Form 497VPU SBL VARIABLE ANNUITY

April 29, 2026 3:33 PM EDT
SCARBOROUGH ADVANTAGE VARIABLE ANNUITY
May 1, 2026
Group Flexible Purchase Payment Deferred Variable Annuity Contract
Variable Annuity Account XI
Updating Summary Prospectus for Existing 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 Updating Summary Prospectus describes the Scarborough Advantage Variable Annuity—a flexible purchase payment deferred variable annuity contract (the “Contract”) offered by Security Benefit Life Insurance Company (the “Company”). The Contract is a group contract available for those persons eligible to participate in the International Brotherhood of Electrical Workers (“IBEW”) Local Unions Savings and Retirement Plan and Trust. The Contract is designed to give you flexibility in planning for retirement and other financial goals. This Updating Summary Prospectus is used with current Participants.
The Prospectus of the Contract contains more information about the Contract, including its features, benefits and risks. You can find the current Prospectus and other information about the Contract online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828. 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.
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-10009-29 2026/05/01
Special Terms
Various terms commonly used in this Updating Summary Prospectus are defined as follows:
Company — Security Benefit Life Insurance Company. The Company is also identified herein as “we,” “our,” or “us.”
Contract — The flexible purchase payment deferred variable annuity contract described in this Updating Summary Prospectus.
Contract Date — The date of a Participant's first contribution to the 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.
Contractholder or Holder — The IBEW Local Unions Savings and Retirement Plan and Trust holds the Contract for the benefit of Participants.
Contract Value — The total value of a Participant’s account which includes amounts allocated to the Subaccounts and the Fixed Account.
Fixed Account — A separate account of the Company to which a Participant may allocate all or a portion of Contract Value to be held for accumulation at fixed rates of interest declared periodically by the Company.
Participant — A Participant as defined in the Trust Agreement. A Participant is also identified herein as “you.”
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 — Variable Annuity Account XI, 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.
Updated Information About Your Contract
The following is a summary of certain Contract features that have changed since May 1, 2025, the date of the last Prospectus. This does not reflect all of the changes that have occurred since you entered into your Contract.
Summary of Recent Contract Changes:
There have been no changes to the features of the Contract since the Prospectus dated May 1, 2025. Information about the Underlying Funds, including certain fund name and adviser changes, is included in Appendix A to this Updating Summary Prospectus.
Important Information You Should Consider About the Contract
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
No. The Company does not assess a withdrawal charge on full or partial
withdrawals.
Fee Table
Fee Table – Examples
Are There
Transaction
No. There are no charges for other transactions.
Not Applicable
3
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in Prospectus
Charges?
 
 
Are There
Ongoing Fees
and Expenses?
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.
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.
Fee Table – Examples
Charges and Deductions
– Mortality and Expense
Risk Charge
Charges and Deductions
– Administration and
Distribution Charge
Appendix A – Underlying
Funds Available Under
the Contract
Annual Fee
Minimum
Maximum
Base Contract1
1.04%
1.04%
Investment options2
(Underlying Fund fees and expenses)
0.90%
2.19%
1
As a percentage of Contract Value allocated to the Separate Account. The Base
Contract Expenses do not reflect any applicable Platform Charge, which is an annual
charge deducted from Contract Value invested in certain Subaccounts.
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.
 
Lowest Annual Cost: $1,727.36
Highest Annual Cost: $2,707.23
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive combination of
Base Contract charge and
Underlying Fund fees and
expenses
●No additional Purchase Payments,
transfers or withdrawals
Assumes:
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of Base
Contract charge and Underlying
Fund fees and expenses
●No additional Purchase Payments,
transfers or withdrawals
 
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
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.
●Withdrawals will reduce the value of your Contract.
●Tax deferral is more beneficial to investors with a long time horizon.
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 are available under the Contract.
●Each investment option, including the Fixed Account (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, 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
4
 
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 in the same
Subaccount 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.
●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 –
Allocation of 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
 
TAXES
Location in Prospectus
What are the
Contract’s Tax
Implications?
●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 deferral 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.
Federal 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
5
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=814121828. 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
Platform
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Small Cap
Blend
Goldman Sachs VIT Small Cap Equity
Insights – Institutional Class
Adviser: Goldman Sachs Asset
Management L.P.
0.88%
0.35%
16.14%
10.47%
10.84%
Large Cap
Growth
Goldman Sachs VIT Strategic Growth –
Institutional Class
Adviser: Goldman Sachs Asset
Management L.P.
0.79%
0.35%
17.92%
12.75%
16.41%
International
Equity
Invesco V.I. EQV International Equity –
Series I
Adviser: Invesco Advisers, Inc.
0.90%
0.35%
16.50%
3.68%
6.22%
Specialty-Sector
Invesco V.I. Global Real Estate – Series I
Adviser: Invesco Advisers, Inc.
Sub-Adviser: Invesco Asset Management
Limited
1.02%
0.35%
7.85%
1.73%
2.44%
Large Cap
Growth
Janus Henderson VIT Research – Service
Class
Adviser: Janus Henderson Investors US
LLC
1.07%
0.35%
18.10%
13.83%
15.59%
Multi Cap Value
NAA All Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.15%
N/A
12.87%
11.12%
10.40%
Large Cap
Value
NAA Large Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.05%
N/A
14.16%
12.15%
10.88%
Mid Cap Value
NAA SMid-Cap Value Series
Adviser: New Age Alpha Advisors, LLC
1.18%
N/A
7.35%
9.30%
9.97%
Global Equity
NAA World Equity Income Series
Adviser: New Age Alpha Advisors, LLC
1.18%
N/A
22.75%
11.42%
9.99%
Specialty
Neuberger Berman Quality Equity Portfolio
– Class S
Adviser: Neuberger Berman Investment
Advisers LLC
1.12%
0.35%
13.43%
12.54%
12.66%
A-1
Investment
Type
Fund
Adviser/Sub-Adviser
Current
Expenses1
Platform
Average Annual
Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Inflation-
Protected Bond
PIMCO VIT Real Return – Administrative
Class
Adviser: Pacific Investment Management
Company LLC
1.39%
0.35%
7.85%
1.21%
3.21%
Intermediate
Term Bond
PIMCO VIT Total Return – Administrative
Class
Adviser: Pacific Investment Management
Company LLC
0.73%
0.35%
8.89%
0.02%
2.36%
Specialty-Sector
Rydex VIF Energy Services
Adviser: Security Investors, LLC
1.84%
0.35%
1.74%
10.39%
-5.65%
Mid Cap Growth
T. Rowe Price Mid Cap Growth
Adviser: T. Rowe Price Associates, Inc.
Sub-Adviser: T. Rowe Price Investment
Management, Inc.
0.85%
0.35%
3.55%
3.84%
9.81%
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-2
 
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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 Updating 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 Updating 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 C000027883

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