The Security Benefit Foundations Annuity Frequently Asked Questions

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1 The Security Benefit Foundations Annuity Frequently Asked Questions This document is intended to assist consumers with the Foundations Annuity by providing additional guidance on the product and its features /11/21

2 Security Benefit Foundations Fixed Indexed Annuity with an Optional Guaranteed Lifetime Withdrawal Benefit Frequently Asked Questions Thank you for your interest in Foundations Annuity with an optional Guaranteed Lifetime Withdrawal Benefit Rider (GLWB Rider) from Security Benefit Life Insurance Company. The Foundations Annuity is a long-term annuity product that offers you the option of: Foundations 5 Foundations 7 five (5) year surrender charge period seven (7) year surrender charge period What is the Foundations Annuity? The Foundations Annuity is a flexible premium, deferred fixed indexed annuity with a premium bonus and surrender charge. In some states, a market value adjustment may also apply. The period of time that the surrender charge, and in some states, a market value adjustment apply depends on the length of the surrender charge period for the version of the Foundations Annuity you buy, as shown above. The Foundations Annuity is designed to be held for the long-term. What is the minimum initial Purchase Payment for the Foundations Annuity? To purchase the Foundations Annuity, you must pay an initial amount or Purchase Payment (also sometimes referred to as a premium payment). The minimum initial Purchase Payment is $25,000. As a flexible premium annuity, you may make subsequent Purchase Payments to the annuity in any amount and at any frequency, subject to the limits described in your contract. What is the Bonus? For all Purchase Payments we receive in the first contract year, we add a Bonus to the Account Value. The Bonus is equal to the Purchase Payment we receive in the first contract year multiplied by the Bonus rate. The Bonus rate for both the 5 year and the 7 year Foundations product is 1%. Foundations 5 year and 7 year All States 1% Bonus annuities, such as the Foundations Annuity, may include changes to the elements used to determine the index interest credits or changes to the interest rate that are not included in similar annuities without a bonus. These changes may include lower current interest rates, higher surrender charges, longer surrender charge periods, lower participation rates or caps, higher spreads, or other changes. The amount of charges or reduction in interest credits may exceed the amount of the bonus. 1 of /11/21

3 Can I change my mind after purchasing the Foundations Annuity? Yes. Many states have laws that give you a specific number of days to review an annuity after you buy it. If you decide during that time that you do not want the annuity, you can return it and have your entire Purchase Payment returned. Read the cover page of your contract to learn about your free look period. If this contract replaced a previous annuity contract you owned, the free look period may be different than that listed on the cover page of your contract (varies by state). If so, there will be an additional notice for the free look period that was included with your contract. How is interest credited under the Foundations Annuity? Under the Foundations Annuity, you select how we credit interest by choosing among the Fixed Account and the available Index Accounts. Currently, there are three Index Accounts offered the Annual Point to Point Index Account, the Monthly Sum Index Account, and the Annual Average Index Account, all of which credit interest based upon the S&P 500 Index without dividends. While interest is based upon the S&P 500 Index, you are not investing in the S&P 500 Index or any equity securities. You may choose to allocate your initial Purchase Payment among the Fixed Account and Index Accounts in whole percentages. What is the Fixed Account interest rate? At the beginning of each contract year we declare an interest rate that will apply for that contract year. The Fixed Account interest rate will at least equal the guaranteed minimum interest rate (GMIR). At the time we issue your contract, we set the GMIR and it will be shown in your contract. The GMIR will be at least 1%. Interest is credited daily on the Fixed Account. What is the Index Account interest rate? For each Index Account, we determine the index interest rate at the end of each contract year that applies for that contract year. The minimum index interest rate for each Index Account is 0%. The index interest is credited only on a contract anniversary or if we make a payment due to death. How is the Annual Point to Point Index Account interest computed? For the Annual Point to Point Index Account, we compute the interest rate each contract anniversary based upon the change in the S&P 500 index not including dividends over the contract year. For each contract year, the closing index value of the S&P 500 Index on the first day of the contract year is the beginning value and the closing index value of the S&P 500 Index on the following contract anniversary is the ending value. Accordingly, the ending value for one contract year will be the beginning value for the next contract year. If the S&P 500 Index value is not available for any day, we use the closing index value on the previous available day. We compute the difference in the beginning and ending values for the contract year by subtracting the beginning values from the ending values. If the difference is positive, we divide that difference by the contract year's beginning value to determine the percentage change in the S&P 500 Index for the year. We then compare the percentage change to the Cap and use the lower of the percentage change or the Cap as the interest rate. If the difference in the beginning and ending values is negative, the interest rate is 0%. The Cap is the maximum rate of interest that we will credit for the Annual Point to Point Index Account. At the time we issue your contract, we set the initial Cap and the guaranteed Cap and they are shown in your contract. The current guaranteed minimum Cap is 1%. Each contract year we may change the Cap, but it will never be less than the guaranteed Cap. 2 of /11/21

4 For example, assume that (i) JoAnn's contract is issued on February 1, 2011, (ii) the Annual Point to Point Index Account Value on February 1, 2011 (the beginning of the contract year) was $100,000, (iii) no withdrawals were made during the contract year, (iv) the Cap is 2.5%, (v) the value of the S&P 500 index on February 1, 2011 was 1,000, and (vi) the value of the S&P 500 index on February 1, 2012 (the end of the contract year) was 1,100, then: Difference in S&P 500 index value = S&P 500 index ending value - S&P 500 index beginning value 100 = Because the difference is positive, we determine the percentage change as follows: Percentage change in S&P 500 index value = Difference in S&P 500 index value S&P 500 index beginning value 10% = We then compare the percentage change to the Cap and use the lower of the two. Since the 2.50% Cap is lower than the 10% change in the S&P 500 index value, the index interest rate for the Annual Point to Point Index Account for the year would be 2.50% and the index interest would be $2,500. Thus, JoAnn's ending Annual Point to Point Index Account Value would be $102,500. This example is only to show how the Annual Point to Point Index Account interest is computed and does not reflect any particular Account Value or the interest that will be applied to any Account Value. How is the Monthly Sum Index Account interest computed? For the Monthly Sum Index Account, we compute the interest rate based upon the sum of the monthly changes in the S&P 500 index not including dividends over the contract year. For each month of the contract year, the closing index value on the first day of the contract month is the beginning value and the closing index value on the same day of the next month (if that day does not occur for the month, then the last day of the month is used) is the ending value. For each month, the previous month's ending value is the current month's beginning value. Accordingly, the ending value for one month will be the beginning value for the next month. If the S&P 500 index value is not available for any day, we use the closing index value on the previous available day. We compute the difference in the beginning and ending value for each month of the contract year by subtracting the beginning values from the ending values. Next, we divide that difference by the month's beginning value to determine the percentage change in the S&P 500 index for each month. If the difference is positive, we compare the percentage change to the Monthly Cap and use the lower of the monthly percentage change or the Monthly Cap as the monthly change. If the difference is negative, no Monthly Cap applies as a floor to limit the negative difference. Thus, negative changes may have a greater impact on the interest rate computation than positive changes. We then add together the capped monthly changes for the contract year. If the sum is positive, it is used as the interest rate. If the sum is negative, the interest rate is 0%. The Monthly Cap is the maximum monthly change that is used in computing the sum of the monthly changes. At the time we issue your contract, we set the initial Monthly Cap and the guaranteed Monthly Cap and they are shown in your contract. The current guaranteed minimum Monthly Cap is 1%. Each contract year we may change the Monthly Cap, but it will never be less than the guaranteed Monthly Cap. 3 of /11/21

5 For example, assume that (i) Bill's contract was issued on November 3, 2014, (ii) the Monthly Sum Index Account Value on November 3, 2014 (the beginning of the contract year) was $100,000, (iii) no withdrawals were made during the contract year, (iv) the Monthly Cap is 1.50%, and (v) the monthly changes are: Index Date Index Value 11/3/ Monthly % Difference Apply Monthly Cap Capped Monthly Change % 12/3/ % 1.50% 1.50% 1/3/ % % 2/3/ % 1.50% 1.50% 3/3/ % % 4/3/ % % [EXAMPLE ONLY] 5/3/ % % 6/3/ % 1.50% 1.50% 7/3/ % 1.50% 1.50% 8/3/ % % 9/3/ % % 10/3/ % 1.50% 1.50% 11/3/ % % Sum of Capped Monthly Changes 1.83% For each month, the ending value is compared to the beginning value. The monthly change percentage is then determined. For example, for the month between 1/3/2015 and 2/3/2015: Difference in S&P 500 index value = S&P 500 index ending value - S&P 500 index beginning value = Because the difference is positive, we determine the percentage change as follows: Percentage change in S&P 500 index value = Difference in S&P 500 index value S&P 500 index beginning value 2.67% = Because the monthly change percentage is positive, we then compare it to the Monthly Cap and use the lower of the two as the capped monthly change. For example, because the 2.67% for the month between 1/3/2015 and 2/3/2015 is greater than 1.50%, the 1.50% Monthly Cap is used for that month. The sum of all the monthly change percentages, 1.83%, is the index interest rate for the Monthly Sum Index Account and the index interest would be $1,830. Thus, Bill's ending Monthly Sum Index Account Value would be $101,830. This example is only to show how the Monthly Sum Index Account interest is computed and does not reflect any particular Account Value or the interest that might be applied to any Account Value. How is the Annual Average Index Account interest computed? For the Annual Average Index Account, we compute the interest rate based upon the average of the monthly ending values of the S&P 500 index not including dividends over the contract year. For each month of the contract year, the closing index value on the same day of the month (if that day does not occur for the month, then the last day of the month is used) as the contract anniversary is the ending value used for the computation. If the S&P 500 index value is not available for any day, we use the closing index value on the previous available day. 4 of /11/21

6 To determine the Index Interest Rate, we first compute the sum of the ending values for each month of the contract year. Next, we determine the average ending value by dividing that sum by the total number of ending values that were used to compute the sum. We then divide the average ending value by the beginning value of the contract year and subtract one to determine the average percentage change. If the average percentage change is positive, we compare it to the Cap for the Annual Average Index Account and use the lower of the average percentage change or the Cap for the Annual Average Index Account as the interest rate. If the average percentage change is negative, the interest rate is 0%. The Cap for the Annual Average Index Account is the maximum rate of interest that the Index Interest Rate may be for a contract year. At the time we issue your contract, we set the initial Cap and the guaranteed Cap for the Annual Average Index Account and they are shown in your contract. The current guaranteed minimum Cap for the Annual Average Index Account is 1%. Each contract year we may change the Cap for the Annual Average Index Account, but it will never be less than the guaranteed Cap. For example, assume that (i) Bill's contract was issued on November 3, 2014, (ii) the Annual Average Index Account Value on November 3, 2014 (the beginning of the contract year) was $100,000, (iii) the S&P 500 index value on November 3, 2014 was , (iv) no withdrawals were made during the contract year, (v) the Cap for the Annual Average Index Account is 2.50%, and (vi) the monthly S&P 500 index values: Index Date Index Value 12/3/ /3/ /3/ /3/ /3/ /3/ /3/ /3/ /3/ /3/ /3/ /3/ Sum The sum of the ending values is first calculated. The sum is then divided by the total number of ending values used to compute the sum to determine the average ending value: Average ending S&P 500 index value = Sum of S&P 500 index ending value Number of S&P 500 index ending values used = The average ending value is then divided by the beginning value for the contract year to determine the average change in the index value: Average change in S&P 500 index value = Average ending S&P 500 index value S&P 500 index beginning value = One is subtracted from the total change to determine the average change percentage, or 4.45%. Because the average change percentage is positive, we then compare it to the Cap for the Annual Average Index Account and use the lower of the two as the index interest rate. Since the 2.50% Cap is 5 of /11/21

7 lower than the 4.45% average index percentage change, the index interest rate for the Annual Average Index Account for the year would be 2.50% and the index interest would be $2,500. Thus, Bill's ending Annual Average Index Account Value would be $102,500. This example is only to show how the Annual Average Index Account interest is computed and does not reflect any particular Account Value or the interest that might be applied to any Account Value. Can I change how interest is credited under my contract? Yes, on each contract anniversary, you may change the method we use to credit interest to your contract by transferring your Account Value among the Fixed Account and the available Index Accounts. Purchase Payments received after the contract date are allocated to the Fixed Account and may be transferred to the available Index Accounts on a contract anniversary. Each contract anniversary we will send you a notice that includes the Fixed Account interest rate and information on the Index Accounts available at that time. We must receive your request for changes on a form we accept on, or before, the 21st day after the contract anniversary. If you do not request a transfer or if the request is received after the 21st day after the contract anniversary, the allocation of the Account Value will not change, unless an Index Account is no longer offered. In such case, the amount in the discontinued Index Account will be transferred to the Fixed Account. What is the value of my annuity? The Account Value equals the sum of the Fixed Account Value and the Index Account Values. For Purchase Payments received during the first contract year, the Fixed Account Value and Index Account Values include any Bonus. The Fixed Account Value is based upon the amount of your Account Value allocated to the Fixed Account and interest credited on the Fixed Account. The Index Account Values are based upon the amount of your Account Value allocated to the Index Accounts and interest credited, if any, on the Index Accounts. The Fixed Account Values and Index Account Values also take into account any withdrawals (including surrender charges, and if they apply a market value adjustment as a result of the withdrawals) and rider charges and premium taxes if any of these apply. We also compute the Cash Surrender Value of your annuity. The Cash Surrender Value is equal to the greater of: (i) the Guaranteed Minimum Cash Surrender Value or (ii) the Account Value, (a) plus or minus any market value adjustment, (b) minus any surrender charge, (c) minus any premium or other tax, and (d) minus any rider charge that applies. The Guaranteed Minimum Cash Surrender Value is equal to 87.5% of the Purchase Payments, increased by interest credited at the GMIR, less withdrawals, and less premium or other taxes that may apply. What is the surrender charge? A surrender charge applies during the surrender charge period. The length of the surrender charge depends upon which version of the Foundations Annuity you buy. 6 of /11/21

8 Surrender Charge By Contract Year Foundations 5 Foundations 7 All States All States 1 9% 9% 2 8% 8% 3 7% 7% 4 6% 6% 5 5% 5% 6 0% 4% 7 0% 3% 8 0% 0% What is a market value adjustment? A market value adjustment increases or decreases the Account Value to reflect changes in interest rates since you purchased your contract, measured by the 10-year Constant Maturity Treasury (10 year CMT) interest rate. If the 10-year CMT interest rate is (i) higher than or (ii) lower, by no more than 25 basis points, than the 10-year CMT interest rate when you purchased your contract, an amount is deducted from the Account Value. If the 10-year CMT interest rate is lower, by 25 basis points or more, than the 10-year CMT rate when you purchased your annuity, an amount is added to the Account Value. The market value adjustment applies during the surrender charge period. There are no market value adjustments for contracts issued in Alaska, California, Indiana, Minnesota, Missouri, New Hampshire, New Jersey, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Utah and Washington. When do the surrender charge and market value adjustment apply? During the surrender charge period for both versions of the Foundations Annuity, a surrender charge and, in some states, a market value adjustment will apply if: (i) you surrender your annuity; (ii) you take a withdrawal and your withdrawals in the contract year exceed the free withdrawal amount; or (iii) a payment is made upon the death of an owner who is not the spouse of the annuitant. If you are permitted to take annuity income from your annuity prior to end of the surrender charge period, the surrender charge and, if applicable, the market value adjustment will apply to your Account Value in determining how much annuity income you will receive, except in Florida. In Florida, if you elect to take annuity income from your annuity prior to the end of the surrender charge period, no market value adjustment or surrender charge will apply. During the surrender charge period, the market value adjustment, and surrender charge, do not apply if you satisfy conditions in the Nursing Home Waiver or Terminal Illness Waiver (if available in your state). Can I access funds from my annuity without penalty? After the first contract year, you may take withdrawals up to the free withdrawal amount each contract year and no surrender charge, or market value adjustment will apply. After the first contract year, the total amount that may be withdrawn as free withdrawals in any contract year is 10% of the Account Value as of the beginning of the contract year. The free withdrawal is not available for a full surrender during the surrender charge period. Thus, the surrender charge applies to the entire amount surrendered. A market value adjustment, if applicable will apply to the entire amount surrendered as well. In addition, if you surrender your annuity during the surrender charge period and within the prior 12 months took any free withdrawals, the applicable surrender charge, and market value 7 of /11/21

9 adjustment will apply to: (i) the decrease in the Account Value with respect to all free withdrawals taken in the prior 12 months; and (ii) the amount surrendered. What annuity income may I take from my annuity? Under your annuity, you may receive annuity payments from your annuity based upon the different annuity options we currently offer, except in Florida. If you purchased the annuity in Florida, (i) if you decide to take annuity payments during the surrender charge period, you may only elect Options 1 through 4 or Option 8 and; (ii) if you decide to take annuity payments after the Surrender Charge period, you may elect any one of the eight options. The annuity options are: Option 1 Life Option: This option provides annuity payments for the life of the annuitant. Upon the annuitant's death, no further annuity payments will be made. Option 2 Life with Fixed Period Option: This option provides annuity payments for the life of the annuitant. A fixed period of 5, 10, 15, or 20 contract years may be chosen. Annuity payments will be made to the end of this period even if the annuitant dies prior to the end of the period. If the annuitant dies before receiving all the annuity payments during the fixed period, the remaining annuity payments will be made to the beneficiary. Option 3 Life with Installment or Unit Refund Option: This option provides annuity payments for the life of the annuitant with a period certain determined by dividing the annuity start amount by the amount of the first payment. A fixed number of annuity payments will be made even if the annuitant dies. If the annuitant dies before receiving the fixed number of annuity payments, any remaining annuity payments will be made to the beneficiary. Option 4 Joint and Last Survivor Option: This option provides annuity payments for the life of the annuitant and joint annuitant. Annuity payments will be made as long as either is living. Option 5 Fixed Period Option: This option provides annuity payments for a fixed number of contract years between 5 and 20. The amount of the annuity payments will vary as a result of the interest rate (as adjusted periodically). If all the annuitants die before receiving the fixed number of annuity payments, any remaining annuity payments will be made to the beneficiary. Option 6 Fixed Payment Option: This option provides for annuity payments of a fixed amount. This amount is paid until the amount applied, including daily interest adjustments, is paid. The number of payments will vary as a result of the interest rate (as adjusted periodically). If all the annuitants die before receiving all of the annuity payments, any remaining annuity payments will be made to the beneficiary. Option 7 Period Certain Option: This option provides annuity payments of a fixed amount for a fixed period of 5, 10, 15, or 20 contract years. Annuity payments will be made until the end of this period. If the annuitant dies prior to the end of the period, the remaining annuity payments will be made to the beneficiary. Option 8 Joint and Contingent Survivor Option: This option provides annuity payments for the life of the primary annuitant. Annuity payments will be made to the primary annuitant as long as he or she is living. Upon the death of the annuitant, annuity payments will be made to the joint annuitant as long as he or she is living. If the joint annuitant is not living upon the death of the annuitant, no further annuity payments will be made. When may I begin receiving annuity payments? When you may begin receiving annuity payments depends upon the terms of your contract. If your contract is issued in: Any state other than those listed below: You may begin receiving annuity payments on the later of: (i) the contract anniversary following the annuitant s 95th birthday or (ii) the 24th contract anniversary. In Alaska, Indiana, Minnesota, Missouri, New Hampshire, New Jersey, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Utah or Washington: You may begin receiving annuity payments on any date after the first contract anniversary so long as we receive your written request at least 30 days prior to that date. Annuity payments must begin by contract anniversary following the annuitant's 95th birthday. 8 of /11/21

10 In Florida: While your contract will initially state a date that is the later of: (i) the contract anniversary following the annuitant s 95th birthday or (ii) the 24th contract anniversary, you may request to change the date to any day after the first contract anniversary so long as we receive your written request at least 30 days prior to that day. What happens upon a death? If the entire value of the annuity has been applied to an annuity option then, upon the death of an annuitant, we will continue to make annuity payments, if any, as may apply under the annuity option chosen. If the entire value of the annuity has not been applied to an annuity option, then an amount is payable under the contract upon the death of the annuitant or the owner. The amount payable depends upon who died. If the annuitant dies, the amount payable is the greater of: (i) the Cash Surrender Value or (ii) the Account Value. If a non-annuitant owner dies, the amount payable is equal to the Cash Surrender Value, unless the non-annuitant owner is the spouse of the Annuitant. In that case, the amount payable is the greater of: (i) the Cash Surrender Value or (ii) the Account Value. In certain circumstances, the contract can be continued as shown in the Death and Distribution Provisions of your contract. If a contract is so continued, a death benefit will not be paid. What benefit riders are available? The Nursing Home Waiver and Terminal Illness Waiver are included with your annuity. In addition, you may purchase the optional GLWB Rider with the Foundations 7 year option.. What are the Nursing Home Waiver and Terminal Illness Waiver? 1. Nursing Home Waiver (not available in all states). Additionally, your request for the withdrawal may not be submitted and received by us before the third annual anniversary of the issue date of the contract. If after the third contract anniversary, you are confined to a hospital or nursing facility for a minimum of 90 consecutive days immediately preceding a withdrawal and continue to be confined at the time we receive your withdrawal request, the surrender charge, and market value adjustment will not apply. The confinement must begin after the third contract anniversary. We require proof of the confinement to the hospital or nursing home. 2. Terminal Illness Waiver (not available in all states). If you have been diagnosed with a terminal illness by a licensed physician and the terminal illness was first diagnosed after the third contract anniversary, the surrender charge, market value adjustment, will not apply to a withdrawal. We require proof of the terminal illness. Additionally, your request for the withdrawal may not be submitted and received by us before the third annual anniversary of the issue date of the contract. There is no additional fee or charge for the Nursing Home Waiver or Terminal Illness Waiver. What is the GLWB Rider? The GLWB Rider is an optional benefit rider that you may purchase at the same time you apply for the Foundations Annuity. The GLWB Rider guarantees that you may withdraw from the Foundations Annuity a specified amount each year, called the Lifetime Annual Income. If you only withdraw the Lifetime Annual Income each year, this amount will be available yearly even if the Account Value of your annuity is zero. The GLWB Rider gives you flexibility to take withdrawals from your annuity. However, when and how much you take as a withdrawal may reduce the Lifetime Annual Income you may subsequently take and could reduce the Lifetime Annual Income to zero. You select when you would like the Lifetime Annual Income to begin (that date is the Income Phase Start Date). At that time, you also select whether the GLWB Rider is for you or for you and your spouse. (In the states that require it, you may select the GLWB Rider to be for you and your domestic or civil union partner.) For Lifetime Annual Income to continue for your spouse s lifetime, your spouse must be named as the designated beneficiary or the Joint Owner of your annuity. If someone other than your spouse is the designated beneficiary or Joint Owner of your annuity, under the federal tax laws, upon your death your annuity must terminate along with the GLWB Rider. In that event, Lifetime Annual Income is no longer payable and we will make a payment on your death as described under "What happens upon a death" and the Lifetime Annual Income will cease. A domestic or civil union partner is not currently viewed as a spouse under the federal tax laws. 9 of /11/21

11 If I purchase the GLWB Rider, when can I take withdrawals? You have the flexibility to take withdrawals whenever you like. However, the timing and the amount of the withdrawal may cause your Lifetime Annual Income to be reduced. In fact, withdrawals could reduce the Lifetime Annual Income to zero. How do withdrawals impact the guarantees under the GLWB Rider? Under the GLWB Rider, treatment of withdrawals is based upon whether the withdrawal is made before or after the Income Phase Start Date. You select when you want to start your Lifetime Annual Income. If you elect to take withdrawals prior to the Income Phase Start Date, the withdrawals will cause your Lifetime Annual Income to be lower than if you had not taken the withdrawals. If you elect to take withdrawals after the Income Phase Start Date that are equal to, or less than, your Lifetime Annual Income, the withdrawals will not reduce your Lifetime Annual Income. If you elect to take withdrawals after the Income Phase Start Date that are in excess of the Lifetime Annual Income, the excess withdrawals will reduce your subsequent Lifetime Annual Income. How much is my Lifetime Annual Income? Your Lifetime Annual Income is the greater of (i) the amount computed by multiplying the Benefit Base by the Lifetime Withdrawal Rate; or (ii) the amount required to be taken as minimum distributions under the federal tax laws. Once you start your Lifetime Annual Income, if you take a withdrawal in excess of your Lifetime Annual Income, we will recompute the Lifetime Annual Income as well as the Benefit Base. Each will be reduced proportionately by the amount of the excess withdrawal compared to the Account Value. The Account Value used to compute the proportional reduction will be reduced by the non-excess withdrawal amount, but not the amount of the excess withdrawal. We will also recompute the Lifetime Annual Income each contract anniversary. For example, assume that (i) JoAnn's Account Value on the Income Phase Start Date is $100,000, (ii) the Benefit Base when she starts her Lifetime Annual Income is $120,000, and (iii) the Lifetime Withdrawal Rate is 5.5%. The Benefit Base is the greater of the Account Value ($100,000) or the Benefit Base ($120,000). Accordingly, JoAnn's Benefit Base would be $120,000. The Lifetime Annual Income would be 5.5% of the Benefit Base, or $6,600 per year. This example is only to show how the Lifetime Annual Income is computed and does not reflect an actual Account Value, the interest that will be applied to an Account Value, or Lifetime Annual Income. The Benefit Base changes over the life of your annuity, including after the Lifetime Annual Income has begun. More information on the Benefit Base is set forth in the Benefit Base section. The Lifetime Withdrawal Rate is a percentage that is based upon (i) whether you elect the GLWB Rider for you (single life payout method) or for you and your spouse or, if required, your domestic partner (joint life payout method), and (ii) if the single life payout method, your age or, if the joint life payout method, the youngest age of you or your spouse/domestic partner, on the Income Phase Start Date. What is the Benefit Base? The Benefit Base is used to compute the Lifetime Annual Income and the GLWB Rider Charge. The Benefit Base is not an amount that may be withdrawn and is not an amount payable on death. Prior to the time you begin taking Lifetime Annual Income, the Benefit Base can change if you take withdrawals or you make Purchase Payments. In addition, on each contract anniversary, the Benefit Base increases by the Benefit Base Roll-up, unless the difference between the Account Value and the Benefit Base is greater than the Benefit Base Roll-up at that time. Benefit Base Roll-up The Benefit Base Roll-up is the minimum amount of increase to the Benefit Base for up to 15 contract years (this period is the Roll-up Term) on each contract anniversary. If the Account Value is greater than the Benefit Base, with the Benefit Base Roll-up, the Benefit Base steps up to the Account Value. The Benefit Base Roll-up is computed on each contract anniversary during the Roll-up Term to reflect additional Purchase Payments or withdrawals and premium taxes. The Benefit Base Roll-up is equal 10 of /11/21

12 to the Net Payments multiplied by the Roll-up Factor, which is 8.50%. The Roll-up Factor is not the interest rate used to credit interest to your Account Value. The Benefit Base Roll-up is not interest credited to your Account Value and is not an amount that may be withdrawn from your annuity. Net Payments are based upon Purchase Payments, Bonus, premium taxes, and withdrawals. The initial Net Purchase Payment is equal to the Account Value on the contract date. Assume that (i) Bill selects the Foundations 7 year with a 1% Bonus with the GLWB Rider and (ii) Bill's annuity was issued on March 1, 2013 with a $100,000 Purchase Payment. The initial Net Payment is equal to $100,000 + ($100,000 *.01) = $100,000 + $1,000, or $101,000. Net Payments are recomputed: After a Purchase Payment to reflect the Purchase Payment, less any premium taxes, plus any Bonus on the Purchase Payment if made during the first contract year. Assume that Bill makes a Purchase Payment to his annuity on March 1, 2014 equal to $20,000. On the date the Purchase Payment was made, the Net Payment is equal to $101,000 + $20,000 or $121,000. After withdrawals are taken -- to reflect the decrease in the Account Value for the withdrawal (which, if taken during the surrender charge period in an amount greater than the free withdrawal, includes the impact of surrender charges and, if applicable, a market value adjustment). Assume that on March 1, 2015, Bill's Account Value is $125,000 and he takes a withdrawal equal to $11,000. Because the withdrawal is less than 10% of the Account Value, it is a free withdrawal. On the date the withdrawal is taken, Net Payments are equal to $121,000 - $11,000, or $110,000. Net Payments are no longer computed and are equal to zero after the end of the Roll-up Term. The Benefit Base Roll-up ceases on the earlier of: 1. When Lifetime Annual Income begins;* 2. The contract anniversary on, or immediately following, the date that the oldest owner turns 85; or 3. The end of the Roll-up Term. * The Benefit Base Roll-up is only used to increase the Benefit Base on a contract anniversary. Thus, if the Roll-up Term ends because the Lifetime Annual Income begins, the last date that the Benefit Base will increase by the Benefit Base Roll-up will be the contract anniversary that occurs prior to the beginning of the Lifetime Annual Income. Computing the Benefit Base The initial Benefit Base is equal to the Account Value on the contract date. Assume that (i) Bill selects the Foundations 7 year with a 1% Bonus with the GLWB Rider and (ii) Bill's annuity was issued on March 1, 2012 with a $100,000 Purchase Payment. The initial Benefit Base is equal to $100,000 + ($100,000 *.01) = $100,000 + $1,000, or $101,000. The Benefit Base is recomputed: Prior to beginning the Lifetime Annual Income: On each contract anniversary to reflect the greater of the Benefit Base (including the Benefit Base Roll-up) or Account Value. In general, each contract anniversary we look at the current Benefit Base (including, during the Roll-up Term, the Benefit Base Roll-up) and then compare it to the Account Value. The greater of the Benefit Base or Account Value will become the new Benefit Base. 11 of /11/21

13 Assume that on March 1, 2013, Bill's Account Value is equal to $110,000 and no Purchase Payments or withdrawals have been made prior to that date. The Benefit Base is equal to the greater of: (i) the Account Value or $110,000 and (ii) the last Benefit Base including the Benefit Base Roll-up (Net Payments multiplied by 8.50%, which is equal to $101,000 + ($101,000 * 8.50%) = $101,000 + $8,585, or $109,585. Since the Benefit Base including the Benefit Base Roll-up is less than the Account Value, Bill's Benefit Base is $ 110,000. Assuming no purchase payments or withdrawals in the first three contract years and the Account Value remains the same at $110,000. The Benefit Base on March 1, 2014 would be the prior Benefit Base plus the Benefit Base Roll-up, which is equal to $110,000 + ($101,000 * 8.50%) = $110,000 + $8,585, or $118,585. The Benefit Base on March 1, 2015 would be the prior Benefit Base plus the Benefit Base Roll-up, which is equal to $118,585 + ($101,000 * 8.50%) = $118,585 + $8,585 or $127,170. This example is only to show how the Benefit Base is computed and does not reflect your Account Value, the interest that will be applied to any Account Value, or the Benefit Base for your annuity. After a Purchase Payment to increase the Benefit Base by the Purchase Payment, less any premium taxes, plus any Bonus on the Purchase Payment if made during the first contract year. Assume that just prior to the fourth contract anniversary Bill makes a Purchase Payment of $20,000. The Benefit Base after the Purchase Payment is $127,170 + $20,000, or $147,170. After a withdrawal prior to beginning Lifetime Annual Income to reduce the Benefit Base proportionately by the amount of the withdrawal compared to the Account Value prior to the withdrawal. Please note that if you take a withdrawal prior to beginning Lifetime Annual Income, the withdrawal will reduce the Benefit Base. The reduction may be more than the dollar amount of the withdrawal. For example, assume that (i) Bill has not yet elected the Income Phase Start Date, (ii) Bill takes a $20,000 withdrawal (which includes the surrender charge, bonus recapture and market value adjustment), (iii) the Account Value at the time of the withdrawal is $100,000, and (iv) the Benefit Base at the time of withdrawal is $120,000. The withdrawal amount is 20% of the Account Value ($20,000 / $100,000). Accordingly, Bill's Benefit Base is reduced by 20% or $24,000 ($120,000 *.20) (which is greater than the amount of the withdrawal) and his new Benefit Base is $96,000. This example is only to show how the Benefit Base is computed and does not reflect any Account Value, the interest that will be applied to any Account Value, or the Benefit Base for your annuity. On the Income Phase Start Date to determine the initial Lifetime Annual Income. Assume that (i) Bill has elected the Income Phase Start Date, (ii) the Account Value on the Income Phase Start Date is $100,000, (iii) the Benefit Base on the Income Phase Start Date is $120,000, (iv) Bill elects the single life payout method, (v) Bill's attained age on the Income Phase Start Date is 65, and (vi) the contract is non-qualified. The Benefit Base on the Income Phase Start Date is the greater of the Account Value ($100,000) or the Benefit Base ($120,000). Accordingly, the Benefit Base would be $120,000. The Lifetime Annual Income would be 5.5% of the Benefit Base, or $6,600 per year. After beginning the Lifetime Annual Income: On each contract anniversary to reflect the greater of the Benefit Base or the Account Value. After an excess withdrawal to reduce the Benefit Base proportionately by the amount of the excess withdrawal compared to the Account Value prior to the excess withdrawal. Please note 12 of /11/21

14 that an excess withdrawal will reduce the Benefit Base. The reduction may be more than the dollar amount of the excess withdrawal. In addition, any portion of a free withdrawal in excess of the Lifetime Annual Income amount will be an excess withdrawal. For example, assume that (i) Bill elected the Income Phase Start Date, (ii) the Lifetime Annual Income is $6,600, (iii) after the Income Phase Start Date Bill takes a withdrawal of $26,600 (which includes the surrender charge, bonus recapture and market value adjustment), (iv) the Account Value at the time of the withdrawal is $106,600, and (v) the Benefit Base at the time of the withdrawal is $120,000. The amount of the withdrawal that is an excess withdrawal is $20,000 ($26,600 - $6,600). The Account Value is first reduced by the non-excess withdrawal amount to $100,000 ($106,600 - $6,600). The excess withdrawal amount is thus 20% of the Account Value prior to the excess withdrawal ($20,000 / $100,000). Accordingly, Bill's Benefit Base is reduced by 20% or $24,000 ($120,000 *.20) (which is greater than the amount of the withdrawal) and his new Benefit Base is $96,000. Bill s Lifetime Annual Income is also reduced proportionately by 20% or $1,320 ($6,600 *.20) and his new Lifetime Annual Income is $5,280 ($6,600 - $1,320). This example is only to show how the Benefit Base is computed and does not reflect your Account Value, the interest that will be applied to your Account Value, or the Benefit Base for your annuity. What is the Charge for the GLWB Rider? The Rider Charge is 0.90% of the Benefit Base. The GLWB Rider Charge is deducted (i) on each contract anniversary from the applicable Fixed Account and Index Accounts, (ii) upon the payment of any amounts payable at death, (iii) upon a full withdrawal from the annuity, and (iv) when you apply your entire Account Value to an annuity option. How will annuity payments and withdrawals from my annuity be taxed? Your annuity earns interest tax-deferred, so you do not pay taxes on the interest earned under your contract until the money is paid to you. When you take annuity payments or make a withdrawal, you pay ordinary income taxes on the interest earned (and on the principal if the contract is tax qualified). You may also pay a 10% federal income tax penalty on amounts you withdraw before attaining age 59½, if they do not meet certain exceptions such as disability, health insurance expenses, medical expenses, or first time home buyer expenses. However, this document is not intended to provide tax advice. You should consult your tax adviser to determine if your particular circumstances qualify as an exception to the 10% penalty tax. If your state imposes a premium tax, it will be deducted from the money you receive. You can exchange one tax-deferred annuity for another without paying income taxes on the earnings when you make the exchange. (Taxes may be assessed if you withdraw from the annuity that you exchanged into prior to the expiration of a 12-month period.) Before you make such an exchange, compare the benefits, features, and costs of the two annuities. You may also want to consider consulting a tax adviser before making exchanges or withdrawals to determine any potential tax consequences. Does buying an annuity in a retirement plan provide extra tax benefits? No. Buying an annuity within an IRA, 401(k), or other tax-deferred retirement plan does not give you any extra tax benefits. You should choose your annuity based on its features and benefits as well as its risks and costs, not on tax benefits alone. How can I reach Security Benefit? You can reach us in several ways: By Phone: By By mail: One Security Benefit Place On the web: Topeka, KS of /11/21

15 Standard & Poor s, S&P, S&P 500, and Standard & Poor s 500 are trademarks of Standard & Poor s and have been licensed for use by Security Benefi t Life Insurance Company. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor s and Standard & Poor s makes no representation regarding the advisability of investing in the Product. Guarantees provided by annuities are subject to the fi nancial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan or credit union or its affi liates; are unrelated to and not a condition of the provision or term of any banking service or activity. This booklet of Frequently Asked Questions describes the Security Benefi t Foundations Annuity, a fi xed indexed fl exible premium deferred annuity contract issued by Security Benefi t Life Insurance Company (Security Benefi t). In most states, the Foundations Annuity is Form 5800 (11-10)). In Alaska, Indiana, Minnesota, Missouri, New Hampshire, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Utah and Washington the Form number is ICC (11-10). This booklet also describes the Security Benefi t Foundations Annuity Guaranteed Lifetime Withdrawal Benefi t Rider, which is Form 5821 (5-11) in most states. In Alaska, Indiana, Minnesota, Missouri, New Hampshire, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Utah and Washington the Form number is ICC (5-11). Security Benefi t is indirectly controlled by Guggenheim Partners, LLC. One Security Benefi t Place Topeka, KS t.com /11/21

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