Updating Summary Prospectus - Form 497VPU

AEA VALUEBUILDER VARIABLE ANNUITY

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 AEA Valuebuilder 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 was sold on an individual basis in connection with a retirement plan qualified under Section 402A, 403(b), 408 or 408A of the 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/814121455?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 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.

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:

There have been no changes to the features of the Contract since the Prospectus dated May 1, 2023. 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	If you withdraw money from your Contract within 7 years following your last Purchase Payment, you may be assessed a surrender charge of up to 7% (as a percentage of the portion of the withdrawal amount consisting of Purchase Payments), declining to 0% in the eighth year.	Fee Table Fee Table - Examples Charges and Deductions

	FEES AND EXPENSES	Location in Prospectus
	For example, if you were to withdraw $100,000 during a surrender charge period, you would be assessed a charge of up to $7,000.	- Contingent Deferred Sales Charge
Transaction Charges	Other than surrender charges (if any), there are no charges for other transactions (e.g., transferring money between investment options).	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. 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.	Fee Table Fee Table - Examples Charges and Deductions - Mortality and Expense Risk Charge Charges and Deductions - Administration Charge Charges and Deductions - Account Adminis- tration Charge Charges and Deductions - Optional Rider Charges Appendix A - Underlying Funds Available Under the Contract
Annual Fee	Minimum	Maximum
Base Contract1	1.15%	1.30%
Investment options2 (Underlying Fund fees and expenses)	0.61%	1.94%
Optional benefits available for an additional charge3 (for a single optional benefit, if elected)	0.05%	0.70%
1 As a percentage of Contract Value allocated to the Separate Account. Any charge above the minimum charge of 1.10% is deducted from your Contract Value on a monthly basis. The charge shown includes the account administration charge. 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: $1,582.99	Highest Annual Cost: $3,197.08
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 •No Contract loans •No Credit Enhancement amounts	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 •No Contract loans •No Credit Enhancement amounts

	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
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. •Surrender charges 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. •The benefits of tax deferral and long-term income mean the Contract is more beneficial to investors with a long time horizon.	Charges and Deductions - Contingent Deferred Sales Charge The Contract - General

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/814121455?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=11&prodID=19&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
Large Cap Growth	Allspring Growth - Class A Adviser: Allspring Funds Management, LLC Sub-Adviser: Allspring Global Investments, LLC	1.18%	33.53%	12.98%	10.08%
Large Cap Blend	Allspring Large Cap Core - Class A Adviser: Allspring Funds Management, LLC Sub-Adviser: Allspring Global Investments, LLC	1.21%	24.66%	14.09%	10.44%
Mid Cap Blend	Allspring Opportunity - Class A Adviser: Allspring Funds Management, LLC Sub-Adviser: Allspring Global Investments, LLC	1.19%	19.09%	13.26%	9.45%
Small Cap Value	Allspring Small Company Value - Class A Adviser: Allspring Funds Management, LLC Sub-Adviser: Allspring Global Investments, LLC	1.31%	15.19%	11.53%	7.31%
Large Cap Value	American Century Equity Income - Class A Adviser: American Century Investment Management, Inc.	1.18%	3.64%	7.80%	7.72%
Mid Cap Growth	American Century Heritage - Class A Adviser: American Century Investment Management, Inc.	1.25%	13.33%	11.60%	8.43%
International Equity	American Century International Growth - Class A Adviser: American Century Investment Management, Inc.	1.51%	5.62%	6.51%	3.01%
Large Cap Growth	American Century Select - Class A Adviser: American Century Investment Management, Inc.	1.24%	31.51%	16.16%	12.54%
Asset Allocation/ Lifestyle	American Century Strategic Allocation: Aggressive - Class A Adviser: American Century Investment Management, Inc.	1.59%	15.07%	10.25%	7.11%
Asset Allocation/ Lifestyle	American Century Strategic Allocation: Conservative - Class A Adviser: American Century Investment Management, Inc.	1.37%	10.13%	6.43%	4.61%
Asset Allocation/ Lifestyle	American Century Strategic Allocation: Moderate - Class A Adviser: American Century Investment Management, Inc.	1.51%	12.86%	8.48%	5.94%

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Average Annual Total Returns (as of 12/31/2023)
1 Year	5 Year	10 Year
Specialty-Sector	Victory RS Science and Technology - Class A Adviser: Victory Capital Management Inc.	1.49%	24.95%	8.05%	10.38%
Mid Cap Value	Victory RS Value - Class A Adviser: Victory Capital Management Inc.	1.34%	1.33%	9.88%	6.90%
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	Investment Restriction	Investment Allocation Impact on Crediting Rate
Guaranteed Minimum Income Benefit at 5%	N/A	If you elect the Guaranteed Minimum Income Benefit at 5%, the Company will credit a maximum rate of 4% for amounts allocated to the Invesco V.I. Government Money Market Subaccount or the Fixed Account.
Guaranteed Growth Death Benefit	N/A	If you elect the Guaranteed Growth Death Benefit at 5%, 6% or 7%, the Company will credit a maximum rate of 4% for amounts allocated to the Invesco V.I. Government Money Market Subaccount or the Fixed Account.