# EDGAR Filing Document

**Accession Number:** 0001116625
**File Stem:** 0001193125-26-191344
**Filing Date:** 2026-4
**Character Count:** 25721
**Document Hash:** 0d3af529df0cee549ed0791c28535937
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-191344.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-191344

**CONFORMED SUBMISSION TYPE**: 497VPU

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SBL VARIABLE ANNUITY ACCOUNT XIV
- **CENTRAL INDEX KEY:** 0001116625

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

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-41180
- **FILM NUMBER:** 26915321

**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

## Series and Classes Contracts Data

### SBL VARIABLE ANNUITY ACCOUNT XIV (Series ID: S000010520)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000227296 | AdvanceDesigns Variable Annuity |  |

**ADVANCEDESIGNS**<sup>SM</sup> **VARIABLE ANNUITY**

**May 1, 2026**

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

**SBL Variable Annuity Account XIV**

**Updating Summary Prospectus for Existing Investors** 

---

| | |
|:---|:---|
| **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>|

---

------

This Updating Summary Prospectus describes the AdvanceDesigns 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=814121489</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-10009-19 2026/05/01

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **[Special Terms](#xx_5d9b0e74-4be7-47da-82a4-fc5e06022d83_1)** | **3**  |
| **[Updated Information About Your Contract](#xx_5d9b0e74-4be7-47da-82a4-fc5e06022d83_1)** | **3**  |
| **[Important Information You Should Consider About the Contract](#xx_5d9b0e74-4be7-47da-82a4-fc5e06022d83_2)** | **4**  |
| **[Appendix A](#xx_3bf94c86-013e-45cc-b003-be8a7ce628d7_1)[–](#xx_3bf94c86-013e-45cc-b003-be8a7ce628d7_1)[Investment Options Available Under the Contract](#xx_3bf94c86-013e-45cc-b003-be8a7ce628d7_1)** | **A-1**  |
| &nbsp;&nbsp;&nbsp; [Underlying Funds](#xx_3bf94c86-013e-45cc-b003-be8a7ce628d7_1) | A-1  |
| &nbsp;&nbsp;&nbsp; [Fixed Option](#xx_3bf94c86-013e-45cc-b003-be8a7ce628d7_4) | A-4  |

---

------

**Special Terms**

------

Various terms commonly used in this Updating Summary Prospectus are defined as follows:

**Bonus Credit —** An amount added to Contract Value under the Automatic Bonus Credit Rider.

**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 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.

**Credit Enhancement —** An amount added to Contract Value under the Extra Credit Rider.

**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. The Fixed Account is not available in all states and is not available if you have purchased the Extra Credit Rider at 3%, 4% or 5% or the 0-Year or 4-Year Alternate Withdrawal Charge Rider (or the 3-Year Alternate Withdrawal Charge in states where the 4-Year Alternate Withdrawal Charge is not approved).

**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.

**Separate Account —** SBL Variable Annuity Account XIV, 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** 

---

| | | |
|:---|:---|:---|
|  | **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>|

---

------

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

------

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

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

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

------

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=814121489. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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% |
| Balanced/Asset <br> Allocation<br>| Franklin Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.72% | 12.56% | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 7.30% |
| Global Equity | Franklin Mutual Global Discovery VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 1.16% | 23.34% | 12.00% | &nbsp;&nbsp; 8.52% |
| Small Cap <br> Value<br>| Franklin Small Cap Value VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.92% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 8.86% | &nbsp;&nbsp; 9.81% |
| 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% |
| Specialty | Guggenheim VIF Multi-Hedge Strategies<br> *Adviser:* Security Investors, LLC<br>| 1.80% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.62% |
| Intermediate <br> Term Bond<br>| Guggenheim VIF Total Return Bond<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.04% | &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% |
| Intermediate <br> Core-Plus Bond<br>| Invesco V.I. Core Plus Bond – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.99% | &nbsp;&nbsp; 6.96% | -0.36% | &nbsp;&nbsp; 2.73% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| 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> *Sub-Adviser:* Invesco Asset Management Limited<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% |
| 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% |
| Mid Cap Growth | Janus Henderson VIT Enterprise – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.97% | &nbsp;&nbsp; 7.41% | &nbsp;&nbsp; 7.35% | 12.51% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Research – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 1.07% | 18.10% | 13.83% | 15.59% |
| Mid Cap Value | LVIP American Century Mid Cap Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.03% | &nbsp;&nbsp; 8.83% | &nbsp;&nbsp; 8.72% | &nbsp;&nbsp; 8.96% |
| 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% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| Emerging <br> Markets<br>| Morgan Stanley VIF Emerging Markets Equity – Class II<br> *Adviser:* Morgan Stanley Investment Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management <br> Company<br>| 1.53% | 32.90% | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 7.21% |
| 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% |
| 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% |
| Emerging <br> Markets Bond<br>| PIMCO VIT Emerging Markets Bond – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.27% | 14.86% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 4.96% |
| 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% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| High Yield Bond | Western Asset Variable Global High Yield Bond – Class <br> II<br> *Adviser:* Franklin Templeton Fund Adviser, LLC<br> *Sub-Adviser:* Western Asset Management Company, <br> LLC; Western Asset Management Company Limited <br> (London); Western Asset Management Company Pte. <br> Ltd. (Singapore)<br>| 1.06% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp; 5.09% |
| &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 |

---

**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%] |
| DCA Plus Account | 6-months or 12-months | [1%] |

---

**Optional Rider Investment Restrictions**

------

---

| | | |
|:---|:---|:---|
| **Rider** | **Investment Restrictions** | **Investment Allocation Impact on Crediting Rate** |
| Extra Credit at 4% | Fixed Account not available <br> as an investment option.<br>| N/A |
| 0-Year or 4-Year Alternate <br> Withdrawal Charge<br>| Fixed Account not available <br> as an investment option.<br>| N/A |
| Guaranteed Minimum Income <br> Benefit at 5%<br>| N/A | The Company will credit a maximum rate of 4% for amounts <br> allocated to the Invesco V.I. Government Money Market <br> Subaccount, the Fixed Account and the Loan Account. All other <br> investments will be credited at 5%.<br>|
| 6% Dollar for Dollar <br> Guaranteed Minimum Income <br> Benefit (formerly the Dollar <br> for Dollar Living Benefit)<br>| N/A | The Company will credit a maximum rate of 3% for amounts <br> allocated to the Invesco V.I. Government Money Market <br> Subaccount, the PIMCO Low Duration Subaccount, the Fixed <br> Account and the Loan Account. All other investments will be <br> credited at 6%.<br>|
| Guaranteed Growth Death <br> Benefit<br>| N/A | If you elected this benefit at 5%, 6% or 7%, the Company will <br> credit a maximum rate of 4% for amounts allocated to the <br> Invesco V.I. Government Money Market Subaccount, the Fixed <br> Account and Loan Account. All other investments will be <br> credited at the rate you selected.<br>|
| 6% Dollar for Dollar <br> Guaranteed Minimum Income <br> Benefit and Guaranteed <br> Minimum Death Benefit <br> (formerly the Dollar for Dollar <br> Combination Benefit)<br>| N/A | The Company will credit a maximum rate of 3% for amounts <br> allocated to the Invesco V.I. Government Money Market <br> Subaccount, the PIMCO Low Duration Subaccount, the Fixed <br> Account and the Loan Account. All other investments will be <br> credited at 6%.<br>|
| Extra Credit at 3% or 5% | Fixed Account not available <br> as an investment option.<br>| N/A |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This page left intentionally blank

------

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 C000227296

------