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Form 497VPU 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
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 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 Updating Summary Prospectus is used with current owners.
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=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.
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-10009-28 2026/05/01
Special Terms
Various terms commonly used in this Updating Summary Prospectus are defined as follows:
Annuity Commencement Date — The date when annuity payments are to begin.
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 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.
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.
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.
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.
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.
3
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
4
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
5
 
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
6
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 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 C000028563

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