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APA Zinn, D. (2025, February 24). Security Benefit Life At a Glance: Rates, Products and Review. RetireGuide.com. Retrieved March 3, 2025, from https://www.retireguide.com/annuities/companies/security-benefit-life/

MLA Zinn, Dori. "Security Benefit Life At a Glance: Rates, Products and Review." RetireGuide.com, 24 Feb 2025, https://www.retireguide.com/annuities/companies/security-benefit-life/.

Chicago Zinn, Dori. "Security Benefit Life At a Glance: Rates, Products and Review." RetireGuide.com. Last modified February 24, 2025. https://www.retireguide.com/annuities/companies/security-benefit-life/.

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Key Takeaways
  • Security Benefit Life has been in business for over a century and consistently received high marks from insurance credit reporting agencies.
  • The company offers fixed, fixed index, variable annuity options and mutual funds, among other retirement investment options.
  • Security Benefit does business nationwide except for New York.
  • Some annuities are available for older people up to 90 years of age.

Company Overview

Security Benefit Life Insurance is a leader in the retirement and wealth markets. The Kansas-based company began more than 133 years ago when most folks didn’t have life insurance. Today, Security Benefit provides retirement solutions for the National Education Association’s 2.5 million members, among other retirees and pre-retirees looking for retirement solutions.

With high ratings from A.M. Best, Standard & Poor’s and other agencies, Security Benefit has proven they’re financially stable and offer a wide variety of annuity options for most people. Here’s what you need to know about Security Benefit Life before buying an annuity.

Types of Annuities Offered by Security Benefit Life

Security Benefit more than 12 different types of annuities, including four fixed annuities, six fixed index annuities, and four variable annuities.

Fixed Annuities

Security Benefit offers four fixed annuities: the Advanced Choice Annuity, the Choice Annuity Renewal, the RateTrack Annuity and the Total Interest Annuity.

To take a brief look at one of these fixed annuities, the Advanced Choice Annuity is a single premium tax-deferred annuity. This annuity may be well-suited for someone who has a sum of money that they want to grow, but don’t want to place in the market.

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Fixed Index Annuities

Security Benefit offers six fixed index annuities: the ClearLine Annuity, Foundations Annuity, Strategic Growth Annuity, Strategic Growth Plus Annuity, Strategic Growth 7 Annuity and the TopRidge Bonus Annuity.

Variable Annuities

Security Benefit offers four variable annuity products including the EliteDesigns® Variable Annuity, the EliteDesigns® II Variable Annuity, the SecureDesigns® Variable Annuity and the Variflex® Variable Annuity.

To learn more about any of the listed annuities, please refer to Security Benefits product pages or contact a financial advisor.

Key Features and Benefits

Minimum premium amounts vary by annuity type and the type of contract you have with Security Benefit. Certain benefits, like waivers, riders and bonuses, vary based on the type of annuity you get.

Lots of Options
Security Benefit offers many different types of annuities. Within each one, there are many ways to customize your choice based on your needs and preferences. Some people want to limit market exposure while others want to pay taxes at different times.
Plenty of Riders and Waivers
Some annuities offer a terminal illness waiver, nursing home waiver, return of purchase payment riders and others. If you’re looking for specific additions or requirements, you can talk to a financial professional there to see what options work best for your needs.
Large Purchase Amount Available
Depending on your account type, some premiums start as low as $10,000 and go up to $3 million.

Security Benefit Life Pros and Cons

Consider the good and bad aspects of Security Benefit Life as you compare different annuity options. It’s also important to look at the different annuities not just from Security Benefit Life, but from other companies as well as you’re weighing the pros and cons.

Pros

  • Easily Accessible Information: The company makes finding information about each product exceptionally easy, whether it’s an interest rate, fee, waiver, bonus or something else. Researching, comparing and checking out the competition is much easier and faster.
  • High Credit Ratings: Security Benefit has had consistently high credit ratings from Fitch, Standard & Poor’s, A.M. Best and others. These high ratings prove the company is financially stable and reliable with your investments.
  • High Issue Ages: Most annuity options are issued up through ages 80, 85 or 90, depending on your type of annuity. It's good news for those buying annuities later in life and needing options.

Cons

  • Lots of Pending Lawsuits: The company is at the center of many pending lawsuits across the nation, alleging that the company directed clients to invest in accounts that performed much worse than originally portrayed.
  • Long Payout Process: Many reviews through the Better Business Bureau (BBB) detail that payouts take much longer than anticipated and sometimes don’t come at all. Others report high fees and charges with low payouts when the money does come.
  • Some Fees Apply: Depending on the type of annuity you select, you could face some fees, including advisory fees, rider charges and others. Keep these costs in mind as you’re comparing annuity options.
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Customer Service and Financial Stability

Reach out to Security Benefit Life customer service Monday through Friday, 8 a.m. to 7 p.m. ET at 1-800-888-2461. You can also submit a question online and wait for a representative to reach out to you.

Security Benefit has an A- rating from A.M. Best, Standard & Poor’s and Fitch. These credit reporting agencies focus on the insurance industry and prove that the company is extremely financially stable.

Is Security Benefit Life Right for You?

With more than 130 years in existence, Security Benefit Life has proven prestige. The company offers a slew of different annuity and retirement products for most people all over the country (aside from New York).

There are many different options, customizations and tools to craft your perfect annuity. But based on customer reviews, you might find that the payout takes longer than expected — or, in some cases, not at all. Do as much research as possible before completing an application and don’t be afraid to compare all your choices, get quotes and speak with experts with first-hand knowledge.

Frequently Asked Questions About Security Benefit Life
What types of financial products does Security Benefit Life offer?
Security Benefit Life offers many different retirement products, including more than a dozen highly customizable annuity products based on preferences and risk tolerance.
​​How financially strong is Security Benefit Life?
Security Benefit Life has an A- rating from three of the top major independent credit reporting agencies that focus on the insurance industry. A high rating proves that the company is financially stable and can meet financial obligations.
Who is Security Benefit Life best suited for?
Most of Security Benefit Life’s customers are educators and those who work in the education field and retirement plan participants at small- and mid-size companies. Anyone can buy an annuity from Security Benefit as long as they meet the minimum purchase requirements.

Editor Norah Layne contributed to this article.

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Last Modified: February 24, 2025
Dori Zinn, RetireGuide.com financial writer, headshot
Dori Zinn President of Blossomers Media, Inc.
Dori Zinn is a veteran personal finance journalist with more than ten years of expertise, whose work has been showcased in prestigious publications such as the New York Times, Wall Street Journal and CNN. As the President of Blossomers Media, Inc., she has also earned accolades for her leadership, notably guiding the SPJ Florida Pro Chapter to win the “Chapter of the Year” award twice. Dori's dedication lies in empowering individuals to grasp and manage their finances with confidence.
  • Published in top outlets, such as the New York Times, Wall Street Journal, CNN and more
  • President of Blossomers Media, Inc.
  • Bachelor’s degree in Multimedia Journalism from Florida Atlantic University in Boca Raton, Florida
Edited By
Sierra Campbell professional headshot
Sierra Campbell Financial Editor

9 Cited Research Articles

  1. A.M. Best. (2025). Security Benefit Life Insurance Company. Retrieved from https://ratings.ambest.com/CompanyProfile.aspx?ambnum=7025&URatingId=3280606&bl=0&AltSrc=1&PPP=&AltNum=0&Ext_User=&Ext_Misc=&Portal=0&Site=
  2. Fitch. (2024, Aug. 27). Fitch Affirms Security Benefit's Ratings; Outlook Stable. Retrieved from https://www.fitchratings.com/research/insurance/fitch-affirms-security-benefit-ratings-outlook-stable-27-08-2024
  3. S&P Global. (2024, Feb. 28). Security Benefit Life Insurance Co. Outlook Revised To Stable From Negative On Capital Model Criteria; Ratings Affirmed. Retrieved from https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3132418
  4. Security Benefit. (n.d.). Advanced Choice Annuity. Retrieved from https://www.securitybenefit.com/individuals/product/advanced-choice-annuity
  5. Security Benefit. (n.d.). ClearLine Annuity. Retrieved from https://www.securitybenefit.com/individuals/product/clearline-annuity
  6. Security Benefit. (n.d.). Contact Us. Retrieved from https://www.securitybenefit.com/contact-us
  7. Security Benefit. (n.d.). Individuals. Retrieved from https://www.securitybenefit.com/individuals
  8. Security Benefit. (n.d.). Our Company. Retrieved from https://www.securitybenefit.com/about-us/our-company
  9. Security Benefit. (n.d.). TopRidge Bonus Annuity. Retrieved from https://www.securitybenefit.com/product/topridge-bonus-annuity