Form 497VPU LINCOLN LIFE VARIABLE

April 29, 2026 12:08 PM EDT
Lincoln Core IncomeSM Variable Annuity Individual Variable Annuity Contracts  
Updating Summary Prospectus for Current Contractowners

May 1, 2026
This updating summary prospectus summarizes certain changes to key features of the Lincoln Core IncomeSM Variable Annuity variable annuity contract issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).
You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the Lincoln Core IncomeSM Variable Annuity contract.
The prospectus for the Lincoln Core IncomeSM Variable Annuity variable annuity contract contains more information about the Contract’s features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-888-868-2583 or by sending an email request to [email protected].
The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
All prospectuses and other shareholder reports will be made available on www.lfg.com/VAprospectus.
1
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain contract features that have changed since the Updating Summary Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract, and not all changes may be applicable to you.
Summary of Contract Changes:
Purchase Payments. You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company’s discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.
Summary of Investment Option Changes:
The following is a summary of changes to the investment options available under the Contract. Additional information including investment objectives, current expenses and average annual total returns is available in Appendix A – Investment Options Available Under The Contract.
Fund Name Changes:
  
Former Fund Name
New Fund Name
LVIP SSGA Bond Index Fund
LVIP State Street Bond Index Fund
LVIP SSGA Moderately Aggressive Index Allocation Fund
LVIP State Street Moderately Aggressive Index Allocation Fund
 
 
2
Important Information You Should Consider About the Lincoln Core IncomeSM Variable Annuity Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
No:
There are no surrender charges associated with the Contract.
●N/A
Are There
Transaction
Charges?
No:
The Contract does not impose any transaction charges.
●
●Charges, Other
Deductions,
and
Adjustments
Are There
Ongoing Fees and
Expenses?
Yes:
Minimum and Maximum Annual Fee Table. The table below describes the fees and
expenses that you may pay each year, depending on the investment options and
optional benefits you choose. Please refer to your contract specifications page in your
Contract for information about the specific fees and expenses you will pay each year
based on the options you have elected. These charges do not reflect any advisory fees
paid to a financial intermediary from Contract Value or other assets of the
Contractowner. If such charges were reflected, the ongoing fees and expense would be
higher.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments
●Appendix A –
Investment
Options
Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract – Guarantee of Principal
Death Benefit
0.75%1
0.75%1
Fund fees and expenses
0.29%2
0.50%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.40%1
1.50%3
1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable
to the Annual Account Fee.
2As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
3 As an annualized percentage of the greater of the Contract Value or the sum of all Purchase Payments.
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract.
Lowest Annual Cost: $1,271
Highest Annual Cost: $3,087
Assumes:
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No additional Purchase Payments,
transfers, or withdrawals
●No advisory fees
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits and fund fees and
expenses
●No additional Purchase Payments,
transfers, or withdrawals
●No advisory fees
3
 
RISKS
Location in
Prospectus
Is There a Risk of
Loss From Poor
Performance?
Yes:
You can lose money by investing in this Contract, including loss of principal.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Is This a Short-
Term Investment?
No:
●This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
●The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
●Surrenders and withdrawals are subject to ordinary income tax and may be subject
to tax penalties.
●Fee Tables
●Principal Risks
●Surrenders and
Withdrawals
What are the
Risks Associated
With the
Investment
Options?
●An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
●Each investment option (including the fixed account option) has its own unique risks.
●You should review the available investment options before making an investment
decision.
●Principal Risks
●Investments of
the Variable
Annuity
Account
What are the
Risks Related to
the Insurance
Company?
●An investment in the Contract is subject to the risks related to Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling 1-
800-454-6265 or visiting www.LincolnFinancial.com.
●Principal Risks
 
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes:
●Not all investment options may be available for investment under your Contract.
●We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
●You are generally restricted to no more than 12 transfers between investment options
per Contract Year.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Appendix A –
Investment
Options
Available
Under the
Contract
4
 
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
Contract
Benefits?
Yes:
●Optional benefits may have limitations or restrictions, including the investment
options that you may select under the Contract. We may change these restrictions in
the future.
●Optional benefit availability may vary by state of issue or selling broker-dealer.
●Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
●We may modify or stop offering an optional benefit that is currently available at any
time.
●If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
●If you elect to pay third-party advisory fees out of your Contract Value, this deduction
may reduce the Death Benefit(s) and other guaranteed benefits, and may be subject
to federal and state income taxes and a 10% federal penalty tax.
●The Contracts
●Death Benefits
●Benefits
Available
Under the
Contract —
Advisory Fee
Withdrawals
for Optional
Rider(s)
●Federal Tax
Matters –
Payment of
Investment
Advisory Fees
 
TAXES
Location in
Prospectus
What are the
Contract’s Tax
Implications?
●Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
●If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
●Earnings on your Contract may be taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a penalty if you take a withdrawal before
age 59½.
●Federal Tax
Matters
 
CONFLICTS OF INTEREST
Location in
Prospectus
How are
Investment
Professionals
Compensated?
●Your financial professional may receive compensation for selling this Contract to you,
both in the form of commissions and because we may share the revenue it earns
with the professional’s firm. (Your investment professional may be your broker,
investment adviser, insurance agent, or someone else.)
●This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
●Distribution of
the Contracts
Should I
Exchange My
Contract?
●You should only exchange your contract if you determine, after comparing the
features, fees, and risks of both contracts, that it is better for you to purchase the
new contract rather than continue to own your existing contract.
●The Contracts
– Replacement
of Existing
Insurance
5
Appendix A — Investment Options Available Under The Contract
The following is a list of funds currently available under the Contract. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the 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/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-888-868-2583 or by sending an email request to [email protected].
The current expenses and performance information below reflect fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other 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 12/31/2025)
 
 
 
1 year
5 year
10 year
High total return (including income and
capital gains) consistent with preservation
of capital over the long term.
American Funds® IS Asset Allocation Fund -
Class 1
advised by Capital Research and
Management Company
0.29%
16.16%
9.24%
10.05%
Current income while maintaining a stable
value of the investors' shares and
preserving the value of the investors' initial
investment.
LVIP Government Money Market Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.38%2
3.97%
2.98%
1.87%
To match as closely as practicable, before
fees and expenses, the performance of the
Bloomberg U.S. Aggregate Index.
LVIP State Street Bond Index Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Bond Index Fund)
0.37%2
6.80%
-0.73%
1.67%
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 State Street Moderately Aggressive
Index Allocation Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Moderately Aggressive
Index Allocation Fund)
0.50%
17.43%
6.66%
8.18%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
A-1
 
[THIS PAGE INTENTIONALLY LEFT BLANK]
This updating summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Contract, both dated May 1, 2026, 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.:
333-214235; 811-08517
EDGAR Contract Identifier:
C000176572

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