Liquidation: VARIABLE ANNUITY ACCOUNT B

Form Type: 497VPU

Filing Date: 2025-04-30

Corporate Action: Liquidation

Type: Update

Accession Number: 000119312525106419

Filing Summary: This document is an Updating Summary Prospectus for the SecureDesigns Variable Annuity Contract issued on May 1, 2025, by First Security Benefit Life Insurance and Annuity Company of New York. It serves current investors and outlines significant changes regarding the availability of Underlying Funds under the Contract. Notably, several Underlying Funds were liquidated and are no longer accessible, including Guggenheim VIF Alpha Opportunity, Guggenheim VIF Long Short Equity, and Guggenheim VIF Managed Asset Allocation. As a result of various fund mergers, several funds have been renamed, such as Guggenheim VIF All Cap Value now being NAA All Cap Value Series. The Prospectus emphasizes the importance of understanding the risks associated with such investments, notably potential loss of principal and implications of withdrawal charges. It further details advisory fees and their impacts on Contract value and benefits, along with a comprehensive fee table outlining annual costs for investors. The document also stresses that certain investment options may not be available and highlights relevant tax information concerning withdrawals. Additionally, there are restrictions related to investment selection based on opted benefits, and various risks associated with the contract, including insurance company risks based on the issuer's financial stability. Investors are encouraged to refer to online resources for further details on the funds and the contract's performance.