Form 497VPU LINCOLN LIFE FLEXIBLE

April 23, 2025 12:56 PM EDT
Lincoln LifeGoals®
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 May 1, 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.
•
Effective May 6, 2024, Lincoln Financial Group and Osaic, Inc. entered into an agreement whereby Osaic acquired Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation (collectively “LFN”).
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:
•
LVIP American Century Ultra® Fund (Service Class)
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
Fund Reorganizations:
•
On August 23, 2024, the LVIP Wellington Capital Growth Fund was reorganized into the LVIP American Century Ultra® Fund and is no longer available as an investment option.
Fund Liquidations:
•
On December 6, 2024, the Morgan Stanley VIF Global Infrastructure Portfolio was liquidated and any investments not transferred to another fund prior to that date were automatically transferred to the Goldman Sachs VIT Government Money Market Fund.
•
On April 11, 2025, the Goldman Sachs Multi-Strategy Alternatives Portfolio was liquidated and any investments not transferred to another fund prior to that date were automatically transferred to the Goldman Sachs VIT Government Money Market Fund.
1
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
There are no charges for a Full Surrender or a Withdrawal.
•Policy
Charges and
Fees
Transaction
Charges
You may be charged for other transactions, such as transferring Policy
Value between Sub-Accounts or exercising certain benefits.
•Policy
Charges and
Fees
Ongoing Fees
and Expenses
(annual
charges)
•In addition to 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,
Administrative Fees, Mortality and Expense Risk Charges and Policy
Loan Interest.
•Certain fees are set based on characteristics of the Insured (e.g., age,
Target Age and gender). 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*
0.46%
2.54%
*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.
•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)
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 you have
chosen are adverse or are less favorable than anticipated.
•Outstanding Policy Loans and Withdrawals 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 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
Optional
Benefits
•N/A
•Optional Sub-
Account
Allocation
Program
3
 
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.
•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
To provide current income and
preservation of capital.
American Funds® IS
American Funds Mortgage
Fund - Class 4
advised by Capital
Research and Management
Company
0.81%2
0.35%
-0.30%
0.78%
High total return (including income
and capital gains) consistent with
preservation of capital over the long
term.
American Funds® IS Asset
Allocation Fund - Class 4
advised by Capital
Research and Management
Company
0.79%
16.11%
8.04%
8.05%
Seeks to provide a level of current
income that exceeds the average
yield on U.S. stocks generally and
to provide a growing stream of
income over the years.
American Funds® IS
Capital Income Builder -
Class 4
advised by Capital
Research and Management
Company
0.78%2
9.93%
5.75%
5.17%
Long-term growth of capital.
American Funds® IS
Global Growth Fund - Class
4
advised by Capital
Research and Management
Company
0.91%2
13.39%
9.49%
10.46%
Long-term capital growth.
American Funds® IS
Global Small Capitalization
Fund - Class 4
advised by Capital
Research and Management
Company
1.15%2
2.12%
2.74%
5.54%
Growth of capital.
American Funds® IS
Growth Fund - Class 4
advised by Capital
Research and Management
Company
0.84%
31.29%
18.53%
16.29%
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 and
income.
American Funds® IS
Growth-Income Fund -
Class 4
advised by Capital
Research and Management
Company
0.78%
23.93%
12.73%
11.93%
Long-term growth of capital.
American Funds® IS
International Fund - Class
4
advised by Capital
Research and Management
Company
1.03%
2.93%
0.97%
3.75%
Long-term capital appreciation.
American Funds® IS New
World Fund - Class 4
advised by Capital
Research and Management
Company
1.07%2
6.33%
4.29%
5.96%
To produce income and to provide
an opportunity for growth of
principal consistent with sound
common stock investing.
American Funds® IS
Washington Mutual
Investors Fund - Class 4
advised by Capital
Research and Management
Company
0.75%2
18.85%
11.92%
9.99%
Capital Appreciation.
ClearBridge Variable
Growth Portfolio - Class II
advised by Franklin
Templeton Fund Adviser,
LLC
1.11%
12.42%
5.83%
5.68%
Long-term growth of capital.
ClearBridge Variable Large
Cap Growth Portfolio -
Class II
advised by Franklin
Templeton Fund Adviser,
LLC
0.99%
27.56%
14.46%
N/A
Long-term growth of capital.
ClearBridge Variable Mid
Cap Portfolio - Class II
advised by Franklin
Templeton Fund Adviser,
LLC
1.06%
9.73%
6.35%
7.02%
Total return.
Columbia VP Commodity
Strategy Fund - Class 2
1.00%2
7.09%
8.94%
2.15%
High total return through current
income and, secondarily, through
capital appreciation.
Columbia VP Emerging
Markets Bond Fund - Class
2
1.00%2
6.13%
0.46%
2.66%
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
Total return, consisting of current
income and capital appreciation.
Columbia VP Strategic
Income Fund - Class 2
0.94%2
4.51%
1.82%
3.10%
To provide a high level of current
income.
Eaton Vance VT Floating-
Rate Income Fund - Initial
Class
1.19%
7.68%
4.24%
3.92%
Income and capital growth
consistent with reasonable risk.
Fidelity® VIP Balanced
Portfolio - Service Class 2
0.67%
15.58%
10.57%
9.35%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Service Class 2
0.81%
33.45%
16.74%
13.33%
To achieve capital appreciation.
Fidelity® VIP Growth
Portfolio - Service Class 2
0.81%
30.07%
18.63%
16.34%
Long-term growth of capital.
Fidelity® VIP Mid Cap
Portfolio - Service Class 2
0.82%
17.18%
11.06%
8.94%
High level of current income, and
may also seek capital appreciation.
Fidelity® VIP Strategic
Income Portfolio - Service
Class 2
0.89%
5.78%
2.54%
3.34%
To provide capital appreciation.
First Trust Capital Strength
Portfolio - Class I
1.10%2
10.41%
N/A
N/A
To provide total return. A fund of
funds.
First Trust Dorsey Wright
Tactical Core Portfolio -
Class I
1.30%2
12.53%
5.61%
N/A
To provide capital appreciation.
First Trust International
Developed Capital Strength
Portfolio - Class I
1.20%2
1.76%
N/A
N/A
To maximize current income, with a
secondary objective of capital
appreciation.
First Trust Multi Income
Allocation Portfolio - Class
I
1.16%2
9.98%
5.05%
4.78%
To provide total return by allocating
among dividend-paying stocks and
investment grade bonds.
First Trust/Dow Jones
Dividend & Income
Allocation Portfolio - Class
I5
1.18%
6.01%
4.48%
6.14%
Capital appreciation with income as
a secondary objective.
Franklin Allocation VIP
Fund - Class 4
0.92%2
8.89%
5.45%
5.25%
To maximize income while
maintaining prospects for capital
appreciation.
Franklin Income VIP Fund -
Class 4
0.82%2
7.08%
5.17%
5.16%
Long-term capital appreciation;
preservation of capital is also an
important consideration.
Franklin Rising Dividends
VIP Fund - Class 4
0.98%2
10.68%
10.19%
10.33%
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
Long-term capital growth.
Franklin Small-Mid Cap
Growth VIP Fund - Class 4
1.18%2
10.89%
9.64%
9.21%
Seeks maximum current income to
the extent consistent with the
preservation of capital and the
maintenance of liquidity by
investing exclusively in high quality
money market instruments.
Goldman Sachs VIT
Government Money Market
Fund - Service Shares
0.43%2
4.91%
2.25%
1.51%
Growth of capital.
Hartford Capital
Appreciation HLS Fund -
Class IC
1.17%
20.60%
10.95%
10.06%
Capital Appreciation.
Invesco Oppenheimer V.I.
International Growth Fund
- Series II Shares
1.25%2
-1.81%
2.83%
4.15%
Capital growth and income.
Invesco V.I. Comstock
Fund - Series II Shares
1.01%
14.87%
11.31%
9.21%
To seek to provide reasonable
current income and long-term
growth of income and capital.
Invesco V.I. Diversified
Dividend Fund - Series II
Shares
0.93%
12.96%
7.37%
7.57%
Both capital appreciation and
current income.
Invesco V.I. Equity and
Income Fund - Series II
Shares
0.82%
11.91%
8.12%
7.09%
Long-term growth of capital.
Invesco V.I. EQV
International Equity Fund -
Series II Shares
1.15%
0.34%
2.97%
4.10%
Capital Appreciation.
Invesco V.I. Main Street
Small Cap Fund®- Series II
Shares
1.11%
12.41%
10.21%
8.73%
Long-term capital growth.
LVIP AllianceBernstein
Large Cap Growth Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.88%2
25.62%
12.14%
13.04%
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 American Balanced
Allocation Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.92%2
10.74%
6.41%
6.24%
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
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 - Service
Class
advised by Lincoln
Financial Investments
Corporation
1.02%2
11.79%
6.79%
N/A
Long-term capital growth, income
is secondary objective.
LVIP American Century
Large Company Value Fund
- Service Class
advised by Lincoln
Financial Investments
Corporation
0.85%2
10.52%
7.30%
7.37%
Long-term capital growth.
LVIP American Century
Ultra® Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.90%2
28.62%
18.01%
16.29%
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 American Growth
Allocation Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.94%2
11.61%
6.76%
6.74%
Current income, consistent with the
preservation of capital. A fund of
funds.
LVIP American
Preservation Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.86%2
2.88%
0.75%
1.11%
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 - Service
Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Value Fund)
0.95%2
6.86%
5.38%
6.87%
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
High total investment return.
LVIP BlackRock Global
Allocation Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.97%2
9.23%
5.94%
N/A
To maximize real return, consistent
with preservation of real capital and
prudent investment management.
LVIP BlackRock Inflation
Protected Bond Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
1.13%
2.38%
2.26%
1.89%
Total return through a combination
of current income and long-term
capital appreciation.
LVIP BlackRock Real Estate
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
1.08%2
1.36%
0.27%
2.42%
Long-term capital appreciation.
LVIP Dimensional
International Core Equity
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.87%2
2.81%
4.35%
N/A
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 1 Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.74%2
20.35%
12.89%
11.41%
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 2 Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.74%
18.16%
12.54%
N/A
Maximum long-term total return
consistent with reasonable risk.
LVIP Fidelity Institutional
AM® Total Bond Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Diversified Income Fund)
0.81%2
1.67%
0.14%
1.48%
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
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Emerging
Markets Equity Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.71%2
8.64%
3.11%
2.56%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor International
Equity Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.65%2
3.51%
4.22%
4.43%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Large Cap
Equity Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.61%2
27.68%
12.65%
10.80%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor SMID Cap
Equity Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.63%
12.91%
9.88%
7.77%
To maximize total return by
investing primarily in a diversified
portfolio of intermediate- and long-
term debt securities.
LVIP JPMorgan Core Bond
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.72%
1.46%
-0.19%
1.24%
A high level of current income;
capital appreciation is the
secondary objective.
LVIP JPMorgan High Yield
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.93%2
7.81%
3.77%
4.24%
Maximum total return, consistent
with reasonable risk.
LVIP JPMorgan Short
Duration Bond Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Limited-Term Diversified
Income Fund)
0.77%2
3.99%
1.41%
1.61%
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 provide investment results over
a full market cycle that, before fees
and expenses, are superior to an
index that tracks global equities.
LVIP Loomis Sayles Global
Growth Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
1.12%
22.31%
11.88%
N/A
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Macquarie Bond Fund
- Service Class3
advised by Lincoln
Financial Investments
Corporation
0.72%
1.25%
-0.31%
1.21%
Total return.
LVIP Macquarie Diversified
Floating Rate Fund -
Service Class3
advised by Lincoln
Financial Investments
Corporation
0.88%2
5.80%
2.41%
1.96%
Total return and, as a secondary
objective, high current income.
LVIP Macquarie High Yield
Fund - Service Class3
advised by Lincoln
Financial Investments
Corporation
1.04%2
6.34%
3.36%
3.94%
To maximize long-term capital
appreciation.
LVIP Macquarie Mid Cap
Value Fund - Service
Class3
advised by Lincoln
Financial Investments
Corporation
0.77%
14.42%
8.69%
8.94%
Long-term capital appreciation.
LVIP Macquarie SMID Cap
Core Fund - Service Class3
advised by Lincoln
Financial Investments
Corporation
1.10%2
14.38%
9.21%
9.21%
To maximize long-term capital
appreciation.
LVIP Macquarie Social
Awareness Fund - Service
Class3
advised by Lincoln
Financial Investments
Corporation
0.78%
20.65%
13.48%
11.48%
Long-term capital appreciation.
LVIP Macquarie U.S.
Growth Fund - Service
Class3
advised by Lincoln
Financial Investments
Corporation
1.02%
33.66%
19.26%
14.18%
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
Maximum long-term total return,
with capital appreciation as a
secondary objective.
LVIP Macquarie U.S. REIT
Fund - Service Class3
advised by Lincoln
Financial Investments
Corporation
1.13%2
7.55%
2.75%
4.02%
Long-term capital appreciation.
LVIP MFS International
Growth Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
1.04%2
7.83%
5.99%
7.70%
Capital Appreciation.
LVIP MFS Value Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.86%2
11.57%
7.83%
8.43%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global
Income Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.91%2
-5.40%
-3.47%
-0.71%
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 -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.99%2
4.43%
3.22%
3.93%
To seek a high level of current
income consistent with
preservation of capital.
LVIP PIMCO Low Duration
Bond Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.90%2
4.87%
1.38%
1.60%
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
LVIP SSGA Bond Index
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.62%2
0.80%
-0.85%
0.78%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP SSGA Conservative
Index Allocation Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.76%2
5.69%
3.34%
3.95%
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
To provide investment results that,
before fees and expenses,
correspond generally to the total
return of the MSCI Emerging
Markets Index that tracks
performance of emerging market
equity securities.
LVIP SSGA Emerging
Markets Equity Index Fund
- Service Class
advised by Lincoln
Financial Investments
Corporation
0.75%2
6.54%
0.50%
N/A
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 - Service Class
advised by Lincoln
Financial Investments
Corporation
0.63%2
2.97%
4.23%
4.72%
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 - Service Class
advised by Lincoln
Financial Investments
Corporation
0.60%2
13.27%
9.67%
9.04%
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 - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.75%
8.10%
5.26%
5.46%
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 - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.75%
9.00%
5.81%
5.97%
Seeks an investment return that
approximates as closely as
practicable, before fees and
expenses, the performance of U.S.
common stocks, as represented by
the Nasdaq-100® Index.
LVIP SSGA Nasdaq-100
Index Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.70%
24.94%
N/A
N/A
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 - Service Class4
advised by Lincoln
Financial Investments
Corporation
0.48%
24.42%
13.96%
12.56%
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
To provide investment results that,
before fees and expenses,
correspond generally to the price
and yield performance of an index
that tracks the short-term U.S.
corporate bond market.
LVIP SSGA Short-Term
Bond Index Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.61%2
4.63%
1.64%
N/A
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 - Service Class
advised by Lincoln
Financial Investments
Corporation
0.63%2
10.87%
6.70%
7.11%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP Structured
Conservative Allocation
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.85%
6.20%
3.44%
3.80%
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 - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.81%
9.14%
5.51%
5.34%
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 - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.83%
10.21%
6.11%
5.78%
To maximize capital appreciation.
LVIP T. Rowe Price
Structured Mid-Cap
Growth Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.97%2
23.36%
10.86%
11.68%
Total return consistent with the
preservation of capital. A fund of
funds.
LVIP Vanguard Bond
Allocation Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.61%
1.18%
-0.82%
0.70%
A-11
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. A
fund of funds.
LVIP Vanguard Domestic
Equity ETF Fund - Service
Class
advised by Lincoln
Financial Investments
Corporation
0.57%2
21.80%
13.08%
11.75%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard
International Equity ETF
Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.59%2
3.62%
3.43%
4.64%
Long-term capital appreciation.
LVIP Wellington SMID Cap
Value Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
1.02%2
12.04%
8.83%
7.83%
Maximize total return.
LVIP Western Asset Core
Bond Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.80%
0.44%
-1.06%
N/A
Total return.
Macquarie VIP Asset
Strategy Series - Service
Class3
advised by Delaware
Management Company
0.85%2
12.44%
6.56%
5.27%
Long-term capital appreciation.
Macquarie VIP Emerging
Markets Series - Service
Class3
advised by Delaware
Management Company
1.46%2
4.77%
0.72%
3.75%
Capital growth and appreciation.
Macquarie VIP Energy
Series - Service Class3
advised by Delaware
Management Company
1.11%2
-5.60%
5.79%
-1.89%
A-12
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 seek to provide total return
through a combination of high
current income and capital
appreciation.
Macquarie VIP High
Income Series - Service
Class3
advised by Delaware
Management Company
0.97%
6.20%
3.51%
4.13%
Growth of capital.
Macquarie VIP Mid Cap
Growth Series - Service
Class3
advised by Delaware
Management Company
1.10%2
2.20%
7.96%
9.88%
Growth of capital.
Macquarie VIP Science and
Technology Series -
Service Class3
advised by Delaware
Management Company
1.16%
30.59%
14.05%
13.54%
Growth of capital.
Macquarie VIP Small Cap
Growth Series - Service
Class3
advised by Delaware
Management Company
1.14%2
14.26%
6.25%
7.53%
Capital Appreciation.
Macquarie VIP Small Cap
Value Series - Service
Class3
advised by Delaware
Management Company
1.04%
11.02%
6.83%
7.30%
Capital Appreciation.
MFS® VIT Growth Series -
Service Class
advised by Massachusetts
Financial Services
Company
0.97%2
31.15%
14.46%
14.82%
Total return.
MFS® VIT Total Return
Series - Service Class
advised by Massachusetts
Financial Services
Company
0.86%2
7.46%
5.89%
6.20%
Total return.
MFS® VIT Utilities Series -
Service Class
advised by Massachusetts
Financial Services
Company
1.04%2
11.34%
5.61%
6.02%
Maximum real return, consistent
with preservation of real capital and
prudent investment management. A
fund of funds.
PIMCO VIT All Asset
Portfolio - Advisor Class
advised by Pacific
Investment Management
Company, LLC
2.37%2
3.57%
4.31%
4.25%
A-13
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Maximum real return, consistent
with prudent investment
management.
PIMCO VIT
CommodityRealReturn®
Strategy Portfolio - Advisor
Class
advised by Pacific
Investment Management
Company, LLC
2.38%2
3.97%
6.98%
1.55%
To seek maximum long-term return,
consistent with preservation of
capital and prudent investment
management.
PIMCO VIT Dynamic Bond
Portfolio - Advisor Class
advised by Pacific
Investment Management
Company, LLC
1.13%
5.39%
2.25%
2.46%
To seek maximum total return,
consistent with preservation of
capital and prudent investment
management.
PIMCO VIT Emerging
Markets Bond Portfolio -
Advisor Class
advised by Pacific
Investment Management
Company, LLC
1.38%
7.32%
0.82%
3.27%
Balanced investment composed of a
well-diversified portfolio of stocks
and bonds which produce both
capital growth and current income.
Putnam VT George Putnam
Balanced Fund - Class IB
0.90%
16.73%
9.11%
8.60%
Capital Appreciation.
Putnam VT Global Health
Care Fund - Class IB
0.98%
1.43%
7.94%
7.65%
High current income consistent
with what the manager believes to
be prudent risk.
Putnam VT Income Fund -
Class IB
0.85%
2.32%
-1.41%
1.03%
Capital growth and current income.
Putnam VT Large Cap
Value Fund - Class IB
0.80%
19.14%
12.45%
10.88%
Long-term capital growth.
Templeton Foreign VIP
Fund - Class 4
1.16%2
-1.08%
2.50%
2.28%
High current income consistent
with preservation of capital; capital
appreciation is a secondary
objective.
Templeton Global Bond VIP
Fund - Class 4
advised by Franklin
Advisers, Inc.
0.85%2
-
11.42%
-4.93%
-2.12%
Long-term capital appreciation by
investing primarily in global
resource securities.
VanEck VIP Global
Resources Fund - Class S
Shares
1.30%
-3.09%
7.28%
0.57%
Long-term total return.
Virtus Newfleet Multi-
Sector Intermediate Bond
Series - Class A Shares
0.94%
5.91%
2.32%
3.34%
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.
A-14
2
This fund is subject to an expense reimbursement or a fee waiver arrangement. As a result, this funds 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.
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.
5
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.
A-15
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. 333-259297; 811-08557
EDGAR Contract Identifier C000232314

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