Updating Summary Prospectus (Form 497VPU)

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

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 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 https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121828. You can also obtain this information at no cost by calling 1-800-888-2461 or by sending an email request to [email protected].

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 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 - Investment Options Available Under the Contract	A-1
Underlying Funds	A-1
Fixed Option	A-2

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 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

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
Are There Charges or Adjustments for Early Withdrawals?	No. The Company does not assess a withdrawal charge on full or partial withdrawals.				Fee Table Fee Table - Examples
Are There Transaction	No. There are no charges for other transactions.				Not Applicable

	FEES, EXPENSES, AND ADJUSTMENTS				Location in Prospectus
Charges?
Are There Ongoing Fees and Expenses?	Yes. The table below describes the current fees and expenses of the Contract that you may pay each year, depending on the Investment Options you choose. 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 - Examples Charges and Deductions - Mortality and Expense Risk Charge Charges and Deductions - Administration and Distribution Charge Appendix A - Underlying Funds Available Under the Contract
	Annual Fee		Minimum	Maximum
	Base Contract1		1.04%	1.04%
	Investment options2 (Underlying Fund fees and expenses)		0.90%	2.19%
	1 As a percentage of Contract Value allocated to the Separate Account. The Base Contract Expenses do not reflect any applicable Platform Charge, which is an annual charge deducted from Contract Value invested in certain Subaccounts. 2 As a percentage of Underlying Fund average net assets.
	There are no optional benefits available under this Contract. 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.
	Lowest Annual Cost: $1,727.36	Highest Annual Cost: $2,707.23
	Assumes: ●Investment of $100,000 ●5% annual appreciation ●Least expensive combination of Base Contract charge and Underlying Fund fees and expenses ●No additional Purchase Payments, transfers or withdrawals	Assumes: ●Investment of $100,000 ●5% annual appreciation ●Most expensive combination of Base Contract charge and Underlying Fund fees and expenses ●No additional Purchase Payments, transfers or withdrawals

	RISKS	Location in Prospectus
Is There a Risk of Loss from Poor Performance?	Yes. You can lose money by investing in this Contract, including loss of principal.	Principal Risks of Investing in the Contract
Is this a Short-Term Investment?	No. ●This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. ●Withdrawals will reduce the value of your Contract. ●Tax deferral is more beneficial to investors with a long time horizon.	The Contract - General
What are the Risks Associated with the 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, including the Fixed Account (if available), has its own unique risks. ●You should review the Investment Options before making an investment decision.	Appendix A - Underlying Funds Available Under the Contract
What are the Risks Related to the Insurance Company?	An investment in the Contract is subject to the risks related to us, Security Benefit Life Insurance Company. Any obligations, guarantees or benefits of the Contract are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about Security Benefit Life Insurance Company, including our financial strength ratings, is available upon request by calling 1-800-888-2461 or visiting www.securitybenefit.com.	Information About the Company, the Separate Account, and the Underlying Funds - Security Benefit Life Insurance Company

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=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 [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://www.securitybenefit.com/performance.

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Platform	Average Annual Total Returns (as of 12/31/2025)
				1 Year	5 Year	10 Year
Small Cap Blend	Goldman Sachs VIT Small Cap Equity Insights - Institutional Class Adviser: Goldman Sachs Asset Management L.P.	0.88%	0.35%	16.14%	10.47%	10.84%
Large Cap Growth	Goldman Sachs VIT Strategic Growth - Institutional Class Adviser: Goldman Sachs Asset Management L.P.	0.79%	0.35%	17.92%	12.75%	16.41%
International Equity	Invesco V.I. EQV International Equity - Series I Adviser: Invesco Advisers, Inc.	0.90%	0.35%	16.50%	3.68%	6.22%
Specialty-Sector	Invesco V.I. Global Real Estate - Series I Adviser: Invesco Advisers, Inc. Sub-Adviser: Invesco Asset Management Limited	1.02%	0.35%	7.85%	1.73%	2.44%
Large Cap Growth	Janus Henderson VIT Research - Service Class Adviser: Janus Henderson Investors US LLC	1.07%	0.35%	18.10%	13.83%	15.59%
Multi Cap Value	NAA All Cap Value Series Adviser: New Age Alpha Advisors, LLC	1.15%	N/A	12.87%	11.12%	10.40%
Large Cap Value	NAA Large Cap Value Series Adviser: New Age Alpha Advisors, LLC	1.05%	N/A	14.16%	12.15%	10.88%
Mid Cap Value	NAA SMid-Cap Value Series Adviser: New Age Alpha Advisors, LLC	1.18%	N/A	7.35%	9.30%	9.97%
Global Equity	NAA World Equity Income Series Adviser: New Age Alpha Advisors, LLC	1.18%	N/A	22.75%	11.42%	9.99%
Specialty	Neuberger Berman Quality Equity Portfolio - Class S Adviser: Neuberger Berman Investment Advisers LLC	1.12%	0.35%	13.43%	12.54%	12.66%

Investment Type	Fund Adviser/Sub-Adviser	Current Expenses1	Platform	Average Annual Total Returns (as of 12/31/2025)
				1 Year	5 Year	10 Year
Inflation- Protected Bond	PIMCO VIT Real Return - Administrative Class Adviser: Pacific Investment Management Company LLC	1.39%	0.35%	7.85%	1.21%	3.21%
Intermediate Term Bond	PIMCO VIT Total Return - Administrative Class Adviser: Pacific Investment Management Company LLC	0.73%	0.35%	8.89%	0.02%	2.36%
Specialty-Sector	Rydex VIF Energy Services Adviser: Security Investors, LLC	1.84%	0.35%	1.74%	10.39%	-5.65%
Mid Cap Growth	T. Rowe Price Mid Cap Growth Adviser: T. Rowe Price Associates, Inc. Sub-Adviser: T. Rowe Price Investment Management, Inc.	0.85%	0.35%	3.55%	3.84%	9.81%
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

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%]