AEA Valuebuilder Variable Annuity Issued by:    Security Benefit Life Insurance Company
One Security Benefit Place
Topeka, Kansas 66636-0001

Supplement Dated July 31, 2006,
To Prospectus Dated May 1, 2005

The term "Guaranteed Rate" is added to the Definitions section of the prospectus as follows:

      Guaranteed Rate  — The minimum interest rate earned on the Fixed Account, which accrues daily and ranges from an annual effective rate of 1% to 3%.

The term "Fixed Account" is deleted from the Definitions section of the prospectus and replaced with the following:

      Fixed Account  — An account that is part of the Company's General Account to which you may allocate all or a portion of your Contract Value to be held for accumulation at fixed rates of interest (which may not be less than the Guaranteed Rate) declared periodically by the Company. See "The Fixed Account."

The first paragraph of the "Interest" section of the Prospectus is deleted in its entirety and replaced with the following:

      Interest  — Contract Value allocated to the Fixed Account earns interest at a fixed rate or rates that are paid by the Company. The Contract Value in the Fixed Account earns interest at an interest rate that is guaranteed to be at least a specified minimum rate ("Guaranteed Rate"). The Guaranteed Rate accrues daily and ranges from an annual effective rate of 1% to 3%. Such interest will be paid regardless of the actual investment experience of the Fixed Account. The principal, after charges and deductions, also is guaranteed. In addition, the Company may in its discretion pay interest at a rate ("Current Rate") that exceeds the Guaranteed Rate. The Company will determine the Current Rate, if any, from time to time. Because the Company may declare a Current Rate in its sole discretion, you assume the risk that interest credited to Contract Value in the Fixed Account may not exceed the Guaranteed Rate.

Please Retain This Supplement For Future Reference