Form 497 SBL VARIABLE ANNUITY

Supplement Dated May 18, 2022

To Prospectus Dated May 1, 2022

Effective June 3, 2022, the Class S shares of the Alger Large Cap Growth Subaccount will be converted into Class I‑2 shares. All references to the former share class are hereby changed to reflect the new share class effective June 3, 2022. After the share class conversion, the Alger Large Cap Growth Subaccount will be open to investment. All references to the Alger Large Cap Growth Subaccount being closed are hereby deleted.

The following sections are changed as noted in the Statutory Prospectus:

“The Contract – Allocation of Purchase Payments – Closed Subaccounts”

•	Alger Large Cap Growth is hereby deleted from the Closed Subaccounts table

“The Contract – Allocation of Purchase Payments – Closed Subaccounts – Existing Contracts”

•	The following language in the second bullet point is hereby deleted:

If you had Contract Value allocated to the Alger Large Cap Growth Subaccount on April 30, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Alger Large Cap Growth Subaccount pursuant to an Automatic Allocation Program will remain in effect.

“The Contract – Transfers of Contract Value – Frequent Transfer Restrictions.”

•	The footnote reference next to Alger Large Cap Growth in the table is hereby deleted.

•	Footnote 1 in the table is deleted and replaced with the following:

The following change is made to the table in the Statutory Prospectus and the Summary Prospectus:

“Appendix A – Underlying Fund Available Under the Contract”

EliteDesigns Variable Annuity

EliteDesigns II Variable Annuity

Please Retain This Supplement For Future Reference