Form 497VPU LINCOLN LIFE FLEXIBLE

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

Lincoln Life Flexible Premium Variable Life Account M

Lincoln VUL^ONE, Lincoln VUL^ONE 2005, Lincoln VUL^ONE 2007, Lincoln VUL^ONE 2012, Lincoln VUL^ONE 2014, Lincoln VUL^ONE 2019, Lincoln VUL^ONE 2021, Lincoln VUL^CV-IV, Lincoln VUL^DB-IV, Lincoln AssetEdge^® VUL, Lincoln AssetEdge^® VUL 2015, Lincoln AssetEdge^® VUL 2019, Lincoln AssetEdge^® VUL 2019-2, Lincoln AssetEdge^® VUL 2020, Lincoln AssetEdge^® VUL 2022, Lincoln AssetEdge^® VUL 2022-2, Lincoln AssetEdge^® VUL 2025, Lincoln AssetEdge^® VUL 2025-2, Lincoln LifeGoals^®, Lincoln MoneyGuard Market Advantage^®, Lincoln MoneyGuard Market Advantage^® 2024

Supplement dated July 11, 2025 to the

Updating Summary Prospectus for Existing Owners dated May 1, 2025

This Supplement to your summary prospectus outlines changes to certain investment options under your variable life insurance policy.  All other provisions outlined in your prospectus, as supplemented, remain unchanged.

At a meeting of the Board of Trustees (the “Board”) of Lincoln Variable Insurance Products Trust (the “Trust”) on June 3-4, 2025, the Board approved the appointment of Franklin Advisers, Inc. as the new sub-adviser to the LVIP Macquarie Bond Fund (the “Fund”), effective on or about August 8, 2025 (“Effective Date”). The Fund’s name will be changed as of the Effective Date, as noted below, and all references to the Fund’s name will be revised accordingly. The Fund’s investment objective, fee and average total returns will remain the same. All other information about the fund, including the principal investment strategies, can be found in the fund’s prospectus.

You can obtain information by contacting your registered representative, online at www.lfg.com/vulprospectus, or by sending an email request to [email protected].

Please retain this supplement for future reference.