NOTICE OF SUBSTITUTION

                   SECURITY EQUITY LIFE INSURANCE COMPANY
                             SEPARATE ACCOUNT 13

                                JULY 16, 2003

         This notice is to inform you, the Owner of or Participant in a
Contract issued by Security Equity Life Insurance Company ("Security
Equity") that may allocate Contract Value to the subaccount of Security
Equity Separate Account 13 that invests in shares of the Fidelity Variable
Insurance Products Fund, VIP Index 500 Portfolio ("Index 500 Portfolio"),
that on July 25, 2003, Security Equity will substitute shares of the
Metropolitan Series Fund, Stock Index Portfolio ("Stock Index Portfolio")
for shares of the Index 500 Portfolio held by Separate Account 13.

         The effect of the share substitution will be to: (1) replace shares
of the Index 500 Portfolio held by Separate Account 13 with shares of the
Stock Index Portfolio; and (2) eliminate the Index 500 Portfolio as an
investment option under the Contracts. After July 25, 2003, any portion of a
subsequent purchase payment allocated to the Index 500 Portfolio pursuant to
an allocation election made prior to July 25, 2003 will be allocated to the
Stock Index Portfolio.

         The foregoing substitution will be carried out pursuant to an order
of the Securities and Exchange Commission and with approval of Contract
Owners invested in the affected subaccount.

         Security Equity will not impose restrictions or additional
restrictions on or charges for transfers of Contract Value or exchanges of
units for thirty (30) days following the substitution, except those related
to market timing limitations. In addition, during this period Security
Equity will allow one transfer of Contract Value out of the Index 500
Portfolio to any other investment option without the transfer being treated
as one of a limited number of transfers or of a limited number of transfers
without a transfer charge.

         Contract Owners and Participants that have Contract Value allocated
to the subaccount of Separate Account 13 that invests in the Index 500
Portfolio on July 25, 2003 (the date of the substitution) will receive
another notice of substitution shortly after the substitution is consummated
that will confirm that the substitution was completed.