Updating Summary Prospectus - Form 497VPU

ELITEDESIGNS® VARIABLE ANNUITY

(for Contracts issued before April 18, 2011)

May 1, 2024

Individual Flexible Purchase Payment Deferred Variable Annuity Contract

SBL Variable Annuity Account XIV

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 EliteDesigns Variable Annuity (the "Contract"), which is an Individual Flexible Purchase Payment Deferred Variable Annuity Contract issued by Security Benefit Life Insurance Company (the "Company"). The Contract is available for individuals as a non-tax qualified contract. The Contract is also available for individuals in connection with a retirement plan qualified under Section 402A, 403(b), 408 or 408A of the Internal Revenue Code. The Contract may be available through third-party financial intermediaries who charge an advisory fee for their services. This fee is in addition to Contract fees and expenses. If you elect to pay advisory fees from your Contract Value, such deductions will reduce death benefits and other guaranteed benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax. The Contract is designed to give you flexibility in planning for retirement and other financial goals. This Updating Summary Prospectus is used with current owners. This Updating Summary Prospectus was first used May 1, 2021.

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://dfinview.com/SecurityBenefit/TAHD/814121281?site=PSBL. You can also obtain this information at no cost by calling 1-800-888-2461 or by sending an email request to [email protected].

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.

Table of Contents

	Page
Special Terms	3
Updated Information About Your Contract	3
Important Information You Should Consider About the Contract	3
Appendix A - Underlying Funds Available Under the Contract	A-1

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 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 as of any Valuation Date.

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, 2023, 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:

The following changes in the availability of Underlying Funds under the Contract have occurred:

Additional 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 AND EXPENSES	Location in Prospectus
Charges for Early Withdrawals	At the time of purchase of the Contract, you may select a 0-Year or 5-Year withdrawal charge schedule. The Company may assess a withdrawal charge on a full or partial withdrawal, including systematic withdrawals, depending on the schedule that you select. If you select the 5-year schedule, the withdrawal charge assessed could be up to 5% of the portion of any withdrawal consisting of Purchase Payments, excluding any Credit Enhancements. For example, if you were to withdraw $100,000 during a surrender charge period, you would be assessed a charge of up to $5,000.	Fee Table Fee Table - Examples Charges and Deductions - Contingent Deferred Sales Charge

	FEES AND EXPENSES	Location in Prospectus
Transaction Charges	There are no charges for other transactions.	Not Applicable
Ongoing Fees and Expenses (annual charges)	The table below describes the current fees and expenses of the Contract that you may pay each year, depending on the options you choose. 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.	Fee Table Fee Table - Examples Charges and Deductions Charges and Deductions - Mortality and Expense Risk Charge Charges and Deductions - Administration Charge Charges and Deductions - Optional Rider Charges Appendix A - Underlying Funds Available Under the Contract
Annual Fee	Minimum	Maximum
Base Contract1	0.25%	0.45%
Investment options2 (Underlying Fund fees and expenses)	0.11%	5.20%
Optional benefits available for an additional charge3 (for a single optional benefit, if elected)	0.10%	0.75%
1 As a percentage of Contract Value allocated to the Separate Account. 2 As a percentage of Underlying Fund average net assets. 3 As a percentage of Contract Value.
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: $345.45	Highest Annual Cost: $4,635.49
Assumes: •Investment of $100,000 •5% annual appreciation •Least expensive combination of Base Contract charge and Underlying Fund fees and expenses •No optional benefits •No sales charges or advisory fees •No additional Purchase Payments, transfers or withdrawals	Assumes: •Investment of $100,000 •5% annual appreciation •Most expensive combination of Base Contract charge, optional benefits and Underlying Fund fees and expenses •No sales charges or advisory fees •No additional Purchase Payments, transfers or withdrawals

	RISKS	Location in Prospectus
Risk of Loss	You can lose money by investing in this Contract, including loss of principal.	Principal Risks of Investing in the Contract Charges and Deductions - Contingent Deferred Sales Charge The Contract - General
Not a Short-Term Investment	•This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. •Withdrawals may reduce or terminate Contract guarantees. •The benefits of tax deferral, long-term income and living benefit guarantees mean the Contract is more beneficial to investors with a long time horizon.
Risks Associated with 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 has its own unique risks. •You should review the investment options before making an investment decision.	Appendix A - Underlying Funds Available Under the Contract

APPENDIX A

Underlying Funds Available Under the Contract

The following is a list of Underlying Funds available under the Contract. More information about the Underlying Funds is available in the Underlying Fund prospectuses, shareholder reports*, and other documents, which may be amended or updated from time to time, and can be found online at https://dfinview.com/SecurityBenefit/TAHD/814121281?site=PSBL. 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://securitybenefit.se2.com/#53&RID=53&prodID=52&prodCat=VA.

*Due to changes in Underlying Fund report delivery requirements, effective on and after June 30, 2024, all Underlying Fund reports for your current investment allocation(s) will be printed and mailed to you.

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Average Annual Total Returns (as of 12/31/2023)
1 Year	5 Year	10 Year
Mid Cap Value	AB Discovery Value - Class B Adviser: AllianceBernstein L.P.	1.06%	16.86%	10.51%	7.29%
Large Cap Value	AB Relative Value - Class B Adviser: AllianceBernstein L.P.	0.87%	11.72%	11.57%	9.05%
Global Equity	AB Sustainable Global Thematic - Class B Adviser: AllianceBernstein L.P.	1.22%	15.70%	13.27%	9.33%
Global Allocation	AB VPS Dynamic Asset Allocation - Class B Adviser: AllianceBernstein L.P.	1.18%	13.48%	4.03%	3.22%
Global Equity	AFIS Capital World Growth and Income - Class 4 Adviser: Capital Research and Management Company	1.01%	20.65%	10.07%	7.36%
Government Bond	AFIS U.S. Government Securities - Class 4 Adviser: Capital Research and Management Company	0.83%	2.62%	0.79%	1.27%
Large Cap Blend	AFIS Washington Mutual Investors - Class 4 Adviser: Capital Research and Management Company	0.91%	16.97%	12.33%	9.64%
Large Cap Growth	Alger Capital Appreciation - Class S2 Adviser: Fred Alger Management, LLC	1.20%	42.78%	15.14%	12.25%
Large Cap Growth	Alger Large Cap Growth - Class I-2 Adviser: Fred Alger Management, LLC	0.87%	32.67%	14.14%	11.03%
Mid Cap Blend	Allspring Opportunity VT - Class 2 Adviser: Allspring Funds Management, LLC Sub-Adviser: Allspring Global Investments, LLC	1.09%	26.50%	14.74%	10.32%
Large Cap Growth	Allspring VT Discovery All Cap Growth - Class 2 Adviser: Allspring Funds Management, LLC Sub-Adviser: Allspring Global Investments, LLC	1.12%	33.17%	13.54%	10.42%
Specialty-Sector	ALPS/Alerian Energy Infrastructure - Class III Adviser: ALPS Advisors, Inc.	1.33%	13.91%	10.67%	2.70%
Balanced/Asset Allocation	American Funds IS® Asset Allocation - Class 4 Adviser: Capital Research and Management Company	0.80%	14.02%	8.92%	6.98%

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Average Annual Total Returns (as of 12/31/2023)
1 Year	5 Year	10 Year
International Equity	Virtus SGA International Growth Series - Class A Adviser: Virtus Investment Advisers, Inc. Sub-Adviser: Sustainable Growth Advisers, LP	1.16%	18.00%	8.80%	2.23%
Balanced/Asset Allocation	Virtus Tactical Allocation Series - Class A Adviser: Virtus Investment Advisers, Inc. Sub-Adviser: Kayne Anderson Rudnick Investment Management, LLC; Newfleet Asset Management	1.05%	22.22%	9.03%	5.87%
Mid Cap Growth	Voya MidCap Opportunities Portfolio - Class S2 Adviser: Voya Investments, LLC Sub-Adviser: Voya Investment Management Co. LLC	1.38%	23.37%	13.23%	9.49%
Specialty-Sector	VY® CBRE Global Real Estate Portfolio - Class S2 Adviser: Voya Investments, LLC Sub-Adviser: CBRE Investment Management Listed Real Assets, LLC	1.49%	12.11%	5.72%	4.06%
Specialty-Sector	VY® CBRE Real Estate Portfolio - Class S2 Adviser: Voya Investments, LLC Sub-Adviser: CBRE Investment Management Listed Real Assets, LLC	1.43%	13.86%	8.46%	7.27%
High Yield Bond	Western Asset Variable Global High Yield Bond - Class II Adviser: Franklin Templeton Fund Adviser, LLC Sub-Adviser: Western Asset Management Company, LLC; Western Asset Management Company Limited (London); Western Asset Management Company Pte. Ltd. (Singapore)	1.08%	9.96%	3.17%	2.63%
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
2 This fund is no longer available for new transfers.

Optional Rider Investment Restrictions

There are no investment restrictions under the Contract. However, if you elected one of the optional riders listed in the table below, your Contract is impacted by investment allocations, as set forth below.

Rider No Longer Available
Rider	Investment Restriction	Investment Allocation Impact on Crediting Rate
6% Dollar for Dollar Guaranteed Minimum Income Benefit	N/A	The Company will credit a maximum rate of 3% for amounts allocated to the Rydex VIF U.S. Government Money Market Subaccount; however, you will still pay the full rider charge. All other investments will be credited at 6%.