# EDGAR Filing Document

**Accession Number:** 0000740583
**File Stem:** 0001193125-26-204079
**Filing Date:** 2026-5
**Character Count:** 20275
**Document Hash:** c3d75514f00d9e491c1963012871193f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-204079.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-204079

**CONFORMED SUBMISSION TYPE**: 497VPU

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**EFFECTIVENESS DATE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VARIFLEX SEPARATE ACCOUNT
- **CENTRAL INDEX KEY:** 0000740583

**ORGANIZATION NAME:**
- **EIN:** 480409770
- **STATE OF INCORPORATION:** KS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-89328
- **FILM NUMBER:** 26938080

**BUSINESS ADDRESS:**
- **STREET 1:** SECURITY BENEFIT LIFE INSURANCE CO
- **STREET 2:** ONE SECURITY BENEFIT PLACE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001
- **BUSINESS PHONE:** 7854383000

**MAIL ADDRESS:**
- **STREET 1:** SECURITY BENEFIT LIFE INSURANCE CO
- **STREET 2:** ONE SECURITY BENEFIT PLACE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VARIFLEX
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VARIFLEX CONTRACTS
- **DATE OF NAME CHANGE:** 19920511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBL VARIABLE ANNUITY ACCOUNT V & VI
- **DATE OF NAME CHANGE:** 19900502

## Series and Classes Contracts Data

### VARIFLEX (Series ID: S000010318)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028563 | Variflex     |  |

**VARIFLEX**<sup>®</sup> **VARIABLE ANNUITY**

**May 1, 2026**

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract**

**Variflex Separate Account**

**Updating Summary Prospectus for Existing Investors** 

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| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

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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 <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121109</u>. You can also obtain this information at no cost by calling 1-800-888-2461 or by sending an email request to SBLProspectusRequests@securitybenefit.com.

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 <u>Investor.gov</u>.

SB-10009-28 2026/05/01

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**Table of Contents**

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| | |
|:---|:---|
|  | Page |
| **[Special Terms](#xx_87e7998f-b8cd-43db-a699-e7aa8f0ba15d_1)** | **3**  |
| **[Updated Information About Your Contract](#xx_87e7998f-b8cd-43db-a699-e7aa8f0ba15d_1)** | **3**  |
| **[Important Information You Should Consider About the Contract](#xx_b344c683-a7f5-415b-8a7e-637f94e7218b_1)** | **4**  |
| **[Appendix A](#xx_3feb8f6d-07de-429c-9a45-bd0d9a0a1c3b_1)[–](#xx_3feb8f6d-07de-429c-9a45-bd0d9a0a1c3b_1)[Investment Options Available Under the Contract](#xx_3feb8f6d-07de-429c-9a45-bd0d9a0a1c3b_1)** | **A-1**  |
| &nbsp;&nbsp;&nbsp; [Underlying Funds](#xx_3feb8f6d-07de-429c-9a45-bd0d9a0a1c3b_1) | A-1  |
| &nbsp;&nbsp;&nbsp; [Fixed Option](#xx_3feb8f6d-07de-429c-9a45-bd0d9a0a1c3b_3) | A-3  |

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**Special Terms**

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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**

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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.

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**Important Information You Should Consider About the Contract**

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**FEES, EXPENSES, AND ADJUSTMENTS** **Location in Prospectus** 

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| | | |
|:---|:---|:---|
|  | **RISKS** | **Location in Prospectus** |
| **Is There a Risk** <br> **of Loss from** <br> **Poor** <br> **Performance?**<br>| **Yes.** You can lose money by investing in this Contract, including loss of <br> principal.<br>| **Principal Risks of** <br> **Investing in the Contract**<br>|

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**RESTRICTIONS** **Location in Prospectus** 

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**TAXES** **Location in Prospectus** 

**CONFLICTS OF INTEREST** **Location in Prospectus** 

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APPENDIX A

**Investment Options Available Under the Contract**

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**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 SBLProspectusRequests@securitybenefit.com.

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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup>  | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup>  | **1 Year** | **5 Year** | **10 Year** |
| Specialty-Sector | BNY Mellon IP Technology Growth – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Newton Investment Management North <br> America, LLC<br>| 1.07% | 27.87% | &nbsp;&nbsp; 8.96% | 16.97% |
| Large Cap <br> Growth<br>| ClearBridge Variable Growth – Class II<br> *Adviser:* Franklin Templeton Fund Adviser, LLC<br> *Sub-Adviser:* ClearBridge Investments, LLC<br>| 1.13% | 13.10% | &nbsp;&nbsp; 4.98% | &nbsp;&nbsp; 7.20% |
| Small Cap <br> Growth<br>| ClearBridge Variable Small Cap Growth – Class I<br> *Adviser:* Franklin Templeton Fund Adviser, LLC<br> *Sub-Adviser:* ClearBridge Investments, LLC<br>| 0.81% | &nbsp;&nbsp; 9.23% | -0.17% | &nbsp;&nbsp; 9.38% |
| High Yield Bond | Guggenheim VIF High Yield<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.57% | &nbsp;&nbsp; 6.84% | &nbsp;&nbsp; 4.16% | &nbsp;&nbsp; 5.55% |
| Intermediate <br> Term Bond<br>| Guggenheim VIF Total Return Bond<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 0.99% | &nbsp;&nbsp; 7.48% | -0.21% | &nbsp;&nbsp; 3.13% |
| Mid Cap Value | Invesco V.I. American Value – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.14% | 20.76% | 17.56% | 12.01% |
| Large Cap <br> Value<br>| Invesco V.I. Comstock – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | 17.14% | 15.14% | 11.67% |
| Mid Cap Growth | Invesco V.I. Discovery Mid Cap Growth – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.11% | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 3.64% | 11.10% |
| Balanced/Asset <br> Allocation<br>| Invesco V.I. Equity and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.82% | 12.52% | &nbsp;&nbsp; 8.68% | &nbsp;&nbsp; 8.64% |
| International <br> Equity<br>| Invesco V.I. EQV International Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.15% | 16.23% | &nbsp;&nbsp; 3.42% | &nbsp;&nbsp; 5.95% |
| Specialty-Sector | Invesco V.I. Global Real Estate – Series I<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.02% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.44% |
| Money Market | Invesco V.I. Government Money Market – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.63% | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 1.77% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Government <br> Bond<br>| Invesco V.I. Government Securities – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.95% | &nbsp;&nbsp; 6.95% | -0.22% | &nbsp;&nbsp; 1.34% |
| Specialty-Sector | Invesco V.I. Health Care – Series I<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.99% | 15.33% | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 6.58% |
| Mid Cap Blend | Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.19% | &nbsp;&nbsp; 8.96% | &nbsp;&nbsp; 8.83% | &nbsp;&nbsp; 9.08% |
| Small Cap <br> Blend<br>| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.09% | &nbsp;&nbsp; 8.44% | &nbsp;&nbsp; 8.07% | 10.31% |
| Large Cap <br> Growth<br>| LVIP American Century Ultra – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.92% | 12.67% | 11.52% | 17.00% |
| Large Cap <br> Value<br>| LVIP American Century Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.90% | 15.85% | 11.47% | 10.07% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT II Research International – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.22% | 21.75% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 7.27% |
| Balanced/Asset <br> Allocation<br>| MFS<sup>®</sup> VIT Total Return – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 0.96% | 10.91% | &nbsp;&nbsp; 6.16% | &nbsp;&nbsp; 7.36% |
| Specialty-Sector | MFS<sup>®</sup> VIT Utilities – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.04% | 14.76% | &nbsp;&nbsp; 7.38% | &nbsp;&nbsp; 9.22% |
| Multi Cap Value | NAA All Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.15% | 12.87% | 11.12% | 10.40% |
| Large Cap <br> Value<br>| NAA Large Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.05% | 14.16% | 12.15% | 10.88% |
| Large Cap <br> Blend<br>| NAA Large Core Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.16% | 16.43% | 13.65% | 14.25% |
| Large Cap <br> Growth<br>| NAA Large Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.17% | 17.02% | 13.89% | 17.04% |
| Mid Cap Growth | NAA Mid Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 4.48% | 10.63% |
| Small Cap <br> Value<br>| NAA Small Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.29% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 8.47% | &nbsp;&nbsp; 7.65% |
| Small Cap <br> Growth<br>| NAA Small Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.42% | &nbsp;&nbsp; 6.58% | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 8.89% |
| Mid Cap Value | NAA SMid-Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 9.30% | &nbsp;&nbsp; 9.97% |
| Global Equity | NAA World Equity Income Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 22.75% | 11.42% | &nbsp;&nbsp; 9.99% |
| Specialty | Neuberger Berman Quality Equity Portfolio – Class S<br> *Adviser:* Neuberger Berman Investment Advisers LLC<br>| 1.12% | 13.43% | 12.54% | 12.66% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Specialty | PIMCO VIT All Asset – Administrative Class<br> *Adviser:* Pacific Investment Management Company LLC<br> *Sub-Adviser:* Research Affiliates LLC<br>| 2.22% | 14.20% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 6.77% |
| Specialty-Sector | PIMCO VIT CommodityRealReturn Strategy – Adminis-<br> trative Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 3.38% | 18.79% | 10.55% | &nbsp;&nbsp; 6.54% |
| International <br> Bond<br>| PIMCO VIT International Bond Portfolio (U.S. <br> Dollar-Hedged) – Administrative Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.09% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 2.88% |
| Short Term <br> Bond<br>| PIMCO VIT Low Duration – Administrative Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.66% | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.79% |
| Inflation-<br> Protected Bond<br>| PIMCO VIT Real Return – Administrative Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.39% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 3.21% |
| Small Cap <br> Blend<br>| Royce Micro-Cap – Investment Class<br> *Adviser:* Royce & Associates, LP<br>| 1.22% | 13.89% | &nbsp;&nbsp; 9.17% | 10.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | &nbsp;&nbsp;&nbsp;&nbsp; 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | &nbsp;&nbsp;&nbsp;&nbsp; 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | &nbsp;&nbsp;&nbsp;&nbsp; 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | &nbsp;&nbsp;&nbsp;&nbsp; 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | &nbsp;&nbsp;&nbsp;&nbsp; 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements |

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**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.

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| | | |
|:---|:---|:---|
| **Name** | **Term** | **Minimum Guaranteed Interest Rate** |
| Fixed Account | Not applicable | 1% |

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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: publicinfo@sec.gov.

EDGAR contract identifier C000028563

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