# EDGAR Filing Document

**Accession Number:** 0001091459
**File Stem:** 0001193125-26-191253
**Filing Date:** 2026-4
**Character Count:** 16177
**Document Hash:** 7a3d3a4b5ab03a2493080bf389f36f65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-191253.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-191253

**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 XI
- **CENTRAL INDEX KEY:** 0001091459

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

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-84159
- **FILM NUMBER:** 26915122

**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 XI (Series ID: S000010073)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000027883 | Scarborough Advantage Variable Annuity |  |

**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** 

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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 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 <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828</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-10009-29 2026/05/01

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**Table of Contents**

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| | |
|:---|:---|
|  | Page |
| **[Special Terms](#xx_2f7420a3-ca2e-422b-b1f8-bfb44ef991e4_1)** | **3**  |
| **[Updated Information About Your Contract](#xx_2f7420a3-ca2e-422b-b1f8-bfb44ef991e4_1)** | **3**  |
| **[Important Information You Should Consider About the Contract](#xx_2f7420a3-ca2e-422b-b1f8-bfb44ef991e4_1)** | **3**  |
| **[Appendix A](#xx_a55b1e6e-551f-4753-8838-e73a4c7c7977_1)[–](#xx_a55b1e6e-551f-4753-8838-e73a4c7c7977_1)[Investment Options Available Under the Contract](#xx_a55b1e6e-551f-4753-8838-e73a4c7c7977_1)** | **A-1**  |
| &nbsp;&nbsp;&nbsp; [Underlying Funds](#xx_a55b1e6e-551f-4753-8838-e73a4c7c7977_1) | A-1  |
| &nbsp;&nbsp;&nbsp; [Fixed Option](#xx_a55b1e6e-551f-4753-8838-e73a4c7c7977_2) | A-2  |

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**Special Terms**

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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**

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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.

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

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| | | |
|:---|:---|:---|
|  | **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in Prospectus** |
| **Are There** <br> **Charges or** <br> **Adjustments for** <br> **Early** <br> **Withdrawals?**<br>| **No.** The Company does not assess a withdrawal charge on full or partial <br> withdrawals. | **Fee Table**<br> **Fee Table – Examples**<br>|
| **Are There** <br> **Transaction**<br>| **No.** There are no charges for other transactions. | **Not Applicable** |

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

**RISKS** **Location in Prospectus** 

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

**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=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 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>  | **Platform** | **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>  | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Small Cap <br> Blend<br>| Goldman Sachs VIT Small Cap Equity <br> Insights – Institutional Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 0.88% | 0.35% | 16.14% | 10.47% | 10.84% |
| Large Cap <br> Growth<br>| Goldman Sachs VIT Strategic Growth – <br> Institutional Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 0.79% | 0.35% | 17.92% | 12.75% | 16.41% |
| International <br> Equity<br>| Invesco V.I. EQV International Equity – <br> Series I<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.90% | 0.35% | 16.50% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 6.22% |
| Specialty-Sector | Invesco V.I. Global Real Estate – Series I<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Asset Management <br> Limited<br>| 1.02% | 0.35% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.44% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Research – Service <br> Class<br> *Adviser:* Janus Henderson Investors US <br> LLC<br>| 1.07% | 0.35% | 18.10% | 13.83% | 15.59% |
| Multi Cap Value | NAA All Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.15% | N/A | 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% | N/A | 14.16% | 12.15% | 10.88% |
| Mid Cap Value | NAA SMid-Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | N/A | &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% | N/A | 22.75% | 11.42% | &nbsp;&nbsp; 9.99% |
| Specialty | Neuberger Berman Quality Equity Portfolio <br> – Class S<br> *Adviser:* Neuberger Berman Investment <br> Advisers LLC<br>| 1.12% | 0.35% | 13.43% | 12.54% | 12.66% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **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> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Inflation-<br> Protected Bond<br>| PIMCO VIT Real Return – Administrative <br> Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 1.39% | 0.35% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 3.21% |
| Intermediate <br> Term Bond<br>| PIMCO VIT Total Return – Administrative <br> Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 0.73% | 0.35% | &nbsp;&nbsp; 8.89% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 2.36% |
| Specialty-Sector | Rydex VIF Energy Services<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 0.35% | &nbsp;&nbsp; 1.74% | 10.39% | -5.65% |
| Mid Cap Growth | T. Rowe Price Mid Cap Growth<br> *Adviser:* T. Rowe Price Associates, Inc.<br> *Sub-Adviser:* T. Rowe Price Investment <br> Management, Inc.<br>| 0.85% | 0.35% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 9.81% |
| &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 | &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 C000027883

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