Form 497VPU LINCOLN LIFE FLEXIBLE

April 23, 2025 12:41 PM EDT
Lincoln AssetEdge® VUL 2025
The Lincoln National Life Insurance Company
Updating Summary Prospectus for Existing Owners
May 1, 2025
Lincoln Life Flexible Premium Variable Life Account M
The updating summary prospectus for the Policy contains more information about the Policy, including its features, benefits, and risks. You can find the current prospectus and other information about the Policy online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling 1-800-487-1485 or by sending an email request to [email protected].
Additional information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The prospectus gives you information about the Policy that you should know before you decide to buy a Policy and make Premium Payments. You should also review the prospectuses for the funds and keep all prospectuses for future reference. All prospectuses and other shareholder reports will be made available on www.lfg.com/VULprospectus.
The Securities and Exchange Commission has not approved or disapproved these securities or determined this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Updated Information about your Policy
The information in this Updating Summary Prospectus is a summary of certain Policy features that have changed since the prospectus dated December 11, 2024. This may not reflect all of the changes that have occurred since you entered into your Policy, and not all changes may be applicable to you.
Summary of Policy Changes:
•
The address of State Street Bank and Trust Company, the accounting services provider of the Separate Account, changed to 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108.
Summary of Fund Changes:
The following is a summary of changes to the list of funds available under the Policy. Additional information including investment objectives, current expenses and average annual total returns is available in Appendix A – Funds Available Under The Policy.
Fund Additions:
•
TOPS® Aggressive Growth ETF Portfolio (Class 2)1
•
TOPS® Conservative ETF Portfolio (Class 2)1
•
TOPS® Growth ETF Portfolio (Class 2)1
1This fund will be available on or about May 12, 2025. Please consult your registered representative.
Fund Name Changes: 
Former Fund Name
New Fund Name
LVIP Macquarie Diversified Income Fund
LVIP Fidelity Institutional AM® Total Bond
Fund
LVIP Macquarie Limited-Term Diversified
Income Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Macquarie Value Fund
LVIP BlackRock Equity Dividend Fund
Series
1
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
For a Full Surrender, for up to 14 years from the date of the Policy and
up to 14 years from each increase in Specified Amount, you could pay a
Surrender Charge of up to $58.80 (5.88%) per $1,000 of the Specified
Amount.
For example, if your Policy has a Specified Amount of $100,000 and you
surrender your Policy, you could be assessed a charge of up to $5,880.
•Policy
Charges and
Fees
Transaction
Charges
In addition to Surrender Charges, you may also be charged for other
transactions, such as when you make a Premium Payment, transfer
Policy Value between Sub-Accounts or exercise certain benefits.
•Policy
Charges and
Fees
Ongoing Fees
and Expenses
(annual
charges)
•In addition to Surrender Charges and transaction charges, there are
certain ongoing fees and expenses that are charged annually, monthly
or daily.
•These fees include the Cost of Insurance Charge under the Policy,
optional benefit charges, Administrative Fees, Mortality and Expense
Risk Charges and Policy Loan Interest.
•Certain fees are set based on characteristics of the Insured (e.g., age,
gender, and rating classification). You should review your Policy
Specifications page for rates applicable to you.
•Owners will also bear expenses associated with the Underlying Funds
under the Policy, as shown in the following table:
•Policy
Charges and
Fees
Annual Fee
Minimum
Maximum
Underlying Fund Fees and Expenses*
0.23%
2.44%
*As a percentage of Underlying Fund assets.
 
RISKS
Location in
Prospectus
Risk of Loss
You can lose money by investing in the Policy, including loss of
principal.
•Principal
Risks of
Investing in
the Policy
Not a Short-
Term Investment
•This Policy is not a short-term investment vehicle and is not
appropriate for an investor who needs ready access to cash.
•Surrender Charges apply for up to 14 years from the Policy Date and
up to 14 years from the date of any increase in your Specified Amount.
•Charges may reduce the value of your Policy and death benefit.
•Tax deferral is more beneficial to investors with a long-time horizon.
•Principal
Risks of
Investing in
the Policy
•Policy
Charges and
Fees
2
 
RISKS
Location in
Prospectus
Risks
Associated with
Investment
Options
•An investment in the Policy is subject to the risk of poor investment
performance of the investment options. Performance can vary
depending on the performance of the investment options available
under the Policy.
•Each investment option (including a Fixed Account investment option)
and Indexed Account Option has its own unique risks. You should
review each Underlying Fund’s prospectus before making an
investment decision.
•Principal
Risks of
Investing in
the Policy
Insurance
Company Risks
•Any obligations, guarantees, and benefits of the contract including the
Fixed Account investment option are subject to the claims-paying
ability of Lincoln Life. If Lincoln Life experiences financial distress, it
may not be able to meet its obligations to you. More information about
Lincoln Life, including its financial strength ratings, is available upon
request from Lincoln Life by calling 1-800-487-1485 or by visiting
https://www.lfg.com/public/aboutus/investorrelations/
financialinformation.
•You may obtain our audited statutory financial statements, any
unaudited statutory financial statements that may be available as well
as ratings information by visiting our website at www.lfg.com/
VULprospectus.
•Principal
Risks of
Investing in
the Policy
•Lincoln Life,
the Separate
Account and
the General
Account
Policy Lapse
•Sufficient Premiums must be paid to keep your Policy in force. There
is a risk of lapse if Premiums are too small in relation to the insurance
amount and if investment results of the Sub-Accounts and Indexed
Account Option(s) you have chosen are adverse or are less favorable
than anticipated.
•Outstanding Policy Loans (plus interest) and Partial Surrenders will
increase the risk of lapse. The death benefit will not be paid if the
Policy has Lapsed.
•Principal
Risks of
Investing in
the Policy
•Lapse and
Reinstatement
 
RESTRICTIONS
Location in
Prospectus
Investments
•We reserve the right to charge for each transfer between Sub-
Accounts in excess of 24 transfers per year.
•We reserve the right to add, remove, or substitute Sub-Accounts and/
or Indexed Accounts as investment options under the Policy, subject
to state or federal laws and regulations. An Underlying Fund may be
merged into another Underlying Fund. An Underlying Fund may
discontinue offering their shares to the Sub-Accounts.
•There are significant limitations on your right to transfer amounts in
the Fixed Account and, due to these limitations, if you want to transfer
the entire balance of the Fixed Account to one or more Sub-Accounts,
it may take several years to do so.
•Transfer Fee
•Sub-Account
Availability
and
Substitution of
Funds
•Transfers
3
 
RESTRICTIONS
Location in
Prospectus
Optional
Benefits
•Riders may alter the benefits or charges in your Policy. Rider
availability and benefits may vary by state of issue or selling broker-
dealer and their election may have tax consequences. Riders may have
restrictions or limitations, and we may modify or terminate a rider, as
allowed. If you elect a particular rider, it may restrict or enhance the
terms of your policy, or restrict the availability or terms of other riders
or Policy features.
•Riders
 
TAXES
Location in
Prospectus
Tax Implications
•You should always consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Policy.
•Withdrawals will be subject to ordinary income tax, and may be
subject to tax penalties.
•There is no additional tax benefit to you if the Policy is purchased
through a tax-qualified plan or individual retirement account (IRA).
•Tax Issues
 
CONFLICTS OF INTEREST
Location in
Prospectus
Investment
Professional
Compensation
•Investment professionals typically receive compensation for selling the
Policy to investors.
•Registered representatives may have a financial incentive to offer or
recommend the Policy over another investment for which the
investment professional is not compensated (or compensated less).
•Registered representatives may be eligible for certain cash and non-
cash benefits. Cash compensation includes bonuses and allowances
based on factors such as sales, productivity and persistency. Non-
cash compensation includes various recognition items such as prizes
and awards as well as attendance at, and payment of the costs
associated with attendance at, conferences, seminars and recognition
trips, and also includes contributions to certain individual plans such
as pension and medical plans.
•Distribution of
the Policies
and
Compensation
Exchanges
Some investment professionals may have a financial incentive to offer
you a new contract in place of the one you already own. You should only
exchange your Policy if you determine, after comparing the features,
fees, and risks of both policies, that it is preferable for you to purchase
the new policy rather than continue to own the existing policy.
•Change of
Plan (located
in the SAI)
4
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of Underlying Funds currently available under the Policy. More information about the Underlying Funds is available in the prospectuses for the funds, which may be amended from time to time and can be found online at www.lfg.com/VULprospectus. You can also request this information at no cost by calling 1-800-487-1485 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the funds, but does not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each fund’s past performance is not necessarily an indication of future performance.  
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Discovery Value
Portfolio - Class A
advised
by AllianceBernstein L.P.
0.81%
10.02%
8.86%
7.63%
Long-term growth of capital.
AB VPS Sustainable Global
Thematic Portfolio - Class
A
advised
by AllianceBernstein L.P.
0.91%2
6.21%
9.03%
9.72%
Long-term growth of capital.
American Funds® IS
Global Growth Fund - Class
2
advised by Capital
Research and Management
Company
0.66%2
13.68%
9.76%
10.74%
Long-term capital growth.
American Funds® IS
Global Small Capitalization
Fund - Class 2
advised by Capital
Research and Management
Company
0.90%2
2.33%
3.01%
5.81%
Growth of capital.
American Funds® IS
Growth Fund - Class 2
advised by Capital
Research and Management
Company
0.59%
31.61%
18.83%
16.58%
Long-term growth of capital and
income.
American Funds® IS
Growth-Income Fund -
Class 2
advised by Capital
Research and Management
Company
0.53%
24.23%
13.01%
12.20%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
American Funds® IS
International Fund - Class
2
advised by Capital
Research and Management
Company
0.78%
3.16%
1.23%
4.01%
Long-term growth of capital.
ClearBridge Variable Mid
Cap Portfolio - Class I
advised by Franklin
Templeton Fund Adviser,
LLC
0.81%
10.01%
6.61%
7.29%
Capital Appreciation. A fund of
funds.
DWS Alternative Asset
Allocation VIP Portfolio -
Class A
advised by DWS
Investment Management
Americas, Inc.
0.88%
5.64%
4.36%
3.17%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Service Class
0.66%
33.63%
16.92%
13.50%
To achieve capital appreciation.
Fidelity® VIP Growth
Portfolio - Service Class
0.66%
30.27%
18.81%
16.51%
Long-term growth of capital.
Fidelity® VIP Mid Cap
Portfolio - Service Class
0.67%
17.35%
11.23%
9.10%
To maximize income while
maintaining prospects for capital
appreciation.
Franklin Income VIP Fund -
Class 1
0.47%2
7.46%
5.55%
5.53%
Capital appreciation; income is a
secondary consideration.
Franklin Mutual Shares VIP
Fund - Class 1
0.69%
11.50%
6.01%
6.10%
Long-term growth of capital.
Invesco V.I. EQV
International Equity Fund -
Series I Shares
0.90%
0.62%
3.23%
4.36%
Long-term growth of capital. A fund
of funds.
Lincoln Hedged S&P 500
Conservative Fund -
Service Class4
1.04%2
10.27%
N/A
N/A
Long-term growth of capital. A fund
of funds.
Lincoln Hedged S&P 500
Fund - Service Class4
1.05%2
13.91%
N/A
N/A
Long-term capital growth.
LVIP AllianceBernstein
Large Cap Growth Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.63%2
25.93%
12.42%
13.32%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term capital growth and
current income by investing
approximately 60% of its assets in
equity securities and the remainder
in bonds and other fixed-income
securities.
LVIP American Century
Balanced Fund - Standard
Class II
advised by Lincoln
Financial Investments
Corporation
0.77%2
12.06%
7.05%
6.76%
Long-term capital growth.
LVIP American Century
Ultra® Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.65%2
N/A
N/A
N/A
Capital Appreciation.
LVIP Baron Growth
Opportunities Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
1.14%2
5.44%
7.96%
9.41%
Long-term capital appreciation.
LVIP BlackRock Equity
Dividend Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Value Fund)
0.65%2
7.18%
5.69%
7.18%
High total investment return.
LVIP BlackRock Global
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
9.51%
6.19%
N/A
A balance between current income
and growth of capital, with a greater
emphasis on growth of capital. A
fund of funds.
LVIP BlackRock Global
Growth ETF Allocation
Managed Risk Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.42%2
11.17%
3.56%
N/A
To maximize real return, consistent
with preservation of real capital and
prudent investment management.
LVIP BlackRock Inflation
Protected Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.88%
2.64%
2.52%
2.15%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Total return through a combination
of current income and long-term
capital appreciation.
LVIP BlackRock Real Estate
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.83%2
1.61%
0.52%
2.67%
A balance between current income
and growth of capital, with a greater
emphasis on growth of capital. A
fund of funds.
LVIP BlackRock U.S.
Growth ETF Allocation
Managed Risk Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
13.42%
4.74%
N/A
Long-term capital appreciation.
LVIP Dimensional
International Core Equity
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.62%2
3.06%
4.61%
N/A
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 1 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
20.77%
13.29%
11.80%
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 2 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.49%
18.45%
12.83%
N/A
Maximum long-term total return
consistent with reasonable risk.
LVIP Fidelity Institutional
AM® Total Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Diversified Income Fund)
0.51%2
1.98%
0.45%
1.77%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Emerging
Markets Equity Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.46%2
8.90%
3.36%
2.82%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor International
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.40%2
3.76%
4.48%
4.69%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Large Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.36%2
27.99%
12.93%
11.08%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor SMID Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%
13.19%
10.15%
8.04%
A high level of current income with
some consideration given to growth
of capital. A fund of funds.
LVIP Global Conservative
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.76%2
7.71%
2.88%
3.71%
A balance between a high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP Global Growth
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.75%2
11.15%
4.11%
4.47%
A balance between a high level of
current income and growth of
capital, with an emphasis on growth
of capital. A fund of funds.
LVIP Global Moderate
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.76%2
10.19%
3.66%
4.14%
Current income while (i)maintaining
a stable value of your shares
(providing stability of net asset
value) and (ii) preserving the value
of your initial investment
(preservation of capital).
LVIP Government Money
Market Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
4.94%
2.23%
1.48%
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
A high level of current income;
capital appreciation is the
secondary objective.
LVIP JPMorgan High Yield
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.68%2
8.09%
4.03%
4.50%
Maximum total return, consistent
with reasonable risk.
LVIP JPMorgan Short
Duration Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Limited-Term Diversified
Income Fund)
0.47%2
4.30%
1.70%
1.89%
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Macquarie Bond Fund
- Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.37%
1.61%
0.04%
1.57%
Total return.
LVIP Macquarie Diversified
Floating Rate Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.63%2
6.07%
2.67%
2.22%
To maximize long-term capital
appreciation.
LVIP Macquarie Mid Cap
Value Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.42%
14.82%
9.07%
9.33%
Long-term capital appreciation.
LVIP Macquarie SMID Cap
Core Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.80%2
14.73%
9.54%
9.52%
To maximize long-term capital
appreciation.
LVIP Macquarie Social
Awareness Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.43%
21.07%
13.87%
11.87%
A-6
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term capital appreciation.
LVIP Macquarie U.S.
Growth Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.72%
34.07%
19.62%
14.51%
Maximum long-term total return,
with capital appreciation as a
secondary objective.
LVIP Macquarie U.S. REIT
Fund - Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.83%2
7.87%
3.06%
4.31%
Long-term capital appreciation.
LVIP MFS International
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.79%2
8.10%
6.25%
7.97%
Capital Appreciation.
LVIP MFS Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.61%2
11.84%
8.10%
8.70%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global
Income Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.66%2
-5.15%
-3.23%
-0.46%
Long-term capital appreciation as
measured by the change in the
value of fund shares over a period
of three years or longer.
LVIP Mondrian
International Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.74%2
4.70%
3.48%
4.19%
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
LVIP SSGA Bond Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.37%2
1.05%
-0.60%
1.03%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP SSGA Conservative
Index Allocation Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.51%2
5.94%
3.60%
4.21%
A-7
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
To approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index of non-U.S.
foreign securities.
LVIP SSGA International
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%2
3.22%
4.49%
4.98%
Seek to approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index that emphasizes
stocks of mid-sized U.S.
companies.
LVIP SSGA Mid-Cap Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.35%2
13.55%
9.94%
9.31%
A balance between a high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP SSGA Moderate Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.50%
8.37%
5.52%
5.73%
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP SSGA Moderately
Aggressive Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.50%
9.26%
6.08%
6.24%
To approximate as closely as
practicable, before fees and
expenses, the total rate of return of
common stocks publicly traded in
the United States, as represented by
the S&P 500 Index.
LVIP SSGA S&P 500 Index
Fund - Standard Class4
advised by Lincoln
Financial Investments
Corporation
0.23%
24.73%
14.24%
12.84%
To approximate as closely as
practicable, before fees and
expenses, the performance of the
Russell 2000® Index, which
emphasizes stocks of small U.S.
companies.
LVIP SSGA Small-Cap
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%2
11.14%
6.97%
7.38%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP Structured
Conservative Allocation
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.60%
6.46%
3.70%
4.06%
A-8
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
A balance between a high level of
current income and growth of
capital, with an emphasis on growth
of capital. A fund of funds.
LVIP Structured Moderate
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.56%
9.41%
5.77%
5.60%
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP Structured
Moderately Aggressive
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.58%
10.48%
6.38%
6.05%
To maximize capital appreciation.
LVIP T. Rowe Price
Structured Mid-Cap
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
23.67%
11.14%
11.96%
High level of current income and
growth of capital, with an emphasis
on growth of capital. A fund of
funds.
LVIP U.S. Growth
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.77%2
13.56%
5.48%
N/A
Total return consistent with the
preservation of capital. A fund of
funds.
LVIP Vanguard Bond
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.36%
1.42%
-0.57%
0.95%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard Domestic
Equity ETF Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.32%2
22.10%
13.36%
12.03%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard
International Equity ETF
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.34%2
3.86%
3.68%
4.90%
A-9
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term capital appreciation.
LVIP Wellington SMID Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.77%2
12.32%
9.11%
8.10%
Long-term capital appreciation.
Macquarie VIP Emerging
Markets Series - Standard
Class3
advised by Delaware
Management Company
1.16%2
5.09%
1.03%
4.05%
Capital Appreciation.
Macquarie VIP Small Cap
Value Series - Standard
Class3
advised by Delaware
Management Company
0.74%
11.32%
7.15%
7.60%
Capital Appreciation.
MFS® VIT Growth Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.72%2
31.47%
14.74%
15.11%
Total return.
MFS® VIT Total Return
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.61%2
7.75%
6.16%
6.46%
Total return.
MFS® VIT Utilities Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.79%2
11.66%
5.88%
6.29%
Maximum real return, consistent
with prudent investment
management.
PIMCO VIT
CommodityRealReturn®
Strategy Portfolio -
Administrative Class
advised by Pacific
Investment Management
Company, LLC
2.28%2
4.16%
7.10%
1.65%
High current income consistent
with preservation of capital; capital
appreciation is a secondary
objective.
Templeton Global Bond VIP
Fund - Class 1
advised by Franklin
Advisers, Inc.
0.50%2
-
11.13%
-4.60%
-1.79%
A-10
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Capital Appreciation. A fund of
funds.
TOPS® Aggressive Growth
ETF Portfolio - Class 2
Shares
advised by Valmark
Advisers, Inc.
This fund will be available
on or about May 12, 2025.
Please consult your
registered representative. 
0.54%
11.99%
8.25%
8.14%
Income and capital appreciation. A
fund of funds.
TOPS® Balanced ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
0.55%
6.86%
4.68%
4.84%
Preserve capital and provide
moderate income and moderate
capital appreciation. A fund of
funds.
TOPS® Conservative ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
This fund will be available
on or about May 12, 2025.
Please consult your
registered representative. 
0.56%
6.00%
3.75%
3.76%
Capital Appreciation. A fund of
funds.
TOPS® Growth ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
This fund will be available
on or about May 12, 2025.
Please consult your
registered representative. 
0.55%
10.79%
7.38%
7.25%
Capital Appreciation. A fund of
funds.
TOPS® Moderate Growth
ETF Portfolio - Class 2
Shares
advised by Valmark
Advisers, Inc.
0.54%
8.84%
6.06%
6.11%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the Underlying Fund or the fund company.
2
This fund is subject to an expense reimbursement or a fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3
Investments in Macquarie VIP Series, Macquarie Funds, LVIP Macquarie Funds or Lincoln Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return.
A-11
4
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
A-12
This updating summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Policy, both dated May 1, 2025, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
SEC File Nos. 333-276646; 811-08557
EDGAR Contract Identifier C000248935

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