amortized cost. All other redeemable preferred stocks are reported at the lower of cost, amortized cost, or market value and nonredeemable preferred stocks are reported at fair value or the lower of cost or fair value as determined by the Securities Valuation Office of the NAIC (“SVO”).

Common stocks are reported at fair value as determined by the SVO and the related unrealized capital gains/losses are reported in unassigned surplus along with adjustment for federal income taxes.

The Company’s use of derivatives is primarily for economic hedging purposes to reduce the Company’s exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, and market risk. For those derivatives in effective hedging relationships, the Company values all derivative instruments on a consistent basis with the hedged item. Upon termination, gains and losses on instruments are included in the carrying values of the underlying hedged items and are amortized over the remaining lives of the hedged items as adjustments to investment income or benefits from the hedged items. Any unamortized gains or losses are recognized when the underlying hedged items are sold. The unrealized gains and losses from derivatives not designated as accounting hedges are reported at fair value through surplus. Upon termination, interest related gains and losses are included in IMR and are amortized over the remaining lives of the derivatives; other gains and losses are added to the AVR. The Company enters into the following derivatives:

• Interest rate swaps: Interest rate swaps are used to manage the interest rate risk in the Company’s fixed maturity portfolio, as well as the Company’s liabilities. Interest rate swaps represent contracts that require the exchange of cash flows at regular interim periods, typically monthly or quarterly. The net interest effect of such swap transactions is reported as an adjustment of interest income from the hedged items as incurred.

16

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

• Foreign exchange swaps: Foreign exchange swaps are used to reduce the risk of a change in the value, yield, or cash flow with respect to invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows for U.S. dollar cash flows at regular interim periods, typically quarterly or semi-annually.

Credit default swaps are utilized to replicate the investment characteristics of permissible investments using the derivative in conjunction with other investments. Replicated (synthetic) assets filed with the SVO result in both the derivative and cash instrument being carried at amortized cost. The replication practices are in accordance with SSAP 86 permissible investments using the derivative in conjunction with other investments.

• Credit default swaps: Credit default swaps are used to reduce the credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to or received from the counterparty at specified intervals and amounts for the purchase or sale of credit protection. In the event of a default on the underlying credit exposure, the Company will either receive an additional payment (purchased credit protection) or will be required to make an additional payment (sold credit protection) equal to par minus recovery value of the swap contract.
• Forwards: Forwards are acquired to hedge the Company’s inverse portfolio against movements in interest rates, particularly mortgage rates. On the settlement date, the Company will either receive a payment (interest rate drops on owned forwards or interest rate rises on purchased forwards) or will be required to make a payment (interest rate rises on owned forwards or interest rate drops on purchased forwards).
• Swaptions: Swaptions are used to manage interest rate risk in the Company’s collateralized mortgage obligations portfolio. Swaptions are contracts that give the Company the option to enter into an interest rate swap at a specific future date.
• Futures: The Company utilizes futures contracts in an anticipatory hedging program to hedge the effects of changes in interest rates related to commitments for future purchases of bonds.
• Options: Call options are used to hedge against an increase in the various equity indices. Such increase may result in increased payments to contract holders of fixed indexed annuity contracts, and the options offset this increased expense. Put options are used to hedge the liability associated with embedded derivatives in certain variable annuity contracts and as part of a hedging program designed to mitigate the impact of potential declines in equity markets and their impact on regulatory capital.
  Options are reported at fair value.

SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities (“SSAP 97”), applies to the Company’s subsidiaries, and controlled and affiliated entities (“SCA”). The Company’s insurance subsidiaries are reported at their underlying statutory basis net

17

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

assets, and the Company’s non-insurance subsidiaries are reported at the GAAP basis of their net assets. Dividends from subsidiaries are included in net investment income. The remaining net change in the subsidiaries’ equity is included in the change in net unrealized capital gains or losses. SCA entities for which audited US GAAP statements are not available or expected to be available are nonadmitted. Management regularly reviews its SCA’s to determine if an other-than-temporary impairment has occurred. During this review, management makes a judgment as to whether it is probable that the reporting entity will be unable to recover the carrying amount of the investment or there is evidence indicating inability of the investee to sustain earnings.

Mortgage loans are reported at amortized cost, less writedown for impairments.

Contract loans are reported at unpaid principal balances.

Land is reported at cost. Real estate occupied by the Company is reported at depreciated cost, and other real estate is reported at the lower of depreciated cost or fair value. Depreciation is calculated on a straight line basis over the estimated useful lives of the properties.

The Company engages in reverse repurchase agreements and reverse dollar repurchase agreements. Such arrangements typically meet the requirements to be accounted for as financings. For both reverse repurchase agreements and reverse dollar repurchase agreements, Company policies require that at all times during the respective agreement term, cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets from others. Cash collateral received is used for general liquidity purposes and the offsetting collateral liability is included in borrowed money on the Balance Sheets.

The Company engages in securities lending whereby certain domestic bonds from its portfolio are loaned to other institutions for short periods of time. Collateral, primarily cash, which is in excess of the market value of the loaned securities, is deposited by the borrower with a lending agent, and retained and invested by the lending agent to generate additional income for the Company. The Company does not have access to the collateral. The Company’s policy requires a minimum of 102% of the fair value of securities loaned to be maintained as collateral. The fair value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value fluctuates.

Short term investments are reported at amortized cost which approximates fair value. Short term investments include investments with maturities of one year or less at the date of acquisition.

Partnership interests, which are included in other invested assets, are reported at the underlying audited GAAP equity of the investee. Changes in surplus from distributions are reported in investment income.

18

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Residual collateralized mortgage obligations, which are included in other invested assets on the Balance Sheet, are reported at amortized cost using the effective interest method.

Realized capital gains and losses are determined using the first in first out method.

Cash on hand includes cash equivalents. Cash equivalents are short term investments that are both readily convertible to cash and have an original maturity date of three months or less.

Aggregate Reserve for Life Policies and Contracts: Life, annuity, and accident and health reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash value or the amounts required by law. Interest rates range from 2.0% to 13.25% for 2009.

The Company waives the deduction of deferred fractional premiums upon the death of the insured. It is the Company’s practice to return a pro rata portion of any premium paid beyond the policy month of death, although it is not contractually required to do so for certain issues.

The methods used in valuation of substandard policies are as follows:

For life, endowment and term policies issued substandard, the standard reserve during the premium paying period is increased by 50% of the gross annual extra premium. Standard reserves are held on Paid-Up Limited Pay contracts.

For reinsurance accepted with table rating, the reserve established is a multiple of the standard reserve corresponding to the table rating.

For reinsurance with flat extra premiums, the standard reserve is increased by 50% of the flat extra.

The amount of insurance in force for which the gross premiums are less than the net premiums, according to the standard of valuation required by the Minnesota Division of Insurance, is $126.7 billion and $94.5 billion at December 31, 2009 and 2008, respectively. The amount of premium deficiency reserves for policies on which gross premiums are less than the net premiums is $786.4 and $797.4 at December 31, 2009 and 2008, respectively. The Company anticipates investment income as a factor in the premium deficiency calculation in accordance with SSAP No. 54, Individual and Group Accident and Health Contracts (“SSAP 54”).

The tabular interest has been determined from the basic data for the calculation of policy reserves for all direct ordinary life insurance and for the portion of group life insurance classified as group Section 79. The method of determination of tabular interest of funds not involving life contingencies is as follows: one hundredth of the product of such

19

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the year of valuation.

Reinsurance: Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Reserves are based on the terms of the reinsurance contracts and are consistent with the risks assumed. Premiums and benefits ceded to other companies have been reported as a reduction of premium revenue and benefits expense. Amounts applicable to reinsurance ceded for reserves and unpaid claim liabilities have been reported as reductions of these items, and expense allowances received in connection with reinsurance ceded have been reflected in operations.

Electronic Data Processing Equipment: Electronic data processing equipment is carried at cost less accumulated depreciation. Depreciation for major classes of such assets is calculated on a straight line basis over the estimated useful life of the asset.

Participating Insurance: Participating business approximates less than 1.0% of the Company’s ordinary life insurance in force and less than 11.0% of premium income. The amount of dividends to be paid to participating policyholders is determined annually by the Board of Directors. Amounts allocable to participating policyholders are based on published dividend projections or expected dividend scales. Dividends expense of $14.7, $17.3 and $18.5 was incurred in 2009, 2008 and 2007, respectively.

Benefit Plans: The Company provides noncontributory retirement plans for substantially all employees and certain agents. Pension costs are charged to operations as contributions are made to the plans. The Company also provides a contributory retirement plan for substantially all employees.

Nonadmitted Assets: Nonadmitted assets are summarized as follows:

	December 31
	2009	2008
	(In Thousands)
Subsidiaries	$ 1,589	$ 7,250
Deferred and uncollected premium	9,687		7,396
Net deferred tax asset	296,922		330,797
Electronic data processing equipment and software	60		26,067
Furniture and equipment	109		617
Health care and other amounts receivable	9,095		8,954
Interest maintenance reserve	140,411		49,080
Other invested assets	12,927		21,284
Other	5,041		19,694
Total nonadmitted assets	$ 475,841	$ 471,139

Changes in nonadmitted assets are generally reported directly in unassigned surplus as an increase or decrease in nonadmitted assets.

20

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Claims and Claims Adjustment Expenses: Claims and claims adjustment expenses represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2009. The Company does not discount claims and claims adjustment expense reserves. Such estimates are based on actuarial projections applied to historical claim payment data. Such liabilities are considered to be reasonable and adequate to discharge the Company’s obligations for claims incurred but unpaid as of December 31, 2009.

Guaranteed Benefits: For variable annuity guarantees, AG43 is followed. This guideline interprets how to apply the NAIC Commissioners’ Annuity Reserve Valuation Method to Variable Annuities (“CARVM”). The greater of the result under a single deterministic “Standard Scenario” and the average of the most severe 30% of randomly generated stochastic scenarios is held. Both reinsurance and hedging are also reflected. Taxes are not incorporated. All assumptions for the Standard Scenario are prescribed. For the stochastic scenarios, equity market returns must meet a calibration test. All other assumptions are set by the actuary using prudent best-estimates. AG43 replaces Actuarial Guidelines 34 and 39 for Variable Annuities effective December 31, 2009. Per AG43, the reserve as of January 1, 2009 shall be the sum of the reserves from the asset adequacy analysis requirements in AG34 and AG39. Therefore, there was no cumulative effect of adopting AG43 in 2009. Where the application of AG43 produces higher reserves that the Company had otherwise established under AG34 and AG39, the Company may request a grade-in period, not to exceed three years, from the Domiciliary Commissioner. The grading shall be done only on reserves on the contracts in-force as of December 31, 2009. The reserves under the old basis and the new basis shall be compared each year with two-thirds of the difference subtracted from the reserve under the new basis in 2009 and one-third of the difference subtracted from the new basis in 2010. The Company did not elect the grade-in provision, therefore reserves at December 31, 2009 reflect the full impact of the adoption of AG43.

Separate Accounts: Most separate account assets and liabilities held by the Company represent funds held for the benefit of the Company’s variable life and annuity policy and contract holders who bear all of the investment risk associated with the policies. Such policies are of a non-guaranteed nature. All net investment experience, positive or negative, is attributed to the policy and contract holders’ account values. The assets and liabilities of these accounts are carried at fair value and are legally segregated and are not subject to claims that arise out of any other business of the Company.

Reserves related to the Company’s mortality risk are included in life and annuity reserves. These reserves include reserves for guaranteed minimum death benefits (before reinsurance) that totaled $25.3 and $26.0 at December 31, 2009 and 2008, respectively. The operations of the separate accounts are not included in the accompanying financial statements.

21

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

2. Permitted Statutory Basis Accounting Practices

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Minnesota Division of Insurance. The Minnesota Division of Insurance recognizes only statutory accounting practices prescribed or permitted by the State of Minnesota for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Minnesota Insurance Laws. The NAIC Accounting Practices and Procedures Manual has been adopted as a component of prescribed or permitted practices by the State of Minnesota. The Minnesota Commissioner of Commerce has the right to permit other specific practices that deviate from prescribed practices.

The Company is required to identify those significant accounting practices that are permitted, and obtain written approval of the practices from the Minnesota Division of Insurance. As of December 31, 2009, 2008, and 2007, the Company had no such permitted accounting practices.

22

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

3. Investments

Fixed Maturities and Equity Securities

The cost or amortized cost and fair value of bonds and equity securities are as follows:

	Cost or	Gross	Gross
	Amortized	Unrealized	Unrealized	Fair
	Cost	Gains	Losses	Value
	(In Thousands)
At December 31, 2009:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies	$ 1,293,951	$ 14,120	$ 96,117	$ 1,211,954
States, municipalities, and political
subdivisions	64,975	177	8,346	56,806
Foreign other (par value - $2,106,735)	2,054,276	75,863	61,050	2,069,089
Foreign government (par value - $62,139)	59,772	6,243	1,030	64,985
Public utilities securities	78,958	3,886	320	82,524
Corporate securities	5,019,689	194,532	100,318	5,113,903
Residential mortgage backed securities	1,737,197	313,661	206,883	1,843,975
Commercial mortgage backed
securities	1,376,053	5,879	246,964	1,134,968
Other asset backed securities	269,419	7,795	24,237	252,977
Total fixed maturities	11,954,290	622,156	745,265	11,831,181
Preferred stocks	51,317	1,984	6,474	46,827
Common stocks	60,858	3,755	4,501	60,112
Total equity securities	112,175	5,739	10,975	106,939
Total	$ 12,066,465	$ 627,895	$ 756,240	$ 11,938,120
At December 31, 2008:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies	$ 1,068,759	$ 74,902	$ 3,938	$ 1,139,723
States, municipalities, and political
subdivisions	46,565	115	15,036	31,644
Foreign other (par value - $2,083,193)	2,033,644	10,325	319,820	1,724,149
Foreign government (par value - $93,729)	85,971	10,976	3,391	93,556
Public utilities securities	99,188	538	9,639	90,087
Corporate securities	4,671,021	41,111	623,851	4,088,281
Residential backed securities	2,921,729	185,723	489,633	2,617,819
Commercial mortgage backed
securities	1,599,126	4	564,006	1,035,124
Other asset backed securities	868,668	1,019	210,274	659,413
Total fixed maturities	13,394,671	324,713	2,239,588	11,479,796
Preferred stocks	111,545	-	40,100	71,445
Common stocks	73,514	377	9,924	63,967
Total equity securities	185,059	377	50,024	135,412
Total	$ 13,579,730	$ 325,090	$ 2,289,612	$ 11,615,208

23

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Reconciliation of bonds from amortized cost to carrying value is as follows:

	December 31
	2009	2008
	(In Thousands)
Amortized cost	$ 11,954,290	$ 13,394,671
Adjustment for below investment grade bonds	(32,504)	(4,734)
Carrying value	$ 11,921,786	$ 13,389,937

Reconciliation of preferred stock from amortized cost to carrying value is as follows:

	December 31
	2009	2008
	(In Thousands)
Amortized cost	$ 51,317	$ 111,545
Adjustment for below investment grade PS	(2,801)		-
Carrying value	$ 48,516	$ 111,545

The aggregate fair value of debt securities with unrealized losses and the time period that cost exceeded fair value are as follows:

		More than 6
	Less than	Months and Less	More than
	6 Months	than 12 Months	12 Months
	Below Cost	Below Cost	Below Cost	Total
	(In Thousands)
At December 31, 2009:
Fair value	$ 1,802,942	$ 330,775	$ 2,258,189	$ 4,391,906
Unrealized loss	96,352	60,461	588,452	745,265
At December 31, 2008:
Fair value	$ 1,388,492	$ 2,551,612	$ 3,918,877	7,858,981
Unrealized loss	95,419	478,086	1,666,083	2,239,588

The amortized cost and fair value of investments in bonds at December 31, 2009, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized	Fair
	Cost	Value
	(In Thousands)
Maturity:
Due in 1 year or less	$ 350,136	$ 357,365
Due after 1 year through 5 years	2,109,813		2,197,542
Due after 5 years through 10 years	2,506,209		2,564,287
Due after 10 years	3,605,463		3,480,067
	8,571,621		8,599,261
Residential mortgage backed securities	1,737,197		1,843,975
Commercial mortgage backed securities	1,376,053		1,134,968
Other asset backed securities	269,419		252,977
Total	$ 11,954,290	$ 11,831,181

24

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

At December 31, 2009 and 2008, investments in certificates of deposit and bonds with an admitted asset value of $181.1 and $94.7, respectively, were on deposit with state insurance departments to satisfy regulatory requirements.

The Company does not originate or purchase subprime or Alt-A whole-loan mortgages. The Company does have exposure to Residential Mortgage-Backed Securities (“RMBS”) and asset-backed securities (“ABS”). Subprime lending is the origination of loans to customers with weaker credit profiles. The Company defines Alt-A Loans to include residential mortgage loans to customers who have strong credit profiles but lack some element(s), such as documentation to substantiate income. Commencing in the fourth quarter of 2007, the Company expanded its definition of Alt-A loans to include residential mortgage loans to borrowers that would otherwise be classified as prime but whose loan structure provides repayment options to the borrower that increase the risk of default. Further, during the fourth quarter of 2007, the industry coalesced around classifying any securities backed by residential mortgage collateral not clearly identifiable as prime or subprime into the Alt-A category, and the Company is following that lead.

The market for securities collateralized by subprime mortgages has been in a period of extended turbulence and uncertainty with regards to credit performance. Underlying collateral has continued to reflect the problems associated with a housing market that has seen substantial price declines and an employment market that has declined significantly. Credit spreads have widened meaningfully and rating agency downgrades have been widespread an severe within the sector. Over the course of 2009, price transparency and liquidity for bonds backed by subprime mortgages did improve with the stabilization across broader risk markets. In managing its risk exposure to subprime mortgages, ING takes into account collateral performance and structural characteristics associated with its various positions. It constructs scenarios to project forward looking cashflows for each bond. ING’s views are updated quarterly to ensure other than temporary impairments are properly recorded and attempts to exit positions when perceived intrinsic values are in excess of market values.

25

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The following table summarizes the Company’s exposure to subprime mortgage backed holdings and Alt-A mortgage backed securities through other investments as of December 31, 2009:

					Other-than
		Book/Adjusted			Temporary
		Carrying Value			Impairment
		(Excluding			Losses
	Actual Cost	Interest)		Fair Value	Recognized
	(In Thousands)
Residential mortgage
backed securities	$ 137,910	$ 135,517	$ 106,994		$ 16,220
Structured Securities	223,477	206,740		144,885	9,724
Total	$ 361,387	$ 342,257	$ 251,879		$ 25,944

The following table summarizes the Company’s exposure to subprime mortgage backed holdings and Alt-A mortgage backed securities through other investments as of December 31, 2008:

				Other Than
		Book/Adjusted		Temporary
		Carrying Value		Impairment
		(excluding		Losses
	Actual Cost	interest)	Fair Value	Recognized
		(In Thousands)
Residential mortgage
backed securities	$ 856,376	$ 845,639	$ 546,723	$ 6,250
Structured securities	255,389	256,259	165,493	8,176
Total	$ 1,111,765	$ 1,101,898	$ 712,216	$ 14,426

The following table summarizes the Company’s exposure to subprime mortgage backed holdings and Alt-A mortgage backed securities through other investments as of December 31, 2007:

				Other Than
		Book/Adjusted		Temporary
		Carrying Value		Impairment
		(excluding		Losses
	Actual Cost	interest)	Fair Value	Recognized
		(In Thousands)
Residential mortgage
backed securities	$ 974,100	$ 969,954	$ 958,770	$ 280
Structured securities	309,153	309,232	282,868	5,911
Total	$ 1,283,253	$ 1,279,186	$ 1,241,638	$ 6,191

The Company did not have underwriting exposure to subprime mortgage risk through investments in subprime mortgage loans, Mortgage Guaranty or Financial Guaranty insurance coverage as of December 31, 2009.

26

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Transfer of Alt-A RMBS Participation Interest

On January 26, 2009, ING announced it reached an agreement, for itself and on behalf of certain ING affiliates including the Company, with the Dutch State on an Illiquid Assets Back-up Facility (the “Back-up Facility”) covering 80% of ING’s Alt-A residential mortgage-backed securities (“Alt-A RMBS”). Under the terms of the Back-up Facility, a full credit risk transfer to the Dutch State was realized on 80% of ING’s Alt-A RMBS owned by ING Bank, FSB and ING affiliates within ING Insurance Americas with a book value of $36.0 billion, including book value of approximately $665 of the Alt-A RMBS portfolio owned by the Company (with respect to the Company’s portfolio, the “Designated Securities Portfolio”) (the “ING-Dutch State Transaction”). As a result of the risk transfer, the Dutch State will participate in 80% of any results of the ING Alt-A RMBS portfolio. The risk transfer to the Dutch State took place at a discount of 10% of par value. In addition, under the Back-up Facility, other fees were paid both by the Company and the Dutch State. Each ING company participating in the ING-Dutch State Transaction, including the Company remains the legal owner of 100% of its Alt-A RMBS portfolio and will remain exposed to 20% of any results on the portfolio. The ING-Dutch State Transaction closed on March 31, 2009, with the affiliate participation conveyance and risk transfer to the Dutch State described in the succeeding paragraph taking effect as of January 26, 2009.

In order to implement that portion of the ING-Dutch State Transaction related to the Company’s Designated Securities Portfolio, the Company entered into a participation agreement with its affiliates, ING Support Holding B.V. (“ING Support Holding”) and ING pursuant to which the Company conveyed to ING Support Holding an 80% participation interest in its Designated Securities Portfolio and will pay a periodic transaction fee, and received, as consideration for the participation, an assignment by ING Support Holding of its right to receive payments from the Dutch State under the Illiquid Assets Back-Up Facility related to the Company’s Designated Securities Portfolio among, ING, ING Support Holding and the Dutch State (the “Company BackUp Facility”). Under the Company Back-Up Facility, the Dutch State is obligated to pay certain periodic fees and make certain periodic payments with respect to the Company’s Designated Securities Portfolio, and ING Support Holding is obligated to pay a periodic guarantee fee and make periodic payments to the Dutch State equal to the distributions it receives with respect to the 80% participation interest in the Company’s Designated Securities Portfolio. The Dutch State payment obligation to the Company under the Company Back-Up Facility is accounted for as an invested asset and is reported in other invested assets on the Balance Sheet. The amount of the obligation as of December 31, 2009 was $526.3.

Since the Company had the intent to sell as of December 31, 2008, a portion of its Alt-A RMBS through the 80% participation interest in its Designated Securities Portfolio, the Company evaluated the securities for impairment under INT 06-07: Definition of Phrase “Other Than Temporary” and SSAP 43, Loan-backed and Structured Securities. Per SSAP 43, the book value of the other-than-temporary impaired security must be written

27

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

down to the estimated undiscounted future cash flows. In applying SSAP 43, the Company considered the estimated undiscounted future cash flows for the impairment test to be the remaining undiscounted cash flows on the security over its expected life. Since the estimated undiscounted future cash flow from these securities exceeded the carrying value of the securities at December 31, 2008, no impairment was recorded. The Company recorded a realized loss of $43.0 related to this transaction during the first quarter of 2009. See the ING Restructuring Plan disclosure in Commitments and Contingencies for more on this transaction.

Mortgage Loans and Real Estate

The maximum and minimum lending rates for long term mortgage loans during 2009 were 7.5% and 7.3%. Fire insurance is required on all properties covered by mortgage loans and must at least equal the excess of the loan over the maximum loan which would be permitted by law on the land without the buildings. Generally all risk coverage at replacement cost is required for a property securing real estate finance investments.

The maximum percentage of any loan to the value of collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages was 65.0% on commercial properties. As of December 31, 2009 and 2008, the Company held no mortgages with interest more than 180 days overdue. Minimal interest was past due as of December 31, 2009 and 2008.

The average recorded investment in impaired loans was $15.5, $1.5 and $4.3 at December 31, 2009, 2008, and 2007, respectively. Interest income recognized during the period the loans were impaired was $1.6, $0.2, and $0.5 and interest income recognized on a cash basis was $1.2, $0.2, and $0.5 for 2009, 2008 and 2007, respectively.

The Company recorded $12.9 and $1.0 of impairments on loans without an allowance for credit losses, as of December 31, 2009 and 2008, respectively.

There were no encumbrances on real estate at December 31, 2009 and 2008, respectively.

28

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Net Realized Capital Gains and Losses

Realized capital (losses) gains are reported net of federal income taxes and amounts transferred to the IMR as follows:

		December 31
	2009	2008	2007
	(In Thousands)
Realized capital losses	$ (376,696)	$ (206,383)	$ (3,444)
Amount transferred to IMR (net of related taxes
of $(58,647) in 2009, $(26,044) in 2008
and $(8,404) in 2007	108,916	48,367	15,608
Federal income tax benefit (expense)	70,722	(10,592)	(9,008)
Net realized capital (losses) gains	$ (197,058)	$ (168,608)	$ 3,156

Realized capital losses include losses of $252.8, $209.6, and $27.9 related to securities that have experienced an other than temporary decline in value in 2009, 2008, and 2007, respectively.

Proceeds from sales of investments in bonds and other fixed maturity interest securities were $2.7 billion, $2.1 billion and $4.5 billion in 2009, 2008 and 2007, respectively. Gross gains of $133.7, $35.2, and $44.4 and gross losses of $134.7, $82.5, and $53.2 during 2009, 2008 and 2007, respectively, were realized on those sales. A portion of the gains and losses realized in 2009, 2008, and 2007 has been deferred to future periods in the IMR.

The following table discloses in aggregate the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP 43R:

	Amortized Cost Basis	Other-than-Temporary Impairments
	Before OTTI	Interest	Non-interest	Fair Value
	(In Thousands)
Aggregate intent to sell	$ 112,447	$ 81,788 $	-	$ 30,659
Aggregate inability or lack of intent
to hold to recovery	-	-	-	-
Aggregate present value of expected
cash flows below amortized cost	194,828	-	41,576	105,667
Total	$ 307,275	$ 81,788 $	41,576	$ 136,326

29

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The following table discloses in detail the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP 43R:

	Amortized Cost
	Before Current	Recognized	Amortized Cost
Cusip	Period OTTI	OTTI	After OTTI	Fair Value
		(In Thousands)
07378RAB5	$ 2,821	$ 175	$ 2,646	$ 1,870
1248MGAK0	503	121	382	215
1248MGAL8	2,000	428	1,572	788
12668BUH4	4,204	362	3,842	2,233
17311YAC7	2,000	171	1,829	744
38374L2N0	378	62	316	404
38374U3J8	1,508	358	1,150	1,379
38374VVS5	10,175	526	9,649	9,393
751155BE1	633	16	617	501
83612LAD1	1,500	17	1,483	595
939346AB8	2,394	548	1,846	938
94985JCD0	4,911	143	4,768	3,258
02147RAF7	497	22	475	418
059487AA6	1,063	37	1,026	525
059496AC3	5,129	192	4,938	3,135
05950LAY8	498	293	205	406
07378RAB5	2,511	838	1,673	2,217
073882AC6	6,559	333	6,226	4,534
1248MGAK0	381	16	364	230
1248MGAL8	1,566	69	1,497	894
126685AM8	106	3	103	30

30

RELIASTAR LIFE INSURANCE COMPANY Note to Other Financial Information December 31, 2009
(Table continued from previous page)
	Amortized Cost
	Before Current		Recognized	Amortized Cost
Cusip	Period OTTI		OTTI	After OTTI		Fair Value
	(In Thousands)
362341S59	$ 3,433	$ 636		$ 2,798		$ 2,734
12668BKM4	1,354		23		1,331	1,092
17307GL89	2,308		85		2,223	1,724
17311YAC7	1,826		53		1,773	729
31394A2W5	4,856		1,218		3,638	3,726
31394A4U7	2,531		626		1,905	1,391
31394AE44	1,988		500		1,488	1,293
31394AJ72	1,806		465		1,341	1,198
31394ANQ5	1,095		239		856	765
31394ANR3	5,314		1,464		3,850	3,234
31394AZQ2	1,717		448		1,270	1,020
31394AZS8	1,410		372		1,038	920
31394EBD9	184		48		136	184
31395CFD8	3,802		995		2,807	2,392
31395LNW7	1,930		200		1,730	1,970
32052NAF6	144		26		118	114
36298NAZ7	37,772		1,173		36,599	23,607
46629QAD8	3,700		65		3,635	1,923
46629QAE6	3,387		214		3,174	1,237
55312YAJ1	15,057		9,692		5,365	2,638
55312YAK8	14,053		12,251		1,802	1,716
751155BE1	616		338		278	396
75970HAK6	1,250		955		295	170
75970QAF7	10,486		603		9,883	5,178
759950HB7	2,167		1,861		305	252
761118VY1	765		52		714	386
83612LAD1	1,483		248		1,234	586
92925DAA8	1,849		144		1,705	1,035
93362YAA0	3,296		288		3,009	1,565
933635AA2	1,288		113		1,175	698
933638AC2	688		185		503	223
93363CAD1	1,171		565		607	271
939344AB3	14		4		10	26
939344AD9	12		-		12	29
93934FGJ5	623		8		615	475
93934FPP1	1,629		149		1,480	495
93934FQQ8	241		13		229	188
939355BR3	4,050		477		3,573	2,073
93935DAA4	1,642		36		1,606	997
93935EAC8	554		14		540	310
Total	$ 194,828	$ 41,576		$ 153,257		$ 105,667

31

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The following table discloses in detail the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP 43R where the Company does not have the intent or ability to hold the security to recovery:

	Amortized Cost
	Before Current		Amortized Cost
Cusip	Period OTTI	Recognized OTTI	After OTTI	Fair Value
05950VAL4	$ 1,505	$ 1,306	$ 199	$ 199
20173MAN0	4,053	3,680	373	373
362332AM0	4,013	3,632	382	382
46629PAJ7	14,979	12,374	2,605	2,605
46629PAR9	36,023	20,545	15,477	15,477
46629PAS7	17,038	13,301	3,737	3,737
46629PAU2	7,714	6,278	1,436	1,436
46630JAP4	22,052	16,195	5,857	5,857
46630JBG3	5,070	4,477	593	593
Total	$ 112,447	$ 81,788	$ 30,659	$ 30,659

The following table discloses structured securities subject to SSAP 43R with book values greater than fair values, but other-than-temporary declines have not been recognized:

	December 31, 2009
		Aggregate fair value of
	Aggregate amount of	investments in
	unrealized losses	unrealized loss position
	(in thousands)
Securities that have been in unrealized loss position
for less than 12 months	$ 73,677	573,015
Securities that have been in unrealized loss position
for greater than 12 months	404,407	956,375
Total	$ 478,084 $	1,529,390

For the years ended December 31, 2009, 2008, and 2007, realized capital losses include $32.5, $44.5, and $5.4, respectively, related to Limited Partnerships that have experienced an other than temporary decline in value.

32

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Investment Income

Major categories of net investment income are summarized as follows:

	Year ended December 31
	2009	2008	2007
	(In Thousands)
Income:
Subsidiaries	$ -	$ -	$ 22,049
Equity securities	6,827	9,749		9,451
Bonds	847,076	859,407		798,871
Mortgage loans	140,277	158,451		142,591
Derivatives	(114,792)	(145,900)		(4,188)
Contract loans	40,482	40,359		40,440
Real estate	2,583	2,675		20,422
Other	(14,308)	35,897		42,594
Total investment income	908,145	960,638		1,072,230
Investment expenses	(41,723)	(79,745)		(113,847)
Net investment income	$ 866,422	$ 880,893	$ 958,383

Repurchase Agreements

The Company entered into reverse dollar repurchase transactions to increase its return on investments and improve liquidity. Reverse dollar repurchases involve a sale of securities and an agreement to repurchase substantially the same securities as those sold. The repurchase obligation totaled $0.0 and $126.8 at December 31, 2009 and 2008, respectively. The securities underlying these agreements are mortgage backed securities with a book value of $0.0 and $126.2 and fair value of $0.0 and $128.4 at December 31, 2009 and 2008, respectively. The primary risk associated with short term collateralized borrowings is that the counterparty may be unable to perform under the terms of the contract. The Company’s exposure is limited to the excess of the net replacement cost of the securities over the value of the short term investments, which was not material at December 31, 2009. The Company believes that the counterparties to the reverse dollar repurchase agreements are financially responsible and that counterparty risk is minimal based on counterparty and ongoing monitoring processes.

The Company participates in reverse repurchase transactions. Such transactions include the sale of corporate securities to a major securities dealer and a simultaneous agreement to repurchase the same security in the near term. The proceeds are used for general liquidity purposes. As of December 31, 2009 and 2008, the amount outstanding on these agreements was $0.0 and $339.1, respectively, and was included in borrowed money on the Balance Sheets. The securities underlying these agreements are mortgage backed securities with a book value of $0.0 and $377.7 and fair value of $0.0 and $383.1 at December 31, 2009 and 2008, respectively. In addition to the repurchase obligation, the Company holds $0.0 in collateral posted by the counterparty in connection with the increase in value of pledged securities that will be released upon settlement.

33

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Low-Income Housing Tax Credits

The Company had a carrying value of $141.1 in Low-Income Housing Tax Credits (“LIHTC”) at December 31, 2009. The tax credits are projected to expire in 2020. The Company is indifferent to the holding period of the investments as the credits are guaranteed by a third party. The Company is unaware of any current regulatory reviews of the LIHTC property.

Securities Lending

The Company had loaned securities, which are reflected as invested assets on the Balance Sheets, with a fair value of approximately $88.4 and $167.6 at December 31, 2009 and 2008, respectively.

4. Derivative Financial Instruments Held for Purposes Other than Trading

Premiums paid for the purchase of interest rate contracts are included in other invested assets on the Balance Sheets and are being amortized to interest expense over the remaining terms of the contracts or in a manner consistent with the financial instruments being hedged.

Amounts paid or received, if any, from such contracts are included in interest expense or income on the statements of operations. Accrued amounts payable to or receivable from counterparties are included in other liabilities or other invested assets. Gains or losses realized as a result of early terminations of interest rate contracts are amortized to investment income over the remaining term of the items being hedged to the extent the hedge is considered to be effective; otherwise, they are recognized upon termination.

Derivatives that are designated as being in an effective hedging relationship are reported in a manner that is consistent with the hedged asset or liability. Derivative contracts that are matched or otherwise designated to be associated with other financial instruments are recorded at fair value if the related financial instruments mature, are sold, or are otherwise terminated or if the interest rate contracts cease to be effective hedges. Changes in the fair value of derivatives not designated in effective hedging relationships are recorded as unrealized gains and losses in surplus.

The Company is exposed to credit loss in the event of nonperformance by counterparties on certain derivative contracts; however, the Company does not anticipate nonperformance by any of these counterparties. The amount of such exposure is generally the unrealized gains in such contracts. The Company manages the potential credit exposure from interest rate contracts through careful evaluation of the counterparties’ credit standing, collateral agreements, and master netting agreements.

Under the terms of the Company’s Over the Counter Derivative International Swaps and Derivatives Association, Inc. Agreements (“ISDA Agreements”), the Company may

34

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

receive from, deliver to, counterparties, collateral to assure that all terms of the ISDA Agreements will be met with regard to the Credit Support Annex (“CSA”). The terms of the CSA call for the Company to pay interest on any cash received or receive interest on any cash delivered equal to the Federal Funds rate. The Company received $2.2 and $2.4 of collateral in the form of cash, for years ended December 31, 2009 and 2008.

The table below summarizes the Company’s derivative contracts included in other invested assets at December 31, 2009 and 2008:

	Notional	Carrying	Fair
	Amount	Value	Value
	(In Thousands)
December 31, 2009
Derivative contracts:
Swaps	$ 5,742,216	$ (67,965)	$ (156,967)
Forwards	40,831	(142)	(142)
Options owned	43,630	3,035	3,035
Total derivatives	$ 5,826,677	$ (65,072)	$ (154,074)
December 31, 2008
Derivative contracts:
Swaps	$ 6,698,322	$ (120,089)	$ (214,238)
Forwards	206,279	2,032	2,075
Futures	280,323	(7,088)	(7,088)
Options owned	1,720,243	4,093	4,093
Total derivatives	$ 8,905,167	$ (121,052)	$ (215,158)

5. Concentrations of Credit Risk

The Company held below investment grade corporate bonds with an aggregate book value of $997.7 and $897.7 and an aggregate market value of $870.9 and $681.2 at December 31, 2009 and 2008, respectively. Those holdings amounted to 8.4% of the Company’s investments in bonds and 5.4% of total admitted assets at December 31, 2009. The holdings of below investment grade bonds are widely diversified and of satisfactory quality based on the Company’s investment policies and credit standards.

The Company held unrated bonds of $1.1 billion and $145.7 with an aggregate NAIC fair value of $1.0 billion and $127.4 at December 31, 2009 and 2008, respectively. The carrying value of these holdings amounted to 9.5% of the Company’s investment in bonds and 6.1% of the Company’s total admitted assets at December 31, 2009.

At December 31, 2009, the Company’s commercial mortgages involved a concentration of properties located in California (28.8%) and Texas (9.8%). The remaining commercial mortgages relate to properties located in 42 other states. The portfolio is well diversified, covering many different types of income producing properties on which the Company has

35

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

first mortgage liens. The maximum mortgage outstanding on any individual property is $75.0.

6. Annuity Reserves

At December 31, 2009 and 2008, the Company’s annuity reserves, including those held in separate accounts and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

	Amount	Percent
	(In Thousands)
December 31, 2009
Subject to discretionary withdrawal (with adjustment):
With market value adjustment	$ 165,876	1.6	%
At book value less surrender charge	996,897	9.7
At fair value	978,687	9.5
Subtotal	2,141,460	20.8
Subject to discretionary withdrawal (without adjustment):
At book value with minimal or no charge or adjustment	7,380,348	71.7
Not subject to discretionary withdrawal	764,575	7.4
Total annuity reserves and deposit fund liabilities
before reinsurance	10,286,383	100.0	%
Less reinsurance ceded	40,018
Net annuity reserves and deposit fund liabilities	$ 10,246,365
December 31, 2008
Subject to discretionary withdrawal (with adjustment):
With market value adjustment	$ 177,484	1.8	%
At book value less surrender charge	1,155,575	11.6
At fair value	848,041	8.5
Subtotal	2,181,100	21.9
Subject to discretionary withdrawal (without adjustment):
At book value with minimal or no charge or adjustment	6,955,720	69.9
Not subject to discretionary withdrawal	817,098	8.2
Total annuity reserves and deposit fund liabilities
before reinsurance	9,953,918	100.0	%
Less reinsurance ceded	10,777
Net annuity reserves and deposit fund liabilities	$ 9,943,141

Of the total net annuity reserves and deposit fund liabilities of $10.3 billion at December 31, 2009, $9.2 billion is included in the general account, and $1.1 billion is included in the separate account. Of the total net annuity reserves and deposit fund liabilities of $9.9 billion at December 31, 2008, $8.9 billion is included in the general account, and $1.0 billion is included in the separate account.

36

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

7. Employee Benefit Plans

Defined Benefit Plan: ING North America Insurance Corporation (“ING North America”) sponsors the ING Americas Retirement Plan (the “Qualified Plan”), effective as of December 31, 2001. Effective January 1, 2009, the Qualified Plan is no longer available to new employees or re-hires. Employees of ING North America and its subsidiaries and affiliates (excluding certain employees) hired by December 31, 2008 will continue to be eligible to participate in the Qualified Plan.

The Qualified Plan is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation (“PBGC”). As of January 1, 2002, each participant in the Qualified Plan (except for certain specified employees) earns a benefit under a final average compensation formula. The costs allocated to the Company for its employees’ participation in the Qualified Plan were $15.3, $7.2 and $7.8 for 2009, 2008 and 2007, respectively. ING North America is responsible for all Qualified Plan liabilities.

Defined Contribution Plans: ING North America sponsors the ING Savings Plan and ESOP (the “Savings Plan”). Substantially all employees of ING North America and its subsidiaries and affiliates (excluding certain employees) are eligible to participate, including the Company’s employees other than Company agents. The Savings Plan is a tax qualified profit sharing and stock bonus plan, which includes an employee stock ownership plan (“ESOP”) component. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. ING North America matches such pretax contributions, up to a maximum of 6% of eligible compensation. All matching contributions are subject to a 4 year graded vesting schedule (although certain specified participants are subject to a 5 year graded vesting schedule). All contributions made to the Savings Plan are subject to certain limits imposed by applicable law. Amounts allocated to the Company for the Savings Plan were $6.3, $7.2 and $7.0 for 2009, 2008 and 2007, respectively.

Other Benefit Plans: In addition to providing retirement plan benefits, the Company, in conjunction with ING North America, provides certain supplemental retirement benefits to eligible employees and health care and life insurance benefits to retired employees and other eligible dependents. The supplemental retirement plan includes a nonqualified defined benefit pension plan, and a nonqualified defined contribution plan, which means all benefits are payable from the general assets of the Company. The postretirement health care plan is contributory, with retiree contribution levels adjusted annually. The life insurance plan provides a flat amount of noncontributory coverage and optional contributory coverage.

Beginning August 1, 2009, the Company moved from self-insuring these costs and began to use a private-fee-for-service Medicare Advantage program for post-Medicare eligible retired participants. The Company subsidizes a portion of the monthly per-participant

37

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

premium for retirees age 65 and older. This change had a minimal impact on the financial statements.

In addition, effective October 1, 2009, the Company no longer subsidizes medical premium costs for early retirees. This change does not impact any participant currently retired and receiving coverage under the plan or any employee who is eligible for coverage under the plan and whose employment ended before October 1, 2009. The Company continues to offer access to medical coverage until retirees become eligible for Medicare. The discontinued subsidy resulted in a release of a previously accrued immaterial liability for any active employees age 50 or older. This change had a minimal impact on the financial statements.

As of August 1, 2009, ING's Postretirement Welfare Plans are no longer eligible for the Medicare Drug Subsidy (RDS) that was being shared with retirees and beneficiaries. The 2010 expected benefit reduction in the net postretirement benefit cost for the subsidy related to benefits attributed to former employees is $0.0.

38

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

A summary of assets, obligations and assumptions of the pension and other postretirement benefit plans are as follows:

	Pension Benefits				Other Benefits
	2009	2008	2007		2009	2008	2007
	(In Thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$ 33,397	$ 31,497	$ 33,751		$ 20,140	$ 22,102	$ 24,627
Service cost	-	-		-	545	-	750
Interest cost	1,896	1,954		1,907	904	1,223	1,392
Contribution by plan participants	-	-		-	1,089	1,999	1,583
Actuarial (gain) loss	(268)	2,853		(1,252)	(3,940)	(1,504)	(2,532)
Benefits paid	(2,944)	(2,907)		(2,909)	(2,199)	(3,680)	(3,718)
Plan amendments	-	-		-	(6,884)	-	-
Curtailment	(20)	-		-	855	-	-
Benefit obligation at end of year	$ 32,061	$ 33,397	$ 31,497		$ 10,510	$ 20,140	$ 22,102
Change in plan assets
Fair value of plan assets at beginning of year	$ -	$ -	$ -		$ -	$ -	$ -
Employer contributions	2,944	2,907		2,909	1,110	1,681	2,134
Plan participants' contributions	-	-		-	1,089	1,999	1,583
Benefits paid	(2,944)	(2,907)		(2,909)	(2,199)	(3,680)	(3,718)
Fair value of plan assets at end of year	$ -	$ -	$ -		$ -	$ -	$ (1)
Funded status	$(32,061)	$ (33,397)	$ (31,497)		$ (10,510)	$(20,140)	$(22,102)
Unamortized prior service credit	(9)	(16)		(21)	(8,768)	(2,445)	(2,378)
Unrecognized net (loss) gains	10,017	11,504		9,587	(3,548)	(538)	1,291
Remaining net transition obligation	9,238	13,755		14,856	-	-	-
Total funded status	$(12,815)	$ (8,154)	$ (7,075)		$ (22,826)	$(23,123)	$(23,189)
Amounts recognized in the balance sheets
consist of:
Accrued benefit cost	$(32,057)	$ (33,393)	$ (31,490)		$ (22,826)	$(23,123)	$(23,189)
Intangible assets	9,238	13,755		14,856	-	-	-
Unassigned surplus - minimum
pension liability	10,004	11,484		9,559	-	-	-
Net amount recognized	$(12,815)	$ (8,154)	$ (7,075)		$ (22,826)	$(23,123)	$(23,189)
Component of net periodic benefit cost
Service cost	$ -	$ -	$ -		$ 545	$ -	$ 750
Interest cost	1,896	1,954		1,907	904	1,223	1,392
Amount of unrecognized gains (losses)	1,198	890		580	(75)	-	137
Amount of prior service cost recognized	(4)	(5)		(5)	(153)	68	67
Amortization of unrecognized transition
obligation to transition asset	1,005	1,146		1,146	-	-	-
Amount of recognized gain or (loss)
due to a settlement or curtailment	3,510	-		-	(408)	-	-
Total net periodic benefit cost	$ 7,605	$ 3,985	$ 3,628		$ 813	$ 1,291	$ 2,346
Benefit obligation for nonvested employees	$ -	$ -	$ -		$ -	$ 1,925	$ 1,431
Accumulated benefit obligation
for vested participants	$ 32,057	$ 33,393	$ 31,490		$ 10,510	$ 20,140	$ 21,775

39

RELIASTAR LIFE INSURANCE COMPANY
 Note to Other Financial Information
December 31, 2009

Assumptions used in determining year-end liabilities for the defined benefit plans and other benefit plan as of December 31, 2009, 2008 and 2007 were as follows:

	2009	2008	2007
Weighted average discount rate	6.0%	6.0%	6.5%
Rate of increase in compensation level	1.5%	4.0%	4.2%

For 2009 expense, the Company used the assumptions used in determining 2008 year-end liabilities, For 2008 expense, the Company used the assumptions used in determining 2007 year-end liabilities. For 2007 expense, the company used 5.9% for the weighted average discount rate and 4.0% for the rate of increase in compensation level.

The annual assumed rate of increase in the per capita cost of covered benefits (i.e. health care cost trend rate) for the medical plan is 7.8%, decreasing gradually to 6.0% over five years. Increasing the assumed health care cost trend rates by one percentage point in each year would increase the accumulated postretirement benefit obligation for the medical plan as of December 31, 2009 by $0.2. Decreasing the assumed health care cost trend rates by one percentage point in each year would decrease the accumulated postretirement benefit obligation for the medical plan as of December 31, 2009 by $0.2.

The Company expects to pay the following benefits:

Year ending
December 31,	Benefits
	(In Thousands)
2010	$ 4,382
2011	4,269
2012	4,017
2013	3,877
2014	3,643
Thereafter	16,185

The Company’s expected future contributions are equal to its expected future benefit payments. The Company’s 2010 future expected contribution is $4.4.

The measurement date used for postretirement benefits is December 31, 2009.

8. Separate Accounts

Separate account assets and liabilities represent funds segregated by the Company for the benefit of certain policy and contract holders who bear the investment risk. Revenues and expenses on the separate account assets and related liabilities equal the benefits paid to the separate account policy and contract holders.

40

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The general nature and characteristics of the separate accounts business follows:

	Non-Indexed	Non-
	Guarantee	Guaranteed
	Less than/	Separate
	Equal to 4%	Accounts	Total
	(In Thousands)
December 31, 2009
Premium, consideration or deposits for the year	$ (1,016)	$ 217,172	$ 216,156
Reserves for separate accounts with assets at:
Fair value	$ 112,407	$ 2,015,405	$ 2,127,812
Amortized cost	-	-	-
Total reserves	$ 112,407	$ 2,015,405	$ 2,127,812
Reserves for separate accounts by
withdrawal characteristics:
Subject to discretionary withdrawal:
With market value adjustment	$ 112,407	$ -	$ 112,407
At market value	-	2,012,459	2,012,459
Subtotal	112,407	2,012,459	2,124,866
Not subject to discretionary withdrawal	-	2,946	2,946
Total separate account liabilities	$ 112,407	$ 2,015,405	$ 2,127,812
December 31, 2008
Premium, consideration or deposits for the year	$ 1,091	$ 270,608	$ 271,699
Reserves for separate accounts with assets at:
Fair value	$ 124,315	$ 1,719,949	$ 1,844,264
Amortized cost	-	-	-
Total reserves	$ 124,315	$ 1,719,949	$ 1,844,264
Reserves for separate accounts by
withdrawal characteristics:
Subject to discretionary withdrawal:
With market value adjustment	$ 124,315	$ -	$ 124,315
At market value	-	1,709,823	1,709,823
Subtotal	124,315	1,709,823	1,834,138
Not subject to discretionary withdrawal	-	10,126	10,126
Total separate account liabilities	$ 124,315	$ 1,719,949	$ 1,844,264

41

RELIASTAR LIFE INSURANCE COMPANY
 Note to Other Financial Information
December 31, 2009

A reconciliation of the amounts transferred to and from the separate accounts is presented below:

	Year ended December 31
	2009	2008	2007
	(In Thousands)
Transfers as reported in the Summary of Operations
of the Separate Accounts Statement:
Transfers to separate accounts	$ 216,156	$ 271,699	$ 328,909
Transfers from separate accounts	(352,319)	(510,876)	(715,354)
Transfers as reported in the statements of operations	$ (136,163)	$ (239,177)	$ (386,445)

The separate account liabilities subject to minimum guaranteed benefits, the gross amount of reserve and the reinsurance reserve credit related to minimum guarantees, by type, at December 31, 2009 and 2008 were as follows:

	Guaranteed Minimum
	Death Benefit (GMDB)
	(In Thousands)
December 31, 2009
Separate Account Liability	$ 1,005,801
Gross amount of reserve	10,133
Reinsurance reserve credit	-
December 31, 2008
Separate Account Liability	$ 815,336
Gross amount of reserve	8,286
Reinsurance reserve credit	-

42

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

9. Federal Income Taxes

The Company files a consolidated federal income tax return with its parent ING AIH, a Delaware corporation, and other U.S. affiliates. The Company has a written tax sharing agreement that provides that each member of the consolidated return shall reimburse ING AIH for its respective share of the consolidated federal income tax liability and shall receive a benefit for its losses at the statutory rate. The following is a list of all affiliated companies that participate in the filing of this consolidated federal income tax return:

ALICA Holdings, Inc.
Australia Retirement Services Holding, LLC
Bancnorth Investment Group, Inc.
Branson Insurance Agency, Inc.
Compulife Investor Services, Inc.
Compulife, Inc.
Directed Services, LLC
Financial Network Investment Corporation
Financial Network Investment Corporation of Puerto Rico, Inc.
FN Insurance Agency of Kansas, Inc.
FN Insurance Agency of New Jersey, Inc.
FN Insurance Services of Nevada, Inc.
FN Insurance Services, Inc.
FNI International, Inc.
ING Furman Selz (SBIC) Investments LLC
Furman Selz Investments, LLC
Guaranty Brokerage Services, Inc.
IB Holdings, LLC
IIPS of Florida, LLC
ILICA, Inc.
ING America Insurance Holdings, Inc.
ING Alternative Asset Management, LLC
ING America Equities, Inc.
ING Brokers Network, LLC
ING Capital Corporation, LLC
ING Equity Holdings, Inc.
ING Financial Advisors, LLC
ING Financial Partners, Inc.
ING Financial Products Company, Inc.
ING Funds Distributor, LLC
ING Funds Services, LLC
ING Ghent Asset Management, LLC
ING Institutional Plan Services, LLC
ING Insurance Agency of Texas, Inc.
ING Insurance Agency, Inc.
ING Insurance Services Holding Company, Inc.
ING Insurance Services of Alabama, Inc.
ING Insurance Services of Massachusetts, Inc.
ING Insurance Services, Inc.
ING International Insurance Holdings, Inc.
ING International Nominee Holdings, Inc.
ING Investment Advisors, LLC
ING Investment Management Alternative Assets, LLC

ING Investment Management Co.
ING Investment Management Services, LLC
ING Investment Management, LLC
ING Investment Trust Co.
ING Investments, LLC
ING Life Insurance and Annuity Company
ING National Trust
ING North America Insurance Corporation
ING Payroll Management, Inc.
ING Pilgrim Funding, Inc.
ING Pomona Holdings LLC
ING Retail Holding Company, Inc.
ING Services Holding Company, Inc.
ING USA Annuity and Life Insurance Company
ING Wealth Solutions, LLC
Lion Connecticut Holdings Inc.
Lion Custom Investments, LLC
Lion II Custom Investments, LLC
MFSC Insurance Agency of Nevada, Inc.
MFSC Insurance Services, Inc.
Midwestern United Life Insurance Company
Multi-Financial Group, LLC
Multi-Financial Securities Corporation
Pomona Management LLC
PrimeVest Financial Services, Inc.
PrimeVest Insurance Agency of Alabama, Inc.
PrimeVest Insurance Agency of Nevada, Inc.
PrimeVest Insurance Agency of New Mexico, Inc.
PrimeVest Insurance Agency of Ohio, Inc.
PrimeVest Insurance Agency of Oklahoma, Inc.
PrimeVest Insurance Agency of Texas, Inc.
PrimeVest Insurance Agency of Wyoming, Inc.
ReliaStar Life Insurance Company
ReliaStar Life Insurance Company of New York
Roaring River, LLC
Security Life Assignment Corp.
Security Life of Denver Life Insurance Company
Security Life of Denver International, Ltd.
SLDI Georgia Holdings, Inc.
Systematized Benefits Administrators, Inc.
Whisperingwind I, LLC
Whisperingwind II, LLC
Whisperingwind III, LLC

43

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Current income taxes incurred consisted of the following major components:

	Year ended December 31
	2009	2008	2007
	(In Thousands)
Federal tax expense (benefit) on operations	$ 119,396	(111,875)	110,413
Federal tax (benefit) expense on capital gains and (losses)	(70,722)	10,592	9,008
Total current tax expense (benefit) incurred	$ 48,674	$ (101,283) $	119,421

The Company adopted SSAP 10R effective December 31, 2009. The December 31, 2009 balances and related disclosures are calculated and presented pursuant to SSAP 10R. The December 31, 2008 balances and related disclosures are calculated and presented pursuant to SSAP 10 prior to its modification by SSAP 10R.

The net decrease in total deferred tax assets that were nonadmitted including the tax valuation allowance was $33.9, for 2009.

The Company has elected to admit deferred tax assets pursuant to paragraph 10.e. of SSAP 10R for the year ended December 31, 2009. The year ended December 31, 2009 election differs from the December 31, 2008 year-end reporting period.

The amount of admitted adjusted gross deferred tax assets admitted under each component of SSAP 10R:

	December 31, 2009
	Ordinary	Capital	Total
	(In Thousands)
Admitted under paragraph 10.a.	$ -	$ -	$ -
Paragraph 10.b., lesser of:
Admitted under paragraph 10.b.i	90,474	46,760	137,234
Admitted under paragraph 10.b.ii	208,468	N/A	208,468
Admitted under paragraph 10.b. (lesser of b.i. or b.ii)	90,474	46,760	137,234
Admitted under paragraph 10.c.	58,831	-	58,831
Total admitted from the application of paragraph 10.a - 10.c.	149,305	46,760	196,065
Admitted under paragraph 10.e.i.	-	-	-
Paragraph 10.e.ii., lesser of:
Admitted under paragraph 10.e.ii.a	175,677	46,760	222,437
Admitted under paragraph 10.e.ii.b	312,702	N/A	312,702
Admitted under paragraph 10.e.ii. (lesser of e.ii.a or e.ii.b)	175,677	46,760	222,437
Admitted under paragraph 10.e.iii.	58,831	-	58,831
Total admitted from the application of paragraph 10.e.	234,508	46,760	281,268
The increased amount by tax character, and the change in such,
of admitting adjusted gross DTAs as the result of the application
of paragraph 10e:	85,203	-	85,203
Total admitted adjusted gross deferred tax assets	$ 234,508	$ 46,760	$ 281,268

44

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The amount of admitted adjusted gross deferred tax assets admitted under each component of SSAP 10R: 

	December 31, 2009
	2009	2008
	(In Thousands)
Admitted under paragraph 10.a.	$ -	$ -
Paragraph 10.b., lesser of:
Admitted under paragraph 10.b.i	137,234		127,427
Admitted under paragraph 10.b.ii	208,468		191,103
Admitted under paragraph 10.b. (lesser of b.i. or b.ii)	137,234		127,427
Admitted under paragraph 10.c.	58,831		94,200
Total admitted from the application of paragraph 10.a - 10.c.	196,065		221,627
Admitted under paragraph 10.e.i.	-		-
Paragraph 10.e.ii., lesser of:
Admitted under paragraph 10.e.ii.a	222,437		-
Admitted under paragraph 10.e.ii.b	312,702		-
Admitted under paragraph 10.e.ii. (lesser of e.ii.a or e.ii.b)	222,437		-
Admitted under paragraph 10.e.iii.	58,831		-
Total admitted from the application of paragraph 10.e.	281,268		-	(b)
The increased amount by tax character, and the change in such,
of admitting adjusted gross DTAs as the result of the application
of paragraph 10e:	85,203		-	(b)
Total admitted adjusted gross deferred tax assets	$ 281,268	$ 221,627		(b)

(b) Admittance testing under paragraph 10.e was implemented as part of SSAP 10R effective December 31, 2009.

45

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The main components of deferred tax assets and deferred tax liabilities are as follows:

	December 31, 2009
	Ordinary	Capital	Total
	(In Thousands)
Deferred tax assets resulting from differences in:
Deferred acquisition costs	$ 122,310	$ -	$ 122,310
Insurance reserves	209,359	-	209,359
Investments	4,426	117,797	122,223
Compensation and benefits	50,551	-	50,551
Nonadmitted assets and other surplus items	12,437	-	12,437
Litigation accruals	14,022	-	14,022
Cost of collection and loading	-	-	-
Unrealized losses on investments	15,170	9,260	24,430
Tax credits	3,901	-	3,901
Other	18,956	-	18,956
Total gross deferred tax assets	451,132	127,057	578,189
Valuation allowance adjustment	-	(80,297)	(80,297)
Total adjusted gross deferred tax assets	451,132	46,760	497,892
Deferred tax assets nonadmitted	(216,624)	-	(216,624)
Admitted deferred tax assets	234,508	46,760	281,268
Deferred tax liabilities resulting from differences in:
Investments	10,547	-	10,547
Deferred and uncollected premium	17,296	-	17,296
Insurance reserves	2,274	-	2,274
Cost of collection and loading	21,416	-	21,416
Other	7,298	-	7,298
Total deferred tax liabilities	58,831	-	58,831
Net admitted deferred tax asset	$ 175,677	$ 46,760	$ 222,437

46

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The change in the tax assets and deferred tax liabilities by main component are as follows:

	December 31, 2009
	2009	2008	Change
	(In Thousands)
Deferred tax assets resulting from differences in:
Deferred acquisition costs	$ 122,310	$ 123,699	$ (1,389)
Insurance reserves	209,359	183,248	26,111
Investments	122,223	70,554	51,669
Compensation and benefits	50,551	43,980	6,571
Nonadmitted assets and other surplus items	12,437	31,942	(19,505)
Litigation accruals	14,022	14,460	(438)
Cost of collection and loading	-	11,495	(11,495)
Unrealized losses on investments	24,430	31,708	(7,278)
Tax credits	3,901	14,855	(10,954)
Other	18,956	26,483	(7,527)
Total gross deferred tax assets	578,189	552,424	25,765
Valuation allowance adjustment	(80,297)	-	(80,297)
Total adjusted gross deferred tax assets	497,892	552,424	(54,532)
Deferred tax assets nonadmitted	(216,624)	(330,797)	114,173
Admitted deferred tax assets	281,268	221,627	59,641
Deferred tax liabilities resulting from differences in:
Investments	10,547	14,266	(3,719)
Deferred and uncollected premium	17,296	76,222	(58,926)
Insurance reserves	2,274	2,790	(516)
Cost of collection and loading	21,416	-	21,416
Other	7,298	922	6,376
Total deferred tax liabilities	58,831	94,200	(35,369)
Net admitted deferred tax asset	$ 222,437	$ 127,427	$ 95,010

The valuation allowance adjustment to gross deferred tax assets as of December 31, 2009 was $80.3. The net change in the total valuation allowance adjustment for the year ended December 31, 2009 was an increase of $80.3 due to the application of SSAP 10R. The valuation allowance adjustment at 2009 is necessary as it is unlikely that the Company will realize sufficient taxable capital gain income to offset taxable capital losses.

47

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The change in net deferred income taxes reported in surplus before the consideration of nonadmitted assets is comprised of the following components:

	December 31
	2009	2008	Change
	(In Thousands)
Net deferred tax asset	$ 519,358	$ 458,224	$ 61,134
Valuation allowance adjustment	(80,297)	-	(80,297)
Net adjusted deferred tax asset	439,061	458,224	(19,163)
Remove unrealized losses	24,430	31,708	(7,278)
Net tax effect without unrealized gains and losses	414,631	426,516	(11,885)
Remove other items in surplus:
Additional minimum pension liability			(518)
Current year change in nonadmitted assets			(21,988)
Unauthorized reinsurer			(2,958)
Reserve accounting method change			(2,619)
Remove current year change in valuation allowance adjustment			(80,297)
Change in deferred taxes for rate reconciliation			$ 96,495

The Company has no unrecorded tax liabilities as of December 31, 2009.

The provision for federal income tax expense and change in deferred taxes differs from the amount which would be obtained by applying the statutory federal income tax rate to income (including capital items) before income taxes for the following reasons:

	Year ended December 31
	2009	2008	2007
	(In Thousands)
Current income taxes incurred (recoverable)	$ 48,674	$ (101,283)	$ 119,421
Change in deferred income tax **	(96,495)	(40,506)	(36,481)
Total income tax reported	$ (47,821)	$ (141,789)	$ 82,940
Ordinary income	$ 223,958	$ (68,474)	$ 260,307
Capital losses	(267,780)	(158,016)		12,164
Total pre tax book (loss) income	$ (43,822)	$ (226,490)	$ 272,471
Provision computed at statutory rate	$ (15,338)	$ (79,272)	$ 95,365
Dividends received deduction	(2,674)	(2,753)		(12,804)
Interest maintenance reserve	(31,966)	(14,311)		(5,253)
Reinsurance	23,051	(1,839)		(5,715)
IRS audit settlement	(19,719)	(32,022)		-
Return of capital from liquidation of subsidiary	10,412	-		-
Tax credits	(9,982)	(11,841)		-
Other	(1,605)	248		11,347
Total	$ (47,821)	$ (141,790)	$ 82,940
** (excluding tax on unrealized gains/losses and other surplus items)

48

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The Company's risk-based capital level used for purposes of paragraph 10.d. is based on authorized control level risk based capital of $234.0 and total adjusted capital of $2,132.6. The amount of admitted deferred tax assets, admitted assets, statutory surplus and total adjusted capital in the risk-based capital calculation and the increased amount of deferred tax assets, admitted assets and surplus as the result of the application of paragraph 10.e:

	December 31, 2009
	(In Thousands)
		Increase After
	After Application of	Application of
	paragraph 10. a, b, c	paragraph 10.e
Admitted net DTAs	$ 137,234	$ 222,437
Admitted assets	20,588,102	20,673,305
Statutory surplus	2,105,107	2,190,310
Total adjusted capital	2,132,569	2,217,772

There is no operating loss or tax credit carryforward available for tax purposes as of December 31, 2009.

There are no federal income taxes incurred that will be available for recoupment in the event of future net losses from 2009, 2008 and 2007.

There were no deposits admitted under Section 6603 of the Internal Revenue Service Code as of December 31, 2009.

Under the intercompany tax sharing agreement, the Company has a payable to ING AIH, an affiliate, of $19.9 and $10.9 for federal income taxes as of December 31, 2009 and 2008, respectively.

The Company’s transferable state tax credit assets at Deceber 31, 2009 and 2008 are as follows:

Method of Estimating Utilization of			Unused Credit
Remaining Transferrable State Tax Credit	State	Carrying Value	Remaining
		(In Thousands)
December 31, 2009
Estimated credit based on investment in
motion picture/film production credits	CT	$ 1,366	$ 1,504
Estimated credit based on investment in
low income housing investment	GA	1,668	2,034
Total State Tax Credits		$ 3,034	$ 3,538
December 31, 2008
Estimated credit based on investment in
low income housing investment	CT	$ 1,767	$ 2,005
Estimated credit based on investment in
low income housing investment	GA	1,158	2,336
Total State Tax Credits		$ 2,925	$ 4,341

49

RELIASTAR LIFE INSURANCE COMPANY
 Note to Other Financial Information
December 31, 2009

A reconciliation of the change in the unrecognized income tax benefits for the years is as follows:

	December 31
	2009	2008	2007
	(In Thousands)
Balance at beginning of year	$ 24.0	$ 53.8	$ 42.3
Additions for tax positions related to current year	0.2	0.5	2.6
Reductions for tax positions related to prior years	(16.7)	(30.7)	-
Additions for tax positions related to prior years	0.1	0.5	8.9
Balance at end of year	$ 7.6	$ 24.1	$ 53.8

The Company had $7.6, $24.1 and $53.8 of unrecognized tax benefits as of December 31, 2009, 2008, and 2007, respectively, that would affect the Company’s effective tax rate if recognized.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in Federal income taxes and Federal income tax expense on the Balance Sheets and Statements of Operations, respectively. The Company had accrued interest of $1.0 and $5.3 as of December 31, 2009 and 2008, respectively.

The Company is under audit by the Internal Revenue Service (“IRS”) for tax years 2004 through 2009. It is anticipated that the IRS audit of tax years 2004 through 2008 will be finalized within the next twelve months. Upon finalization of the IRS exam, it is reasonably possible that the unrecognized tax benefits will decrease by up to $3.0. The timing of the payment of the remaining allowance of $4.6 can not be reliably estimated. The Company and the IRS have agreed to participate in the Compliance Assurance Program (“CAP”) for the tax years 2008 and 2009.

50

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

10. Investment in and Advances to Subsidiaries

The Company has five wholly owned insurance subsidiaries at December 31, 2009, ReliaStar Life Insurance Company of New York (“RNY”), ING Re (UK) Limited (“ING RE”), Whisperingwind I, LLC (“WWI”), Whisperingwind II, LLC (“WWII”), and Roaring River, LLC (“RRLLC”).

Amounts invested in and advanced to the Company’s subsidiaries are summarized as follows:

	December 31
	2009	2008
	(In Thousands)
Common stock (cost - $676,738 in 2009 and $474,408 in 2008)	$ 324,181	$ 274,861

Summarized financial information as of and for the year ended December 31 for these subsidiaries is as follows:

	December 31
	2009	2008	2007
	(In Thousands)
Revenues	$ 1,242,243	$ 895,770	$ 1,268,542
Income before net realized (losses) gains	(454,811)	(298,044)	(399,930)
Net (loss) income	(294,439)	(289,235)	(404,896)
Admitted assets	4,834,089	4,158,852	4,021,681
Liabilities	4,056,756	3,611,950	3,521,871

Asset and liability amounts for WWI, WWII and RRLLC are included in the above table, however the Company’s carrying amount for WWI, WWII, and RRLLC is zero.

The Company received cash dividends from RNY of $0.0, 0.0, and $18.7 during years ended December 31, 2009, 2008 and 2007. The Company received cash dividends from NWNL Benefits Corporation of $0.0, $0.0, and $1.1 during years ended December 31, 2009, 2008, and 2007.

On October 27, 2006, the Company created a South Carolina domiciled, wholly owned subsidiary, WWI, as a limited liability company. WWI received its licensure as a special purpose financial captive insurance company (“SPFC”) from the Director of the South Carolina Department of Insurance on May 29, 2007. After receiving all required and customary regulatory approvals, WWI commenced doing business as an SPFC on May 29, 2007. As of December 31, 2009 and 2008, WWI has no carrying value. The Company contributed capital to WWI of $0.0, $105.0 and $63.7 during the years ended December 31, 2009, 2008 and 2007. During 2009, the Company ceded premium and ceded reserves to WWI of $82.9 and $316.5, respectively. The amount of insurance in force ceded to WWI was $41.9 billion at December 31, 2009. During 2008, the Company ceded premium and ceded reserves to WWI of $106.8 and $269.5, respectively. The amount of insurance in force ceded to WWI was $44.2 billion at December 31, 2008.

51

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

During 2007, the Company ceded premium and ceded reserves to WWI of $44.8 and $155.3, respectively. The amount of insurance in force ceded to WWI was $30.7 billion at December 31, 2007.

On October 27, 2006, the Company created a South Carolina domiciled, wholly owned subsidiary, WWII, as a limited liability company. WWII received its licensure as a SPFC from the Director of the South Carolina Department of Insurance on October 26, 2007. After receiving all required and customary regulatory approvals, WWII commenced doing business as an SPFC on November 1, 2007. As of December 31, 2009 and 2008, WWII has no carrying value. The Company contributed capital to WWII of $0.0, $0.0 and $82.1 during the years ended December 31, 2009, 2008 and 2007. During 2009, the Company ceded premium and ceded reserves to WWII of $34.2 and $287.7, respectively. The amount of insurance in force ceded to WWII was $0.8 billion at December 31, 2009. During 2008, the Company ceded premium and ceded reserves to WWII of $39.0 and $641.4, respectively. The amount of insurance in force ceded to WWII was $0.5 billion at December 31, 2008. During 2007, the Company ceded premium and ceded reserves to WWII of $573.3 and $611.5, respectively. The amount of insurance in force ceded to WWII was $475.9 at December 31, 2007.

On September 12, 2008, the Company created a Missouri domiciled, wholly owned subsidiary, RRLLC, as a limited liability company. RRLLC received its licensure as a SPFC from the Director of the Missouri Department of Insurance on December 26, 2008. After receiving all required and customary regulatory approvals, RRLLC commenced doing business as a Special Purpose Life Reinsurance Company (“SPLRC”) on January 1, 2008. The Company’s adjusted carrying value of RRLLC is $0.0 and $7.3 as of December 31, 2009 and 2008, respectively. The Company contributed capital to RRLLC of $123.0 and $7.3 during the year ended December 31, 2009 and 2008, respectively. During 2009, the Company ceded premium and ceded reserves to RRLLC of $648.7 and $487.5, respectively. The amount of insurance in force ceded to RRLLC was $139.3 billion at December 31, 2009. This treaty did not exist in 2008.

Effective January 15, 2007, the Company entered into a Stock Purchase Agreement with Superior Vision Services, Inc. (“SVS”), a Delaware corporation, and Bolle, Inc., a Delaware corporation, pursuant to which SVS purchased all of the Company’s rights, title and interest in all the shares of SVS owned by the Company for a cash purchase price of $33.8. The transaction closed on January 26, 2007. The Company recognized a gain of $30.7 from the transaction.

During the 3^rd quarter of 2008, the Company decided to pursue wind-up of the operations of its subsidiary ING RE and the dissolution of such subsidiary by way of a Members Voluntary Liquidation (“MVL”) as allowed by UK law. It is anticipated that the operations of ING RE will cease, and its dissolution would be given effect, in 2010, subject to the requirements of applicable UK law. As of December 31, 2009, the book adjusted carrying value of ING RE was $1.6, but was nonadmitted due to the Company’s decision to not pursue an audit of its financial statements.

52

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

11. Reinsurance

The Company is involved in both ceded and assumed reinsurance with other companies for the purpose of diversifying risk and limiting exposure on larger risks. To the extent that the assuming companies become unable to meet their obligations under these treaties, the Company remains contingently liable to its policyholders for the portion reinsured. To minimize its exposure to significant losses from retrocessionaire insolvencies, the Company evaluates the financial condition of the retrocessionaire and monitors concentrations of credit risk.

Assumed premiums amounted to $463.4, $713.6 and $733.1 for 2009, 2008 and 2007, respectively.

The Company’s ceded reinsurance arrangements reduced certain items in the accompanying financial statements by the following amounts:

	December 31
	2009	2008	2007
	(In Thousands)
Premiums	$ 2,858,276	$ 1,388,347	$ 1,132,722
Benefits paid or provided	1,478,685	895,679	910,420
Policy and contract liabilities at year end	4,409,635	3,368,526	2,867,408

The amount of reinsurance credits taken for new agreements executed since January 1, 2009 to include policies or contracts that were in force or which had existing reserves established by the Company, were $1.0 billion

The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement.

12. Capital and Surplus

Under Minnesota insurance regulations, the Company is required to maintain a minimum total capital and surplus of $2.0. Additionally, the amount of dividends which can be paid by the Company to its shareholder without prior approval of the Minnesota Division of Insurance is limited to the greater of the net gain from operations excluding realized capital gains or 10% of surplus at December 31 of the preceding year.

Lion loaned $100.0 to the Company under a surplus note dated December 1, 2001. The surplus note provides, subject to the regulatory constraints discussed below, that (1) it is a surplus note which will mature on September 15, 2021, with principal due at maturity, but payable without penalty, in whole or in part before maturity; (2) interest is payable at a variable rate based upon an annualized yield rate for U.S. Treasury Bonds payable semi annually; and (3) in the event that the Company is in default in the payment of any

53

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

required interest or principal, the Company cannot pay cash dividends on its capital stock (all of which is owned directly by Lion). The surplus note further provides that there may be no payment of interest or principal without the express approval of the Minnesota Department of Commerce. For the year ended December 31, 2009, 2008 and 2007, interest paid totaled $3.2, $4.3 and $4.7, respectively. There is no accrued interest for the years ended December 31, 2009 and 2008.

On November 12, 2008, ING issued to the Dutch State non-voting Tier 1 securities for a total consideration of Euro 10 billion. On February 24, 2009, $2.2 billion was contributed to direct and indirect insurance company subsidiaries of ING AIH, of which $190.0 was contributed to the Company, effective for December 31, 2008. The Company then contributed capital of $90.0 to RNY. The Company received capital contributions from Lion of $0.0 and $95.0 during 2009 and 2007. The Company did not pay dividends to Lion during 2009, 2008 and 2007.

Life and health insurance companies are subject to certain Risk Based Capital requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. At December 31, 2009, the Company meets the RBC requirements.

13. Fair Values of Financial Instruments

In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the financial instrument. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying value of the Company.

Life insurance liabilities that contain mortality risk and all nonfinancial instruments have been excluded from the disclosure requirements. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

54

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The carrying amounts and fair values of the Company’s financial instruments are summarized as follows:

	December 31
	2009		2008
	Carrying	Fair	Carrying	Fair
	Amount	Value	Amount	Value
	(In Thousands)
Assets:
Bonds	$11,921,786	$ 11,831,181	$ 13,389,937	$ 11,479,796
Preferred stocks	48,516	46,827	111,545	71,445
Unaffiliated common stocks	60,112	60,112	63,967	63,967
Mortgage loans	2,225,989	2,144,398	2,492,588	2,424,115
Derivative securities	53,475	53,596	157,350	173,703
Contract loans	682,630	682,630	690,229	690,229
Cash, cash equivalents and
short term investments	1,331,064	1,331,064	156,896	156,896
Separate account assets	2,227,830	2,227,830	1,920,676	1,920,676
Liabilities:
Derivative securities	118,547	207,671	278,401	388,860
Dividends payable	11,240	11,240	13,745	13,745
Payable for securities	20,411	20,411	730	730

The following methods and assumptions were used by the Company in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto:

Cash, cash equivalents and short term investments: The carrying amounts reported in the accompanying Balance Sheets for these financial instruments approximate their fair values.

Bonds and equity securities: The fair values for bonds, preferred stocks and common stocks reported herein are based on quoted market prices, where available. For securities not actively traded, fair values are estimated using values obtained from independent pricing services or, in the case of private placement investments, are estimated by discounting the expected future cash flows. The discount rates used vary as a function of factors such as yield, credit quality, and maturity, which fall within a range between 0.8% and 38.2% over the total portfolio. Fair values determined on this basis can differ from values published by the SVO. Fair value as determined by the SVO as of December 31, 2009 and 2008 is $11.9 billion and $11.9 billion, respectively.

Mortgage loans: Estimated fair values for commercial real estate loans were generated using a discounted cash flow approach. Loans in good standing are discounted using interest rates determined by U.S. Treasury yields on December 31 and spreads applied on new loans with similar characteristics. The amortizing features of all loans are incorporated in the valuation. Where data on option features is available, option values are determined using a binomial valuation method, and are

55

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

incorporated into the mortgage valuation. Restructured loans are valued in the same manner; however, these loans were discounted at a greater spread to reflect increased risk.

Derivative financial instruments: Fair values for derivative financial instruments are based on broker/dealer valuations or on internal discounted cash flow pricing models, taking into account current cash flow assumptions and the counterparties’ credit standing.

Individual and group annuities: The fair values for individual and group annuities with defined maturities are estimated using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. For individual and group annuities, fair value is estimated to be the present surrender value.

The carrying value of all other financial instruments approximates their fair value.

Included in various investment related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stock when carried at the lower of cost or market.

The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Subtopic 820-10, formerly FASB Statement No. 157, Fair Value Measurements.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the

56

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Balance Sheets are categorized as follows:

· Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market.

· Level 2 - Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Inputs other than quoted market prices that are observable; and d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

· Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

57

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2009.

	Level 1	Level 2	Level 3(1)	Total
	(In Thousands)
At December 31, 2009:
Assets:
Bonds	$ -	$ 32,197	$ 7,686	$ 39,883
Preferred stock	-	4,440	2,527	6,967
Common stock	49,354	-	10,758	60,112
Cash, cash equivalents and
short-term investments	1,331,064	-	-	1,331,064
Derivatives	-	50,440	3,035	53,475
Separate account assets	2,138,417	89,413	-	2,227,830
Total assets	$ 3,518,835	$ 176,490	$ 24,006	$ 3,719,331
Liabilities:
Derivatives	-	118,547	-	118,547
Total liabilities	$ -	$ 118,547	$ -	$ 118,547

(1) Level 3 net assets and liabilities accounted for 0.7% of total net assets and liabilities measured at fair value on a recurring basis. Excluding separate accounts assets for which the policyholder bears the risk, the Level 3 net assets and liabilities in relation to total net assets and liabilities measured at fair value on a recurring basis totaled 1.8%.

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2008.

	Level 1	Level 2	Level 3(1)	Total
	(In Thousands)
At December 31, 2008:
Assets:
Bonds	$ -	$ 3,052	$ 10,458	$ 13,510
Preferred stock	2,928	-	-	2,928
Common stock	63,697	-	-	63,697
Cash, cash equivalents and
short-term investments	156,896	-	-	156,896
Derivatives	-	156,633	717	157,350
Separate account assets	1,830,139	90,537	-	1,920,676
Total assets	$ 2,053,660	$ 250,222	$ 11,175	$ 2,315,057
Liabilities:
Derivatives	-	271,313	7,088	278,401
Total liabilities	$ -	$ 271,313	$ 7,088	$ 278,401

(1) Level 3 net assets and liabilities accounted for 0.2% of total net assets and liabilities measured at fair value on a recurring basis. Excluding separate accounts assets for which the policyholder bears the risk, the Level 3 net assets and liabilities in relation to total net assets and liabilities measured at fair value on a recurring basis totaled 3.5%.

58

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Bonds: Securities that are carried at fair value on the balance sheet are classified as Level 2 or Level 3. Level 2 bond prices are obtained through several commercial pricing services, which incorporate a variety of market observable information in their valuation techniques, including benchmark yields, broker-dealer quotes, credit quality, issuer spreads, bids, offers and other reference data to provide estimated fair values. Privately placed bond fair value are determined using a matrix-based pricing model and are classified as Level 2 assets. The market for subprime RMBS remains largely inactive, and as such these securities are categorized in Level 3 of the valuation hierarchy.

Preferred and Common Stock: Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Certain preferred stock prices are obtained through commercial pricing services and are classified as Level 2 assets. Other equity securities, typically private equities or equity securities not traded on an exchange are valued by other sources such as analytics or brokers and are classified as Level 3 assets.

Cash and cash equivalents and short-term investments: The carrying amounts for cash reflect the assets’ fair values. The fair values for cash equivalents and short-term investments are determined based on quoted market prices. These assets are classified as Level 1.

Derivatives: The carrying amounts for these financial instruments, which can be assets or liabilities, reflect the fair value of the assets and liabilities. Certain derivatives are carried at fair value (on the Balance Sheets), which is determined using the Company’s derivative accounting system in conjunction with observable key financial data, such as yield curves, exchange rates, Standard & Poor’s (“S&P”) 500 Index prices, and London Inter Bank Offered Rates (“LIBOR”), which are obtained from third party sources and uploaded into the system. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. Valuations for the Company’s futures contracts are based on unadjusted quoted prices from an active exchange and, therefore, are classified as Level 1. The Company also has certain CDS and Options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. However, all other derivative instruments are valued based on market observable inputs and are classified as Level 2.

Assets held in separate accounts: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. Mutual funds, short-term investments and cash are based upon a quoted market price and are included in Level 1 and 2.

59

RELIASTAR LIFE INSURANCE COMPANY Note to Other Financial Information

December 31, 2009

The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities for the year ended December 31, 2009:

			Bonds	Pref Stk	Comm Stk	Derivatives
	Balance at January 1, 2009	$ 10,458		$ -	$ -	$ (6,371)
	Capital gains (losses):
	Net realized capital gains (losses)*		(4,471)	-	(1)	163
	Net unrealized capital
	gains (losses)		(17,711)	0	1,183	1,178
	Total net realized and unrealized
	capital gains (losses)		(22,182)	0	1,182	1,341
	Purchases, sales, issuances, and
	settlements, net		(1,356)	-	767	978
	Transfer in (out) of Level 3		20,766	2,527	8,809	7,087
	Balance at December 31, 2009	$ 7,686		$ 2,527	$ 10,758	$ 3,035
	* Includes Amortization of (114)
14.	Commitments and Contingencies

Guarantee Agreement: The Company, effective January 2002, entered into a Guarantee Agreement with two other ING affiliates whereby it is jointly and severally liable for a $250.0 obligation of another ING affiliate, Security Life of Denver International Limited (“SLDI”). The Company’s Board of Directors approved this transaction on April 25, 2002. The two other affiliated life insurers were Security Connecticut Life Insurance Company (subsequently merged into the Company on October 1, 2003), and Security Life of Denver Insurance Company. The joint and several guarantees of the two remaining insurers are capped at $250.0. The States of Colorado and Minnesota did not disapprove the guarantee.

Due to the ratings downgrade by Moody’s Inc., of the Company on October 27, 2009, the Company was contractually required to collateralize its guarantee obligation. Accordingly, on January 22, 2010 the Company provided a letter of credit from the Federal Home Loan Bank of Des Moines (“FHLB”) in support of this obligation. The Company pledged assets with a market value of $302.9 as of January 22, 2010 to the FHLB as collateral for the letter of credit.

Investment Purchase Commitments: As part of its overall investment strategy, the Company has entered into agreements to purchase securities of $52.9 and $42.6 at December 31, 2009 and 2008, respectively. The Company is also committed to provide additional capital contributions for partnerships of $198.0 and $251.3 at December 31, 2009 and 2008, respectively.

Operating Leases: During the years ended December 31, 2009, 2008 and 2007, rent expense totaled $4.7, $8.6 and $7.9, respectively.

60

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

The Company does not have any minimum aggregate rental commitments under the cost sharing arrangements and service agreements. The Company does not have any future minimum lease payment receivables under the cost sharing arrangements and service agreements.

On January 3, 2008, the Company closed on transactions to sell four home office properties in Minneapolis for $117.0 in cash. The Company recognized a gain in the statement of operations of $44.7 associated with these sales as of December 31, 2008. Three of the properties have sale leaseback components to the transaction; therefore the gain related to these properties ($10.4 net of tax) will be segregated as special surplus funds and subsequently amortized to unassigned surplus over the 15 year lease term.

Legal Proceedings: The Company is involved in threatened or pending lawsuits/arbitrations arising from the normal conduct of business. Due to the climate in insurance and business litigation/arbitration, suits against the Company sometimes include claims for substantial compensatory, consequential or punitive damages and other types of relief. Moreover, certain claims are asserted as class actions, purporting to represent a group of similarly situated individuals. While it is not possible to forecast the outcome of such lawsuits/arbitrations, in light of existing insurance, reinsurance and established reserves, it is the opinion of management that the disposition of such lawsuits/arbitrations will not have a materially adverse effect on the Company’s operations or financial position.

Regulatory Matters: As with many financial services companies, the Company and its affiliates have received informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the financial services industry. In each case, the Company and its affiliates have been and are providing full cooperation.

Insurance and Retirement Plan Products and Other Regulatory Matters: Federal and state regulators and self-regulatory agencies are conducting broad inquiries and investigations involving the insurance and retirement industries. These initiatives currently focus on, among other things, compensation, revenue sharing, and other sales incentives; potential conflicts of interest; potential anti-competitive activity; reinsurance; sales and marketing practices (including sales to seniors); specific product types (including group annuities and indexed annuities); and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude. The Company and certain of its U.S. affiliates have received formal and informal requests in connection with such investigations, and are cooperating fully with each request for information. Some of these matters could result in regulatory action involving the Company. These initiatives also may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which the Company is engaged. In light of these and other developments, U.S. affiliates of ING, including the Company, periodically review whether modifications to their business practices are appropriate.

61

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

Investment Product Regulatory Issues: Since 2002, there has been increased governmental and regulatory activity relating to mutual funds and variable insurance products. This activity has primarily focused on inappropriate trading of fund shares; directed brokerage; compensation; sales practices, suitability, and supervision; arrangements with service providers; pricing; compliance and controls; adequacy of disclosure; and document retention.

In addition to responding to governmental and regulatory requests on fund trading issues, ING management, on its own initiative, conducted, through special counsel and a national accounting firm, an extensive internal review of mutual fund trading in ING insurance, retirement, and mutual fund products. The goal of this review was to identify any instances of inappropriate trading in those products by third parties or by ING investment professionals and other ING personnel.

The internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within the variable insurance and mutual fund products of certain affiliates of the Company, and identified other circumstances where frequent trading occurred despite measures taken by ING intended to combat market timing. Each of the arrangements has been terminated and disclosed to regulators, to the independent trustees of ING Funds (U.S.) and in reports previously filed by affiliates of the Company with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended.

Action may be taken by regulators with respect to the Company or certain ING affiliates before investigations relating to fund trading are completed. The potential outcome of such action is difficult to predict but could subject the Company or certain affiliates to adverse consequences, including, but not limited to, settlement payments, penalties, and other financial liability. It is not currently anticipated, however, that the actual outcome of any such action will have a material adverse effect on ING or ING’s U.S. based operations, including the Company.

Liquidity: The Company’s principal sources of liquidity are product charges, investment income, premiums, proceeds from the maturity and sale of investments, and capital contributions. Primary uses of these funds are payments of commissions and operating expenses, interest credits, investment purchases, and contract maturities, withdrawals, and surrenders.

The Company’s liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents, and short-term investments. Asset/liability management is integrated into many aspects of the Company’s operations, including investment decisions, product development, and determination of crediting rates. As part of the risk management process, different economic scenarios are modeled, including cash flow testing required for insurance regulatory purposes, to determine that existing assets are adequate to meet projected liability cash flows. Key variables in the modeling process include interest rates, anticipated contract owner behavior, and variable separate

62

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

account performance. Contract owners bear the investment risk related to variable annuity products, subject, in limited cases, to certain minimum guaranteed rates.

The fixed account liabilities are supported by a general account portfolio principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the fixed account considers the assets available-for-sale. This strategy enables the Company to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook, and other relevant factors. The Company’s asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, the Company uses derivative instruments to manage these risks. The Company’s derivative counterparties are of high credit quality.

During 2009, the Company has taken certain actions to reduce its exposure to interest rate and market risks. These actions included reducing guaranteed interest rates for new business, reducing credited rates on existing business, curtailing sales of some products, reassessment of the investment strategy with a focus on U.S. Treasury and investment grade assets, as well as hedging certain funds which previously were not hedged and continuing a hedging program to mitigate the impact of potential declines in equity markets and their impact on regulatory capital. During 2010, the Company will be monitoring these initiatives and their impacts on earnings, capital, and liquidity, and will determine whether further actions are necessary.

ING Restructuring Plan: On October 26, 2009, ING announced the key components of the final Restructuring Plan ING submitted to the EC as part of the process to receive EC approval for the state aid granted to ING by the Dutch State in the form of EUR 10 billion Core Tier 1 securities issued on November 12, 2008 and the ING-Dutch State transaction. As part of the Restructuring Plan, ING has agreed to separate its banking and insurance businesses by 2013. ING intends to achieve this separation over the next four years by divestment of its insurance and investment management operations, including the Company. ING has announced that it will explore all options for implementing the separation, including initial public offerings, sales or combinations thereof. In November 2009, the Restructing Plan received formal EC approval and the separation of insurance and banking operations and other components of the Restructing Plan were approved by ING shareholders. ING also reached an agreement with the Dutch State to alter the repayment terms of the Core Tier 1 securities in order to facilitate early repayment; and ING repurchased in December 2009 EUR 5 billion of the total EUR 10 billion Core Tier 1 securities issued to the Dutch State. As part of the Restructuring Plan, ING also agreed to make additional payments to the Dutch State corresponding to an adjustment of fees for the Back-Up Facility. In total, these extra payments will amount to a net present value of EUR 1.3 billion, which will be recorded by ING as a one-time pre-tax charge in the fourth quarter of 2009. The terms of the ING-Dutch State transaction which closed on March 31, 2009, including the transfer price of the Alt-A RMBS securities, remained unaltered and the additional payments will not be borne by the Company or any other ING U.S. subsidiaries. In order to finance the repayment of EUR

63

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

5 billion Core Tier 1 securities and the associated costs as well as to mitigate the capital impact of the additional payments for the Back-Up Facility, ING launched a capital increase without preferential subscription rights for holders of (bearer depositary receipts for) ordinary shares of up to EUR 7.5 billion in November 2009. Proceeds of the issue in excess of the above amounts will be used to strengthen ING’s capital position.

On October 27, 2009, subsequent to the announcement of the Restructuring Plan, the insurance financial strength ratings of the Company and ING’s other primary U.S. insurance companies were downgraded by Moody’s Investors Service, Inc. to A2 from A1 and by Fitch Ratings Ltd to A- from A.

15. Financing Agreements

The Company maintains a revolving loan agreement with Bank of New York Mellon, (“Mellon"). Under this agreement, the Company can borrow up to $50.0 from Mellon. Interest on any borrowing accrues at an annual rate equal to: (1) the cost of funds for Mellon for the period applicable for the advance plus 0.4% or (2) a rate quoted by Mellon to the Company for the borrowing. Under this agreement, the Company incurred no interest expense for the years ended December 31, 2009, 2008 and 2007, respectively. Additionally, there were no amounts payable to Mellon at December 31, 2009 and 2008.

The Company maintains a reciprocal loan agreement with ING AIH to promote efficient management of cash and liquidity and to provide for unanticipated short-term cash requirements. Under this agreement, which expires December 31, 2010, the Company and ING AIH can borrow up to 2% of the Company's admitted assets, excluding separate account assets, as of December 31 of the preceding year from one another. Interest on any Company borrowing is charged at the rate of ING AIH’s cost of funds for the interest period plus 0.15%. Interest on any ING AIH borrowings is charged at a rate based on the prevailing interest rate of U.S. commercial paper available for purchase with a similar duration. Under this agreement, the Company received interest income of $0.7, $2.6 and $7.6 for the years ended December 31, 2009, 2008, and 2007, respectively.

The Company borrowed $2.1 billion and repaid $2.4 billion in 2009, borrowed $6.8 billion and repaid $6.6 billion in 2008 and borrowed $4.4 billion and repaid $4.4 billion in 2007. These borrowings were on a short term basis, at an interest rate that approximated current money market rates and excludes borrowings from reverse dollar repurchase transactions. Interest expense on borrowed money was $0.5, $2.2 and $0.1 during 2009, 2008 and 2007, respectively.

The Company is the beneficiary of letters of credit totaling $620.7; terms of the letters of credit provide for automatic renewal for the following year at December 31, unless otherwise canceled or terminated by either party to the financing. The letters were unused during both 2009 and 2008.

64

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

16. Related Party Transactions

Cost Sharing Arrangements: Management and services contracts and all cost sharing arrangements with other affiliated ING United States companies are allocated among companies in accordance with systematic cost allocation methods.

Investment Management: The Company has entered into an investment advisory agreement with ING Investment Management, LLC (“IIM”) under which IIM provides the Company with investment management services. The Company has entered into an administrative services agreement with IIM under which IIM provides the Company with asset liability management services. Total fees under the agreement were approximately $30.0, $52.3, and $51.4 for the years ended December 31, 2009, 2008 and 2007, respectively.

Services Agreements: The Company has entered into an inter-insurer services agreement with certain of its affiliated insurance companies in the United States (“affiliated insurers”) whereby the affiliated insurers provide certain administrative, management, professional, advisory, consulting, and other services to each other. The Company has entered into a services agreement with ING North America whereby ING North America provides certain administrative, management, professional, advisory, consulting and other services to the Company. The Company has entered into a services agreement with RNY whereby the Company provides certain administrative, management, professional, advisory, consulting and other services to RNY. The Company has entered into a services agreement with ING Financial Advisers, LLC (“ING FA”) to provide certain administrative, management, professional advisory, consulting, and other services to the Company for the benefit of its customers. Charges for these services are determined in accordance with fair and reasonable standards with neither party realizing a profit nor incurring a loss as a result of the services provided to the Company. The Company will reimburse ING FA for direct and indirect costs incurred on behalf of the Company. The Company entered into a services agreement with WWI and INAIC whereby the Company and INAIC provide certain administrative, management, professional, advisory, consulting and other services to WWI. The Company entered into a services agreement with WWII and INAIC whereby the Company and INAIC provide certain administrative, management, professional, advisory, consulting and other services to WWII. The total expense incurred for all these services was $170.1, $229.5 and $216.4 for the years ended December 31, 2009, 2008 and 2007, respectively.

Tax Sharing Agreements: The Company has entered into federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The Company has also entered into a state tax sharing agreement with ING AIH and each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which ING AIH and all or some of the subsidiaries join in the filing of a

65

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis.

Interest Rate Swap: Effective June 29, 2007 the Company entered into an interest rate swap agreement (“IRSA”) with ING AIH. The IRSA is in conjunction with a combined coinsurance and modified coinsurance agreement effective June 30, 2007 with WWIII. The duration of the agreement is 30 years. The notional value of this interest rate swap is $120.2 with this transaction having minimal impact to the income statement. Effective November 1, 2007 the Company entered into an interest rate swap agreement (“IRSA”) with ING AIH. The IRSA is in conjunction with a combined coinsurance and modified coinsurance agreement effective November 1, 2007 with WWII. The duration of the agreement is 30 years. The notional value of this interest rate swap is $383.7 with this transaction having minimal impact to the income statement.

Property and Equipment: During the second quarter of 2009, ING’s U.S. life insurance companies, including the Company, sold a portion of its property and equipment to an affiliate, ING North America. The fixed assets involved in the sale were capitalized assets generally depreciated over the expected useful lives and software in development. Since the assets were being depreciated using expected useful lives, the current net book value reasonably approximated the current fair value of the assets being transferred. The fixed assets sold to ING North America by the Company totaled $39.4 which resulted in a decrease in nonadmitted assets.

17. Guaranty Fund Assessments

Insurance companies are assessed the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premium companies collect in that state. The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this liability to be $7.6 and $6.1 as of December 31, 2009 and 2008, respectively, and has recorded a liability in accounts payable and accrued expenses on the balance sheets. The Company has also recorded an asset in other assets on the Balance Sheets of $6.9 and $5.0 as of December 31, 2009 and 2008, respectively, for future credits to premium taxes for assessments already paid.

66

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

18. Unpaid Accident and Health Claims

The change in the liability for unpaid accident and health claims and claim adjustment expenses is summarized as follows:

	2009	2008
	(In Thousands)
Balance at January 1	$ 1,311,537	$ 1,429,657
Less reinsurance recoverables	151,910	78,061
Net balance at January 1	1,159,627	1,351,596
Incurred related to:
Current year	278,833	416,994
Prior years	(321,110)	22,939
Total incurred	(42,277)	439,933
Paid related to:
Current year	52,997	171,462
Prior years	122,162	460,440
Total paid	175,159	631,902
Net balance at December 31	942,193	1,159,627
Plus reinsurance recoverables	166,618	151,910
Balance at December 31	$ 1,108,811	$ 1,311,537

The liability for unpaid accident and health claims and claim adjustment expenses is included in accident and health reserves and unpaid claims on the Balance Sheets.

19. Retrospectively Rated Contracts

The Company estimates accrued retrospective premium adjustments for its group life and health insurance business through a mathematical approach using an algorithm of the Company’s underwriting rules and experience rating practices. The amount of group life premiums written, net of reinsurance, by the Company at December 31, 2009, which are subject to retrospective rating features, is $0.0, which represents 0.0% of the total group life premiums, net of reinsurance. The amount of group health premiums written, net of reinsurance, by the Company at December 31, 2009, which are subject to retrospective rating features, is $0.0, which represents 0.0% of the total group health premiums written, net of reinsurance. The amount of group life premiums written, net of reinsurance, by the Company at December 31, 2008, which are subject to retrospective rating features, is $107.0, which represents 26.2% of the total group life premiums, net of reinsurance. The amount of group health premiums written, net of reinsurance, by the Company at December 31, 2008, which are subject to retrospective rating features, is $5.7, which represents 1.1% of the total group health premiums written, net of reinsurance. The amount of group life premiums written, net of reinsurance, by the Company at December 31, 2007, which are subject to retrospective rating features, is $107.8, which represents 15.8% of the total group life premiums, net of reinsurance. The amount of group health

67

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

premiums written, net of reinsurance, by the Company at December 31, 2007, which are subject to retrospective rating features, is $12.7, which represents 2.0% of the total group health premiums written, net of reinsurance.

20. Direct Premiums Written/Produced by Managing General Agents/Third Party Administrators

Name of Managing		Type of	Type of	Total Direct
General Agent or Third	Exclusive	Business	Authority	Premiums
Party Administrator	Contract	Written	Granted	Written
				(In Thousands)
ReliaStar Record Keeping	Y	Group Annuity	premium collection	$ 17,869
ING Mid-Atlantic Service Center	Y	Deferred Compensation	premium collection	3,413

The aggregate amount of premiums written through managing general agents or third party administrators during 2009 is $21.3.

21. Reconciliation to the Annual Statement

At December 31, 2009, there were no differences in amounts reported in the Annual Statement and amount in the accompanying statutory basis financial statements.

At December 31, 2008, differences in amounts reported in the Annual Statement and amounts in the accompanying statutory basis financial statements are due to the following:

		Total Capital		Net
		and Surplus		Loss
		(In Thousands)
	2008:
	Amounts as reported in the 2008 Annual Statement	$ 2,079,413	$ (125,207)
	Adjustment for unauthorized reinsurance due to a shortfall on
	letters of credit from SLDI	(6,105)		-
	Amounts as reported in the accompanying statutory
	basis financial statements	$ 2,073,308	$ (125,207)
22. Subsequent Events

Group Reinsurance Transaction: Effective January 1, 2010, the Company entered into coinsurance agreements with various subsidiaries of Reinsurance Group of America Incorporated (“RGA”). Under the terms of the agreements, the Company ceded to RGA 100% of various blocks of business issued by ING Reinsurance, including Group Life, Accident and Special Risk, Medical, Managed Care, and Long-term Disability contracts (the “Contracts”). RGA paid the Company a ceding commission of $129.8 in the form of cash ($103.8) and assets ($26.0). The ceding commission was established as a deferred

68

RELIASTAR LIFE INSURANCE COMPANY
Note to Other Financial Information
December 31, 2009

gain of $129.8, which will be reflected in 2010 Capital and Surplus and amortized over the period of benefit. Thereafter, the Company will pay RGA premiums, fees, tax refunds and credits, reinsurance recoverable, and any other payments due, under the Contracts. Under the terms of the agreement, RGA is required to provide the Company security for the Company’s full statutory reserve credit for reinsurance by providing a 100% collateralized security trust. RGA has established trusts with The Bank of New York and CIBC Mellon as trustees and the Company as beneficiary in which the Company deposited $652.2 on January 1, 2010.

ING Restructuring Plan: On January 28, 2010, ING announced the filing of its appeal with the General Court of the European Union against specific elements of the EC’s decision regarding the ING Restructuring Plan. Despite the appeal, ING is committed to executing the formal separation of banking and insurance and the divestment of the latter as announced on October 26, 2009. In its appeal, ING contests the state aid calculation the EC applied to the reduction in repayment premium agreed upon by ING and the Dutch State in connection with ING’s December 2009 repayment of the first EUR 5 billion of Core Tier 1 securities. ING is also appealing the disproportionality of the price leadership restrictions imposed on ING with respect to the European financial sector.

Extraordinary Return of Capital in 2010: With the permission of the Minnesota Insurance Department, the Company paid a return of capital distribution to its parent, Lion, in the amount of $221.0 on February, 19, 2010.

Other subsequent events: The Company is not aware of any other events occurring subsequent to the close of business of the books of this statement that may have a material effect on the Company’s financial statements. The Company evaluated events subsequent to the close of business of the books of this statement through April, 1, 2010, the date the statutory financial statements were available to be issued.

69

333-69431                                                                                                                                April 2010

PART C
OTHER INFORMATION
Item 26		Exhibits
(a)	Resolutions of Board of Directors of Northwestern National Life Insurance Company ("NWNL")
	establishing the Select*Life Variable Account. (Incorporated herein by reference to Initial Registration
	Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
(b)	Not Applicable.
(c)	(1)	Distribution Services Agreement dated as of March 7, 2002, by and between ING Financial
		Advisers, LLC and ReliaStar Life Insurance Company. (Incorporated herein by reference to Post-
		Effective Amendment No. 23 to Registration Statement on Form S-6, 033-57244, as filed on April
		14, 2006.) (Incorporated herein by reference to Registration Statement on Form S-6, File No. 333-
		19123, as filed on December 31, 1996.)
	(2)	Amendment dated as of March 27, 2003, to Distribution Services Agreement dated March 7,
		2002, between ING Financial Advisers, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 to Registration on Form N-
		6, File No. 333-92000, as filed on April 17, 2003.)
	(3)	Amendment dated as of November 1, 2004, to Distribution Services Agreement dated March 7,
		2002, by and between ING Financial Advisers, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 23 to Registration Statement
		on Form S-6, 033-57244, as filed on April 14, 2006.)
	(4)	Amendment dated as of August 31, 2005, to Distribution Services Agreement dated March 7,
		2002, by and between ING Financial Advisers, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 23 to Registration Statement
		on Form S-6, 033-57244, as filed on April 14, 2006.)
	(5)	Amendment dated as of December 7, 2005, to Distribution Services Agreement dated March 7,
		2002, by and between ING Financial Advisers, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 23 to Registration Statement
		on Form S-6, 033-57244, as filed on April 14, 2006.)
	(6)	Amendment dated as of April 28, 2006, to Distribution Services Agreement dated March 7, 2002,
		by and between ING Financial Advisers, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 23 to Registration Statement
		on Form S-6, 033-57244, as filed on April 14, 2006.)
	(7)	ReliaStar Life Insurance Company Distribution Agreement between ReliaStar Life Insurance
		Company and ING America Equities, Inc. (Incorporated herein by reference to Pre-Effective
		Amendment No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on
		July 17, 2003.)
	(8)	Specimen Selling Agreements. (Incorporated herein by reference to Initial Registration Statement
		on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
	(9)	Specimen ING America Equities, Inc. Selling Agreement. (Incorporated herein by reference to
		Post-Effective Amendment No. 3 to Registration Statement on Form S-6, File No. 333-69431, as
		filed on April 24, 2002.)
	(10)	Schedules for Sales Commissions. (Incorporated herein by reference to Post-Effective
		Amendment No. 3 to Registration Statement on Form S-6, File No. 333-69431, as filed on April
		24, 2002.)
(d)	(1)	Form of Policy. (Incorporated herein by reference to Initial Registration on Form S-6, File No.
		333-69431, as filed on December 22, 1998.)
	(2)	Accelerated Benefit Rider. (Incorporated herein by reference to Initial Registration on Form S-6,
		File No. 333-69431, as filed on December 22, 1998.)
	(3)	Children's Insurance Rider. (Incorporated herein by reference to Initial Registration on Form S-6,
		File No. 333-69431, as filed on December 22, 1998.)

	(4)	Additional Insured Rider. (Incorporated herein by reference to Initial Registration on Form S-6,
		File No. 333-92000, as filed on July 3, 2002.)
	(5)	Insured's Cost of Living Rider. (Incorporated herein by reference to Initial Registration on Form
		S-6, File No. 333-69431, as filed on December 22, 1998.)
	(6)	Waiver of Monthly Deduction Rider (Incorporated herein by reference to Initial Registration on
		Form S-6, File No. 333-69431, as filed on December 22, 1998.)
	(7)	Accidental Death Benefit Rider. (Incorporated herein by reference to Initial Registration on Form
		S-6, File No. 333-69431, as filed on December 22, 1998.)
	(8)	Waiver of Specified Premium Rider. (Incorporated herein by reference to Initial Registration on
		Form S-6, File No. 333-69431, as filed on December 22, 1998.)
	(9)	Term Insurance Rider. (Incorporated herein by reference to Initial Registration on Form S-6, File
		No. 333-69431, as filed on December 22, 1998.)
	(10)	Extended Death Benefit Guarantee Rider. (Incorporated herein by reference to Initial Registration
		on Form S-6, File No. 333-69431, as filed on December 22, 1998.)
	(11)	Policy Illustration. (Incorporated herein by reference to Pre-Effective Amendment No. 3 to
		Registration Statement on Form S-6, File No. 333-69431, as filed on April 24, 2002.)
(e)	(1)	Revised Policy Application Form. (Incorporated herein by reference to Initial Registration on
		Form S-6, File No. 333-69431, as filed on December 22, 1998.)
	(2)	Supplement to Life Insurance Application. (Incorporated herein by reference to Post-Effective
		Amendment No. 3 to Registration Statement on Form N-6, File No. 333-92000, as filed on April
		17, 2003.)
(f)	(1)	Amended Articles of Incorporation of ReliaStar Life. (Incorporated herein by reference to Initial
		Registration Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
	(2)	Amended By-Laws of ReliaStar Life. (Incorporated herein by reference to Initial Registration
		Statement on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
(g)	Not Applicable.
(h)	(1)	(a)	Participation Agreement dated as of March 27, 2000, by and among ReliaStar Life
			Insurance Company, AIM Variable Insurance Products Fund, Inc., A I M Distributors,
			Inc. and WSSI. (Incorporated herein by reference to Post-Effective Amendment No. 3 to
			Registration Statement on Form N-6, File No. 333-105319, as filed on November 24,
			2003.)
		(b)	Form of Amendment No. 1 to Participation Agreement by and among ReliaStar Life
			Insurance Company, AIM Variable Insurance Products Fund, Inc., AIM Distributors, Inc.
			and WSSI. (Incorporated herein by reference to Initial Registration on Form S-6, File No.
			333-47094, as filed on September 29, 2000.)
		(c)	Amendment No. 2 to Participation Agreement by and among ReliaStar Life Insurance
			Company, on behalf of itself and its separate accounts, AIM Variable Insurance Funds,
			Inc., A I M Distributors, Inc. and ING America Equities, Inc. (Incorporated herein by
			reference to Post-Effective Amendment No. 4 to Registration Statement on Form N-6,
			File No. 033-57244, as filed on February 9, 2004.)
		(d)	Administrative Services Agreement dated as of March 27, 2000, by and between ReliaStar
			Life Insurance Company, Northern Life Insurance Company, ReliaStar Life Insurance
			Company of New York and A I M Advisers, Inc. (Incorporated herein by reference to
			Post-Effective Amendment No. 3 to Registration Statement on Form N-6, File No.333-
			105319, as filed on November 24, 2003.)
	(2)	(a)	Participation Agreement dated as of August 8, 1997 by and between ReliaStar Life
			Insurance Company, The Alger American Fund and Fred Alger and Company, Inc.
			(Incorporated herein by reference to Post-Effective Amendment No. 21 on form S-6, File
			No. 2-95392, as filed on August 4, 1997.)
		(b)	Amendment dated as of March 28, 2000, to Participation Agreement by and among
			ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger
			Management, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 11
			to Registration Statement on Form S-6, File No. 033-57244, as filed on March 31, 2000.)

	(c)	Amendment dated as of October 11, 2000, to the Participation Agreement by and between
		ReliaStar Life Insurance Company, The Alger American Fund and Fred Alger
		Management, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 3
		to Registration Statement on Form N-6, File No. 333-105319, as filed on November 24,
		2003.)
	(d)	Amendment dated as of September 29, 2003, to Participation Agreement by and among
		The Alger American Fund, Fred Alger Management, Inc. and ReliaStar Life Insurance
		Company. (Incorporated herein by reference to Post-Effective Amendment No. 3 to
		Registration Statement on Form N-6, File No. 333-105319, as filed on November 24,
		2003.)
	(e)	Service Agreement by and between ReliaStar Life Insurance Company and Fred Alger
		Management, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 21
		to Registration Statement on Form S-6, File No. 2-95392, as filed on August 4, 1997.)
(3)	(a)	Fund 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 Pre-Effective Amendment No. 1 to Registration Statement on Form
		N-6, File Number 333-105319, as filed on July 17, 2003.)
	(b)	Business Agreement by and 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 Pre-Effective Amendment
		No. 1 to Registration Statement on Form N-6, File Number 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 dated as of March 16, 1988, by and among Northwestern
		National Life Insurance Company (renamed ReliaStar Life Insurance Company),
		Fidelity's Variable Insurance Products Fund and Fidelity Distributors Corporation and
		Amendments Nos. 1-8. (Incorporated herein by reference to Initial Registration Statement
		on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
	(b)	Amendment dated as of July 24, 1997, to Participation Agreement by and among
		ReliaStar Life Insurance Company, Fidelity's Variable Insurance Products Fund and
		Fidelity Distributors Corporation. (Incorporated herein by reference to Post-Effective
		Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(c)	Amendment No. 10 to Participation Agreement by and among ReliaStar Life Insurance
		Company, Variable Insurance Products Fund and Fidelity Distributors Corporation.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 on Form N-6, File
		No. 333-105319, as filed on November 24, 2003.)
	(d)	Amendment No. 11 to Participation Agreement by and among ReliaStar Life Insurance
		Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 on Form N-6, File
		No. 333-105319, as filed on November 24, 2003.)
	(e)	Amendment No. 12 to Participation Agreement by and among ReliaStar Life Insurance
		Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 on Form N-6, File
		No. 333-105319, as filed on November 24, 2003.)
	(f)	Amendment No. 13 to Participation Agreement by and among ReliaStar Life Insurance
		Company, Fidelity Variable Products Fund and Fidelity Distributors Corporation.
		(Incorporated herein by reference to Post-Effective Amendment No. 4 to Registration
		Statement on Form N-6, File No. 333-105319, as filed on April 15, 2004.)

	(g)	Participation Agreement dated as of January 1, 1991, by and among Northwestern
		National Life Insurance Company (renamed ReliaStar Life Insurance Company),
		Fidelity's Variable Insurance Products Fund II and Fidelity Distributors Corporation and
		Amendments Nos. 1-7. (Incorporated herein by reference to Initial Registration Statement
		on Form S-6EL24, File No. 333-18517, as filed on December 23, 1996.)
	(h)	Amendment dated as of July 24, 1997, to Participation Agreement by and among
		ReliaStar Life Insurance Company, Fidelity's Variable Insurance Products Fund II and
		Fidelity Distributors Corporation. (Incorporated herein by reference to Post-Effective
		Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(i)	Amendment No. 9 to Participation Agreement with Fidelity's Variable Insurance Products
		Fund II and Fidelity Distributors Corporation. (Incorporated herein by reference to Post-
		Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November
		24, 2003.)
	(j)	Amendment No. 10 to Participation Agreement by and among the ReliaStar Life
		Insurance Company, Fidelity Variable Insurance Products Fund II and Fidelity
		Distributors Corporation. (Incorporated herein by reference to Post-Effective Amendment
		No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(k)	Amendment No. 11 to Participation Agreement by and among the ReliaStar Life
		Insurance Company, Fidelity Variable Insurance Products Fund II and Fidelity
		Distributors Corporation. (Incorporated herein by reference to Post-Effective Amendment
		No. 3 on Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(l)	Amendment No. 12 to Participation Agreement by and among ReliaStar Life Insurance
		Company, Fidelity Variable Products Fund II and Fidelity Distributors Corporation.
		(Incorporated herein by reference to Post-Effective Amendment No. 4 to Registration
		Statement on Form N-6, File No. 333-105319, as filed on April 15, 2004.)
	(m)	Service Agreement dated as of January 1, 1997, by and between ReliaStar Life Insurance
		Company and Fidelity Investments Institutional Operations Company, Inc. (Incorporated
		herein by reference to Post-Effective Amendment No. 3 on Form N-6, File No. 333-
		105319, as filed on November 24, 2003.)
	(n)	Amendment effective as of April 1, 1999, to Service Agreement by and between ReliaStar
		Life Insurance Company and Fidelity Investments Institutional Operations Company, Inc.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 on Form N-6, File
		No. 333-105319, as filed on November 24, 2003.)
	(o)	Service Contract dated April 25, 1997, by and between Fidelity Distributors Corporation
		and Washington Square Securities, Inc. (Incorporated herein by reference to Post-
		Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on November
		24, 2003.)
	(p)	Amendment dated April 1, 1999, to Service Contract by and between Fidelity Distributors
		Corporation and Washington Square Securities, Inc. (Incorporated herein by reference to
		Post-Effective Amendment No. 3 on Form N-6, File No. 333-105319, as filed on
		November 24, 2003.)
	(q)	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 dated as of May 1, 2002, by and between ReliaStar Life
		Insurance Company, ING VP Bond Portfolio and ING Funds Distributor, Inc.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 to Registration
		Statement on Form S-6, 333-47094, as filed on September 17, 2002.)
	(b)	Amendment effective as of July 15, 2003, to Participation Agreement by and among
		ReliaStar Life Insurance Company, ING VP Bond Portfolio and ING Funds Distributor,
		LLC. (Incorporated herein by reference to Post-Effective Amendment No. 4 to
		Registration Statement on Form N-6, File No. 033-57244, as filed on February 9, 2004.)

(7)	(a)	Participation Agreement among the GCG Trust and ReliaStar Life Insurance Company
		and Directed Services, Inc. (Incorporated herein by reference to Pre-Effective Amendment
		No. 1 to Registration Statement on Form N-6, File Number 333-105319, as filed on July
		17, 2003.)
(8)	(a)	Participation Agreement dated as of December 6, 2001, by and among Portfolio Partners,
		Inc., Aetna Life Insurance and Annuity Company, Aetna Investment Services, LLC and
		ReliaStar Life Insurance Company. (Incorporated herein by reference to Post-Effective
		Amendment No. 3 to Registration Statement on Form S-6, 333-69431, as filed on April
		24, 2002.)
	(b)	Amendment dated as of March 26, 2002, to Participation Agreement by and among
		Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002), Aetna
		Life Insurance and Annuity Company (to be renamed ING Life Insurance and Annuity
		Company effective May 1, 2002), Aetna Investment Services, LLC (to be renamed ING
		Financial Adviser, LLC effective May 1, 2002) and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 3 to Registration
		Statement on Form S-6, 333-69431, as filed on April 24, 2002.)
	(c)	Amendment dated as of October 1, 2002, to Participation Agreement dated as of
		December 6, 2001 among ING Partners, Inc., ING Life Insurance and Annuity Company,
		ING Financial Advisers, LLC and ReliaStar Life Insurance and Annuity Company.
		(Incorporated herein by reference to Post Effective Amendment No. 1 to Registration
		Statement on Form N-4, 333-100207, for Separate Account N of ReliaStar Life Insurance
		Company, as filed on October 31, 2002.)
	(d)	Amendment dated as of May 1, 2003, to Participation Agreement dated as of December 6,
		2001 by and between ING Partners, Inc., ING Life Insurance and Annuity Company, ING
		Financial Advisers, LLC and ReliaStar Life Insurance Company. (Incorporated herein by
		reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6,
		333-92000, as filed on April 17, 2003.)
	(e)	Form of Amendment dated as of April 28, 2006, to Participation Agreement dated as of
		December 6, 2001, by and between ING Partners, Inc., ING Life Insurance and Annuity
		Company, ING Financial Advisers, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 23 to Registration
		Statement on Form N-6, 033-57244, as filed on April 14, 2006).
	(f)	Service Agreement effective as of December 6, 2001, by and between ING Life Insurance
		and Annuity Company and ReliaStar Life Insurance Company. (Incorporated herein by
		reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-6,
		333-92000, as filed on January 30, 2003.)
	(g)	Shareholder Servicing Agreement dated as of December 6, 2001, by and between
		ReliaStar Life Insurance Company and Portfolio Partners, Inc. in respect of the Service
		Class Shares of its Portfolios. (Incorporated herein by reference to Post-Effective
		Amendment No. 3 to Registration Statement on Form N-6, File No. 333-105319, as filed
		on November 24, 2003.)
	(h)	Amendment dated as of March 26, 2002, to the Shareholder Servicing Agreement by and
		between ReliaStar Life Insurance Company and Portfolio Partners, Inc. (to be renamed
		ING Partners, Inc. effective May 1, 2002) in respect of the Service Class Shares of its
		Portfolio. (Incorporated herein by reference to Post-Effective Amendment No. 3 to
		Registration Statement on Form N-6, File No. 333-105319, as filed on November 24,
		2003.)
	(i)	Amendment dated as of May 1, 2003, to Shareholder Servicing Agreement (Service
		Shares) dated as of December 6, 2001 by and between ING Partners, Inc. and ReliaStar
		Life Insurance Company. (Incorporated herein by reference to Post-Effective Amendment
		No. 3 to Registration Statement on Form N-6, 333-92000, as filed on April 17, 2003.)
	(j)	Amendment dated as of November 1, 2004, to Shareholder Servicing Agreement (Service
		Class Shares) dated as of December 6, 2001, by and between ING Partners, Inc. and
		ReliaStar Life Insurance Company. (Incorporated herein by reference to Post-Effective
		Amendment No. 24 to Registration Statement on Form N-6, 033-57244, as filed on April
		11, 2006.)

	(k)	Amendment dated as of April 28, 2006, to Shareholder Servicing Agreement (Adviser
		Class Shares) dated as of December 6, 2001, by and between ING Partners, Inc. and
		ReliaStar Life Insurance Company. (Incorporated herein by reference to Post-Effective
		Amendment No. 24 to Registration Statement on Form N-6, 033-57244, as filed on April
		11, 2006.)
	(l)	Amendment dated as of April 28, 2006, to Shareholder Servicing Agreement (Service
		Class Shares) dated as of December 6, 2001, by and between ING Partners, Inc. and
		ReliaStar Life Insurance Company. (Incorporated herein by reference to Post-Effective
		Amendment No. 24 to Registration Statement on Form N-6, 033-57244, as filed on April
		11, 2006.)
(9)	(a)	Participation Agreement dated as of May 1, 2001, between ReliaStar Life Insurance
		Company, ING Variable Portfolios, Inc. and ING Funds Distributor, Inc. (Incorporated
		herein by reference to Post-Effective Amendment No. 3 to Registration Statement on
		Form S-6, 333-47094, as filed on September 17, 2002.)
	(b)	Amendment effective as of October 1, 2002, to Participation Agreement between
		ReliaStar Life Insurance Company, ING Variable Portfolios Inc. and ING Funds
		Distributor, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 1 to
		Registration Statement on Form N-6, 333-92000, as filed on January 30, 2003.)
	(c)	Amendment effective as of July 15, 2003, to Participation Agreement by and among
		ReliaStar Life Insurance Company, ING Variable Portfolios, Inc. and ING Funds
		Distributor, LLC. (Incorporated herein by reference to Post-Effective Amendment No. 4
		to Registration Statement on Form N-6, File No. 033-57244, as filed on February 9,
		2004.)
(10)	(a)	Participation Agreement dated May 1, 2001, by and among ReliaStar Life Insurance
		Company, Pilgrim Variable Products Trust and ING Pilgrim Securities, Inc. (Incorporated
		herein by reference to Post-Effective Amendment No. 3 to Registration Statement on
		Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(b)	Amendment dated as of August 30, 2002, to Participation Agreement by and among
		ReliaStar Life Insurance Company, ING Variable Products Trust and ING Funds
		Distributor, Inc. (Incorporated herein by reference to Post-Effective Amendment No. 14 to
		Registration Statement on Form N-6, File No. 033-69892, as filed on October 11, 2002.)
	(c)	Form of Amendment to Participation Agreement by and among ReliaStar Life Insurance
		Company, ING Variable Products Trust and ING Funds Distributor, LLC. (Incorporated
		herein by reference to Post-Effective Amendment No. 4 to Registration Statement on
		Form N-6, File No. 033-57244, as filed on February 9, 2004.)
	(d)	Form of Amendment to Participation Agreement by and among ReliaStar Life Insurance
		Company, ING Variable Products Trust and ING Funds Distributor, Inc. (Incorporated
		herein by reference to Post-Effective Amendment No. 6 to Registration Statement on form
		N-6, File No. 333-69431, as filed on November 28, 2005.)
	(e)	Administrative and Shareholder Services Agreement dated as of May 1, 2001, by and
		between ING Pilgrim Group, LLC and ReliaStar Life Insurance Company. (Incorporated
		herein by reference to Post-Effective Amendment No. 3 to Registration Statement on
		Form S-6, 333-69431, as filed on April 24, 2002.)
	(f)	Amendment to Administrative and Shareholder Service Agreement dated as of August 30,
		2002, by and between ING Funds Services, LLC and ReliaStar Life Insurance Company.
		(Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration
		Statement on Form N-6, 333-92000, as filed on January 30, 2003.)
(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 dated as of August 8, 1997, by and between ReliaStar Life
		Insurance Company and Janus Aspen Series. (Incorporated herein by reference to Post-
		Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-
		105319, as filed on November 24, 2003.)
	(b)	Amendment to Participation Agreement by and between ReliaStar Life Insurance
		Company and Janus Aspen Series. (Incorporated herein by reference to Post-Effective
		Amendment No. 1 to Registration Statement on Form S-6, File No. 69431, as filed on
		April 14, 2000.)
	(c)	Letter Agreement dated August 8, 1997, by and between ReliaStar Life Insurance
		Company and Janus Capital Corporation. (Incorporated herein by reference to Post-
		Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-
		105319, as filed on November 24, 2003.)
	(d)	Amendment, effective July 1, 2002, to Letter Agreement dated August 8, 1997 between
		ReliaStar Life Insurance Company and Janus Capital Corporation. (Incorporated herein by
		reference to Post-Effective Amendment No. 3 to Registration Statement on Form S-6,
		333-69431, as filed on April 24, 2002.)
(13)	(a)	Participation Agreement dated as of August 8, 1997, by and between ReliaStar Life
		Insurance Company, Neuberger&Berman Advisers Management Trust and
		Neuberger&Berman Management Incorporated. (Incorporated herein by reference to Post-
		Effective Amendment No. 3 to Registration Statement on Form N-6, File No. 333-
		105319, as filed on November 24, 2003.)
	(b)	Amendment No. 1 dated as of February 1, 1999, to Participation Agreement by and
		among ReliaStar Life Insurance Company, Neuberger Berman Advisers Management
		Trust, Advisers Managers Trust and Neuberger Berman Management Inc. (Incorporated
		herein by reference to Post-Effective Amendment No. 3 to Registration Statement on
		Form N-6, File No. 333-105319, as filed on November 24, 2003.)
	(c)	Addendum dated as of May 1, 2000, to Participation Agreement by and among ReliaStar
		Life Insurance Company, Neuberger Berman Advisers Management Trust, Advisers
		Managers Trust and Neuberger Berman Management Inc. (Incorporated herein by
		reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6,
		File No. 333-105319, as filed on November 24, 2003.)
	(d)	Amendment dated as of April 1, 2003, to Participation Agreement by and among
		ReliaStar Life Insurance Company, Neuberger Berman Advisers Management Trust and
		Neuberger Berman Management Inc. (Incorporated herein by reference to Post-Effective
		Amendment No. 17 to Registration Statement on Form N-6, File No. 033-57244, as filed
		on December 12, 2003.)
	(e)	Letter Agreement dated as of July 28, 1997, by and between ReliaStar Life Insurance
		Company and Neuberger Berman Management Incorporated. (Incorporated herein by
		reference to Post-Effective Amendment No. 21 to Registration Statement on Form S-6,
		File No. 2-95392, as filed on August 4, 1997.)
	(f)	Amendment dated as of April 1, 2003, to the Administrative Services Agreement by and
		between ReliaStar Life Insurance Company and Neuberger Berman Management Inc.
		(Incorporated herein by reference to Post-Effective Amendment No. 17 to Registration
		Statement on Form N-6, File No. 033-57244, as filed on December 12, 2003.)
	(g)	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, File Number 333-47527, as filed on April 9, 2007.)
(14)	(a)	Participation Agreement by and between ReliaStar Life Insurance Company, OCC
		Accumulation Trust and OCC Distributors, dated August 8, 1997. (Incorporated herein by
		reference to Post-Effective Amendment No. 21 to Registration Statement on Form S-6,
		File No. 2-95392, as filed on August 4, 1997.)

		(b)	Letter Agreement dated August 8, 1997, by and between ReliaStar Life Insurance
			Company and OpCap Advisors. (Incorporated herein by reference to Post-Effective
			Amendment No. 21 to Registration Statement on Form S-6, File No. 2-95392, as filed on
			August 4, 1997.)
	(15)	(a)	Participation Agreement dated as of April 30, 2002, by and among Pioneer Variable
			Contracts Trust, ReliaStar Life Insurance Company, Pioneer Investment Management,
			Inc. and Pioneer Funds Distributor, Inc. (Incorporated herein by reference to Initial
			Registration Statement on Form S-6, 333-92000, as filed on July 3, 2002.)
	(16)	(a)	Participation Agreement dated as of January 14, 1994, by and among Northwestern
			National Life Insurance Company (renamed ReliaStar Life Insurance Company), Putnam
			Capital Manager Trust and Putnam Mutual Funds Corp. and Amendments Nos. 1-2.
			(Incorporated herein by reference to Initial Registration Statement on Form S-6EL24, File
			No. 333-18517, as filed on December 23, 1996.)
		(b)	Amendment No. 3 to Participation Agreement by and among Northwestern National Life
			Insurance Company (renamed ReliaStar Life Insurance Company), Putnam Capital
			Manager Trust and Putnam Mutual Funds Corp. (Incorporated herein by reference to
			Initial Registration on Form S-6, File No. 333-47094, as filed on September 29, 2000.)
		(c)	Amendment No. 4 to Participation Agreement by and among ReliaStar Life Insurance
			Company, Putnam Variable Trust and Putnam Mutual Funds Corp. (Incorporated herein
			by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-6,
			File No. 333-105319, as filed on November 24, 2003.)
		(d)	Amendment No. 5 to Participation Agreement by and among ReliaStar Life Insurance
			Company, Putnam Variable Trust and Putnam Retail Management, L.P. (Incorporated
			herein by reference to Post-Effective Amendment No. 4 to Registration Statement on
			Form N-6, File No. 333-105319, as filed on April 15, 2004.)
(i)	Not Applicable.
(j)	Not Applicable.
(k)	Opinion and Consent of Counsel.
(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
Ewout L. Steenbergen, 230 Park Avenue, New York,		Director, Executive Vice President and Chief Financial
NY 10169		Officer
Catherine H. Smith, One Orange Way, Windsor, CT		Director and Senior Vice President
06095-4774

Robert G. Leary, 230 Park Avenue, New York, NY	Director
10169
Michael S. Smith, 1475 Dunwoody Drive, West	Director
Chester, PA 19380-1478
Boyd G. Combs, 5780 Powers Ferry Road, NW,	Senior Vice President, Tax
Atlanta, GA 30327
Ralph R. Ferraro, One Orange Way, Windsor, CT	Senior Vice President
06095-4774
Timothy T. Matson, One Orange Way, Windsor, CT	Senior Vice President
06095-4774
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
Carol S. Stern, 601 13th Street NW, Suite 550 N,	Vice President and Chief Compliance Officer
Washington DC 20005
Craig A. Krogstad, 111 Washington Avenue S,	Vice President and Actuary
Minneapolis, MN 55401
Kimberly M. Curley, 1290 Broadway, Denver, CO	Vice President and Illustration Actuary
80203
Pamela S. Anson, 20 Washington Avenue South,	Vice President
Minneapolis, MN 55401
Chad M. Eslinger, 2001 21st Avenue NW, Minot, ND	Vice President
58703
Deborah C. Hancock, 1290 Broadway, Denver, CO	Vice President
80203
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. 28 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 April 6, 2010.

Item 29 Indemnification

Under its Bylaws, Section 5.01, ReliaStar Life Insurance Company ("ReliaStar Life") indemnifies, to the full extent
permitted by the laws of the State of Minnesota, each person (and the heirs, executors and administrators of such
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, wherever brought, whether civil, criminal, administrative or investigative, by reason of the fact
that he or she is or was a director, officer or employee of ReliaStar Life, or is or was serving at the request of
ReliaStar Life as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with such action, suit or proceeding. Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of
ReliaStar Life pursuant to such provisions of the bylaws or statutes or otherwise, ReliaStar 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 ReliaStar Life of expenses incurred or paid by a director or officer or
controlling person of ReliaStar Life in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person of ReliaStar Life in connection with the securities being registered, ReliaStar

Life may, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit the
question of whether or not such indemnification by it is against public policy as expressed in the Act to a committee
comprised of directors who are not parties to the proceeding before referring it to a court of appropriate jurisdiction
and will be governed by the final adjudication of such issue. If ReliaStar Life indemnifies or advances expenses in
connection with a claim, the Laws of the State of Minnesota require ReliaStar Life to disclose, in writing to its
shareholders, the amount of the indemnification or advance and to whom and on whose behalf it was paid.


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
Professional Liability and fidelity bond insurance policies issued by an international insurer. The policies cover 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 and any/all assets under the care, custody and control of ING America Insurance Holdings, Inc. and/or its
subsidiaries. The policies provide for the following types of coverage: errors and omissions/professional liability,
employment practices liability and fidelity/crime.


Additionally, Section XVIII of the ReliaStar Life Insurance Company 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 Security Life of Denver 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
Malvern, PA 19355	Principal
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, 20 Washington Avenue South,	Vice President
Minneapolis, MN 55401
Spencer T. Shell, 5780 Powers Ferry Road, NW,	Vice President and Assistant Treasurer
Atlanta, GA 30327
Deborah C. Hancock, 1290 Broadway, Denver, CO	Assistant Vice President
80203
Terry L. Owens, 5780 Powers Ferry Road, NW, Atlanta,	Tax Officer
GA 30327
James H. Taylor, 5780 Powers Ferry Road, NW,	Tax Officer
Atlanta, 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)
	2009 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.				$7,824,786.00

*      Compensation shown in column 5 includes: marketing allowances.

Item 31     Location of Accounts and Records

Accounts and records are maintained by ReliaStar Life Insurance Company at 20 Washington Ave South,
Minneapolis, MN 55401 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

ReliaStar Life 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 ReliaStar Life Insurance Company under the policies.
ReliaStar Life Insurance Company bases this representation on its assessment of such factors such as the nature and
extent of such services, expenses and risks, the need for the ReliaStar Life 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,
Select*Life Variable Account, certifies that it meets all of 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. 16 to this Registration Statement on Form N-6 (File No. 333-69431) to be signed on its behalf by the undersigned,
duly authorized, in the Town of Windsor, and State of Connecticut on the 14th of April, 2010.
SELECT*LIFE VARIABLE ACCOUNT
(Registrant)
By: RELIASTAR LIFE 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. 16 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/ Robert G. Leary*		Director
Robert G. Leary
			April
/s/ T. J. McInerney*		Director and Chairman	14, 2010
Thomas J. McInerney
/s/ Catherine H. Smith*		Director and Senior Vice President
Catherine H. Smith
/s/ Michael S. Smith*		Director
Michael S. Smith
/s/ Ewout L. Steenbergen*		Director, Executive Vice President and Chief Financial Officer
Ewout Steenbergen		(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

	SELECT*LIFE VARIABLE ACCOUNT
	EXHIBIT INDEX
Exhibit No.	Exhibit
26(k)	Opinion and Consent of Counsel	_______
26(n)	Consent of Independent Registered Public Accounting Firm	_______
26(r)	Powers of Attorney	_______