Form 497VPI VARIFLEX SEPARATE ACCOUN

April 29, 2026 3:43 PM EDT
VARIFLEX® VARIABLE ANNUITY
May 1, 2026
Individual Flexible Purchase Payment Deferred Variable Annuity Contract
Variflex Separate Account
Initial Summary Prospectus for New Investors
Issued By:
Mailing Address:
Security Benefit Life Insurance Company
One Security Benefit Place
Topeka, Kansas 66636-0001
1-800-888-2461
www.securitybenefit.com
Security Benefit Life Insurance Company
P.O. Box 750497
Topeka, Kansas 66675-0497
This Initial Summary Prospectus describes the Variflex Variable Annuity (the “Contract”), which is an Individual Flexible Purchase Payment Deferred Variable Annuity Contract issued by Security Benefit Life Insurance Company (the “Company”). This Initial Summary Prospectus is used with prospective purchasers.
This Initial Summary Prospectus summarizes key features of the Contract. Before you invest, you should also review the Prospectus for the Contract, which contains more information about the Contract’s features, benefits, and risks.
You can find this document and other information about the Contract online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121109. You can also obtain this information at no cost by calling 1-800-888-2461 or by sending an email request to [email protected].
The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties. Our obligations under the Contract are subject to our financial strength and claims-paying ability.
You may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review the Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
SB-10009-16 2026/05/01
Special Terms
Various terms commonly used in this Initial Summary Prospectus are defined as follows:
Accumulation Unit — A unit of measure used to calculate Contract Value.
Administrative Office — Security Benefit Life Insurance Company, P.O. Box 750497, Topeka, Kansas 66675-0497.
Annuitant — The person that you designate on whose life annuity payments may be determined. If you designate Joint Annuitants, “Annuitant” means both Annuitants unless otherwise stated.
Annuity (“annuity”) — A series of periodic income payments made by the Company to an Annuitant, Joint Annuitant, or Designated Beneficiary during the period specified in the Annuity Options.
Annuity Commencement Date — The date when annuity payments are to begin.
Annuity Options — Options under the Contract that prescribe the provisions under which a series of annuity payments are made.
Annuity Period — The period beginning on the Annuity Commencement Date during which annuity payments are made.
Company — Security Benefit Life Insurance Company. The Company is also identified herein as “we,” “our,” or “us.”
Contract — Your individual Contract issued to you by the Company or your certificate under a Group Contract.
Contract Date — The date the Contract begins as shown in your Contract. Contract anniversaries are measured from the Contract Date. The Contract Date is usually the date that the initial Purchase Payment is credited to the Contract.
Contract Debt — The unpaid loan balance including accrued loan interest.
Contract Value — The total value of your Contract which includes amounts allocated to the Subaccounts and the Fixed Account as well as any amount set aside in the Loan Account to secure loans as of any Valuation Date.
Contract Year — Each twelve-month period measured from the Contract Date.
Designated Beneficiary — The person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Commencement Date.
Fixed Account — An account that is part of the Company’s General Account to which you may allocate all or a portion of your Contract Value to be held for accumulation at fixed rates of interest (which may not be less than the Guaranteed Rate) declared periodically by the Company.
General Account — All assets of the Company other than those allocated to the Separate Account or to any other separate account of the Company.
Guaranteed Rate — The minimum interest rate earned on Contract Value allocated to the Fixed Account, which accrues daily and ranges from an annual effective rate of 1% to 3% based upon the state in which the Contract is issued and the requirements of that state.
Internal Revenue Code or the Code — The Internal Revenue Code of 1986, as amended.
Owner — The person entitled to the ownership rights under the Contract and in whose name the Contract is issued.
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Participant — A Participant under a Qualified Plan and/or a Group Contract or Group Unallocated Contract.
Purchase Payment — An amount initially paid to the Company as consideration for the Contract and any subsequent amounts paid to the Company under the Contract.
Separate Account — Variflex Separate Account, a separate account of the Company that consists of accounts, referred to as Subaccounts, each of which invests in a corresponding Underlying Fund.
Subaccount — A division of the Separate Account which invests in a corresponding Underlying Fund.
Underlying Fund — A mutual fund or series thereof that serves as an investment vehicle for its corresponding Subaccount.
Valuation Date — Each date on which the Separate Account is valued, which currently includes each day that the New York Stock Exchange is open for trading. Each Valuation Date closes at the end of regular trading on the New York Stock Exchange (normally, 3:00 p.m. Central time). The New York Stock Exchange is scheduled to be closed on weekends and on the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.
Valuation Period — A period used in measuring the investment experience of each Subaccount of the Separate Account. The Valuation Period begins at the close of one Valuation Date and ends at the close of the next Valuation Date.
Withdrawal Value — The amount you will receive upon full withdrawal of the Contract. It is equal to Contract Value less any Contract Debt, any applicable withdrawal charges, any pro rata account administration charge and any uncollected premium taxes. The Withdrawal Value during the Annuity Period under Annuity Option 9 is the present value of future annuity payments commuted at the assumed interest rate, less any applicable withdrawal charges and any uncollected premium taxes.
Overview of the Contract
Purpose of the Contract — The Contract is a variable annuity contract. It is designed for retirement planning purposes. You make investments in the Contract’s investment options during the accumulation phase. The value of your investments is used to calculate your benefits under the Contract. At the end of the accumulation phase, we use that accumulated value to calculate the payments that we make during the annuity phase. These payments can provide or supplement your retirement income. Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your benefits and annuity payouts. The Contract also includes a death benefit to help financially protect your Designated Beneficiary.
This Contract may be appropriate for you if you have a long investment time horizon. Each Purchase Payment is subject to a withdrawal charge for eight years from the date of the first Purchase Payment. This means that all Purchase Payments will be subject to a withdrawal charge until Contract Year 9. Because of the withdrawal charge and the possibility of income tax and tax penalties on early withdrawals, the Contract should not be viewed as an investment vehicle offering low-cost liquidity. Your financial goal in acquiring the Contract should focus on a long-term insurance product, offering the prospect of investment growth.
Phases of the Contract — The contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity (payout) phase (for income).
Accumulation Phase. During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as income when you make a withdrawal. To accumulate value during the accumulation phase, you invest your Purchase Payments and earnings in the Subaccounts that are available under the Contract, which, in turn, invest in Underlying Funds with different investment strategies, objectives, and risk/reward profiles. You may allocate all or part of your Purchase Payments and Contract Value to the Subaccounts. Amounts that you allocate to a Subaccount will increase or decrease in dollar value depending in part on the investment performance of the Underlying Fund in which such Subaccount invests. The Fixed Account option (if available under your Contract), which guarantees the principal and a minimum interest rate, may also be available for investment. If the Fixed Account is available under
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your Contract, you may allocate all or part of your Purchase Payments to the Fixed Account, which is part of the Company's General Account.
Additional information about the Underlying Funds currently available under the Contract  and the Fixed Account (if available) is provided in Appendix A: Investment Options Available Under the Contract.
Annuity (Payout) Phase. The Annuity phase occurs after the Annuity Commencement Date and is when you or a designated payee begin receiving regular Annuity payments from your Contract. The Contract provides several Annuity Options. You should carefully review the Annuity Options with your financial or tax adviser. The payments may be fixed or variable or a combination of both. Variable payments will vary based on the performance of the Subaccounts you select. Unless you direct otherwise, proceeds derived from Contract Value allocated to the Subaccounts will be applied to purchase a variable annuity and proceeds derived from Contract Value allocated to the Fixed Account will be applied to purchase a fixed annuity.
Please note that if you annuitize, your investments will be converted to income payments and you generally will no longer be able to withdraw money at will from your Contract. However, under Annuity Options 5 through 9, withdrawals (other than systematic withdrawals) are permitted after the Annuity Commencement Date.
Contract Features —
Accessing Your Money. Before your Contract is annuitized, you can withdraw money from your Contract at any time. If you take a withdrawal, you may have to pay a surrender charge and/or income taxes, including a tax penalty, if you are younger than age 59½.
Tax Treatment. You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) surrender of the Contract; (3) receiving a payment from us; or (4) payment of a death benefit.
Death Benefit. For Contract Owners aged 75 or younger on the Contract issue date, the Contract includes a standard death benefit that will pay the greatest of total Purchase Payments (adjusted for any outstanding Contract Debt, any pro rata account administration charge, prior withdrawals, including any withdrawal charges, and any uncollected premium tax), the Contract Value, or the stepped-up death benefit. The stepped-up death benefit is the largest death benefit on any Contract anniversary that is a multiple of six that occurs prior to the oldest Owner or Annuitant attaining age 76, plus Purchase Paymentsand less withdrawals made since the applicable Contract anniversary. For Contract Owners aged 76 and older on the Contract issue date, the standard death benefit will be the greater of the Contract Value or total Purchase Payments (adjusted for any outstanding Contract Debt, any pro rata account administration charge, prior withdrawals, including any withdrawal charges, and any uncollected premium tax).
Loans. If you own a Contract issued in connection with a retirement plan that is qualified under Section 403(b) of the Internal Revenue Code, you may be able to borrow money under your Contract using the Contract Value as the only security for the loan. If a loan is taken it must be repaid prior to the Annuity Commencement Date. A loan must be taken and repaid prior to the Annuity Commencement Date.
Advisory Fees. Deductions from your Contract Value to pay third-party advisory fees are treated as withdrawals under the Contract, but no surrender charge (if applicable) is assessed on such withdrawals, and the deduction of advisory fees will not count toward the annual free withdrawal amount. If you elect to pay advisory fees from your Contract Value, then the deduction will reduce the death benefits and other guaranteed benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.
Additional Services — We offer several additional services:
 
Dollar Cost Averaging. You direct us to systematically transfer Contract Value among the Subaccounts and the Fixed Account (if available) on a monthly, quarterly, semiannual, or annual basis.
Asset Reallocation Option. You direct us to automatically reallocate your Contract Value to return to your original percentage investment allocations on a periodic basis.
Systematic Withdrawals. After the first Contract Year, or during the first Contract Year if your Contract Value is $40,000, you receive regular automatic withdrawals from your Contract, on a monthly, quarterly, annual or semi-annual basis, provided that each payment must amount to at least $25 (unless we consent otherwise).
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Important Information You Should Consider About the Contract
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
Yes. If you withdraw money from your Contract within 8 years following your
first Purchase Payment, you may be assessed a surrender charge of up to 8%
(as a percentage of the portion of the withdrawal amount consisting of
Purchase Payments), declining to 0% over that time period.
For example, if you were to withdraw $100,000 during a surrender charge
period, you would be assessed a charge of up to $8,000. This loss will be
greater if there are taxes and tax penalties.
Fee Table
Fee Table – Examples
Charges and Deductions
– Contingent Deferred
Sales Charge
Are There
Transaction
Charges?
No. Other than surrender charges (if any), there are no charges for other
transactions (e.g., transferring money between investment options).
Not Applicable
Are There
Ongoing Fees
and Expenses
(annual
charges)?
Yes. The table below describes the current fees and expenses of the Contract
that you may pay each year, depending on the Investment Options you choose.
Interest on any Contract loans is not reflected. The fees and expenses do not
reflect any advisory fees paid to financial intermediaries from your Contract
Value or other assets. If such charges were reflected, the fees and expenses
would be higher. Please refer to your Contract specifications page for
information about the specific fees you will pay each year based on the options
you have elected.
Charges and Deductions
– Mortality and Expense
Risk Charge
Charges and Deductions
– Account Adminis-
tration Charge
Appendix A – Underlying
Funds Available Under
the Contract
Annual Fee
Minimum
Maximum
Base Contract1
1.22%
Investment options2
(Underlying Fund fees and expenses)
0.63%
3.38%
1
As a percentage of Contract Value allocated to the Separate Account. This amount
includes the account administration charge.
2
As a percentage of Underlying Fund average net assets.
 
There are no optional benefits available under this Contract.
Because your Contract is customizable, the choices you make affect how much
you will pay. To help you understand the cost of owning your Contract, the
following table shows the lowest and highest cost you could pay each year
based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add surrender charges that
substantially increase costs.
 
Lowest Annual Cost: $1,651.86
Highest Annual Cost: $3,616.26
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination of
Base Contract charge and
Underlying Fund fees and
expenses
●No sales charges or advisory fees
●No additional Purchase Payments,
transfers or withdrawals
●No Contract loans
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of Base
Contract charge and Underlying
Fund fees and expenses
●No sales charges or advisory fees
●No additional Purchase Payments,
transfers or withdrawals
●No Contract loans
 
RISKS
Location in Prospectus
Is There a Risk
of Loss from
Poor
Performance?
Yes. You can lose money by investing in this Contract, including loss of
principal.
Principal Risks of
Investing in the Contract
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Is this a
Short-Term
Investment?
No.
●This Contract is not designed for short-term investing and is not appropriate
for an investor who needs ready access to cash.
●Surrender charges, taxes and tax penalties may apply to withdrawals. If you
take a withdrawal, a surrender charge may reduce the value of your
Contract or the amount of money that you actually receive. Withdrawals may
also reduce or terminate Contract guarantees and may result in taxes and
tax penalties.
●The benefits of tax deferral mean the Contract is more beneficial to
investors with a long time horizon.
Charges and Deductions
– Contingent Deferred
Sales Charge
The Contract – General
What are the
Risks
Associated with
the Investment
Options?
●An investment in this Contract is subject to the risk of poor investment
performance. Performance can vary depending on the performance of the
Investment Options that you choose under the Contract.
●Each investment option (including the Fixed Account option, if available) has
its own unique risks.
●You should review the Investment Options before making an investment
decision.
Appendix A – Underlying
Funds Available Under
the Contract
What are the
Risks Related to
the Insurance
Company?
An investment in the Contract is subject to the risks related to us, Security
Benefit Life Insurance Company. Any obligations (including under the Fixed
Account option), guarantees or benefits of the Contract are subject to our
claims-paying ability. If we experience financial distress, we may not be able to
meet our obligations to you. More information about Security Benefit Life
Insurance Company, including our financial strength ratings, is available upon
request by calling 1-800-888-2461 or visiting www.securitybenefit.com.
Information About the
Company, the Separate
Account, and the
Underlying Funds –
Security Benefit Life
Insurance Company
 
RESTRICTIONS
Location in Prospectus
Are There
Restrictions on
the Investment
Options?
Yes.
●Certain investment options may not be available under your Contract.
●Certain Subaccounts prohibit you from transferring out and back within a
period of calendar days.
●We reserve the right to limit your transfers to 14 in a Contract Year, to
suspend transfers and limit the transfer amounts, and to limit transfers in
circumstances of frequent or large transfers.
●There are certain restrictions on transfers between the Fixed Account and
Subaccounts.
●We reserve the right to add, remove or substitute the Underlying Funds
available as investment options under the Contract.
●We reserve the right to refuse any Purchase Payment, to further limit your
ability to make subsequent Purchase Payments with advance notice, and to
require our prior approval before accepting Purchase Payments.
The Contract – Transfers
of Contract Value –
Frequent Transfer
Restrictions
The Fixed Account –
Transfers and
Withdrawals from the
Fixed Account
Other Information –
Changes to Investments
Are There Any
Restrictions on
Contract
Benefits?
No.
●There are no optional benefits available under this Contract.
Not Applicable
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TAXES
Location in Prospectus
What are the
Contract’s Tax
Implications?
●If you elect to pay third-party advisory fees from your Contract Value, then
the deduction will reduce the death benefit, perhaps significantly, and may
be subject to federal and state income taxes and a 10% federal penalty tax.
●Consult with a tax professional to determine the tax implications of an
investment in and payments received under the Contract.
●If you purchased the Contract through a tax-qualified plan or IRA, you do not
get any additional tax benefit under the Contract.
●Earnings on your Contract are taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a penalty if you take a withdrawal
before age 59½.
The Contract –
Withdrawals to Pay
Advisory FeesFederal
Tax Matters
Federal Tax Matters –
Income Taxation of
Annuities in General—
Non-Qualified Contracts
 
CONFLICTS OF INTEREST
Location in Prospectus
How are
Investment
Professionals
Compensated?
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional payments, and
non-cash compensation. We may share the revenue we earn on this Contract
with your investment professional’s firm. This conflict of interest may influence
your investment professional to recommend this Contract over another
investment for which the investment professional is not compensated or is
compensated less.
Other Information – Sale
of the Contract
Should I
Exchange my
Contract?
Some investment professionals may have a financial incentive to offer you a
new contract in place of the one you already own. You should only exchange a
contract you already own if you determine, after comparing the features, fees
and risks of both contracts, and any fees or penalties to terminate the existing
contract, that it is better for you to purchase the new contract rather than
continue to own your existing contract.
Additional
Compensation Paid to
Selected Selling
Broker-Dealers
Benefits Available Under the Contract
The following table summarizes information about the benefits available under the Contract.
Standard Benefits
Name of
Benefit
Purpose
Maximum
Fee
Brief Description of Restrictions/Limitations
Standard
Death Benefit
– Contract
Issue Age 75
or Younger
Provides a death benefit equal to
the greatest of (1) all Purchase
Payments less any withdrawals
(including withdrawal charges),
(2) the Contract Value, or (3) the
stepped-up death benefit, which
is the largest death benefit on any
Contract anniversary that is a
multiple of six and that occurs
prior to the oldest Owner
attaining age 76, plus Purchase
Payments made and less
withdrawals taken since the
applicable Contract anniversary.
There is no
charge for this
option.
●The death benefit will be reduced by any outstanding Contract
Debt, any pro rata account administration charge and any
uncollected premium tax.
●For Contracts in effect for six Contract Years or more as of May 1,
1991, the Contract anniversary immediately preceding May 1,
1991, is deemed to be the sixth Contract anniversary for purposes
of determining the stepped-up death benefit.
●The stepped-up death benefit will not be included as part of the
death benefit calculation if death occurs prior to the end of the
sixth Contract Year.
●The calculation of this death benefit differs for Contracts issued in
Florida.
Standard
Death Benefit
– Contract
Issue Age 76
and Older
Provides a death benefit equal to
the greater of all Purchase
Payments less any withdrawals
(including withdrawal charges), or
the Contract Value.
There is no
charge for this
option.
●The death benefit will be reduced by any outstanding Contract
Debt, any pro rata account administration charge and any
uncollected premium tax.
●The calculation of this death benefit differs for Contracts issued in
Florida.
Systematic
Withdrawals
Allows you to set up automatic
periodic payments from your
Contract Value.
There is no
charge for this
option.
●Each payment must be at least $100 (unless we consent
otherwise).
●This option may be elected at any time after the first Contract Year,
or during the first Contract Year, if Contract Value is $40,000 or
more at the time of election.
●Withdrawals may be subject to income tax and penalties.
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Standard Benefits
Name of
Benefit
Purpose
Maximum
Fee
Brief Description of Restrictions/Limitations
Dollar Cost
Averaging
Option
Allows the systematic transfer of
a specified dollar amount or
percentage of Contract Value
among Subaccounts and the
Fixed Account, if available.
There is no
charge for this
option.
●The minimum amount that may be transferred to any one
Subaccount is $25.00.
●The Company may discontinue, modify, or suspend Dollar Cost
Averaging at any time.
●You may not have in effect at the same time Dollar Cost Averaging
and Asset Reallocation Options, if the Fixed Account is included in
one of those two options.
●Transfers can be made for a fixed period of time, until the total
amount elected has been transferred, or until the Contract Value in
the Subaccount from which transfers are made has been depleted.
●After termination of Dollar Cost Averaging for any reason, before
reinstating Dollar Cost Averaging, you must wait at least one month
if transfers were monthly, at least one quarter if transfers were
quarterly, at least six months if transfers were semiannual, and at
least one year if transfers were annual.
Asset
Reallocation
Option
Allows you to automatically
transfer Contract Value on a
monthly, quarterly, semiannual or
annual basis to maintain a
particular percentage allocation
among the Subaccounts.
There is no
charge for this
option.
●The Company may discontinue, modify, or suspend the availability
of the Asset Reallocation Option at any time.
●You may not have in effect at the same time Dollar Cost Averaging
and Asset Reallocation Options, if the Fixed Account is included in
one of those two options.
Waiver of
Withdrawal
Charge
The Company will waive the
withdrawal charge in the event of
confinement to a Hospital or
Nursing Facility or Terminal
Illness, subject to certain
conditions
There is no
charge for this
option.
●The Company reserves the right to have the Contract Owner
examined by a physician of its choice and at its expense to
determine if the Contract Owner is eligible for a waiver.
●The waiver is not available in California.
●The Terminal Illness waiver is not available in New Jersey.
Loans
You may be able to borrow
money under your Contract using
the Contract Value as the only
security for the loan.
Annual net loan
interest of up to
2.50%.
●Only available to participants in a tax deferred retirement plan that
allows participant loans.
●Loans are subject to a variety of limitations, including restrictions
as to the loan amount, the loan’s duration, the rate of interest, and
the manner of repayment.
●Collateral in the Loan Account does not participate in the
investment experience of the Subaccounts, which can impact the
Contract Value and death benefit, even if the loan is repaid in full.
Buying the Contract
If you wish to purchase a Contract, you may submit an application and an initial Purchase Payment to the Company, as well as any other form or information that the Company may require. The Company reserves the right to reject an application or Purchase Payment for any reason, subject to the Company’s underwriting standards and guidelines and any applicable state or federal law relating to nondiscrimination.
Your initial Purchase Payment must be at least $500 for a Contract funding a Non-Qualified Plan or Group Unallocated Contract, $25 for a Contract funding a Qualified Plan and $2,500 for single purchase payment immediate annuity. Thereafter, you may choose the amount and frequency of Purchase Payments, except that the minimum subsequent Purchase Payment is $25. The Company does not permit subsequent Purchase Payments for a single purchase payment immediate annuity. The Company will not accept, without prior Company approval, aggregate Purchase Payments in an amount that exceeds $1,000,000 under any variable annuity contract(s) issued by the Company for which you are an Owner and/or Joint Owner. Subsequent Purchase Payments under a Qualified Plan may be limited by the terms of the plan and provisions of the Internal Revenue Code. The Company has the right to refuse any Purchase Payment.
The Company will apply the initial Purchase Payment no later than the end of the second Valuation Date after the Valuation Date it is received by the Company, in good order. In this regard “good order” means that the Purchase Payment is preceded or accompanied by an application that contains sufficient information to establish an account and properly credit such Purchase Payment. Sometimes the Purchase Payment is not preceded by or accompanied by a complete application. The application includes your affirmative consent permitting the Company to hold your initial Purchase Payment beyond five Valuation Dates in its effort to complete your application. If your application is incomplete, and the Company is unable to resolve the problem within five Valuation Dates, the Company will notify
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you of the reasons for the delay. If you affirmatively revoke the consent given with your application to hold your initial Purchase Payment pending resolution of the problem, we will return your Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.
The Company will credit subsequent Purchase Payments received in good order as of the end of the Valuation Date on which they are received by the Company; however, subsequent Purchase Payments received at or after close of a Valuation Date (normally 3:00 p.m. Central time) will be effected at the Accumulation Unit value determined on the following Valuation Date.
In an application for a Contract, you select the Subaccounts and/or the Fixed Account to which Purchase Paymentss will be allocated. Purchase Paymentss will be allocated according to your instructions contained in the application or more recent instructions received, if any, except that no Purchase Payments allocation is permitted that would result in less than $25.00 per payment being allocated to any one Subaccounts.
Making Withdrawals: Accessing the Money in Your Contract
Full and Partial Withdrawals — An Owner may make a partial withdrawal of Contract Value, or surrender the Contract for its Withdrawal Value. Surrender and withdrawal payments will generally be mailed within seven days after we receive the request. A full or partial withdrawal, including a systematic withdrawal, may be taken from the Contract Value at any time while the Owner is living and before the Annuity Commencement Date, subject to limitations under applicable law. After the Annuity Commencement Date, withdrawals are only permitted under certain Annuity Options. No surrender charges will be assessed on a withdrawal from your Contract Value to pay advisory fees, and the deduction of advisory fees will not count toward the annual free withdrawal amount. Withdrawals to pay advisory fees may be subject to federal and state income taxes and a 10% federal penalty tax. See "The Contract - Withdrawals to Pay Advisory Fees" in the Prospectus.
A full or partial withdrawal request will be effective as of the end of the Valuation Period that it is received by the Company at its Administrative Office; however, if it is received on a Valuation Date at or after the close of a Valuation Date (normally 3:00 p.m. Central time), the withdrawal will be effected at the Accumulation Unit value determined on the following Valuation Date. In addition, a withdrawal will not be processed unless it is accompanied by a properly completed Withdrawal Request form (including the Owner's signature and the written consent of any effective assignee or irrevocable beneficiary, if applicable).
The proceeds received upon a full withdrawal will be the Contract’s Withdrawal Value. The Withdrawal Value is equal to the Contract Value as of the end of the Valuation Period during which the withdrawal is processed, less any outstanding Contract Debt, any applicable withdrawal charge, a pro rata account administration charge and any uncollected premium taxes.
A partial withdrawal may be requested for a specified percentage or dollar amount of Contract Value. Partial withdrawals (including systematic withdrawals) will result in a payment of the amount specified in the partial withdrawal request less any applicable withdrawal or premium tax charge. Any withdrawal charge on partial withdrawals (including systematic withdrawals) from Purchase Payments before the 9th Contract Year will be deducted from the requested payment amount, as will any premium tax charge. Alternatively, you may request that any withdrawal and/or premium tax charge be deducted from your remaining Contract Value, provided there is sufficient Contract Value available. No partial withdrawal will be processed which would result in the withdrawal of Contract Value from the Loan Account. The Company will deduct the amount of a partial withdrawal from the Contract Value in the Subaccounts and the Fixed Account, according to the Contract owner’s instructions to the Company. If a Contract owner does not specify the allocation, the Company will deduct the withdrawal in the same proportion that the Contract Value is allocated among the Subaccounts and the Fixed Account.
There may be tax implications when you take out money, including a 10% penalty tax if the withdrawal is made prior to age 59½, and withdrawals may have a negative impact on certain benefits and guarantees that you may elect. Withdrawals may significantly reduce the value of or even terminate the benefit. Depending on the circumstances, the Internal Revenue Code or your retirement plan may restrict your ability to take withdrawals.
The deduction of advisory fees from your Contract Value is treated as a withdrawal under the Contract, but no surrender charges will be assessed on a withdrawal to pay advisory fees and the deduction of advisory fees will not count toward the annual free withdrawal amount. Withdrawals to pay advisory fees may still be treated as withdrawals for tax purposes by the Company and/or the IRS. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. See “Charges and Deductions – Deduction of Advisory Fees” in the Prospectus.
10
If a partial withdrawal (other than a systematic withdrawal) is requested after the first Contract Year that would leave the Withdrawal Value in the Contract less than $2,000, the Company reserves the right to terminate the Contract and pay the Contract Value in one sum to the Owner. However, the Company will first notify the Owner that the Contract is subject to termination and will only terminate the contract if, after 90 days following the date of the notice, the Owner has not made any Purchase Payments to increase the Withdrawal Value to $2,000.
Additional Information About Fees
The following tables describe the fees and expenses that you will pay when buying, owning, surrendering, or making withdrawals from an Investment Option or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. State premium taxes may also be deducted. The fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, the fees and expenses would be higher.
Transaction Expenses
 
Charge
Sales Load on Purchase Payments
None
Maximum Surrender Charge (as a percentage of amount withdrawn attributable to Purchase Payments)
8%1
Transfer Processing Fee (per transfer)
None
1 We also refer to this charge as a contingent deferred sales charge, withdrawal charge, and sales charge. The amount of the surrender charge
is determined by reference to the Contract Year in which the withdrawal is made. Withdrawals in the first Contract Year are subject to a charge
of 8% declining to 0% in Contract Year nine and later. The eight year contingent deferred sales charge schedule is different for the Variflex
Contract – 401(k) and 408(k) and for a Contract issued to a Participant under a Section 403(b) retirement plan sponsored by an institution of
higher education as defined in the Texas Education Code. See “Contingent Deferred Sales Charge” and “Withdrawal Charge for Certain Texas
Participants” for more information.
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Underlying Fund fees and expenses).
Annual Contract Expenses
 
Charge
Administrative Expenses
$30.001
Net Loan Interest Charge2
2.50%
Base Contract Expenses (as a percentage of average Contract Value)3
1.20%
1
We call this the account administration charge in your Contract, as well as in other places in the Prospectus. An account administration
charge of $30 (or if less, 2% of Contract Value for the Variflex Contract – 401(k) and 408(k)) is deducted at each Contract anniversary, and a
pro rata account administration charge is deducted: (1) upon full withdrawal of Contract Value; (2) upon the Annuity Commencement Date if
one of Annuity Options 1 through 4, 9 or 10 is elected; (3) upon payment of a death benefit; and (4) the first deduction of the account
administration charge if the Contract has been in force for less than a full calendar year. The account administration charge will be waived if
your Contract Value is $25,000 or more and your Contract has been in force eight or more years on the date the charge is to be deducted.
This fee is presented as part of the Base Contract Expenses in the section entitled “Important Information You Should Consider About Your
Contract” in the Prospectus.
2
The net loan cost equals the difference between the amount of interest the Company charges you for a loan, which is 5.5% (5.0% if your
Contract was issued on or after January 4, 1999) and the amount of interest the Company credits to the Loan Account, which is 3.0%.
3
This charge is comprised of the annual mortality and expense risk charge of 1.20%, which is deducted daily. The Company guarantees that
the charge for mortality and expense risks will not exceed an annual rate of 1.20% of each Subaccount’s average daily net assets. The
mortality and expense risk charge also applies during the Annuity Period.
The next table below shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Underlying Funds
11
available under the Contract, including their annual expenses, may be found in Appendix A to this Initial Summary Prospectus.
Annual Underlying Fund Expenses
 
Minimum
Maximum
Annual Underlying Fund Expenses (expenses deducted from Underlying Fund assets include
management fees, distribution (12b-1) fees, service fees and other expenses)
0.63%
3.38%
Net Annual Underlying Fund Expenses (after contractual waivers/reimbursements)1
0.63%
3.19%
1
Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses
during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027.
Examples — These Examples are intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other annuity contracts that offer Variable Options. These costs include transaction expenses, Annual Contract Expenses and annual Underlying Fund fees and expenses but do not include state premium taxes, which may be applicable to your Contract. The Examples do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such fees were reflected, the costs would be higher.
The Example assumes all Contract value is allocated to the Subaccounts. Your costs could differ from those shown below if you invest in the Fixed Account (if available).
These Examples assume that you invest $100,000 in the Subaccounts for the time periods indicated. The Examples also assume that your investment has a 5% return each year. The first Example assumes the most expensive Annual Underlying Fund Expenses. The second Example assumes the least expensive Annual Underlying Fund Expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Based on the Most Expensive Annual Underlying Fund Expenses
1 Year
3 Years
5 Years
10 Years
Variflex Contract
If you surrender your Contract at the end of the applicable time period
$11,822.48
$19,330.62
$26,884.70
$46,907.80
If you do not surrender; or if you annuitize your Contract at the end of the
applicable time period
$4,606.36
$13,874.83
$23,218.14
$46,907.80
Variflex Contract – 401(k) and 408(k)
If you surrender your Contract at the end of the applicable time period
$11,821.73
$21,147.11
$29,631.28
$46,901.52
If you do not surrender; or if you annuitize your Contract at the end of the
applicable time period
$4,605.58
$13,872.59
$23,214.57
$46,901.52
Based on the Least Expensive Annual Underlying Fund Expenses
1 Year
3 Years
5 Years
10 Years
Variflex Contract
If you surrender your Contract at the end of the applicable time period
$9,202.33
$11,654.51
$13,991.59
$21,660.82
If you do not surrender; or if you annuitize your Contract at the end of the
applicable time period
$1,876.22
$5,807.99
$9,991.59
$21,660.82
Variflex Contract – 401(k) and 408(k)
If you surrender your Contract at the end of the applicable time period
$9,201.56
$13,601.06
$16,987.46
$21,652.32
If you do not surrender; or if you annuitize your Contract at the end of the
applicable time period
$1,875.41
$5,805.54
$9,987.46
$21,652.32
12
APPENDIX A
Investment Options Available Under the Contract
Underlying Funds — The following is a list of Underlying Funds available under the Contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended or updated from time to time, and can be found online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121109. You can view, download, and print copies of Underlying Fund documents at this website. You can also request this information at no cost by calling 1-800-888-2461 or by sending an email request to [email protected].
The current expenses and performance information below reflect the fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund’s past performance is not necessarily an indication of future performance. Updated performance information is available online at https://www.securitybenefit.com/performance.
Investment
Type
Fund
Adviser/Sub-Adviser
Current
Expenses1
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Specialty-Sector
BNY Mellon IP Technology Growth – Service Class
Adviser: BNY Mellon Investment Adviser, Inc.
Sub-Adviser: Newton Investment Management North
America, LLC
1.07%
27.87%
8.96%
16.97%
Large Cap
Growth
ClearBridge Variable Growth – Class II
Adviser: Franklin Templeton Fund Adviser, LLC
Sub-Adviser: ClearBridge Investments, LLC
1.13%
13.10%
4.98%
7.20%
Small Cap
Growth
ClearBridge Variable Small Cap Growth – Class I
Adviser: Franklin Templeton Fund Adviser, LLC
Sub-Adviser: ClearBridge Investments, LLC
0.81%
9.23%
-0.17%
9.38%
High Yield Bond
Guggenheim VIF High Yield
Adviser: Guggenheim Partners Investment Management,
LLC
1.57%
6.84%
4.16%
5.55%
Intermediate
Term Bond
Guggenheim VIF Total Return Bond
Adviser: Guggenheim Partners Investment Management,
LLC
1.04%
7.48%
-0.21%
3.13%
Mid Cap Value
Invesco V.I. American Value – Series II
Adviser: Invesco Advisers, Inc.
1.14%
20.76%
17.56%
12.01%
Large Cap
Value
Invesco V.I. Comstock – Series II
Adviser: Invesco Advisers, Inc.
1.00%
17.14%
15.14%
11.67%
Mid Cap Growth
Invesco V.I. Discovery Mid Cap Growth – Series II
Adviser: Invesco Advisers, Inc.
1.11%
4.53%
3.64%
11.10%
Balanced/Asset
Allocation
Invesco V.I. Equity and Income – Series II
Adviser: Invesco Advisers, Inc.
0.82%
12.52%
8.68%
8.64%
International
Equity
Invesco V.I. EQV International Equity – Series II
Adviser: Invesco Advisers, Inc.
1.15%
16.23%
3.42%
5.95%
Specialty-Sector
Invesco V.I. Global Real Estate – Series I
Adviser: Invesco Advisers, Inc.
Sub-Adviser: Invesco Asset Management Limited
1.02%
7.85%
1.73%
2.44%
Money Market
Invesco V.I. Government Money Market – Series II
Adviser: Invesco Advisers, Inc.
0.63%
3.76%
2.85%
1.77%
A-1
Investment
Type
Fund
Adviser/Sub-Adviser
Current
Expenses1
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Government
Bond
Invesco V.I. Government Securities – Series II
Adviser: Invesco Advisers, Inc.
0.95%
6.95%
-0.22%
1.34%
Specialty-Sector
Invesco V.I. Health Care – Series I
Adviser: Invesco Advisers, Inc.
0.99%
15.33%
3.80%
6.58%
Mid Cap Blend
Invesco V.I. Main Street Mid Cap Fund® – Series II
Adviser: Invesco Advisers, Inc.
1.19%
8.96%
8.83%
9.08%
Small Cap
Blend
Invesco V.I. Main Street Small Cap Fund® – Series II
Adviser: Invesco Advisers, Inc.
1.09%
8.44%
8.07%
10.31%
Large Cap
Growth
LVIP American Century Ultra – Service Class
Adviser: Lincoln Financial Investments Corporation
Sub-Adviser: American Century Investment
Management, Inc.
0.92%
12.67%
11.52%
17.00%
Large Cap
Value
LVIP American Century Value – Service Class
Adviser: Lincoln Financial Investments Corporation
Sub-Adviser: American Century Investment
Management, Inc.
0.90%
15.85%
11.47%
10.07%
International
Equity
MFS® VIT II Research International – Service Class
Adviser: Massachusetts Financial Services Company
1.22%
21.75%
5.25%
7.27%
Balanced/Asset
Allocation
MFS® VIT Total Return – Service Class
Adviser: Massachusetts Financial Services Company
0.96%
10.91%
6.16%
7.36%
Specialty-Sector
MFS® VIT Utilities – Service Class
Adviser: Massachusetts Financial Services Company
1.04%
14.76%
7.38%
9.22%
Multi Cap Value
NAA All Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.15%
12.87%
11.12%
10.40%
Large Cap
Value
NAA Large Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.05%
14.16%
12.15%
10.88%
Large Cap
Blend
NAA Large Core Series
Adviser: New Age Alpha Advisors, LLC
1.16%
16.43%
13.65%
14.25%
Large Cap
Growth
NAA Large Growth Series
Adviser: New Age Alpha Advisors, LLC
1.17%
17.02%
13.89%
17.04%
Mid Cap Growth
NAA Mid Growth Series
Adviser: New Age Alpha Advisors, LLC
1.18%
2.17%
4.48%
10.63%
Small Cap
Value
NAA Small Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.29%
3.30%
8.47%
7.65%
Small Cap
Growth
NAA Small Growth Series
Adviser: New Age Alpha Advisors, LLC
1.42%
6.58%
2.59%
8.89%
Mid Cap Value
NAA SMid-Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.18%
7.35%
9.30%
9.97%
Global Equity
NAA World Equity Income Series
Adviser: New Age Alpha Advisors, LLC
1.18%
22.75%
11.42%
9.99%
Specialty
Neuberger Berman Quality Equity Portfolio – Class S
Adviser: Neuberger Berman Investment Advisers LLC
1.12%
13.43%
12.54%
12.66%
A-2
Investment
Type
Fund
Adviser/Sub-Adviser
Current
Expenses1
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Specialty
PIMCO VIT All Asset – Administrative Class
Adviser: Pacific Investment Management Company LLC
Sub-Adviser: Research Affiliates LLC
2.22%
14.20%
5.60%
6.77%
Specialty-Sector
PIMCO VIT CommodityRealReturn Strategy – Adminis-
trative Class
Adviser: Pacific Investment Management Company LLC
3.38%
18.79%
10.55%
6.54%
International
Bond
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged) – Administrative Class
Adviser: Pacific Investment Management Company LLC
1.09%
3.95%
1.03%
2.88%
Short Term
Bond
PIMCO VIT Low Duration – Administrative Class
Adviser: Pacific Investment Management Company LLC
0.66%
5.52%
1.57%
1.79%
Inflation-
Protected Bond
PIMCO VIT Real Return – Administrative Class
Adviser: Pacific Investment Management Company LLC
1.39%
7.85%
1.21%
3.21%
Small Cap
Blend
Royce Micro-Cap – Investment Class
Adviser: Royce & Associates, LP
1.22%
13.89%
9.17%
10.14%
1
Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please
see the Investment Portfolios’ prospectuses for additional information regarding these arrangements
Fixed Option — The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with written notice before doing so. Depending on the optional benefits you choose, you may not be able to invest in the Fixed Options, as noted below.
See “The Fixed Account” in the prospectus for a description of the Fixed Investment Options’ features.
Name
Term
Minimum Guaranteed Interest Rate
Fixed Account
Not applicable
[1%]
A-3
 
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The Prospectus and Statement of Additional Information (SAI) are parts of the registration statement that we filed with the Securities and Exchange Commission (SEC), dated May 1, 2026. Both documents contain additional important information about the Contract. The Prospectus and SAI are incorporated herein by reference, which means they are legally a part of this Initial Summary Prospectus.
The SAI may be obtained, free of charge, from us in the same manner as the Prospectus, as described on the front page of this Initial Summary Prospectus.
The SEC maintains a website (http://www.sec.gov) that contains the registration statement, material incorporated by reference, and other information regarding companies that file electronically with the SEC. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
EDGAR contract identifier C000028563

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