SECURITIES AND EXCHANGE COMMISSION FORM 485BPOS Post-effective amendments [Rule 485(b)] Filing Date: 2021-04-30 SEC Accession No. 0001821268-21-000186 (HTML Version on secdatabase.com) FILER VARIFLEX LS Mailing Address Business Address SECURITY BENEFIT LIFE SECURITY BENEFIT LIFE CIK:932020| IRS No.: 480409770 | State of Incorp.:KS | Fiscal Year End: 1231 INSURANCE CO INSURANCE CO Type: 485BPOS | Act: 40 | File No.: 811-08836 | Film No.: 21878975 ONE SECURITY BENEFIT ONE SECURITY BENEFIT PLACE PLACE TOPEKA KS 66636-0001 TOPEKA KS 66636-0001 7854383000 VARIFLEX LS Mailing Address Business Address SECURITY BENEFIT LIFE SECURITY BENEFIT LIFE CIK:932020| IRS No.: 480409770 | State of Incorp.:KS | Fiscal Year End: 1231 INSURANCE CO INSURANCE CO Type: 485BPOS | Act: 33 | File No.: 033-85592 | Film No.: 21878974 ONE SECURITY BENEFIT ONE SECURITY BENEFIT PLACE PLACE TOPEKA KS 66636-0001 TOPEKA KS 66636-0001 7854383000 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document File No. 033-85592 Filed on: April 30, 2021 File No. 811-08836 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☐ Pre-Effective Amendment No. ☐ Post-Effective Amendment No. 29 ☒ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☐ Amendment No. 48 ☒ (Check appropriate box or boxes) SBL VARIABLE ANNUITY ACCOUNT VIII (Variflex LS) (Exact Name of Registrant) Security Benefit Life Insurance Company (Name of Depositor) One Security Benefit Place, Topeka, Kansas 66636-0001 (Address of Depositor’s Principal Executive Offices) (785) 438-3000 (Depositor’s Telephone Number, Including Area Code) Chris Swickard, Associate General Counsel Security Benefit Life Insurance Company One Security Benefit Place, Topeka, KS 66636-0001 (Name and Address of Agent for Service) Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement. It is proposed that this filing will become effective (check appropriate box): ☐ immediately upon filing pursuant to paragraph (b) ☒ on May 1, 2021, pursuant to paragraph (b) ☐ 60 days after filing pursuant to paragraph (a)(1) ☐ on May 1, 2021, pursuant to paragraph (a)(1) of rule 485 under the Securities Act. If appropriate, check the following box: ☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment. Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Prospectus VARIFLEX ® LS VARIABLE ANNUITY May 1, 2021 Important Privacy Notice Included See Back Cover Variable annuity contracts issued by Security Benefit Life Insurance Company and offered by Security Distributors, LLC. V6911 32-69114-00 2021/05/01 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document VARIFLEX® LS VARIABLE ANNUITY Individual Flexible Purchase Payment Deferred Variable Annuity Contract SBL Variable Annuity Account VIII Issued By: Mailing Address: Security Benefit Life Insurance Company Security Benefit Life Insurance Company One Security Benefit Place P.O. Box 750497 Topeka, Kansas 66636-0001 Topeka, Kansas 66675-0497 1-800-888-2461 www.securitybenefit.com This Prospectus describes the Variflex LS Variable Annuity—an individual flexible purchase payment deferred variable annuity contract (the “Contract”) offered 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 401, 402A, 403(b), 408, 408A or 457 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 the advisory fee from your Contract Value, then this deduction will reduce the death benefit, 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 Prospectus is used with both prospective purchasers and current Contract Owners. You may allocate your Purchase Payments and Contract Value to one or more of the Subaccounts that comprise a separate account of the Company called the SBL Variable Annuity Account VIII (the “Separate Account”), or to the Fixed Account (if it is available under your Contract). Each Subaccount invests in a corresponding mutual fund (each, an “Underlying Fund”). The Underlying Funds currently available under the Contract are: This Prospectus sets forth information about the Contract and the Separate Account that you should know before purchasing the Contract. This Prospectus should be kept for future reference. Additional information about certain investment products, including variable annuities, has been prepared by the SEC’s staff and is available at Investor.gov . If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply. Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the shareholder reports for Underlying Funds available under your Contract will no longer be sent by mail, unless you specifically request paper copies of the reports from the Company. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can inform the Company that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-888-2461. Your election to receive reports in paper will apply to all Underlying Funds available under your Contract. The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Contract is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The value of your Contract can go up and down and you could lose money. Date: May 1, 2021 V6911 32-69114-00 2021/05/01 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Page Definitions 4 Important Information You Should Consider About the Contract 5 Overview of the Contract 7 Purpose of the Contract 7 Phases of the Contract 8 Contract Features 8 Additional Services 8 Fee Table 9 Transaction Expenses 9 Annual Contract Expenses 9 Annual Underlying Fund Expenses 9 Example 10 Principal Risks of Investing in the Contract 10 Risk of Investment Loss 10 Short-Term Investment Risk/Withdrawal Risk 10 Subaccount Risk 10 Managed Volatility Fund Risk 11 Purchase Payment Risk 11 Financial Strength and Claims-Paying Ability Risk 11 Cybersecurity and Business Disruption Risk 11 Tax Consequences Risk 11 Advisory Fee Deduction Risk 11 Information About the Company, the Separate Account, and the Underlying Funds 11 Security Benefit Life Insurance Company 11 Published Ratings 12 Separate Account 12 Underlying Funds 12 Services and Administration 14 Charges and Deductions 14 Premium Tax Charge 14 Deduction of Advisory Fees 15 Base Contract Expenses 15 Mortality and Expense Risk Charge 15 Administrative Charge 15 Loan Interest Charge 16 Other Charges 16 Variations in Charges 16 Underlying Fund Expenses 16 The Contract 16 General 16 Important Information About Your Benefits Under the Contract 17 Application for a Contract 17 Purchase Payments 17 Allocation of Purchase Payments 18 Dollar Cost Averaging Option 19 Asset Reallocation Option 20 Transfers of Contract Value 20 Contract Value 23 Determination of Contract Value 24 Cut-Off Times 24 Full and Partial Withdrawals 24 Withdrawals to Pay Advisory Fees 25 Systematic Withdrawals 26 Free-Look Right 26 Death Benefit 26 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Distribution Requirements 29 Death of the Annuitant 29 Benefits Under the Contract 29 Annuity Period 31 General 31 Annuity Options 31 Selection of an Option 32 The Fixed Account 33 Interest 33 Death Benefit 34 Contract Charges 34 Transfers and Withdrawals from the Fixed Account 34 Payments from the Fixed Account 35 More About the Contract 35 Ownership 35 Designation and Change of Beneficiary 35 Dividends 35 Payments from the Separate Account 35 Proof of Age and Survival 36 2 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Page Misstatements 36 Cyber Security and Certain Business Continuity Risks 36 Loans 36 Restrictions on Withdrawals