FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT

SECURITY BENEFIT (SM)
LIFE INSURANCE COMPANY

FLEXIBLE PREMIUM DEFERRED VARIABLE
ANNUITY CONTRACT

SBL'S PROMISE

In consideration of the Purchase Payments and the application (which is
incorporated herein by reference), Security Benefit Life Insurance Company
("SBL") will pay the benefits of this Contract according to its terms.

LEGAL CONTRACT

PLEASE READ YOUR CONTRACT CAREFULLY. It is a legal Contract between you, the
Owner, and us, SBL. The Contract's table of contents is on page 2.

FREE LOOK PERIOD-RIGHT TO CANCEL

YOU MAY RETURN THIS CONTRACT WITHIN 10 DAYS AFTER YOU RECEIVE IT. YOU MAY RETURN
THE CONTRACT BY DELIVERING OR MAILING IT TO SBL. THIS CONTRACT WILL THEN BE
DEEMED VOID FROM THE BEGINNING. NO WITHDRAWAL CHARGE WILL BE IMPOSED, AND WE
WILL REFUND YOUR CONTRACT VALUE, INCLUDING ANY FEES AND/OR CHARGES FOR PREMIUM
TAX THAT WERE DEDUCTED FROM THAT CONTRACT VALUE, LESS THE VALUE OF ANY CREDIT
ENHANCEMENTS MADE INTO THE CONTRACT, AS OF THE DATE WE RECEIVE THE RETURNED
CONTRACT.

Signed for Security Benefit Life Insurance Company on the Contract Date.

{X. Xxxxxxx Xxxxxx} {Xxxx X. Xxxxxxx} Secretary President

A BRIEF DESCRIPTION OF THIS CONTRACT

This is a FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT.

* Investment Experience is Reflected in Benefits

* Variable and Fixed Accumulation Before the Annuity Start Date; Variable and
Fixed Annuity Payments Thereafter

* Death Benefit Proceeds are Payable Before the Annuity Start Date

* This Contract is Non-Participating

BENEFITS AND VALUES PROVIDED BY THIS CONTRACT MAY BE ON A VARIABLE BASIS.
AMOUNTS DIRECTED INTO ONE OR MORE OF THE SUBACCOUNTS WILL REFLECT THE INVESTMENT
EXPERIENCE OF THOSE SUBACCOUNTS. THESE AMOUNTS MAY INCREASE OR DECREASE AND ARE
NOT GUARANTEED AS TO DOLLAR AMOUNT. (SEE "CONTRACT VALUE AND EXPENSE PROVISIONS"
AND "ANNUITY PAYMENT PROVISIONS" FOR DETAILS.)

SECURITY BENEFIT LIFE INSURANCE COMPANY
One Security Benefit Place, Topeka, KS 66636-0001
0-000-000-0000

The variable annuity covered by this Contract is the subject of a pending patent
application in the United States Patent and Trademark Office.

V6029 (11-00)U

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TABLE OF CONTENTS
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Page

CONTRACT DATA PAGE................................... 25

DEFINITIONS.......................................... 4

GENERAL PROVISIONS................................... 7

The Contract.................................... 7

Compliance...................................... 8

Misstatement of Age ............................ 8

Evidence of Survival............................ 8

Incontestability................................ 8

Assignment...................................... 8

Ownership of Assets............................. 8

Transfers....................................... 8

Claims of Creditors............................. 9

Basis of Values................................. 9

Participation................................... 9

Statements...................................... 9

Delay of Payment................................ 9

OWNERSHIP, ANNUITANT AND BENEFICIARY PROVISIONS...... 10

Ownership....................................... 10

Joint Ownership................................. 10

Annuitant....................................... 10

Primary and Contingent Beneficiaries............ 10

Ownership and Beneficiary Changes............... 10

PURCHASE PAYMENT PROVISIONS.......................... 11

Flexible Purchase Payments...................... 11

Purchase Payment Limitations................... 11

Purchase Payment Allocation..................... 11

Place of Payment................................ 11

CONTRACT VALUE AND
EXPENSE PROVISIONS................................... 11

Contract Value.................................. 11

Fixed Account Contract Value.................... 11

Fixed Account Interest Crediting................ 12

Separate Account Contract Value................. 12

Accumulation Unit Value......................... 12

Net Investment Factor........................... 13

Determining Accumulation Units.................. 13

Mortality and Expense Risk Charge............... 13

Rider Charge.................................... 13

Method of Deducting Mortality and
Expense Risk and Rider Charges.................. 14

Administration Charge........................... 15

Account Administration Charge................... 15

Premium Tax Expense............................. 15

Withdrawal Charges.............................. 15

Free Withdrawals................................ 16

Mutual Fund Expenses............................ 16

WITHDRAWAL PROVISIONS................................ 16

Withdrawals..................................... 16

Partial Withdrawals........................ 17

Systematic Withdrawals.......................... 17

Withdrawal Value................................ 17

DEATH BENEFIT PROVISIONS............................. 18

Death Benefit................................... 18

Proof of Death.................................. 18

Distribution Rules.............................. 18

ANNUITY BENEFIT PROVISIONS........................... 19

Annuity Start Date.............................. 19

Change of Annuity Start Date.................... 19

Annuity Options................................. 19

Annuity Start Amount............................ 21

Fixed Annuity Payments.......................... 21

Variable Annuity Payments....................... 21

Annuity Tables.................................. 21

Annuity Payments................................ 22

Annuity Units................................... 22

Annuity Unit Value.............................. 22

Alternate Annuity Option Rates.................. 23

AMENDMENTS OR RIDERS, if any

V6029 (11-00)U 2

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DEFINITIONS
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ACCOUNT

One of the Subaccounts or the Fixed Account.

ACCUMULATION UNIT

A unit of measure used to compute Separate Account Contract Value.

ANNUITANT

The person you name on whose life Annuity Payments may be determined. Please see
"Annuity Benefit Provisions" on page 19.

ANNUITY START AMOUNT

Contract Value as of the Annuity Start Date, less any Premium tax and, if
applicable, any pro rata Account Charge.

ANNUITY OPTION

A set of provisions that form the basis for making Annuity Payments. Please see
"Annuity Options" on page 19.

ANNUITY PAYMENTS

Payments made beginning on the Annuity Start Date according to the provisions of
the Annuity Option selected. Annuity Payments are made on the same day of each
month, on a monthly, quarterly, semiannual or annual basis.

ANNUITY START DATE

The date on which Annuity Payments begin as elected by the Owner.

ANNUITY UNIT

A unit of measure used to compute Variable Annuity Payments.

AUTOMATIC TRANSFERS

Transfers among the Subaccounts and the Fixed Account made automatically. SBL
makes Automatic Transfers on a periodic basis at the written request of the
Owner. SBL may discontinue, modify or suspend Automatic Transfers.

COMPANY

Security Benefit Life Insurance Company, Xxx Xxxxxxxx Xxxxxxx Xxxxx, Xxxxxx,
Xxxxxx 00000-0000.

CONTRACT ANNIVERSARY

The same date in each subsequent year as your Contract Date.

CONTRACT DATE

The date the Contract begins. The Contract Date is shown on page 25.

V6029B (11-00)U 4

CONTRACT VALUE

The total value of your Contract, which includes amounts allocated to the
Subaccounts and the Fixed Account. SBL determines Contract Value as of each
Valuation Date.

CONTRACT YEAR

Contract Years are measured from the Contract Date.

CURRENT INTEREST

SBL will declare the rate of Current Interest, if any, from time to time.

DESIGNATED BENEFICIARY

Upon the death of the Owner or Joint Owner, the Designated Beneficiary will be
the first person on the following list who is alive on the date of death:

1. Owner;
2. Joint Owner;
3. Primary Beneficiary;
4. Contingent Beneficiary;
5. Annuitant; and
6. The Owner's estate if no one listed above is alive.

The Designated Beneficiary receives a death benefit upon the death of the Owner
prior to the Annuity Start Date. Please see "Ownership, Annuitant, and
Beneficiary Provisions" on page 10 and "Death Benefit Provisions" on page 18.

FIXED ACCOUNT

An account that is part of SBL's General Account. SBL guarantees that it will
credit interest on Contract Value allocated to the Fixed Account at an annual
rate at least equal to the Guaranteed Rate set forth on page 25.

GENERAL ACCOUNT

All assets of SBL other than those allocated to the Separate Account or any
other separate account of SBL.

GUARANTEE PERIOD

Current Interest, if declared, is fixed for rolling periods of one or more
years, referred to as Guarantee Periods. SBL may offer Guarantee Periods of
different durations. The Guarantee Period that applies to any Fixed Account
Contract Value:

(1) starts on the date that such Contract Value is allocated to the Fixed
Account pursuant to:
(a) a Purchase Payment Received by SBL; or
(b) a Transfer to the Fixed Account; and
(2) ends on the last day of the same month in the year in which the
Guarantee Period expires.

When any Guarantee Period expires, a new Guarantee Period shall start for such
Contract Value on the date that follows such expiration date. Such period shall
end on the immediately preceding date in the year in which the Guarantee Period
expires. For example, assuming a one-year Guarantee Period, Contract Value
transferred to the Fixed Account on June 1 would have a Guarantee Period
starting on that date and ending on June 30 of the following year. A new
Guarantee Period for such Contract Value would start on July 1 of that year and
end on June 30 of the following year.

V6029B (11-00)U 5

HOME OFFICE

The address of SBL's Home Office is Security Benefit Life Insurance Company, 000
XX Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxx 00000-0000.

JOINT OWNER

The Joint Owner, if any, shares an undivided interest in the entire Contract
with the Owner. The Joint Owner, if any, is named on page 25. Please see "Joint
Ownership" provisions on page 10.

NONNATURAL PERSON

Any group or entity that is not a living person, such as a trust or corporation.

OWNER

The person(s) who has (have) all rights under this Contract. The Owner as of the
Contract Date is named on page 25. Please see "Ownership" provisions on page 10
and the definition of "Joint Owner," above.

PREMIUM TAX

Any Premium tax levied by a state or other governmental entity.

PURCHASE PAYMENT

Money Received by SBL and applied to the Contract.

RECEIVED BY SBL

Receipt by SBL in good order at its Home Office, 000 XX Xxxxxxxx Xxxxxx, Xxxxxx,
Xxxxxx 00000-0000.

SEPARATE ACCOUNT

A separate account established and maintained by SBL under Kansas law. The
Separate Account as set forth on page 25 is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 as a Unit
Investment Trust. It was established by SBL to support variable annuity
contracts. SBL owns the assets of the Separate Account and maintains them apart
from the assets of its General Account and its other separate accounts. The
assets held in the Separate Account equal to the reserves and other Contract
liabilities with respect to the Separate Account may not be charged with
liabilities arising from any other business SBL may conduct. Xxxxxx and realized
and unrealized gains and losses from assets in the Separate Account are credited
to, or charged against, the Separate Account without regard to the income, gains
or losses from SBL's General Account or its other separate accounts.

The Separate Account is divided into Subaccounts shown on page 25. Income and
realized and unrealized gains and losses from assets in each Subaccount are
credited to, or charged against, the Subaccounts without regard to income, gains
or losses in the other Subaccounts. SBL has the right to transfer to its General
Account any assets of the Separate Account that are in excess of the reserves
and other Contract liabilities with respect to the Separate Account. The value
of the assets in the Separate Account is determined on each Valuation Date as of
the end of each Valuation Date.

V6029B (11-00)U 6

SUBACCOUNTS

The Separate Account is divided into Subaccounts which invest in shares of
mutual funds. Each Subaccount may invest its assets in a separate class or
series of a designated mutual fund or funds. The Subaccounts are shown on page
25. Subject to the regulatory requirements then in force, SBL reserves the right
to:

1. change or add designated mutual funds or other investment vehicles;
2. add, remove or combine Subaccounts;
3. add, delete or make substitutions for securities that are held or
purchased by the Separate Account or any Subaccount;
4. operate the Separate Account as a management investment company;
5. combine the assets of the Separate Account with other separate
accounts of SBL or an affiliate thereof;
6. restrict or eliminate any voting rights of the Owner with respect to
the Separate Account or other persons who have voting rights as to the
Separate Account; and
7. terminate and liquidate any Subaccount.

If any of these changes result in a material change to the Separate Account or a
Subaccount, SBL will notify you of the change. SBL will not change the
investment policy of any Subaccount in any material respect without complying
with the filing and other procedures of the insurance regulators of the state of
issue.

TRANSFER

A Transfer of Contract Value of one Subaccount or the Fixed Account for the
equivalent dollar amount of Contract Value of another Subaccount or the Fixed
Account.

VALUATION DATE

A Valuation Date is each day the New York Stock Exchange and SBL's Home Office
are open for business.

VALUATION PERIOD

A Valuation Period is the interval of time from one Valuation Date to the next
Valuation Date.

WITHDRAWAL

A Withdrawal of Contract Value in the dollar amount specified by the Owner.
Withdrawals include Systematic Withdrawals. See "Withdrawal Provisions" on page
16.

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GENERAL PROVISIONS
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THE CONTRACT

The entire Contract between the Owner and SBL consists of this Contract, the
Application (which is incorporated herein by reference), and any Amendments,
Endorsements or Riders to the Contract. All statements made in the Application
will, in the absence of fraud, as ruled by a court of competent jurisdiction, be
deemed representations and not warranties. SBL will use no statement made by or
on behalf of the Owner to void this Contract unless it is in the written
Application. Any change in the Contract can be made only with the written
consent of the President, a Vice President, or the Secretary of SBL.

The Purchase Payment(s) and the Application must be acceptable to SBL under its
rules and practices. If they are not, SBL's liability shall be limited to a
return of the Purchase Payment(s).

V6029B (11-00)U 7

COMPLIANCE

SBL reserves the right to make any change to the provisions of this Contract to
comply with or give the Owner the benefit of any federal or state statute, rule
or regulation. This includes, but is not limited to, requirements for annuity
contracts under the Internal Revenue Code or the laws of any state. SBL will
provide the Owner with a copy of any such change and will also file such a
change with the insurance regulatory officials of the state in which the
Contract is delivered.

MISSTATEMENT OF AGE

If the age of the Annuitant has been misstated, payments shall be adjusted, when
allowed by law, to the amount which would have been provided for the correct
age. Proof of the age of an Annuitant may be required at any time, in a form
suitable to SBL. If payments have already commenced and the misstatement has
caused an underpayment, the full amount due will be paid with the next scheduled
payment. If the misstatement has caused an overpayment, the full amount due will
be deducted from one or more future payments.

EVIDENCE OF SURVIVAL

Before SBL makes a payment, it has the right to require proof of the life or
death of any person whose life or death determines whether, or to whom, or how
much SBL must pay under this Contract.

INCONTESTABILITY

SBL will not contest the validity of this Contract.

ASSIGNMENT

No Assignment under this Contract is binding unless Received by SBL in writing.
SBL assumes no responsibility for the validity, legality, or tax status of any
Assignment. The Assignment will be subject to any payment made or other action
taken by SBL before the Assignment is Received by SBL. Once filed, the rights of
the Owner are subject to the Assignment. Any claim is subject to proof of
interest of the assignee. If the Contract has been absolutely assigned, the
assignee becomes the Owner.

OWNERSHIP OF ASSETS

SBL is the sole owner of the assets of the Fixed Account. SBL has the sole right
to control, manage or administer such assets.

TRANSFERS

The Owner may Transfer Contract Value among the Fixed Account and Subaccounts
upon written request or under other methods allowed by SBL, subject to the
following.

SBL reserves the right to:
(1) limit the amount that may be subject to Transfer to $1,000,000 per
Transfer without SBL's approval;
(2) limit the number of Transfers per Contract Year to 14; and
(3) suspend Transfers.

Transfers must be at least $500 or if less:
(1) the amount remaining in the Subaccount; or
(2) the amount of Fixed Account Contract Value, the Guarantee Period of
which expires in the calendar month in which the Transfer is effected.

V6029B (11-00)U 8

Contract Value may be transferred from the Fixed Account only:

(1) during the calendar month in which the applicable Guarantee Period
expires; or
(2) pursuant to an Automatic Transfer.

In the event of an Automatic Transfer, Transfers of Contract Value from the
Fixed Account shall be made:

(1) first from Fixed Account Contract Value for which the Guarantee Period
expires during the calendar month during which the Transfer is
effected;
(2) then in the order that starts with Fixed Account Contract Value that
has the longest amount of time remaining before its Guarantee Period
expires; and
(3) ends with that which has the least amount of time remaining before its
Guarantee Period expires.

SBL will effect a Transfer to or from a Subaccount on the basis of Accumulation
Unit Value determined as of the end of the Valuation Period in which the
Transfer request is Received by SBL. SBL will effect a Transfer from the Fixed
Account on the basis of Fixed Account Contract Value as of the end of the
Valuation Period in which the Transfer request is Received by SBL. Transfers are
effected as of the close of the Valuation Period in which all information
required to make the Transfer is Received by SBL.

After the Annuity Start Date, you may Transfer Annuity Units only among the
Subaccounts.

CLAIMS OF CREDITORS

The Contract Value and other benefits under this Contract are exempt from the
claims of creditors to the extent allowed by law.

BASIS OF VALUES

A detailed statement showing how values are determined has been filed with the
state insurance departments. All values and reserves are at least equal to those
required by the laws of the state in which this Contract is issued.

PARTICIPATION

This Contract is not participating.

STATEMENTS

At least once per year prior to the Annuity Start Date, SBL will send you a
report that will show your Contract Value and any other information required by
law. After the Annuity Start Date, we will send you any information that may be
required.

DELAY OF PAYMENT

Generally, payments and Transfers will be made within seven days from receipt of
the payment and/or request in a form satisfactory to us. SBL reserves the right
to suspend a Transfer or delay payment of a Withdrawal from Separate Account
Contract Value for any period:

1. when the New York Stock Exchange is closed; or
2. when trading on the New York Stock Exchange is restricted; or
3. when an emergency exists as a result of which:
(a) disposal of securities held in the Separate Account is not
reasonably practicable; or
(b) it is not reasonably practicable to fairly value the net assets
of the Separate Account; or
4. during any other period when the Securities and Exchange Commission,
by order, so permits to protect owners of securities.

V6029B (11-00)U 9

Rules and regulations of the Securities and Exchange Commission will govern as
to whether the conditions set forth above exist. SBL may delay payments or
Transfers from the Fixed Account (which would include payment of your Withdrawal
proceeds and Transfers from the Fixed Account, loans, fixed annuity payments and
lump sum death benefit payments unless state law requires otherwise) for up to
six months after the requested effective date of the transaction. Any amount
delayed will, as long as it is held under the Fixed Account, continue to earn
interest at the Current Rate then in effect until the applicable Guarantee
Period in effect has ended, and not less than the Guaranteed Rate on an annual
basis thereafter.

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OWNERSHIP, ANNUITANT AND BENEFICIARY PROVISIONS
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OWNERSHIP

During the Owner's lifetime, all rights and privileges under the Contract may be
exercised only by the Owner. If the purchaser names someone other than himself
or herself as Owner, the purchaser has no rights in the Contract. No Owner may
be older than age 90 on the Contract Date.

JOINT OWNERSHIP

If a Joint Owner is named in the application, then the Owner and Joint Owner
share an undivided interest in the entire Contract as joint tenants with rights
of survivorship. When an Owner and Joint Owner have been named, SBL will honor
only requests for changes and the exercise of other Ownership rights made by
both the Owner and Joint Owner. When a Joint Owner is named, all references to
"Owner" throughout this Contract should be construed to mean both the Owner and
Joint Owner, except for the "Statements" provision on page 9 and the "Death
Benefit Provisions" on page 18.

ANNUITANT

The Annuitant is named on page 25. The Owner may change the Annuitant prior to
the Annuity Start Date. The request for this change must be made in writing and
Received by SBL at least 30 days prior to the Annuity Start Date. No Annuitant
may be named who is more than 90 years old on the Contract Date. When the
Annuitant dies prior to the Annuity Start Date, the Owner must name a new
Annuitant within 30 days or, if sooner, by the Annuity Start Date, except where
the Owner is a Nonnatural Person. If a new Annuitant is not named, the Owner
becomes the Annuitant.

PRIMARY AND CONTINGENT BENEFICIARIES

The Primary Beneficiary is named on page 25. The Owner may change any
Beneficiary as described in "Ownership and Beneficiary Changes" below. If the
Primary Beneficiary dies prior to the Owner, the Contingent Beneficiary becomes
the Primary Beneficiary. Unless the Owner directs otherwise, when there are two
or more Primary Beneficiaries, they will receive equal shares.

OWNERSHIP AND BENEFICIARY CHANGES

Subject to the terms of any existing Assignment, you may name a new Owner, a new
Primary Beneficiary or a new Contingent Beneficiary; provided that you may not
change or remove an irrevocable Beneficiary without obtaining his or her written
consent in a form acceptable to us. Any new choice of Owner, Primary Beneficiary
or Contingent Beneficiary will revoke any prior choice. Any change must be made
in writing and recorded at the Home Office. The change will become effective as
of the date the written request is signed, whether or not the Owner is living at
the time the change is recorded. A new choice of Primary Beneficiary or
Contingent Beneficiary will not apply to any payment made or action taken by SBL
prior to the time it was recorded. SBL may require the Contract be returned so
these changes may be made.

V6029B (11-00)U 10

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PURCHASE PAYMENT PROVISIONS
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FLEXIBLE PURCHASE PAYMENTS

This Contract will not be in force until we receive at our Home Office the
initial Purchase Payment. You may make additional Purchase Payments at any time
before the Annuity Start Date, while the Owner is living, and this Contract is
in force. Purchase Payments are payable in U.S. dollars and checks should be
made payable to SBL.

PURCHASE PAYMENT LIMITATIONS

Purchase Payments exceeding $1,000,000 will not be accepted without prior
approval by SBL. The Minimum Subsequent Purchase Payment amount is shown on page
25.

PURCHASE PAYMENT ALLOCATION

Purchase Payments will be allocated among the Fixed Account and the Subaccounts.
The allocations may be a whole dollar amount or a whole percentage and no less
than $25 per Purchase Payment may be allocated to any Account. Purchase Payments
will be allocated according to the Owner's instructions in the Application or
more recent instructions, if any. The Owner may change the allocations by
written notice to SBL.

PLACE OF PAYMENT

All Purchase Payments under this Contract are to be paid to SBL at its Home
Office. Purchase Payments after the initial Purchase Payment are applied as of
the end of the Valuation Period during which they are Received by SBL.

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CONTRACT VALUE AND EXPENSE PROVISIONS
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CONTRACT VALUE

Your Contract Value on any Valuation Date is the sum of:

(1) your Separate Account Contract Value on that date; and
(2) your Fixed Account Contract Value on that date.

At any time after the first Contract Year, SBL reserves the right to pay to the
Owner the Contract Value as a lump sum if it is below $2,000.

FIXED ACCOUNT CONTRACT VALUE

On any Valuation Date, the Fixed Account Contract Value is equal to the amount
of the initial Purchase Payment allocated under the Contract to the Fixed
Account,

PLUS:

1. any other Purchase Payments allocated under the Contract to the Fixed
Account;
2. any Transfers from the Separate Account to the Fixed Account; and
3. any Current Interest credited to the Fixed Account.

LESS:

1. any Withdrawals, including Withdrawal Charges, deducted from the Fixed
Account;
2. any Transfers from the Fixed Account to the Separate Account;
3. any amount applied as Annuity Start Amount under Annuity Options 1
through 4, 7 or 8;
4. any Annuity Payments under Annuity Options 5 and 6; and
5. any Premium tax and Account Charge.

V6029B (11-00)U 11

FIXED ACCOUNT INTEREST CREDITING

SBL shall credit Current Interest on Fixed Account Contract Value on a daily
basis. Current Interest will be credited from the Valuation Date on which a
Purchase Payment is applied to the date of Withdrawal, Transfer, or application
as Annuity Start Amount.

SBL shall credit interest on Fixed Account Contract Value at an annual rate at
least equal to the Guaranteed Rate shown on page 25. Also, SBL may in its sole
judgment credit Current Interest at a rate in excess of the Guaranteed Rate. The
rate of Current Interest, if declared shall be fixed during the Guarantee
Period. Fixed Account Contract Value shall earn Current Interest during each
Guarantee Period at the rate, if any, declared by SBL on the first day of the
Guarantee Period.

SBL may credit Current Interest on Contract Value that was allocated or
transferred to the Fixed Account during one period at a different rate than
amounts allocated or transferred to the Fixed Account in another period. Also,
SBL may credit Current Interest on Fixed Account Contract Value at different
rates based upon the length of the Guarantee Period. SBL will deduct any charges
for Riders from Current Interest. Therefore, at any time, portions of Fixed
Account Contract Value may be earning Current Interest at different rates based
upon the period during which such portions were allocated or transferred to the
Fixed Account, the length of the Guarantee Period and the Riders selected by the
Owner.

SEPARATE ACCOUNT CONTRACT VALUE

On any Valuation Date, the Separate Account Contract Value is the sum of the
then current value of the Accumulation Units allocated to each Subaccount for
this Contract. For example, if 100 Accumulation Units were allocated to each of
the Money Market and Equity Subaccounts as of June 1, Separate Account Contract
Value as of that date would be determined as follows:

Number of Accumulation Unit
Subaccount Accumulation Units Value as of June 1 Subaccount Value
---------- ------------------ ------------------ ----------------

Money Market 100 $10 $1,000
Equity 100 $12 $1,200
------
Separate Account Contract Value as of June 1............................. $2,200

ACCUMULATION UNIT VALUE

The initial Accumulation Unit Value for each Subaccount was set by SBL. The
Accumulation Unit Value for any subsequent Valuation Date is equal to (1) times
(2) where:

1. is the Accumulation Unit Value determined on the immediately preceding
Valuation Date; and
2. is the Net Investment Factor as of the Valuation Date with respect to
which Accumulation Unit Value is being determined.

The Accumulation Unit Value for any subsequent Valuation Date which is a Payable
Date is further adjusted by deducting any dividend declared as of the preceding
Record Date. See "Method of Deducting Mortality and Expense Risk and Rider
Charges."

V6029B (11-00)U 12

NET INVESTMENT FACTOR

The Net Investment Factor for any Subaccount as of the end of any Valuation
Period is determined by dividing (1) by (2) and subtracting (3) from the result,
where:

1. is equal to:
a. the net asset value per share of the mutual fund held in the
Subaccount, found as of the end of the current Valuation Period;
plus
b. the per share amount of any dividend or capital gain
distributions paid by the Subaccount's underlying mutual fund
that is not included in the net asset value per share; plus or
minus
c. a per share charge or credit for any taxes reserved for, which
SBL deems to have resulted from the operation of the Separate
Account or the Subaccounts; operations of SBL with respect to the
Contract; or the payment of premiums or acquisition costs under
the Contract.
2. is the net asset value per share of the Subaccount's underlying mutual
fund as of the end of the prior Valuation Period.
3. is a daily factor which is deducted from the Separate Account
representing the Minimum Charge for mortality and expense risk and the
Administration Charge.

The Accumulation Unit Value may increase or decrease from one Valuation Period
to the next.

DETERMINING ACCUMULATION UNITS

The number of Accumulation Units allocated to a Subaccount under this Contract
is found by dividing:

(1) the amount allocated to, or deducted from, the Subaccount; by
(2) the Accumulation Unit Value for the Subaccount as of the end of the
Valuation Period during which the amount is allocated or deducted
under the Contract.

The number of Accumulation Units allocated to a Subaccount under the Contract
will not change as a result of investment experience. Events that change the
number of Accumulation Units are:

1. Purchase Payments that are applied to the Subaccount;
2. Contract Value that is Transferred into or out of the Subaccount;
3. Withdrawals and applicable Withdrawal Charges that are deducted from
the Subaccount;
4. Annuity Payments made from the Subaccount under Annuity Options 5 and
6;
5. Annuity Start Amount applied from the Subaccount to one of Annuity
Options 1 through 4, 7 or 8;
6. Premium tax and Account Charges that are deducted from the Subaccount;
and
7. Reinvestment of dividends that are paid by the Subaccount.

MORTALITY AND EXPENSE RISK CHARGE

SBL will deduct a Mortality and Expense Risk Charge as shown on the Contract
Data page against your Contract Value held in the Subaccounts. This charge is
guaranteed not to increase.

RIDER CHARGE

SBL will deduct a charge for Riders as shown on the Contract Data page against
your Contract Value held in the Subaccounts. This charge will be deducted from
Current Interest with respect to your Contract Value held in the Fixed Account.
The amount of the charge for Riders is based upon the Riders selected by the
Owner on the application or as otherwise permitted by SBL. The charge for any
Rider is guaranteed not to increase after it has been issued. You may not select
Riders with a total charge that exceeds the Maximum Rider Charge set forth on
the Contract Data page.

V6029B (11-00)U 13

METHOD OF DEDUCTING MORTALITY AND EXPENSE RISK AND RIDER CHARGES

The Minimum Charge for mortality and expense risk as shown on the Contract Data
page will be computed and deducted from each Subaccount on each Valuation Date.
The Minimum Charge is factored into the Accumulation Unit Values on each
Valuation Date.

Any charge for mortality and expense risk or Riders above the Minimum Charge
("Excess Charge") will be deducted from monthly dividends paid by, and
reinvested in, the respective Subaccounts. Dividends are declared by SBL and
paid monthly by the Subaccounts for the purpose of deducting any applicable
Excess Charge.

The amount of the Excess Charge is determined by adding:

(1) the total charge for all Riders selected by the Owner; and
(2) the applicable mortality and expense risk charge; and subtracting
(3) the Minimum Charge.

The applicable mortality and expense risk charge, which is based upon the amount
of Contract Value as of the date the charge is deducted, is shown on the
Contract Data page. The Excess Charge is a percentage on an annual basis of
Contract Value allocated to each Subaccount as of the Payable Date.

SBL will declare a dividend for each Subaccount on one Valuation Date of each
calendar month ("Record Date"). SBL will pay the dividend on a subsequent
Valuation Date ("Payable Date") within five Valuation Dates of the Record Date.
Such dividend will be declared as a dollar amount per Accumulation Unit.

For each Subaccount, any Owner as of the Record Date will receive on the Payable
Date a net dividend equal to:

(1) the amount of dividend per Accumulation Unit; times
(2) the number of Accumulation Units allocated to the Subaccount as of the
Record Date; less
(3) the amount of the Excess Charge for that Subaccount; provided that SBL
will not deduct any Excess Charge from the first dividend following
the Contract Date.

The net dividend will be reinvested on the Payable Date at the Accumulation Unit
Value determined as of the close of the Payable Date in Accumulation Units of
the Subaccount.

SBL reserves the right to compute and deduct the Excess Charge from each
Subaccount on each Valuation Date in lieu of the method discussed above, in
which event the charge would be factored into the Accumulation Unit Values on
each Valuation Date.

EXAMPLE

Assuming Contract Value of $50,000 allocated to the Equity Subaccount and no
Riders, the Excess Charge would be computed as follows:

Mortality and Expense Risk Charge; plus 0.70%
Riders; less + N/A
Minimum Charge -0.60%
------
Excess Charge on Annual Basis 0.10%

V6029B (11-00)U 14

Further assuming 5,000 Accumulation Units with an Accumulation Unit Value of $10
per unit on December 30 and a gross dividend of $0.25 per unit declared on
December 31 (Record Date), the net dividend amount would be as follows:

Gross Dividend Per Unit; less $0.25 Accumulation Unit Value as of
Valuation Date before Record Date $10.00
Excess Charge Per Unit -$0.00085
--------
Net Dividend Per Unit; times $0.24915 X
Number of Accumulation Units 5,000 Accumulation Unit Value as of Payable Date $9.75
---------
Net Dividend Amount $1,245.75

The net dividend amount would be reinvested on the Payable Date in Accumulation
Units of the Equity Subaccount, as follows: $0.24915 (net dividend per unit)
divided by $9.75 (Accumulation Unit value as of the Payable Date) times 5,000
Units equals 127.769 Accumulation Units. On the Payable Date, 127.769
Accumulation Units are added to Contract Value for a total of 5,127.769
Accumulation Units after the dividend reinvestment. Contract Value on the
Payable Date is equal to 5,127.769 Accumulation Units times $9.75 (Accumulation
Unit Value as of the Payable Date) for a Contract Value of $49,995.75 after the
dividend reinvestment.

SBL will deduct the Mortality and Expense Risk Charge applicable to Annuity
Options 1 through 4, 7 and 8 after the Annuity Start Date as shown on the
Contract Data page. This charge is factored into the Annuity Unit Values on each
Valuation Date. Monthly dividends are payable after the Annuity Start Date only
with respect to Annuity Options 5 and 6.

ADMINISTRATION CHARGE

SBL will deduct the Administration Charge shown on page 25 against your Contract
Value held in the Subaccounts. This charge will be computed and deducted from
each Subaccount on each Valuation Date. This charge is factored into the
Accumulation Unit and Annuity Unit Values on each Valuation Date. This charge is
guaranteed not to increase.

ACCOUNT ADMINISTRATION CHARGE

SBL will deduct the Account Administration Charge ("Account Charge") from
Contract Value as shown on page 25. SBL will allocate the Account Charge to the
Accounts in the same proportion that Contract Value is allocated among the
Accounts. The Account Charge and other charges may be waived or reduced
uniformly on all Contracts issued under certain plans or arrangements which are
expected to result in administrative cost savings. This charge is guaranteed not
to increase.

PREMIUM TAX EXPENSE

SBL reserves the right to deduct Premium tax when due or any time thereafter.
SBL will allocate the Premium tax to the Accounts in the same proportion that
Contract Value is allocated among the Accounts.

WITHDRAWAL CHARGES

Purchase Payments are subject to a Withdrawal Charge, which is shown on page 25.
The Withdrawal Charge may apply to amounts you withdraw under your Contract,
depending on the length of time each Purchase Payment has been allocated to your
Contract and the amount you withdraw. SBL does not apply the Withdrawal Charge
on:

o Death benefit proceeds;
o Annuity Payments under one of Annuity Options 1 through 4 or 8;
o Annuity Payments under one of Annuity Options 5 through 7; provided
that Annuity Payments are made for a period of at least 7 years.

V6029B (11-00)U 15

The amount of the Withdrawal Charge depends on how long your Purchase Payments
are held under the Contract. Each Purchase Payment you make is considered to
have a certain "age," depending on the length of time since that Purchase
Payment was effective. A Purchase Payment is "age one" in the year beginning on
the date the purchase payment is Received by SBL and increases in age each year
thereafter. When you withdraw an amount, the "age" of any Purchase Payment you
withdraw determines the level(s) of Withdrawal Charge as shown on page 25. For
the purpose of calculating Withdrawal Charge, SBL assumes that withdrawal
amounts will be applied to Purchase Payments first in the order Purchase
Payments were received. The Withdrawal Charge will be deducted proportionately
from each Account selected for Withdrawal. This charge is guaranteed not to
increase.

FREE WITHDRAWALS

During a Contract Year, you may make Free Withdrawals, which are Withdrawals
that are not subject to the Withdrawal Charge. The amount of Free Withdrawals
available in any Contract Year is determined as follows. In the first Contract
Year, the amount is equal to:

(1) cumulative purchase payments; times
(2) the Free Withdrawal percentage shown on page 25; less
(3) any Free Withdrawals made during the Contract Year.

The amount of Free Withdrawals in subsequent Contract Years is equal to:

(1) Contract Value as of the first day of the current Contract Year; times
(2) the Free Withdrawal percentage shown on page 25; less
(3) any Free Withdrawals made during the Contract Year.

Unused Free Withdrawal amounts are not carried from one Contract Year to the
next. Free Withdrawals do not reduce Purchase Payments for purposes of
calculating the Withdrawal Charge on future Withdrawals.

MUTUAL FUND EXPENSES

Each Subaccount invests in shares of a mutual fund. The net asset value per
share of each underlying fund reflects the deduction of any investment advisory
and administration fees and other expenses of the fund. These fees and expenses
are not deducted from the assets of a Subaccount, but are paid by the underlying
funds. The Owner indirectly bears a pro rata share of such fees and expenses. An
underlying fund's fees and expenses are not specified or fixed under the terms
of this Contract.

--------------------------------------------------------------------------------
WITHDRAWAL PROVISIONS
--------------------------------------------------------------------------------

WITHDRAWALS

A full or partial Withdrawal of Separate Account Contract Value is allowed at
any time prior to the Annuity Start Date while the Owner is living. Withdrawals
will be effected as of the end of the Valuation Period in which the Withdrawal
request is Received by SBL, and payment will be made within the time frame
required by applicable law. Withdrawals normally will be effective as of the
close of the Valuation Period during which we receive your proper request. Any
Withdrawal will reduce Contract Value by the amount of the Withdrawal, any
Withdrawal Charges attributable to the Withdrawal, and any Premium tax and pro
rata Account Charge.

V6029B (11-00)U 16

Upon the Owner's request for a full Withdrawal, SBL will pay the Withdrawal
Value in a lump sum, and the Contract will terminate. If you make a full
withdrawal, we require return of your Contract or a signed Lost Contract
Affidavit with your proper request.

All Withdrawals must meet the following conditions.

1. The request for Withdrawal must be Received by SBL in writing or under
other methods allowed by SBL, if any;
2. The Owner must apply prior to the Annuity Start Date while this
Contract is in force, unless one of Annuity Options 5, 6 or 7 is
elected; and
3. The amount withdrawn must be at least $500, except upon a full
Withdrawal.

PARTIAL WITHDRAWALS

A partial Withdrawal request must state the allocations for deducting the
Withdrawal from each Account. If no allocation is specified, SBL will deduct the
Withdrawal from the Accounts in the same proportion that Contract Value is
allocated among the Accounts. If your partial Withdrawal causes your Contract
Value to be less than $5,000 immediately after the Withdrawal, we may terminate
your Contract and send you the Withdrawal proceeds.

SYSTEMATIC WITHDRAWALS

Systematic Withdrawals are automatic periodic Withdrawals from Contract Value in
substantially equal amounts prior to the Annuity Start Date. To start Systematic
Withdrawals, you must make the request in writing, stating the type of payment,
its frequency and allocations for such Withdrawals. If no allocation is
specified, SBL will deduct Systematic Withdrawals from the Accounts in the same
proportion that Contract Value is allocated among the Accounts.

The type of payment may be:

(1) in a fixed amount;
(2) in Level Payments calculated by SBL;
(3) for a specified period;
(4) a specified percentage;
(5) earnings only; or
(6) based upon the life expectancy of the Owner or the Owner and a
beneficiary.

The payment frequency may be:

(1) monthly;
(2) quarterly;
(3) semiannually; or
(4) annually.

The minimum Systematic Withdrawal amount is $100 per payment. You may stop or
change Systematic Withdrawals upon proper written request Received by SBL at
least 30 days in advance of the requested date of termination or change. SBL
reserves the right to stop, modify or suspend Systematic Withdrawals at any
time.

WITHDRAWAL VALUE

The Withdrawal Value is the amount available for Withdrawal. The Withdrawal
Value as of the close of any Valuation Date is the Contract Value less:

(1) any Withdrawal Charges;
(2) any pro rata Account Charge; and
(3) any Premium tax due or paid by SBL.

V6029B (11-00)U 17

--------------------------------------------------------------------------------
DEATH BENEFIT PROVISIONS
--------------------------------------------------------------------------------

DEATH BENEFIT

A Death Benefit will be paid upon the death of the Owner prior to the Annuity
Start Date while this Contract is in force. The Death Benefit will be paid to
the Designated Beneficiary when due Proof of Death and instructions regarding
payment are Received by SBL.

If the age of each Owner was 80 or younger on the Contract Date, the Death
Benefit is equal to the greater of:

(1) the sum of all Purchase Payments made by the Owner, less any Premium
tax due or paid by SBL with respect to your Contract, less any pro
rata Account Charge, and less the sum of all partial Withdrawals and
Withdrawal Charges deducted from your Contract Value; or
(2) your Contract Value as of the date due Proof of Death and instructions
regarding payment are Received by SBL, less any Premium tax due or
paid by SBL with respect to your Contract, less any pro rata Account
Charge.

Notwithstanding the foregoing, if any Owner was age 81 or older on the Contract
Date, or if due proof of death and instructions regarding payment are not
Received by SBL within six months of the date of the Owner's death, the Death
Benefit will be as described under (2) above without reference to (1) above.

If a lump sum payment is requested, the payment will be made in accordance with
any laws and regulations that govern the payment of Death Benefits.

PROOF OF DEATH

Any of the following will serve as Proof of Death of the Owner:

1. certified copy of the death certificate;
2. certified decree of a court of competent jurisdiction as to the
finding of death;
3. written statement by a medical doctor who attended the deceased Owner;
or
4. any proof accepted by SBL.

DISTRIBUTION RULES

In the event of an Owner's death prior to the Annuity Start Date, the entire
Death Benefit shall be paid within 5 years after the death of the Owner, except
as provided below. In the event that the Beneficiary elects an Annuity Option,
the length of time for payment of the benefit may be longer than 5 years if:

1. The Designated Beneficiary is a natural person;
2. The Death Benefit is paid out under one of Annuity Options 1 through
8;
3. Payments are made over a period that does not exceed the life or life
expectancy of the Beneficiary; and
4. Payments begin within one year of the death of the Owner.

If the deceased Owner's spouse is the sole Designated Beneficiary, the spouse
shall become the sole Owner of the Contract. He or she may elect to:

(1) keep the Contract in force until the sooner of the spouse's death or
the Annuity Start Date; or
(2) receive the Death Benefit.

V6029B (11-00)U 18

If any Owner dies on or after the Annuity Start Date, Annuity Payments shall
continue to be paid at least as rapidly as under the method of payment being
used as of the date of the Owner's death.

If the Owner is a Nonnatural Person, the distribution rules set forth above
apply in the event of the death of, or change in, the Annuitant. This Contract
is deemed to include any provision of Section 72(s) of the Internal Revenue Code
of 1986, as amended (the "Code"), or any successor provision. This Contract is
also deemed to include any other provision of the Code deemed necessary by SBL
in its sole judgment, to qualify this Contract as an annuity. The application of
the distribution rules will be made in accordance with Code section 72(s), or
any successor provision, as interpreted by SBL in its sole judgment.

The foregoing distribution rules do not apply to a Contract, which is:

(1) provided under a plan described in Code section 401(a) or 403(b);
(2) an individual retirement annuity or provided under an individual
retirement account or annuity; or
(3) otherwise exempt from the Code section 72(s) distribution rules.

--------------------------------------------------------------------------------
ANNUITY BENEFIT PROVISIONS
--------------------------------------------------------------------------------

ANNUITY START DATE

The Annuity Start Date is the date as of which the first Annuity Payment is
computed under one of the Annuity Options. The Annuity Start Date shall not
precede the third Contract Anniversary. The Owner may elect the Annuity Start
Date at the time of application. If no Annuity Start Date is selected, SBL will
use the later of the:

(1) the oldest Annuitant's seventieth birthday; or
(2) the tenth Contract Anniversary.

The Annuity Start Date must be prior to the oldest Annuitant's 95th birthday.

CHANGE OF ANNUITY START DATE

The Owner may change the Annuity Start Date. A request for the change must be
made in writing. The written request must be received by SBL at least 30 days
prior to the new Annuity Start Date as well as 30 days prior to the previous
Annuity Start Date.

ANNUITY OPTIONS

The Contract provides for Annuity Payments to be made under one of eight Annuity
Options. Your Annuity Option is shown on page 25. Options 1 through 4 and 8
generally provide for payments to be made during the life of the Annuitant or
Joint Annuitants. Under Options 5 through 7, Annuity Payments are made to the
Annuitant and in the event of the Annuitant's death, to the Designated
Beneficiary.

Options 1 through 8 are available as either a Fixed or Variable Annuity or a
combination Fixed and Variable Annuity. The Annuity Options are shown below.

Prior to the Annuity Start Date, the Owner may change the Annuity Option
selected. The Owner must request the change in writing. This request must be
Received by SBL at least 30 days prior to the Annuity Start Date.

OPTION 1 LIFE INCOME 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 INCOME WITH PERIOD CERTAIN OPTION: This option provides
Annuity Payments for the life of the Annuitant. A fixed period
of 5, 10, 15 or 20 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 of the Annuity Payments during the fixed period,
the remaining Annuity Payments will be made to the Designated
Beneficiary. Upon the Annuitant's death after the period
certain, no further Annuity Payments will be made.

V6029B (11-00)U 19

OPTION 3 LIFE INCOME 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 Annuity
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 Designated Beneficiary. If the
Annuitant dies after receiving the fixed number of Annuity
Payments, no further Annuity Payments will be made.

OPTION 4 JOINT AND LAST SURVIVOR OPTION: This option provides Annuity
Payments for the lives of the Annuitant and Joint Annuitant.
Annuity Payments will be made as long as either is living.
Upon the death of one Annuitant, Annuity Payments continue to
the surviving Joint Annuitant at the same or a reduced level
of 75%, 66 2/3% or 50% of Annuity Payments, as elected by the
Owner. With respect to Fixed Annuity Payments, the amount of
the Annuity Payment, and with respect to Variable Annuity
Payments, the number of Annuity Units used to determine the
Annuity Payment, is reduced as of the first Annuity Payment
following the Annuitant's death. In the event of the death of
one Annuitant, the surviving Joint Annuitant has the right to
exercise all rights under the Contract. Upon the death of the
last Annuitant, no further Annuity Payments will be made.

OPTION 5 FIXED PERIOD OPTION: This option provides Annuity Payments
for a fixed number of years between 5 and 20. If the Contract
Value is held in the Fixed Account, then the amount of the
Annuity Payments will vary as a result of the interest rate
(as adjusted periodically) credited on Fixed Account Contract
Value. This rate is guaranteed to be no less than the
Guaranteed Rate set forth on page 25. The amount of each Fixed
Annuity Payment is determined by dividing Fixed Account
Contract Value on the Annuity Payment date by the number of
remaining Annuity Payments. If the Contract Value is held in
the Separate Account, then the amount of the Annuity Payments
will vary as a result of the investment performance of the
Subaccounts chosen. The amount of each Variable Annuity
Payment is determined by multiplying the Accumulation Unit
Value on the Annuity Payment date by the result of dividing
total Accumulation Units by the number of remaining Annuity
Payments. If the Annuitant dies before receiving the fixed
number of Annuity Payments, any remaining Annuity Payments
will be made to the Designated Beneficiary.

OPTION 6 FIXED PAYMENT OPTION: This option provides for Annuity
Payments of a fixed amount selected by the Owner. This amount
is paid until Contract Value is exhausted. If the Contract
Value is held in the Fixed Account, then the number of Annuity
Payments will vary as a result of the interest rate (as
adjusted periodically) credited on Fixed Account Contract
Value. This rate is guaranteed to be no less then the
Guaranteed Rate set forth on page 25. If the Contract Value is
held in the Separate Account, then the number of Annuity
Payments will vary as a result of the investment performance
of the Subaccounts chosen. If the Annuitant dies before
receiving all of the Annuity Payments, any remaining Annuity
Payments will be made to the Designated Beneficiary.

OPTION 7 PERIOD CERTAIN OPTION: This option provides Annuity Payments
for a fixed period of 5, 10, 15 or 20 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 Designated 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 primary
Annuitant, Annuity Payments will be made to the contingent
Annuitant as long as he or she is living. If the contingent
Annuitant is not living upon the death of the primary
Annuitant, no further payments will be made.

V6029B (11-00)U 20

ANNUITY START AMOUNT

Annuity Start Amount allocated to the Fixed Account is applied to purchase a
Fixed Annuity and that allocated to the Subaccounts is applied to purchase a
Variable Annuity. For Annuity Options 1 through 4, 7 and 8, the Annuity Start
Amount is divided by $1,000, and the result is multiplied by the applicable
amount in the Annuity Tables to determine the minimum guaranteed monthly Annuity
Payment with respect to a Fixed Annuity or the first monthly Annuity Payment
with respect to a Variable Annuity.

FIXED ANNUITY PAYMENTS

With respect to Fixed Annuity Payments, the amount set forth in the Annuity
Tables as adjusted for the rate of interest credited by SBL, is the amount of
each monthly Annuity Payment for Annuity Options 1 through 4, 7 and 8. For
Options 5 through 7, Fixed Annuity Payments are based on Contract Value.

VARIABLE ANNUITY PAYMENTS

With respect to Variable Annuity Payments, the amount set forth in the Annuity
Tables, as adjusted for the Assumed Interest Rate, is the amount of the FIRST
monthly Annuity Payment for Annuity Options 1 through 4, 7 and 8. The amount of
each Annuity Payment after the first for these options is computed by means of
Annuity Units. For Options 5 through 7, Variable Annuity Payments are based on
Contract Value. Variable Annuity Payments will fluctuate with the performance of
the Subaccount(s).

ANNUITY TABLES

The amounts set forth in the Annuity Tables for Annuity Options 1 through 4 and
8 depend on the age of the Annuitant or the Joint Annuitants on the Annuity
Start Date. The Annuity Tables are modified to reflect:

(1) the Assumed Interest Rate for Variable Annuity Payments; or
(2) the rate of interest in effect on the Annuity Start Date for Fixed
Annuity Payments.

The rate of interest for Fixed Annuity Payments is guaranteed not to be less
than the Guaranteed Rate set forth on page 25. The Annuity Tables contain the
amount of monthly Annuity Payment per $1,000 of Annuity Start Amount. The
Annuity Tables state values for the exact ages shown.

The values will be interpolated based on the exact age(s) of the Annuitant or
Joint Annuitants on the Annuity Start Date. The basis of the Annuity Tables for
Options 1 through 4 and 8 and the Assumed Interest Rate are set forth on page
25. The Annuity Table for Option 7 is determined without reference to the age of
the Annuitant and is based upon the Assumed Interest Rate. Annuity Payments for
Options 5 and 6 are computed without reference to the Annuity Tables. The
Annuity Tables are used in accordance with generally accepted actuarial
principles.

V6029B (11-00)U 21

ANNUITY PAYMENTS

No Annuity Option can be selected that requires SBL to make Annuity Payments of
less than $100.00. Each Annuity Option allows for making Annuity Payments
annually, semiannually, quarterly or monthly. Annuity Payments due on a date
other than a Valuation Date, are paid as of the end of the next following
Valuation Date.

ANNUITY UNITS

On the Annuity Start Date, the amount of the first Variable Annuity Payment is
divided by the Annuity Unit Value as of that date to determine the number of
Annuity Units to be used in calculating subsequent Annuity Payments. If the
Annuity Start Amount was allocated to more than one Subaccount, the first
Variable Annuity Payment will be allocated to each Subaccount in the percentage
corresponding to the allocation of Annuity Start Amount. The number of Annuity
Units for each Subaccount is then found by dividing the amount of the first
Variable Annuity Payment allocated to that Subaccount by the Annuity Unit Value
for the Subaccount on the Annuity Start Date. The number of Annuity Units for
the Subaccount then remains constant, unless a Transfer of Annuity Units is
made. After the first Variable Annuity Payment, the dollar amount of each
subsequent Annuity Payment is equal to the sum of the payment amount determined
for each Subaccount. The payment amount for each Subaccount is equal to the
number of Annuity Units allocated to that Subaccount multiplied by the Annuity
Unit Value as of the date of the Annuity Payment.

An example of an initial Variable Annuity Payment calculation for a male, age 60
is as follows:

Annuity Start Amount = $100,000 $100,000 = 100
--------
$1,000
Amount determined by reference in 1999 to Annuity Table for a male, age 60
under Option 1 $4.00
First Variable Annuity Payment 100 x $4.00 = $400
Annuity
Annuity First Unit Value Number of Annuity
Start Amount Variable Annuity on Annuity Units Used to Determine
Subaccount Allocation Payment Allocation Start Date Subsequent Payments
---------- ------------- ------------------ ---------- --------------------
Growth 50% $200.00 / $1.51 = 132.4503
Growth-Income 50% $200.00 / $1.02 = 196.0784

An example of a subsequent Variable Annuity Payment calculation using the
assumptions above is as follows:

Annuity Unit
Value on Date of New Annuity
Subaccount Annuity Units Subsequent Payment Payment Amount
---------- ------------- ------------------ --------------

Growth 132.4503 x $1.60 = $211.92
Growth-Income 196.0784 x $1.10 = $215.69
-------
$427.61

ANNUITY UNIT VALUE

The Annuity Unit Value for each Subaccount was first set by SBL. The Annuity
Unit Value for any subsequent Valuation Date is equal to (a) times (b) times
(c), where:

(a) is the Annuity Unit Value on the immediately preceding Valuation Date;
(b) is the Net Investment Factor for the day;
(c) is a factor used to adjust for the Assumed Interest Rate set forth on
page 25 which is used to determine Variable Annuity Payment amounts.

V6029B (11-00)U 22

ALTERNATE ANNUITY OPTION RATES

SBL may, at the time of election of an Annuity Option, offer more favorable
rates in lieu of the guaranteed rates shown in the Annuity Tables.

V6029B (11-00)U 23

SECURITY BENEFIT (SM)
LIFE INSURANCE COMPANY

A BRIEF DESCRIPTION OF THIS CONTRACT

This is a FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT.

* Investment Experience is Reflected in Benefits
* Variable and Fixed Accumulation Before the Annuity Start Date; Variable and
Fixed Annuity Payments Thereafter
* Death Benefit Proceeds are Payable Before the Annuity Start Date
* This Contract is Non-Participating

SECURITY BENEFIT LIFE INSURANCE COMPANY
One Security Benefit Place, Topeka, KS 66636-0001
0-000-000-0000

V6029Z (11-00)U

--------------------------------------------------------------------------------
CONTRACT DATA PAGE
--------------------------------------------------------------------------------
OWNER NAME: CONTRACT NUMBER:
Xxxx Xxx 123456789

JOINT OWNER NAME: CONTRACT DATE:
Xxxx Xxx July 1, 1999

ANNUITANT NAME: ANNUITY START DATE:
Xxxx Xxx July 1, 2031

ANNUITANT DATE OF BIRTH: PLAN:
October 5, 1960 Non-Qualified

ASSIGNMENT:
This Contract may be assigned. See assignment
provision.

PRIMARY BENEFICIARY NAME: FIXED ACCOUNT:
Xxxxx Xxx The Fixed Account is not available under this
Contract.

ANNUITY OPTION:
Option 2
--------------------------------------------------------------------------------

FIRST PURCHASE PAYMENT....................................... $50,000

MINIMUM SUBSEQUENT PURCHASE PAYMENT.......................... $500 ($50 under an automatic investment program)

FREE WITHDRAWAL PERCENTAGE................................... 10%

SEPARATE ACCOUNT............................................. Variable Annuity Account XIV

ADMINISTRATION CHARGE........................................ [0.60]% Annually

ACCOUNT ADMINISTRATION CHARGE................................ $0 Annually

WITHDRAWAL CHARGE
Age of Purchase Payment in Years........................ 1 2 3 4 5 6
Withdrawal Charge....................................... 5% 4% 3% 2% 1% 0%

MORTALITY AND EXPENSE RISK CHARGE 0% Annually
AFTER ANNUITY START DATE FOR OPTIONS 1-4, 7 & 8......... 1.25% Annually

BASIS OF DEATH BENEFIT
[Contract Value......................................... 0.00% Annually
Return of Premium....................................... 0.10% Annually]

OPTIONAL RIDER CHARGES -
[3% Extra Credit 0.40% Annually]
[6% Dollar for Dollar GMIB 0.75% Annually]

BASIS OF ANNUITY TABLES...................................... 1983 (a) Mortality Table with mortality improvement under
Projection Scale G

ASSUMED INTEREST RATE........................................ 3.5% annually

V6029A (11-06)U 1B 3

SUBACCOUNTS:

[
1. AIM V.I. Capital Appreciation
2. AIM V.I. International Growth
3. AIM V.I. Mid Cap Core Equity
4. Direxion Dynamic VP XX Xxxx
5. Dreyfus VIF International Value
6. Federated Fund for U.S. Government Securities II
7. Federated High Income Bond II
8. Fidelity VIP Contrafund
9. Fidelity VIP Growth Opportunities
10. Fidelity VIP Index 500
11. Fidelity VIP Investment Grade Bond
12. Xxxxxxxxx Xxxxxx AMT Guardian
13. Xxxxxxxxx Xxxxxx AMT Partners
14. Xxxxxxxxxxx Main Street Small Cap Fund(R)/VA
15. PIMCO VIT Low Duration
16. PIMCO VIT Real Return
17. PIMCO VIT StocksPLUS(R) Growth and Income
18. PIMCO VIT Total Return
19. RVT CLS Advisor One Xxxxxxx
20. RVT CLS AdvisorOne Berolina
21. RVT CLS Advisor One Clermont
22. Rydex VT Absolute Return Strategies
23. Rydex VT Banking
24. Rydex VT Basic Materials
25. Rydex VT Biotechnology
26. Rydex VT Commodities
27. Rydex VT Consumer Products
28. Rydex VT Dynamic Dow
29. Rydex VT Dynamic OTC
30. Rydex VT Dynamic Xxxxxxx 2000(R)
31. Rydex VT Dynamic S&P 500
32. Rydex VT Dynamic Strengthening Dollar
33. Rydex VT Dynamic Weakening Dollar
34. Rydex VT Electronics
35. Rydex VT Energy
36. Rydex VT Energy Services
37. Rydex VT EP Aggressive
38. Rydex VT EP Conservative
39. Rydex VT EP Moderate
40. Rydex VT Europe Advantage
41. Rydex VT Financial Services
42. Rydex VT Government Long Bond Advantage
43. Rydex VT Health Care
44. Rydex VT Hedged Equity
45. Rydex VT Internet
46. Rydex VT Inverse Dynamic Dow
47. Rydex VT Inverse Government Long Bond
48. Rydex VT Inverse Mid Cap
49. Rydex VT Inverse OTC
50. Rydex VT Inverse Xxxxxxx 2000(R)
51. Rydex VT Inverse S&P 500
52. Rydex VT Japan Advantage
53. Rydex VT Large Cap Growth
54. Rydex VT Large Cap Value
55. Rydex VT Leisure
56. Rydex VT Mid Cap Advantage
57. Rydex VT Mid Cap Growth
58. Rydex VT Mid Cap Value
59. Rydex VT Multi-Cap Core Equity
60. Rydex VT Nova
61. Rydex VT OTC
62. Rydex VT Precious Metals
63. Rydex VT Real Estate
64. Rydex VT Retailing
65. Rydex VT Xxxxxxx 2000(R) Advantage
66. Rydex VT Sector Rotation
67. Rydex VT Small Cap Growth
68. Rydex VT Small Cap Value
69. Rydex VT Technology
70. Rydex VT Telecommunications
71. Rydex VT Transportation
72. Rydex VT U.S. Government Money Market
73. Rydex VT Utilities
74. SBL Global
75. SBL Small Cap Value
76. Xxx Xxxxxx LIT Government
77. Xxxxx Fargo Advantage Opportunity VT ]

V6029A (11-06)U 1B 3A