Post-Effective Amendment to Registration Statement by Investment Company (Form 485APOS)

Filed with the Securities and Exchange Commission on October 7, 2025
REGISTRATION NO. 333-286279
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 1

LINCOLN BENEFIT LIFE COMPANY
(Name of Insurance Company)

1221 N STREET
SUITE 200
LINCOLN, NEBRASKA 68508
(Address of Insurance Company's principal executive offices)

 (888) 674-3667
(Insurance Company's Telephone Number, including Area Code)

STEVEN FRY
LINCOLN BENEFIT LIFE COMPANY
SUITE 200
LINCOLN NEBRASKA 68508
(Name and address of agent for service)

COPIES TO:
SCOTT VAN WYNGARDEN
LINCOLN BENEFIT LIFE COMPANY
1221 N STREET
LINCOLN, NEBRASKA 68508
(515) 304-4612

Approximate Date of Proposed Sale to the Public: Continuously on and after the effective date of this Registration Statement

It is proposed that this filing become effective: (check appropriate space)

If appropriate, check the following box:

Check each box that appropriately characterizes the Registrant:

Market Value Adjusted Fixed Account under Certain Variable Annuity Contracts Issued by Lincoln Benefit Life Company  
Lincoln Benefit Life Company
Street Address: 5801 SW 6th Ave., Topeka KS 66606-00001
Mailing Address: P.O. Box 758561, Topeka, KS 66675-8561
Telephone Number: 1-800-457-7617
Fax Number: 1-785-228-4584

Prospectus dated May 1, 2026

Lincoln Benefit Life Company ("LBL," the "Company," "Lincoln Benefit," "we," "us," and "our") issues the market value adjusted Fixed Account Options (the "Guaranteed Maturity Fixed Account Option(s)") described in this prospectus. The Guaranteed Maturity Fixed Account Options are available only under the following variable annuity contracts that we offer: The LBL Consultant I Variable Annuities ("Consultant I"), the LBL Consultant II Variable Annuities ("Consultant II"), and the LBL Premier Planner Variable Annuities ("Premier Planner," and collectively with Consultant I and Consultant II, the "Contracts," and each a "Contract"). The Contracts are individual deferred variable annuity contracts issued by Lincoln Benefit Life Company through Lincoln Benefit Life Company Variable Annuity Separate Account (the "Variable Account"). The Contracts are designed to aid in long-term financial planning. Under the Contracts, you invest your purchase payments in the investment options available under the Contracts, which generally include the sub-accounts of the Variable Account and the fixed account options, which are the Guaranteed Maturity Fixed Account Option and the Dollar Cost Averaging Fixed Account Option. None of the Contracts are currently offered for new sales. However, under outstanding Contracts you may be able to make additional purchase payments, and allocate additional purchase payments or transfer amounts of Contract Value to the Guaranteed Maturity Fixed Account Option.

This prospectus ("Prospectus") describes the material features of the Guaranteed Maturity Fixed Account Option available under your Contract. This Prospectus does not describe the material feature of the Contracts or the investment options available under the Contracts other than the Guaranteed Maturity Fixed Account Option. Please read this Prospectus in conjunction with the most recent prospectus for your variable annuity contract. The Guaranteed Maturity Fixed Account Option credits a specified rate of interest daily at an annual rate we determine for the duration of each selected Guarantee Period. We may offer Guarantee Periods ranging from one to ten years in length. For a list of the Guarantee Periods currently available, please see "Appendix A"to this Prospectus.  

The description of the Guaranteed Maturity Fixed Account Options' material features are current as of the date of this Prospectus. If material provisions of the Guaranteed Maturity Fixed Account Options are changed after the date of this Prospectus, those changes will be described in a supplement to this Prospectus and the supplement will become a part of this Prospectus.

Because the Contracts are no longer sold, the prospectuses for the Contracts are no longer updated. For information about your Contract, the subaccounts available under your Contract, and the Portfolios in which they invest, please refer to your variable annuity contract and the most recent variable annuity contract prospectus, along with any supplementary materials, which you may obtain by writing to or calling us at the contact information listed above. Additional information regarding the Portfolios in which the subaccounts invest can also be found in the most recent prospectuses for the Portfolios and any supplementary materials. You may request prospectuses for the Portfolios underlying the subaccounts, which do not accompany this Prospectus, by contacting us.

The Contracts are complex investments and involve risks, including potential loss of principal and any accumulated earnings. The Contracts are not short-term investments and are not appropriate for an investor who needs ready access to cash. Withdrawals and surrenders could result in Withdrawal Charges, taxes, and tax penalties. In addition, withdrawing, transferring, or otherwise removing amounts from a Guarantee Period prior to its expiration could result in a negative Market Value Adjustment (also referred to in this Prospectus as an "MVA"). In extreme circumstances, you could lose up to 100% of the amount withdrawn or otherwise removed from a Guarantee Period due to a negative MVA.  

The Company's obligations under the Contracts (including the Guarantee Periods) are subject to the Company's financial strength and claims-paying ability. Additional information about certain investment products, including annuities, has been prepared by the Securities and Exchange Commission's staff and is available at  Investor.gov.  

Please read and keep this Prospectus for future reference. You should carefully read this Prospectus in conjunction with any applicable supplements before taking any action involving the Guaranteed Maturity Fixed Account Option. This Prospectus supersedes all prior prospectuses. Also, this Prospectus must be read along with the appropriate variable annuity contract prospectus. This Prospectus is in addition to the appropriate variable annuity contract prospectus. All information in the appropriate variable annuity contract prospectus continues to apply unless addressed by this Prospectus.

MVA-LBL1

Table of Contents

IMPORTANT TERMS

LBL (or the Company, we, us, and our) - Lincoln Benefit Life Company, the issuer of the variable annuity contracts under which the Guaranteed Maturity Fixed Account Option is available.

Contract Value - During the accumulation phase, the sum of the value of your interest in the variable sub-accounts you have selected under your Contract, plus your value in the fixed account option(s) offered by your Contract, including the Guaranteed Maturity Fixed Account Option.

Contracts (or Contract) - The LBL Consultant I Variable Annuity, the LBL Consultant II Variable Annuity and the LBL Premier Planner Variable Annuity variable annuity contracts issued by LBL under which the Guaranteed Maturity Fixed Account Option is available.

Fixed Account - The portion of the Contract Value allocated to our general account. You may allocate part or all of your Purchase Payments to the Fixed Account in states where it is available. Amounts allocated to the Fixed Account become part of the general assets of Lincoln Benefit.

Guarantee Period - A period of years during which we credit a specified amount of interest at a rate that we determine to amounts allocated to the Guaranteed Maturity Fixed Account Option.  

Guaranteed Maturity Fixed Account Option or Guaranteed Maturity Fixed Account Options - The fixed interest investment option described in this Prospectus that credits a specified amount of interest daily at an annual rate that we determine for the duration of each Guarantee Period. The Guaranteed Maturity Fixed Account Option is a part of our General Account.  

Income Plan - A series of scheduled payments to you or someone you designate. You may choose and change your choice of Income Plan until 30 days before the Payout Start Date.  

Market Value Adjustment (or "MVA") - A positive or negative adjustment that we may apply to amounts removed from a Guarantee Period under specified circumstances that reflects changes in interest rates from the time you first allocate money to the Guarantee Period to the time that money is taken out of that Guarantee Period. The Market Value Adjustment may be positive or negative, depending on changes in interest rates. As such, you bear the risk of loss due to a negative Market Value Adjustment associated with changes in interest rates.  

Payout Start Date - The day that we apply your Contract Value, adjusted by any Market Value Adjustment and less any applicable taxes, to an Income Plan. The Payout Start Date must be no later than the Annuitant's 99th birthday, or the 10th Contract Anniversary, if later.

Settlement Value - The amount payable on a full withdrawal of Contract Value.

Surrender Value - The amount paid upon complete surrender of the Contract, equal to the Contract Value, less any premium taxes, Withdrawal Charge, and the contract maintenance charge, as applicable to your Contract, and increased or decreased by any Market Value Adjustment.

Treasury Rate - The U.S. Treasury Note Constant Maturity Yield as reported in Federal Reserve Board Statistical Release H.15. If such yields cease to be available, then we will use an alternate source for such information in our discretion.

Variable Account - The Lincoln Benefit Life Variable Annuity Account.  

Withdrawal Charge - The contingent deferred sales charge that may be required upon some withdrawals or surrenders under the Consultant I and Premier Planner variable annuity contracts.

1

Back to Table of Contents

Overview of the Contract

This Prospectus describes the material features of the Guaranteed Maturity Fixed Account Option available under your Contract. This Prospectus does not describe the material feature of the Contracts or the investment options available under the Contracts other than the Guaranteed Maturity Fixed Account Option. Please read this Prospectus in conjunction with the most recent prospectus for your variable annuity contract.

The Guaranteed Maturity Fixed Account Options are available only under the following variable annuity contracts that we offer: the  LBL Consultant I Variable Annuities, the LBL Consultant II Variable Annuities and the LBL Premier Planner Variable Annuities. The Contracts are individual deferred variable annuity contracts issued by us through the Variable Account. The Contracts are designed to aid in long-term financial planning and provide tax-deferred retirement investing. The Contracts may be appropriate for you if you have a long investment time horizon. They are not intended for people who may need early liquidity or ready access to cash.

The Contracts generally have two phases: (1) an Accumulation Period, during which you invest your purchase payments and Contract Value in the investment options available under the Contract; and (2) an annuity period, during which annuity payments are paid. If you  annuitize your Contract, you will receive a stream of income payments; however, you may be unable to make withdrawals from your Contract and Contract benefits generally terminate.

The Contracts offer several investment options, which generally include the following:

Contract Features

The following lists the Contract features available under the Guaranteed Maturity Fixed Account Option. For a description of other key features available under your Contract, please refer to your variable annuity contract and the most recent variable annuity contract prospectus, along with any supplementary materials.

Contract Adjustment

You could lose a significant amount of money due to a negative MVA if amounts are removed from a Guarantee Period prior to its expiration. Withdrawals and surrenders, transfers, annuitization, and death benefit payments from a Guarantee Period prior to its expiration may result in an MVA.

2

Back to Table of Contents

Key Information [to be updated by amendment]

3

Back to Table of Contents

4

Back to Table of Contents

5

Back to Table of Contents

Fee Table

Your variable annuity contract and most recent variable annuity contract prospectus describes the fees, expenses, and adjustments that you will pay when buying, owning and surrendering or making withdrawals from an investment option or from your Contract. Please refer to your most recent variable annuity contract prospectus and contract specifications page, along with any supplementary materials, for information about the specific fees you will pay each year based on the options you have elected. This Prospectus describes only the charges specific to an investment in the Guaranteed Maturity Fixed Account Option.

The table below describes the adjustments, in addition to any transaction expenses, that may apply if all or a portion of the Contract Value is removed from a Guarantee Period before the expiration of the Guarantee Period.

6

Back to Table of Contents

Benefits Available Under the Contract

The following table summarizes information about the benefit(s) available under the Guaranteed Maturity Fixed Account Option. Other benefits may be available under your Contract. Please refer to your variable annuity contract and the most recent variable annuity contract prospectus, along with any supplementary materials, for information regarding other benefits available under your Contract.  

7

Back to Table of Contents

Who Is Lincoln Benefit Life Company?

Lincoln Benefit Life Company is a stock life insurance company organized under the laws of the state of Nebraska in 1938. Our legal domicile and principal business address is 1221 N Street, Suite 200, Lincoln, NE 68508. Lincoln Benefit is a wholly-owned subsidiary of LBL HoldCo II, Inc., a Delaware corporation ("HoldCo"), which is a wholly-owned subsidiary of LBL HoldCo, Inc., a Delaware corporation ("HoldCo Parent"). HoldCo Parent is a wholly-owned subsidiary of Kuvare US Holdings, Inc.

We are authorized to conduct life insurance and annuity business in the District of Columbia,  U.S. Virgin Islands and all states except New York. We intend to offer the Guaranteed Maturity Fixed Account Option under variable annuity contracts in those jurisdictions in which we are licensed. We are obligated to pay all amounts promised to investors under the Contracts, subject to our financial strength and claims-paying ability.

This Prospectus describes the Guaranteed Maturity Fixed Account Option available under the Contracts. The Guaranteed Maturity Fixed Account Option is part of our General Account. Our General Account consists of general assets other than those in segregated asset accounts, such as the Variable Account. We have sole discretion to invest the assets of the General Account, subject to applicable law. Any money you allocate to the Guaranteed Maturity Fixed Account Option does not entitle you to share in the investment experience of the General Account. Contract Values allocated to the Guaranteed Maturity Fixed Account Options are subject to the Company's financial strength and claims-paying ability. The Guaranteed Maturity Fixed Account Option involves risks. See "Principal Risks of Investing in the Contract" in this Prospectus. See also the Statement of Additional Information "SAI" dated the same date as this Prospectus for additional information about the Company, including its financial statements.

8

Back to Table of Contents

Description of the Guaranteed Maturity Fixed Account Option

Guaranteed Maturity Fixed Account Option. We will credit a specified rate of interest to each amount allocated to the Guaranteed Maturity Fixed Account Option for the duration of each specified Guarantee Period. You select the duration of the Guarantee Period for each amount that you allocate to the Guaranteed Maturity Fixed Account Option. We will declare the interest rate that we will guarantee to credit to that amount for that Guarantee Period. Each amount allocated to a Guarantee Period under this option must be at least $500. We reserve the right to limit the number of additional purchase payments that may be allocated to this option.

We will credit interest daily to each amount allocated to a Guarantee Period at a rate which compounds to the effective annual interest rate that we declared at the beginning of the applicable Guarantee Period. We will not change the interest rate credited to a particular allocation until the end of the relevant Guarantee Period. We may declare different interest rates for Guarantee Periods of the same length that begin at different times. The effective annual interest rate declared for a Guarantee Period will never be less than [ ]%, or a greater rate as required by state law.

We will tell you what interest rates and Guarantee Periods we are offering at a particular time. We may offer Guarantee Periods ranging from one to ten years in length. We will decide in our discretion which Guarantee Periods to offer. Currently, we offer Guarantee Periods of one, three, five, seven and ten years in length. In the future we may offer Guarantee Periods of different lengths or stop offering some Guarantee Periods. Information regarding the features of each currently offered Guarantee Period, including (i) its name, (ii) its term, and (iii) its guaranteed minimum effective annual interest rate, is available in "Appendix A"to this Prospectus.

We have no specific formula for determining the rate of interest that we will declare initially or in the future. We will set those interest rates based on relevant factors such as then current interest rates, regulatory and tax requirements, our sales commission and administrative expenses, general economic trends, and competitive factors. For current interest rate information, please contact us at 1-800-457-7617.

WE WILL DETERMINE THE INTEREST RATES TO BE DECLARED IN OUR SOLE DISCRETION. WE CAN NEITHER PREDICT NOR GUARANTEE THE INTEREST RATES THAT WILL BE DECLARED FOR FUTURE GUARANTEE PERIODS.

At the end of each Guarantee Period, we will mail you a notice asking you what to do with the amount in the expiring Guarantee Period, including the accrued interest. During the 30-day period after the end of the Guarantee Period, you may take the following actions without incurring a Market Value Adjustment on the amount in the expiring Guarantee Period:

You may also apply the relevant amount to an annuity option available under your Contract. For more information about  annuitizing your Contract and annuity options available under your Contract, please refer to your variable annuity contract and the most recent variable annuity contract prospectus, along with any supplementary materials.

You could lose a significant amount of money due to a negative  MVA if amounts are removed from a Guarantee Period prior to its expiration. Withdrawals and surrenders, transfers, annuitization, and death benefit payments from a Guarantee Period prior to its expiration may result in an MVA. See "Expenses and Adjustments - Market Value Adjustment." Under our Automatic Laddering Program, you may choose, in advance, to use Guarantee Periods of the same length for all renewals in the Guaranteed Maturity Fixed Account Option. You can select this program at any time during the Accumulation Period, including on the Issue Date. We will apply renewals to Guarantee Periods of the selected length until you direct us in writing to stop. We may stop offering this program at any time.

9

Back to Table of Contents

Expenses and Adjustments

Certain charges under the base variable annuity contracts and riders added to the base contract are based on (i) the Contract Value, which includes the value held in the Guaranteed Maturity Fixed Account Option, or (ii) net premiums, including premiums allocated to the Guaranteed Maturity Fixed Account Option. With respect to the Consultant I and Premier Planner, these may include Withdrawal Charges. Other charges under the base variable annuity contracts are based on the Contract Value allocated to the Sub-Accounts of the Variable Account. Please refer to your variable annuity contract and most recent variable annuity contract prospectus, along with any supplementary materials, for more information as to the charges and any taxes applicable to your Contract. For information regarding the total operating expenses charged by the Portfolios that you may pay periodically during the time that you own the Contract, please also reference the most recent prospectuses for the Portfolios, which may be amended from time to time, and supplementary materials. You may request prospectuses for the Portfolios, which do not accompany this Prospectus, by calling us or writing to us at the phone number and address listed on the first page of this Prospectus.  

Market Value Adjustment

We may apply a Market Value Adjustment to amounts in the Guarantee Periods that are withdrawn or surrendered, transferred,  annuitized, or paid as a death benefit from a Guarantee Period prior to the expiration of the Guarantee Period. A Market Value Adjustment can increase or decrease the amount you receive from the transaction or the amount transferred from the Guarantee Period. If you surrender your Contract, the MVA will increase or decrease your Contract Surrender Value from the Guarantee Periods after any applicable taxes, applicable Withdrawal Charges (for Consultant I and Premier Planner) and contract maintenance charges are deducted. Both the MVA and the Withdrawal Charge (if applicable) are calculated based on the requested withdrawal amount.

An  MVA will affect your Contract Value and its benefits. A negative MVA will reduce your Contract Surrender Value, death benefit amount (including any optional death benefits), and Contract Value applied to an annuity option from the Guaranteed Maturity Fixed Account Option, perhaps significantly. In extreme circumstances, you could lose up to 100% of the amount withdrawn or surrendered, transferred, annuitized, or paid as a death benefit due to a negative MVA. See "Principal Risks of Investing in the Contract."

As a general rule, we will apply a Market Value Adjustment to the following transactions involving amounts invested in a Guarantee Period:

We will not apply a Market Value Adjustment to a transaction, to the extent that:

Please refer to your variable annuity contract and most recent variable annuity contract prospectus, along with any supplementary materials, for more information regarding transfers between the investment options and withdrawals and surrenders from the Contracts, including the circumstances listed above under which a transaction may not be subject to an MVA.

The formula for determining Market Value Adjustments reflects the length of time remaining in the Guarantee Period and changes in interest rates since the beginning of the relevant Guarantee Period to the time of your transaction. As a result, the  MVA transfers to you some of the risk associated with changes in interest rates on amounts allocated to the Guaranteed Maturity Fixed Account Option. If interest rates have increased since the establishment of a Guarantee Period, the Market Value Adjustment, together with any applicable Withdrawal Charges, premium taxes and income tax withholdings could reduce the amount you receive upon a full withdrawal from a Guarantee Period to an amount less than the Contract Value allocated to establish that Guarantee Period. The formula for calculating the Market Value Adjustment primarily compares:

Generally, if the Treasury Rate at the beginning of the Guarantee Period is higher than the corresponding current Treasury Rate, then the Market Value Adjustment will increase the amount payable to you or transferred. Conversely, if the Treasury Rate at the beginning of the Guarantee Period is lower than the corresponding current Treasury Rate, then the Market Value Adjustment will reduce the amount payable to you or transferred.

10

Back to Table of Contents

For example, assume that you purchased a Contract and selected an initial Guarantee Period of five years and the five-year Treasury Rate for that duration is 4.50%. Assume that at the end of three years, you make a partial withdrawal. If, at that later time, the current five-year Treasury Rate is 4.20%, then the Market Value Adjustment will be positive, which will result in an increase in the amount payable to you.  Similarly, if the current five-year Treasury Rate is 4.80%, then the Market Value Adjustment will be negative, which will result in a decrease in the amount payable to you.

The formula for calculating Market Value Adjustments is set forth in the SAI to this Prospectus, which also contains additional examples of the application of the Market Value Adjustment as it applies to each of the Contracts. You may obtain information concerning the current amount of an MVA by contacting us at 1-800-457-7617. However, MVAs fluctuate daily, and the amount of the MVA quoted may change by the time your transaction is executed.

11

Back to Table of Contents

Purchases

None of the Contracts are currently offered for new sales. However, under outstanding Contracts you may be able to make additional purchase payments, and allocate additional purchase payments or transfer amounts of Contract Value to the Guaranteed Maturity Fixed Account Option. For information about additional purchase payments, allocations and transfers available under your Contract, please refer to your variable annuity contract and the most recent variable annuity contract prospectus, along with any supplementary materials.

12

Back to Table of Contents

Withdrawals (Redemptions)

You generally may redeem a Contract for all or a portion of its Contract Value before the date that annuity payments are scheduled to begin. If applicable to your Contract, we may impose a Withdrawal Charge, which would reduce the amount paid to you upon redemption. For more information on Withdrawal Charges, if applicable, please reference your most recent variable annuity contract prospectus, along with any supplementary materials. Withdrawals and surrenders from the Contract will also be subject to applicable taxes and tax penalties, and withdrawals and surrenders from the Guaranteed Maturity Fixed Account Option may be increased or decreased by the amount of any applicable Market Value Adjustment, as described above under "Expenses and Adjustments - Market Value Adjustment."

For partial withdrawals, you may allocate the amount among the Sub-Accounts and the Fixed Account (which includes the Guaranteed Maturity Fixed Account Option and the Dollar Cost Averaging Fixed Account). If we do not receive allocation instructions from you, we usually will allocate the partial withdrawal proportionately among the Sub-Accounts and the Guaranteed Maturity Fixed Account Options based upon the balance of the Sub-Accounts and the Guaranteed Maturity Fixed Account Options, with any remainder being distributed from the Dollar Cost Averaging Fixed Account Option, if available. You may not make a partial withdrawal from the Fixed Account in an amount greater than the total amount of the partial withdrawal multiplied by the ratio of the value of the Fixed Account to the Contract Value immediately before the partial withdrawal.

We determine the Surrender Value based on the Contract Value next computed after we receive a properly completed surrender request. We will usually pay the Surrender Value within seven days after the day we receive a completed request form. However, we may delay payment of the Surrender Value in the Fixed Account for up to 6 months or a shorter period if required by law. If we delay payment from the Fixed Account for more than 30 days, we will pay interest as required by applicable law.

For more information regarding withdrawals and surrenders, such as withdrawals from the Sub-Accounts of the Variable Account, procedures for withdrawal and surrender requests, limitations on withdrawals, examples, automatic withdrawal options, minimum Contract values, and tax implications, please refer to the applicable variable annuity contract and the most recent variable annuity contract prospectus and any supplementary materials.

13

Back to Table of Contents

Distribution of the Contracts

The Guaranteed Maturity Fixed Account Option is available only under certain variable annuity contracts issued by LBL, as identified above. Information about the arrangements for distributing the variable annuity contracts is included under "Distribution" in the appropriate variable annuity contract prospectus and in the statement of additional information that relates to that prospectus. All of that information applies, regardless of whether you choose to allocate Contract Value to the Guaranteed Maturity Fixed Account Option, and there is no additional plan of distribution or sales compensation with respect to the Guaranteed Maturity Fixed Account Option. Also as described in the appropriate variable annuity contract prospectus, the principal underwriter and distributor for all of the Contracts is Everlake Distributors, LLC ("Everlake Distributors"), formerly known as Allstate Distributors, L.L.C., a wholly-owned subsidiary of Everlake Life Insurance Company ("ELIC"), formerly known as Allstate Life Insurance Company ("Allstate Life"). The principal business address of Everlake Distributors is 3100 Sanders Road, Northbrook, IL 60062. Everlake Distributors is a registered broker-dealer under the Securities and Exchange Act of 1934, as amended ("Exchange Act") and is a member of FINRA. The underwriting agreement with Everlake Distributors provides that we will reimburse Everlake Distributors for any liability to Contract owners arising out of services rendered or Contracts issued.

14

Back to Table of Contents

Principal Risks of Investing in the Contract

The risks identified below are the principal risks of investing in the Guaranteed Maturity Fixed Account Option. Your variable annuity Contract is also subject to the principal risks identified in your most recent variable annuity contract prospectus and any supplementary materials.

Risk of Loss. You can lose money by investing in this Contract, including loss of principal and any accumulated earnings. The Contracts and the Guaranteed Maturity Fixed Account Option are not FDIC insured and are not deposits, obligations, or guarantees of any bank, financial institution, or federal regulatory agency.

Short Term Investment Risk. The Contracts are not designed for short-term investing and are not intended for people who may need early liquidity or ready access to cash. The Contracts are designed to aid in long-term financial planning and provide tax-deferred retirement investing. The benefits of tax-deferral and long-term income mean that the Contracts are more beneficial to investors with a long investment time horizon. Withdrawals and surrenders from the Contracts may be subject to Withdrawal Charges, if applicable, and/or federal and state income taxes, including a 10% federal tax penalty for distributions taken before age 59½. In addition, withdrawals and surrenders from the Guarantee Periods may also be subject to negative MVAs, which will result in loss. See "Withdrawals and Transfers May be Subject to Market Value Adjustment," and "Market Value Adjustment Risk" below.  

Reliance on the Company's Financial Strength and Claims-Paying Ability. The Company's general obligations such as insurance and annuity obligations and any guaranteed benefits under the Contracts (including Guarantee Periods) are supported by our General Account and are subject to the Company's financial strength and claims-paying ability. The Guaranteed Maturity Fixed Account Option is part of our General Account. Our General Account consists of our general assets other than those in segregated asset accounts. An Owner should look to the financial strength of the Company for its claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. For more information about the Company, including our financial statements and risks related to the Company and its industry, see the SAI.  

Withdrawals and Transfers May be Subject to Market Value Adjustment. Withdrawals and transfers from Guaranteed Maturity Fixed Account Options prior to its expiration may be subject to a Market Value Adjustment as set forth in this Prospectus and in the applicable Contract's prospectus, in addition to any applicable Withdrawal Charges and/or federal and state income taxes, including a 10% federal tax penalty for distributions taken before age 59½. A Market Value Adjustment may also apply to amounts in the Guaranteed Maturity Fixed Account Options if we pay Death Proceeds or if the Payout Start Date begins on a day other than during the 30-day period after such Guaranteed Maturity Fixed Account Options expires. The Market Value Adjustment may be positive or negative, depending on changes in interest rates. As such, you bear the risk of loss due to a negative adjustment associated with changes in interest rates. See also "Market Value Adjustment Risk" below.  

Market Value Adjustment Risk. A Market Value Adjustment may be positive or negative, depending on changes in interest rates. As such, you bear the risk of loss due to a negative adjustment associated with changes in interest rates. If interest rates increase from the first day of a Guarantee Period, the Market Value Adjustment could reduce the value of your investment to an amount that is less than the amount you invested in a Guarantee Period. A negative MVA will reduce your Contract Surrender Value, death benefit amount (including any optional death benefits), and Contract Value applied to an annuity option from the Guaranteed Maturity Fixed Account Option, perhaps significantly. Your losses could be significant. In extreme circumstances, you could lose up to 100% of the amount withdrawn or surrendered, transferred, annuitized, or paid as a death benefit due to a negative MVA. Any loss from a negative Market Value Adjustment will be greater if you also have to pay Withdrawal Charges, taxes, and/or tax penalties.

Declared Interest Rate Risk. We may declare new interest rates for new Guarantee Periods. We will not change the interest rate that we credit to a particular allocation until the end of the relevant Guarantee Period. We determine the interest rates to be declared in our sole discretion. We can neither predict nor guarantee what those rates will be in the future. For current interest rate information, please contact your representative or Lincoln Benefit at 1-800-457-7617.

15

Back to Table of Contents

Additional Information

Taxes

For a full discussion of the tax treatment of your Contract, please refer to your most recent variable annuity contract prospectus and any supplementary materials. For information about any tax consequences with regard to your individual circumstances, you should consult a tax adviser.

Financial Statements

The financial statements of Lincoln Benefit Life Company are included in the  SAI. For instructions on how to obtain a free copy of the SAI, please refer to the information on the back cover page of this Prospectus.

Legal Proceedings

Lincoln Benefit is engaged in routine lawsuits which, in our management's judgment, are not likely to have a material adverse effect on the Variable Account, the ability of  Everlake Distributors to perform its contract with the Variable Account, or our ability to meet our obligations under the Contracts.

Legal Matters

Matters of Nebraska law pertaining to the Contract, including the validity of the Contract and our right to issue the Contract under Nebraska law, have been passed upon by  Lamson Dugan & Murray LLP, Omaha, Nebraska.

Statements, Confirmations and Reports

We will send you Contract statements at least annually. We will also send you transaction confirmations. You should notify us promptly in writing of any address change. You should read your statements and confirmations carefully and verify their accuracy. You should contact us promptly if you have a question about a periodic statement or a confirmation. We will investigate all complaints and make any necessary adjustments retroactively, but you should notify us of a potential error as soon as possible after the date of the questioned statement. If you wait too long, we will make the adjustment as of the date that we receive notice of the potential error. Correspondence you send by regular mail to our service center should be sent to  P.O. Box 758543, Topeka, KS 66675-8566. Your correspondence will be picked up at this address and then delivered to our service center. Your correspondence is not considered received by us until it is received at our service center. Where this prospectus refers to the day when we receive a purchase payment, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last requirement needed for us to process that item) arrives in Good Order at our service center or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives at our service center (1) on a day that is not a business day, or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. We will also provide you with additional periodic and other reports, information and prospectuses as may be required by federal securities laws.

Reliance on Rule 12h-7

Rule 12h-7 under the Exchange Act exempts an insurance company from filing reports under the Exchange Act when the insurance company issues certain types of insurance products that are registered under the Securities Act of 1933 and such products are regulated under state law. The Guaranteed Maturity Fixed Account Options described in this Prospectus qualify for the exemption provided under Rule 12h-7. The Company relies on the exemption provided under Rule 12h-7 with respect to the offering of the Guaranteed Maturity Fixed Account Option described in this Prospectus and, due to the exemption, does not file reports under the Exchange Act.

16

Back to Table of Contents

Appendix A: Investment Options Available Under the Contract
[to be updated by amendment]

The following is a list of Guarantee Periods currently available under the Guaranteed Maturity Fixed Account Option. We may change the features of the Guarantee Periods listed below, offer new Guarantee Periods, and terminate existing Guarantee Periods. We will provide you with written notice before doing so. For more information about the Guarantee Periods available under the Guaranteed Maturity Fixed Account Option, see "Description of the Guaranteed Maturity Fixed Account Option."  

Note: If amounts are withdrawn or otherwise removed from a Guarantee Period prior to the expiration of the Guarantee Period, we may apply an  MVA. This may result in a significant reduction in the value of your Contract. See "Expenses and Adjustments - Market Value Adjustment"for more information.

Other investment options available under your Contract are described in your variable annuity contract and most recent variable annuity contract prospectus, along with any supplementary materials, which you may obtain by contacting us at 1-800-457-7617. Additional information regarding the Portfolios in which the Sub-Accounts invest, including performance and annual Portfolio operating expenses, can also be found in the most recent prospectuses for the Portfolios, which may be amended from time to time, and supplementary materials. You may request prospectuses for the Portfolios, which do not accompany this Prospectus, by calling us at the number listed above or writing to us at the address listed on the first page of this Prospectus.

A-1

Back to Table of Contents

The Statement of Additional Information (SAI) includes additional information about the Company and the Guaranteed Maturity Fixed Account Option. The SAI is dated the same date as this Prospectus and is incorporated by reference. To obtain a copy of the SAI free of charge, and to make inquiries about your Contract, please contact us toll-free at 1-800-457-7617.  

Back to Table of Contents

EDGAR Contract Numbers:
C000267772 LBL Consultant I
C000267770 LBL Consultant II
C000267771 LBL Premier Planner

MVA-LBL1

STATEMENT OF ADDITIONAL INFORMATION
MARKET VALUE ADJUSTED FIXED ACCOUNT
UNDER CERTAIN VARIABLE ANNUITIES
ISSUED BY
LINCOLN BENEFIT LIFE COMPANY

Lincoln Benefit Life Company
Street Address: 5801 SW 6th Ave., Topeka, KS 66606-00001
Mailing Address: P.O. Box 758561, Topeka, KS 66675-8561
Tel: 1 (800) 457-7617
Fax: 1 (785) 228-4584

Dated May 1, 2026

This Statement of Additional Information ("SAI") is not a prospectus. This SAI supplements the information found in the Prospectus for the Market Value Adjusted Fixed Account under Certain Variable Annuity Contracts Issued by Lincoln Benefit Life Company, dated May 1, 2026, and should be read in conjunction with the Prospectus. You may obtain a Prospectus for the Market Value Adjusted Fixed Account (the "Guaranteed Maturity Fixed Account Option") by calling or writing to us at the address and telephone number listed above. Definitions of special terms used in the  SAI are found in the Prospectus.

The Guaranteed Maturity Fixed Account Option is available only under the following individual and group deferred variable annuity contracts that we offer through Lincoln Benefit Life Company Variable Annuity Separate Account: the LBL Consultant I Variable Annuities ("Consultant I"), the LBL Consultant II Variable Annuities ("Consultant II"), and the LBL Premier Planner Variable Annuities ("Premier Planner," and collectively with Consultant I and Consultant II, the "Contracts," and each a "Contract"). Information about the Contracts' Separate Account and any investment options under the Contracts other than the Guaranteed Maturity Fixed Account Option can be found in the most recent  SAI for each variable annuity contract and any supplementary materials. You can obtain copies of the appropriate variable annuity contract SAI and supplementary materials free of charge by contacting us at the information listed above.  

Table of Contents

1

GENERAL INFORMATION AND HISTORY

Lincoln Benefit Life Company ("Lincoln Benefit," the "Company," "we," "us," and "our") is a stock life insurance company incorporated under the laws of the State of Nebraska in 1938. Lincoln Benefit is a wholly-owned subsidiary of  LBL HoldCo II, Inc., a Delaware corporation, which is a wholly-owned subsidiary of LBL HoldCo, Inc. ("HoldCo Parent"). HoldCo Parent is a wholly-owned subsidiary of Kuvare US Holdings, Inc. ("KUS"). Prior to December 31, 2022, HoldCo Parent was a wholly-owned subsidiary of Guaranty Income Life Insurance Company ("GILICO"). KUS is the ultimate parent of GILICO and HoldCo Parent. Prior to December 31, 2019, HoldCo Parent was a subsidiary of RL LP and RL (Parallel) Partnership.

Prior to July 18, 2013, we sold interest-sensitive, traditional and variable life insurance, and fixed annuities including deferred and immediate, through independent master brokerage agencies and the Allstate exclusive agency channel. In July 2013, we ceased soliciting and selling new policies through our independent agent channel. In 2017, we ceased soliciting and selling new policies through the Allstate exclusive agency channel.

In 2015, the administration of our retained deferred annuity and life business was outsourced to unaffiliated third-party service providers, Zinnia, formerly SE2, LLC, and Alliance-One Services, Inc. Everlake Life Insurance Company ("Everlake"), formerly known as Allstate Life Insurance Company ("ALIC"), continues to reinsure and administer business sold through the Allstate exclusive agency channel and certain life, immediate and payout annuity contracts. LifeCare Assurance Company administers the Company's long-term care business.

Lincoln Benefit's variable annuity business is reinsured by Everlake under an existing reinsurance agreement between Lincoln Benefit and Everlake, formerly known as ALIC. In 2006, ALIC disposed of substantially all of its variable annuity business through reinsurance agreements with The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. The Company was not a direct party to this agreement and its reinsurance agreement with Everlake remains unchanged.

NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

All non-principal risks are disclosed in the Prospectus.

SERVICES

Administrative Service Providers

We have primary responsibility for all administration of the Contracts and the Variable Account. We entered into an administrative services agreement with  ELIC, formerly Allstate Life. ELIC entered into an administrative services agreement with The Prudential Insurance Company of America ("PICA") pursuant to which PICA or an affiliate provides administrative services to the Variable Account and the Contracts on our behalf. In addition, PICA entered into a master services agreement with Zinnia, formerly SE2, LLC, of 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby Zinnia provides certain business process outsourcing services with respect to the Contracts. Zinnia may engage other service providers to provide certain administrative functions. These service providers may change over time, and as of December 31, 2024, consisted of the following: Donnelley Financial Solutions, formerly an RR Donnelley company (compliance printing and mailing) located at 35 West Wacker Drive, Chicago, IL 60601; Iron Mountain Information Management, LLC (file storage and document destruction) located at 1 Federal Street, Boston, MA 02110; O'Neil Digital Solutions, LLC (printing services) located at 3100 E Plano Pkwy Plano, TX, 75074-7423; SOVOS Compliance (withholding calculations and tax statement mailing) located at 3650 Annapolis Lane, Suite 190, Plymouth, MN 55447; Records Center of Topeka, a division of Underground Vaults & Storage, Inc. (back-up tapes storage) located at 1540 NW Gage Blvd. #6, Topeka, KS 66618; Venio LLC, d/b/a Keane (lost shareholder search) located at PO Box 1508, Southeastern, PA 19399-1508; Broadridge Customer Communications Central, LLC (printing and mailing anniversary statements, financial confirmations, automated letters and quarterly statements) located at 2600 Southwest Blvd., Kansas City, MO 64108; NTT DATA Inc. (offshore, onshore, and nearshore) information and technology infrastructure support; application development, and application maintenance and support and staff augmentation) located at 7950 Legacy Drive, Suite 900, Plano, TX 75024.

In administering the Contracts, the following services are provided, among others:

Independent Registered Public Accounting Firm

The financial statements of Lincoln Benefit Life Company as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, appearing in this SAI and registration statement have been audited by [   ], independent registered public accounting

2

Back to Table of Contents

firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The principal business address of [   ] is [   ].

Principal Underwriter

The Contracts are offered on a continuous basis. The principal underwriter for the Contracts is Everlake Distributors, L.L.C. ("Everlake Distributors"), formerly known as Allstate Distributors, L.L.C., a wholly-owned subsidiary of Everlake Life Insurance Company ("ELIC"), formerly known as Allstate Life Insurance Company ("Allstate Life"). The principal business address of Everlake Distributors is 3100 Sanders Road, Northbrook, IL 60062. Everlake Distributors is a registered broker dealer under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and a member of the Financial Industry Regulatory Authority.

Under the underwriting agreement for the Contracts, Lincoln Benefit reimburses Everlake Distributors for expenses incurred in distributing the Contracts, including liability arising from services Lincoln Benefit provides on the Contracts. Lincoln Benefit does not pay Everlake Distributors any commission or other compensation.

MARKET VALUE ADJUSTMENT EXAMPLES

We may apply a Market Value Adjustment to amounts in the Guarantee Periods that are withdrawn or surrendered, transferred, annuitized, or paid as a death benefit from a Guarantee Period prior to the expiration of the Guarantee Period. A Market Value Adjustment can increase or decrease the amount you receive from the transaction or the amount transferred from the Guarantee Period. If you surrender your Contract, the MVA will increase or decrease your Contract Surrender Value from the Guarantee Periods after any applicable taxes, applicable Withdrawal Charges (for Consultant I and Premier Planner) and contract maintenance charges are deducted. Both the MVA and the Withdrawal Charge (if applicable) are calculated based on the requested withdrawal amount.

The examples below demonstrate the operation of the MVA and Withdrawal Charges, as applicable, with regard to withdrawals from the Guarantee Periods under each Contract. The examples do not reflect taxes or any other charges that might be deducted upon a withdrawal or surrender.

For additional examples demonstrating how the Market Value Adjustment and any Withdrawal Charge may affect the values of a Contract upon a partial withdrawal from a Guarantee Period, please refer to your most recent variable annuity contract prospectus.

Consultant I Variable Annuities

The following examples illustrate how the Market Value Adjustment and the Withdrawal Charge may affect the values of a Contract upon a withdrawal from a Guarantee Period, assuming a 5% Guaranteed Interest Rate. In these examples, the withdrawal occurs one year after the Issue Date. The Market Value Adjustment operates in a similar manner for transfers, except that there is no free amount for transfers. No Withdrawal Charge applies to transfers.

Assuming that the entire $40,000.00 Purchase Payment is allocated to the Guaranteed Maturity Fixed Account for the Guarantee Period specified above, at the end of the five-year Guarantee Period the Contract Value would be $51,051.26. After one year, when the withdrawals occur in these examples, the Contract Value would be $42,000.00. We have assumed that no prior partial withdrawals or transfers have occurred.

The Market Value Adjustment and the Withdrawal Charge only apply to the portion of a withdrawal that is greater than the Free Withdrawal Amount. Accordingly, the first step is to calculate the Free Withdrawal Amount.

The Free Withdrawal Amount is equal to:

(a) the greater of:

• earnings not previously withdrawn; or
• 15% of your total Purchase Payments in the most recent seven years; plus

(b) an amount equal to your total Purchase Payments made more than seven years ago, to the extent not previously withdrawn.

3

Back to Table of Contents

Here, (a) equals $6,000.00, because 15% of the total Purchase Payments in the most recent seven years ($6,000.00 = 15% × $40,000.00) is greater than the earnings not previously withdrawn ($2,000.00). (b) equals $0, because all of the Purchase Payments were made less than seven years ago. Accordingly, the Free Withdrawal Amount is $6,000.00.

The formula that we use to determine the amount of the Market Value Adjustment is:

.9 × (I - J) × N

where:

I = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding the beginning of the Guarantee Period;

J = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding our receipt of your withdrawal request, death benefit request, transfer request, or annuity option request; and

N = the number of whole and partial years from the date we receive your request until the end of the relevant Guarantee Period.

We will base the Market Value Adjustment on the current Treasury Rate for a maturity corresponding in length to the relevant Guarantee Period. These examples also show the Withdrawal Charge (if any), which would be calculated separately from the Market Value Adjustment.

Example of a Downward Market Value Adjustment:

A downward Market Value Adjustment results from a full or partial withdrawal that occurs when interest rates have increased. Assume interest rates have increased one year after the Purchase Payment, such that the five-year Treasury Rate is now 6.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 -.065) × 4 = -.0180

The Market Value Adjustment is a reduction of $648.00 from the amount withdrawn:

$ - 648.00 = -.0180 × ($42,000.00 - $6,000.00)

A Withdrawal Charge of 7% would be assessed against the Purchase Payments withdrawn that are less than seven years old and are not eligible for free withdrawal. Under the Contract, earnings are deemed to be withdrawn before Purchase Payments. Accordingly, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $4,000.00 ($6,000.00 - $2,000.00).

Therefore, the Withdrawal Charge would be:
$2,520.00 = 7% × (40,000.00 - $4,000.00)

As a result, the net amount payable to you would be:

$38,832.00 = $42,000.00-$648.00 - $2,520.00

The percentage change in the Contract Value withdrawn as a result of the Market Value Adjustment would be -1.54%.

Example of an Upward Market Value Adjustment:

An upward Market Value Adjustment results from a withdrawal that occurs when interest rates have decreased. Assume interest rates have decreased one year after the Purchase Payment, such that the five-year Treasury Rate is now 5.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 -.055) × 4 =.0180

The Market Value Adjustment would increase the amount withdrawn by $648.00, as follows:

$648.00 =.0180 × ($42,000.00 - $6,000.00)

As above, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $4,000.00 ($6,000.00 - $2,000.00). Therefore, the Withdrawal Charge would be:

$2,520.00 = 7% × ($40,000.00 - $4,000.00)

As a result, the net amount payable to you would be:

4

Back to Table of Contents

$40,128.00 = $42,000.00 + $648.00 - $2,520.00

The percentage change in the Contract Value withdrawn as a result of the Market Value Adjustment would be 1.54%.

Example of a Partial Withdrawal:

If you request a partial withdrawal from a Guarantee Period, we can either (1) withdraw the specified amount of Contract Value and pay you that amount as adjusted by any applicable Market Value Adjustment or (2) pay you the amount requested, and subtract an amount from your Contract Value that equals the requested amount after application of the Market Value Adjustment and Withdrawal Charge. Unless you instruct us otherwise, when you request a partial withdrawal we will assume that you wish to receive the amount requested. We will make the necessary calculations and on your request provide you with a statement showing our calculations.

For example, if in the first example you wished to receive $20,000.00 as a partial withdrawal, the Market Value Adjustment and Withdrawal Charge would be calculated as follows:

Let:

Then:

Since neither the Market Value Adjustment nor the Withdrawal Charge apply to the free withdrawal amount, we can solve directly for the amount subject to the Market Value Adjustment and the Withdrawal Charge (i.e., AW'), which equals AW - $6,000.00. Then, AW = AW' + $6,000, and AW' + $6,000.00 - $20,000.00 = WC - MVA.

AW = Total amount withdrawn = $15,350.88 + $6,000.00 = $21,350.88

You receive $20,000.00; the total amount subtracted from your contract is $21,350.88; the Market Value Adjustment is $276.32; and the Withdrawal Charge is $1,074.56. Your remaining Contract Value is $20,649.12.

If, however, in the same example, you wished to withdraw $20,000.00 from your Contract Value and receive the adjusted amount, the calculations would be as follows:

By definition, AW = total amount withdrawn from your Contract Value = $20,000.00

5

Back to Table of Contents

You would receive $20,000.00 - $252.00 - $980.00 = $18,768.00; the total amount subtracted from your Contract Value is $20,000.00.

Your remaining Contract Value would be $22,000.00.

Example of Free Withdrawal Amount

Assume that in the foregoing example, after four years $8,620.25 in interest had been credited and that the Contract Value in the Fixed Account equaled $48,620.25. In this example, if no prior withdrawals have been made, you could withdraw up to $8,620.25 without incurring a Market Value Adjustment or a Withdrawal Charge. The Free Withdrawal Amount would be $8,620.25, because the interest credited ($8,620.25) is greater than 15% of the Total Purchase Payments in the most recent seven years ($40,000.00 ×.15 = $6,000.00).

Consultant II Variable Annuities

The following examples illustrate how the Market Value Adjustment may affect the values of a Contract upon a withdrawal from a Guarantee Period assuming a 5% Guaranteed Interest Rate. In these examples, the withdrawal occurs one year after the Issue Date. The Market Value Adjustment operates in a similar manner for transfers, except that there is no free amount for transfers. Consultant II does not assess a Withdrawal Charge.

Assuming that the entire $40,000.00 Purchase Payment is allocated to the Guaranteed Maturity Fixed Account for the Guarantee Period specified above, at the end of the five-year Guarantee Period the Contract Value would be $51,051.26. After one year, when the withdrawals occur in these examples, the Contract Value would be $42,000.00. We have assumed that no prior partial withdrawals or transfers have occurred.

The formula that we use to determine the amount of the Market Value Adjustment is:

.9 × (I - J) × N

where:

I = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding the beginning of the Guarantee Period;

J = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding our receipt of your withdrawal request, death benefit request, transfer request, or annuity option request; and

N = the number of whole and partial years from the date we receive your request until the end of the relevant Guarantee Period.

We will base the Market Value Adjustment on the current Treasury Rate for a maturity corresponding in length to the relevant Guarantee Period.

Example of a Downward Market Value Adjustment:

A downward Market Value Adjustment results from a full or partial withdrawal that occurs when interest rates have increased. Assume interest rates have increased one year after the Purchase Payment, such that the five-year Treasury Rate is now 6.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 -.065) × 4 = -.0180

The Market Value Adjustment is a reduction of $756.00 from the amount withdrawn:

$ - 756.00 = -.0180 × $42,000.00

As a result, the net amount payable to you would be:

$41,244.00 = $42,000.00-$756.00

The percentage change in the Contract Value withdrawn as a result of the Market Value Adjustment would be -1.80%.

Example of an Upward Market Value Adjustment:

6

Back to Table of Contents

An upward Market Value Adjustment results from a withdrawal that occurs when interest rates have decreased. Assume interest rates have decreased one year after the Purchase Payment, such that the five-year Treasury Rate is now 5.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 -.055) × 4 =.0180 (1)

The Market Value Adjustment would increase the amount withdrawn by $756.00, as follows:

$756.00 =.0180 × $42,000.00

(1) Actual calculation utilizes ten decimal places.

The percentage change in the Contract Value withdrawn as a result of the Market Value Adjustment would be 1.80%.

Example of a Partial Withdrawal:

If you request a partial withdrawal from a Guarantee Period, we can either (1) withdraw the specified amount of Contract Value and pay you that amount as adjusted by any applicable Market Value Adjustment or (2) pay you the amount requested, and subtract an amount from your Contract Value that equals the requested amount after application of the Market Value Adjustment. Unless you instruct us otherwise, when you request a partial withdrawal we will assume that you wish to receive the amount requested. We will make the necessary calculations and on your request provide you with a statement showing our calculations.

For example, if in the first example you wished to receive $20,000.00 as a partial withdrawal, we would perform the following calculations:

Let:

Then:

Accordingly, we would pay you $20,000.00 and subtract $20,366.60 from your Contract Value. The Market Value Adjustment would be a subtraction of $366.60.

If, however, in the same example, you wished to withdraw $20,000.00 from your Contract Value and receive the adjusted amount, we would perform the following calculations:

Let:

Then:

and

Accordingly, we would pay you $19,640.00 and subtract $20,000.00 from your Contract Value. The Market Value Adjustment would be a subtraction of $360.00.

Premier Planner Variable Annuities

7

Back to Table of Contents

The following examples illustrate how the Market Value Adjustment and the Withdrawal Charge may affect the values of a Contract upon a withdrawal from a Guarantee Period, assuming a 5% Guaranteed Interest Rate. In these examples, the withdrawal occurs one year after (in the second Contract Year) the Issue Date. The Market Value Adjustment operates in a similar manner for transfers, except that there is no free amount for transfers. No Withdrawal Charge applies to transfers.

Assuming that the entire $40,000.00 Purchase Payment and $1,600.00 Credit Enhancement are allocated to the Guaranteed Maturity Fixed Account for the Guarantee Period specified above, at the end of the five-year Guarantee Period the Contract Value would be $53,093.31. After one year, when the withdrawals occur in these examples, the Contract Value would be $43,680.00. We have assumed that no prior partial withdrawals or transfers have occurred.

The Market Value Adjustment and the Withdrawal Charge only apply to the portion of a withdrawal that is greater than the Free Withdrawal Amount. Accordingly, the first step is to calculate the Free Withdrawal Amount.

The Free Withdrawal Amount is equal to:

(a) the greater of:

• earnings not previously withdrawn; or
• 15% of your total Purchase Payments in the most recent seven years; plus

(b) an amount equal to your total Purchase Payments made more than eight years ago, to the extent not previously withdrawn.

Here, (a) equals $6,000.00, because 15% of the total Purchase Payments in the most recent eight years ($6,000.00 = 15% × $40,000.00) is greater than the earnings not previously withdrawn ($3,680.00). (b) equals $0, because all of the Purchase Payments were made less than eight years ago. Accordingly, the Free Withdrawal Amount is $6,000.00.

The formula that we use to determine the amount of the Market Value Adjustment is:

.9 × (I - J) × N

where:

I = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding the beginning of the Guarantee Period;

J = the Treasury Rate for a maturity equal to the relevant Guarantee Period for the week preceding our receipt of your withdrawal request, death benefit request, transfer request, or annuity option request; and

N = the number of whole and partial years from the date we receive your request until the end of the relevant Guarantee Period.

We will base the Market Value Adjustment on the current Treasury Rate for a maturity corresponding in length to the relevant Guarantee Period. These examples also show the Withdrawal Charge (if any), which would be calculated separately from the Market Value Adjustment.

Example of a Downward Market Value Adjustment:

A downward Market Value Adjustment results from a full or partial withdrawal that occurs when interest rates have increased. Assume interest rates have increased one year after the Purchase Payment, such that the five-year Treasury Rate is now 6.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 -.065) × 4 = -.0180

The Market Value Adjustment is a reduction of $678.24 from the amount withdrawn:

$ - 678.24 = -.0180 × ($43,680.00 - $6,000.00)

8

Back to Table of Contents

A Withdrawal Charge of 7% (assuming the Withdrawal occurs at the start of the second Contract year) would be assessed against the Purchase Payments withdrawn that are less than eight years old and are not eligible for free withdrawal. Under the Contract, earnings are deemed to be withdrawn before Purchase Payments. Accordingly, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $2,320.00 ($6,000.00 - $3,680.00).

Therefore, the Withdrawal Charge would be:

$2,637.60 = 7% × (40,000.00 - $2,320.00)

As a result, the net amount payable to you would be:

$40,364.16 = $43,680.00-$678.24 - $2,637.60

The percentage change in the Contract Value withdrawn as a result of the Market Value Adjustment would be -1.55%.

Example of an Upward Market Value Adjustment:

An upward Market Value Adjustment results from a withdrawal that occurs when interest rates have decreased. Assume interest rates have decreased one year after the Purchase Payment, such that the five-year Treasury Rate is now 5.5%. Upon a withdrawal, the market value adjustment factor would be:

.9 × (.06 -.055) × 4 =.0180

The Market Value Adjustment would increase the amount withdrawn by $648.00, as follows:

$678.24 =.0180 × ($43,680.00 - $6,000.00)

As above, in this example, the amount of the Purchase Payment eligible for free withdrawal would equal the Free Withdrawal Amount less the interest credited or $2,320.00 ($6,000.00 - $3,680.00). Therefore, the Withdrawal Charge would be:

$2,637.60 = 7% × ($40,000.00 - $2,320.00)

As a result, the net amount payable to you would be:

$41,720.64 = $43,680.00 + $678.24 - $2,637.60

The percentage change in the Contract Value withdrawn as a result of the Market Value Adjustment would be 1.55%.

Example of a Partial Withdrawal:

If you request a partial withdrawal from a Guarantee Period, we can either (1) withdraw the specified amount of Contract Value and pay you that amount as adjusted by any applicable Market Value Adjustment or (2) pay you the amount requested, and subtract an amount from your Contract Value that equals the requested amount after application of the Market Value Adjustment and Withdrawal Charge. Unless you instruct us otherwise, when you request a partial withdrawal we will assume that you wish to receive the amount requested. We will make the necessary calculations and on your request provide you with a statement showing our calculations.

For example, if in the first example you wished to receive $20,000.00 as a partial withdrawal, the Market Value Adjustment and Withdrawal Charge would be calculated as follows:

Let:

Then:

9

Back to Table of Contents

Since neither the Market Value Adjustment nor the Withdrawal Charge apply to the free withdrawal amount, we can solve directly for the amount subject to the Market Value Adjustment and the Withdrawal Charge (i.e., AW'), which equals AW - $6,000.00. Then, AW = AW' + $6,000, and AW' + $6,000.00 - $20,000.00 = WC - MVA.

AW = Total amount withdrawn = $15,350.88 + $6,000.00 = $21,350.88

You receive $20,000.00; the total amount subtracted from your contract is $21,350.88; the Market Value Adjustment is $276.32; and the Withdrawal Charge is $1,074.56. Your remaining Contract Value is $20,649.12.

If, however, in the same example, you wished to withdraw $20,000.00 from your Contract Value and receive the adjusted amount, the calculations would be as follows:

By definition, AW = total amount withdrawn from your Contract Value = $20,000.00

You would receive $20,000.00 - $252.00 - $980.00 = $18,768.00; the total amount subtracted from your Contract Value is $20,000.00.

Your remaining Contract Value would be $22,000.00.

Example of Free Withdrawal Amount:

Assume that in the foregoing example, after four years $10,565.06 in earnings; including the Credit Enhancement had been credited and that the Contract Value in the Fixed Account equaled $50,565.06. In this example, if no prior withdrawals have been made, you could withdraw up to $10,565.06 without incurring a Market Value Adjustment or a Withdrawal Charge. The Free Withdrawal Amount would be $10,565.06, because the interest credited ($10,565.06) is greater than 15% of the Total Purchase Payments in the most recent eight years ($40,000.00 ×.15 = $6,000.00).

FINANCIAL STATEMENTS
[To be updated by amendment]

The financial statements of Lincoln Benefit Life Company are included in this Statement of Additional Information. The financial statements and schedules of Lincoln Benefit Life Company included herein should be considered only as bearing upon the ability of Lincoln Benefit Life Company to meet its obligations under the Contracts.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

None.

10

PART C - OTHER INFORMATION

Item 27. Exhibits

Item 28. Directors and Officers of the Insurance Company

The directors and officers of Lincoln Benefit Life Company are listed below. The principal business address of each of the officers and directors listed below is 1221 N Street, Suite 200, Lincoln, Nebraska 68508.

Item 29. Persons Controlled by or Under Common Control with the Insurance Company

Subsidiaries of the registrant. Incorporated herein by reference to Exhibit 21 to Lincoln Benefit Life Company's Registration Statement on Form S-1 filed on April 13, 2015 (File No. 333-203371).

Item 30. Indemnification

The Articles of Incorporation of Lincoln Benefit Life Company (Registrant) provide for the indemnification of its directors and officers against expenses, judgments, fines and amounts paid in settlement as incurred by such person, so long as such person shall not have been adjudged to be liable for negligence or misconduct in the performance of a duty to the Company. This right of indemnity is not exclusive of other rights to which a director or officer may otherwise be entitled.

Kuvare US Holdings, Inc. has obtained directors and officers insurance, which includes indemnification for liability arising under the Securities Act of 1933 that the directors and officers of Kuvare US Holdings, Inc. and its subsidiaries may, in such capacities, incur.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by final adjudication of such issue.

Item 31. Principal Underwriters [To be updated by amendment]

(a) Other activity

Everlake Distributors, L.L.C. ("Everlake Distributors") serves as principal underwriter and distributor of the Contracts. Everlake Distributors also serves as distributor for the following separate accounts:

(b) Management

The following are the directors and officers of  Everlake Distributors. The principal business address of each of the officers and directors below is 3100 Sanders Road, Suite 303, Northbrook, IL 60062.

(c) Compensation from the Registrant [To be updated by amendment]

ITEM 31A. INFORMATION ABOUT CONTRACTS WITH INDEX-LINKED OPTIONS AND FIXED OPTIONS SUBJECT TO A CONTRACT ADJUSTMENT

(a) [To be updated by amendment]

(b) Not Applicable.

Item 32. Location of Accounts and Records

Not applicable.

Item 33. Management-Related Service Contracts

Not applicable.

Item 34. Undertakings

With regard to the Guaranteed Maturity Fixed Account Option, the Lincoln Benefit Life Company represents (1) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement to include any prospectus required by section 10(a)(3) of the Securities Act; and (2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Rosemont, State of Illinois on  October 7, 2025.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on October 7, 2025.