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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0000869772</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>09-30-2025</periodOfReport>
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      <reportCalendarOrQuarter>09-30-2025</reportCalendarOrQuarter>
      <filingManager>
        <name>SECURITY BENEFIT LIFE INSURANCE CO /KS/</name>
        <address>
          <com:street1>ONE SECURITY BENEFIT PLACE</com:street1>
          <com:city>TOPEKA</com:city>
          <com:stateOrCountry>KS</com:stateOrCountry>
          <com:zipCode>66636-0001</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-02805</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Vaishali Mahna</name>
      <title>Assistant Vice President and Senior Counsel</title>
      <phone>404-596-7280</phone>
      <signature>VAISHALI MAHNA</signature>
      <city>Atlanta</city>
      <stateOrCountry>GA</stateOrCountry>
      <signatureDate>11-12-2025</signatureDate>
    </signatureBlock>
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      <tableEntryTotal>20</tableEntryTotal>
      <tableValueTotal>248521988</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
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          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001744219</cik>
            <form13FFileNumber>028-21353</form13FFileNumber>
            <name>Eldridge Industries, LLC</name>
          </otherManager>
        </otherManager2>
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