Lincoln Life Flexible Premium Variable Life Account M

04/22/2026 | Press release | Distributed by Public on 04/22/2026 11:55

Updating Summary Prospectus (Form 497VPU)

Lincoln MoneyGuard Market Advantage®
The Lincoln National Life Insurance Company
Updating Summary Prospectus for Existing Owners
May 1, 2026
Lincoln Life Flexible Premium Variable Life Account M
This updating summary prospectus summarizes certain changes to key features of the Policy. You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider About The Policy.
The 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.
You should 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, 2025. 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 Changes to Benefits Available Under the Policy:
Appendix B: Current Investment Restrictions for Optional Benefits. This section should be reviewed for any updates to the Investment Restrictions that may be applicable to your Policy.
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.
The following funds will be available on or about May 11, 2026. Please consult your registered representative.
•
American Funds® IS Growth Fund (Class 2)
•
LVIP American Funds Vanguard Active Passive Growth Fund (Standard Class)
Fund Name Changes: 
Former Fund Name
New Fund Name
LVIP Macquarie Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Macquarie Mid Cap Value Fund
LVIP Nomura Mid Cap Value Fund
LVIP Macquarie Social Awareness Fund
LVIP Nomura Social Awareness Fund
LVIP SSGA Bond Index Fund
LVIP State Street Bond Index Fund
LVIP SSGA Conservative Index Allocation
Fund
LVIP State Street Conservative Index
Allocation Fund
LVIP SSGA Emerging Markets Equity
Index Fund
LVIP State Street Emerging Markets
Equity Index Fund
LVIP SSGA International Index Fund
LVIP State Street International Index Fund
LVIP SSGA Mid-Cap Index Fund
LVIP State Street Mid-Cap Index Fund
LVIP SSGA Moderate Index Allocation
Fund
LVIP State Street Moderate Index
Allocation Fund
LVIP SSGA Moderately Aggressive Index
Allocation Fund
LVIP State Street Moderately Aggressive
Index Allocation Fund
LVIP SSGA S&P 500 Index Fund
LVIP State Street S&P 500 Index Fund
LVIP SSGA Short-Term Bond Index Fund
LVIP State Street Short-Term Bond Index
Fund
LVIP SSGA Small-Cap Index Fund
LVIP State Street Small-Cap Index Fund
Macquarie VIP Emerging Markets Series
Nomura VIP Emerging Markets Series
Macquarie VIP Small Cap Value Series
Nomura VIP Small Cap Value Series
1
Former Fund Name
New Fund Name
TOPS® Aggressive Growth ETF Portfolio
TOPS® Aggressive ETF Portfolio
TOPS® Moderate Growth ETF Portfolio
TOPS® Moderate ETF Portfolio
2
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
For a Full Surrender or Partial Surrender, for up to 19 years from the date
of the Policy and up to 19 years from each increase in Specified Amount,
you could pay a Surrender Charge of up to $56.59 (5.659%) per $1,000
of the Specified Amount.
For example, if your Policy has a Specified Amount of $100,000 and you
Surrender your Policy or take an early withdrawal, you could be
assessed a charge of up to $5,659.
•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, take a Partial Surrender or exercise
certain benefits.
•Policy
Charges and
Fees
Ongoing
Charges (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%
2.41%
*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 19 years from the Policy Date and
19 years from the date of any increase in your Specified Amount.
•Any 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
3
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 any 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.
•While there is no cost to reinstate your Policy we must receive a
payment sufficient to keep your Policy and any reinstated riders in
force for at least two months after the date of reinstatement.
•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
4
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.
•We impose Allocation Requirements to reduce the risk of investment
losses that may require us to use our own assets to make guaranteed
payments under the Value Protection Rider and to make payments that
would not be required in the absence of this Rider's provisions. Please
see Appendix B: Current Investment Restrictions for Optional Benefits
•Transfer Fee
•Sub-Account
Availability
and
Substitution of
Funds
•Transfers
•Value
Protection
Rider
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.
•Other Benefits
Available
Under the
Policy
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.
•There is no additional tax benefit to you if the Policy is purchased
through a tax-qualified plan or individual retirement account (IRA).
•Withdrawals will be subject to ordinary income tax, and may be
subject to tax penalties.
•Tax Issues
5
CONFLICTS OF INTEREST
Location in
Prospectus
Investment
Professional
Compensation
•Your registered representative may receive compensation for selling
the Policy to investors.
•These registered representatives may have a financial incentive to offer
or recommend the Policy over another investment for which the
registered representative 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)
6
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of Underlying Funds currently available under the Policy. Depending on the optional benefits you choose, you may not be able to invest in certain funds. If the Value Protection Rider is in effect, you may not be able to invest in certain Underlying Funds. Please see "Appendix B -Current Investment Restrictions for Optional Benefits - Value Protection Rider". 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 12/31/2025)
1 year
5 year
10 year
Long-term growth of capital while
providing current income.
American Funds® IS Capital World
Growth and Income Fund - Class 2
advised by Capital Research and
Management Company
0.66%2
24.80%
10.29%
11.02%
Growth of capital.
American Funds® IS Growth Fund
- Class 2
advised by Capital Research and
Management Company
This fund will be available on or
about May 11, 2026. Please
consult your registered
representative.
0.58%
20.24%
13.37%
17.97%
Long-term growth of capital.
ClearBridge Variable Mid Cap
Portfolio - Class I
advised by Franklin Templeton
Fund Adviser, LLC
0.82%
4.35%
4.50%
7.50%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Initial Class
0.54%
21.52%
15.37%
15.78%
Capital appreciation.
Fidelity® VIP Financials Portfolio -
Initial Class
0.60%
15.18%
16.45%
13.40%
Capital appreciation.
Fidelity® VIP Health Care Portfolio
- Initial Class
0.59%
14.39%
4.18%
8.75%
Capital appreciation.
Fidelity® VIP Technology Portfolio
- Initial Class
0.56%
23.36%
16.83%
23.76%
To provide long-term capital
appreciation.
First Trust Capital Strength Hedged
Equity Portfolio - Class I
1.25%2
-2.26%
N/A
N/A
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
To provide capital appreciation.
First Trust Capital Strength
Portfolio - Class I
1.10%
5.70%
7.07%
N/A
To provide total return by
allocating among dividend-paying
stocks and investment grade
bonds.
First Trust/Dow Jones Dividend &
Income Allocation Portfolio - Class
I4
1.18%
5.30%
3.98%
6.68%
Long-term growth of capital. A
fund of funds.
Lincoln Hedged S&P 500
Conservative Fund - Service Class3
1.05%2
9.27%
N/A
N/A
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 - Standard Class
advised by Lincoln Financial
Investments Corporation
0.57%2
15.47%
6.62%
8.23%
Long-term capital growth.
LVIP American Century Ultra®
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.65%2
12.95%
N/A
N/A
Long-term capital appreciation. A
fund of funds.
LVIP American Funds Vanguard
Active Passive Growth Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
This fund will be available on or
about May 11, 2026. Please
consult your registered
representative.
0.67%2
N/A
N/A
N/A
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 - Standard Class
advised by Lincoln Financial
Investments Corporation
0.59%2
17.07%
7.11%
8.92%
A high level of current income with
some consideration given to
growth of capital. A fund of funds.
LVIP American Income Allocation
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.57%2
12.56%
4.70%
6.42%
Capital appreciation.
LVIP Baron Growth Opportunities
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.90%2
-9.85%
-0.08%
9.06%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP BlackRock Equity Dividend
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.66%2
13.43%
8.30%
8.58%
High total investment return.
LVIP BlackRock Global Allocation
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.72%2
18.71%
6.10%
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
0.85%
5.76%
2.61%
3.01%
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
0.86%2
8.92%
2.71%
3.68%
Long-term capital appreciation.
LVIP Dimensional International
Core Equity Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.62%2
35.26%
9.65%
8.43%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity
2 Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.49%
15.38%
12.83%
12.99%
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Franklin Templeton Core
Bond Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.37%
7.25%
-0.44%
2.24%
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%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement
Income Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.68%2
12.10%
4.39%
5.54%
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 - Standard Class
advised by Lincoln Financial
Investments Corporation
0.77%2
17.59%
9.25%
N/A
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP MFS International Growth
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.79%2
19.11%
7.09%
9.73%
Capital appreciation.
LVIP MFS Value Fund - Standard
Class
advised by Lincoln Financial
Investments Corporation
0.61%2
13.06%
10.00%
10.10%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global Income
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.66%2
6.39%
-3.30%
0.36%
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
36.38%
11.24%
7.90%
Maximize long-term capital
appreciation.
LVIP Nomura Mid Cap Value Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
0.42%
13.35%
11.72%
10.68%
Maximize long-term capital
appreciation.
LVIP Nomura Social Awareness
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.44%
15.06%
12.98%
13.53%
To seek a high level of current
income consistent with
preservation of capital.
LVIP PIMCO Low Duration Bond
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.60%2
5.47%
1.91%
2.24%
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 high level of current income,
with some consideration given to
growth of capital. A fund of funds.
LVIP State Street Conservative
Index Allocation Fund - Standard
Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Conservative
Index Allocation Fund)
0.50%2
12.80%
3.71%
5.57%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
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 State Street Emerging
Markets Equity Index Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Emerging
Markets Equity Index Fund)
0.50%2
33.48%
3.41%
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 State Street International
Index Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA International
Index Fund)
0.38%2
31.18%
8.66%
8.00%
To approximate as closely as
practicable, before fees and
expenses, the performance of the
S&P MidCap 400® Index that
emphasizes stocks of mid-sized
U.S. companies.
LVIP State Street Mid-Cap Index
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Mid-Cap
Index Fund)
0.35%2
7.13%
8.74%
10.34%
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 State Street Moderate Index
Allocation Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Moderate
Index Allocation Fund)
0.50%
15.64%
5.85%
7.43%
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%
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 State Street S&P 500 Index
Fund - Standard Class3
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA S&P 500
Index Fund)
0.23%
17.60%
14.16%
14.55%
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 State Street Short-Term Bond
Index Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Short-Term
Bond Index Fund)
0.36%2
5.52%
2.25%
N/A
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
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 State Street Small-Cap Index
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Small-Cap
Index Fund)
0.38%2
12.46%
5.73%
9.18%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2020 Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.64%2
13.02%
5.48%
6.87%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2030 Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.67%2
14.99%
6.85%
7.87%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2040 Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.71%2
18.14%
8.89%
9.21%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2050 Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.73%2
19.65%
9.74%
10.05%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2060 Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.73%2
19.77%
9.93%
N/A
To maximize capital appreciation.
LVIP T. Rowe Price Structured
Mid-Cap Growth Fund - Standard
Class
advised by Lincoln Financial
Investments Corporation
0.71%2
11.04%
7.41%
12.90%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard Domestic Equity
ETF Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.30%2
16.47%
12.72%
13.79%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard International Equity
ETF Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.32%2
31.56%
7.29%
8.14%
A-6
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Capital appreciation.
MFS® VIT II Core Equity Portfolio
- Initial Class
advised by Massachusetts
Financial Services Company
0.78%2
12.50%
11.52%
13.81%
Capital appreciation.
MFS® VIT New Discovery Series -
Initial Class
advised by Massachusetts
Financial Services Company
0.87%2
12.96%
-0.28%
10.74%
Long-term capital appreciation.
Nomura VIP Emerging Markets
Series - Standard Class
1.16%2
81.26%
8.81%
12.17%
Capital appreciation.
Nomura VIP Small Cap Value
Series - Standard Class
0.74%
8.16%
9.26%
9.15%
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 IA
0.63%
14.31%
9.11%
10.44%
Capital appreciation. A fund of
funds.
TOPS® Aggressive ETF Portfolio -
Class 2 Shares
advised by Valmark Advisers, Inc.
(formerly TOPS® Aggressive
Growth ETF Portfolio)
0.54%
18.83%
9.41%
10.43%
Income and capital appreciation. A
fund of funds.
TOPS® Balanced ETF Portfolio -
Service Class Shares
advised by Valmark Advisers, Inc.
0.58%
12.81%
5.47%
N/A
Capital appreciation. A fund of
funds.
TOPS® Moderate ETF Portfolio -
Service Class Shares
advised by Valmark Advisers, Inc.
(formerly TOPS® Moderate
Growth ETF Portfolio)
0.59%
15.11%
6.88%
N/A
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
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-7
4
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-8
APPENDIX B: CURRENT INVESTMENT RESTRICTIONS FOR OPTIONAL BENEFITS - VALUE PROTECTION RIDER
You will not be able to allocate Accumulation Value without restriction among all of the Sub-Accounts that are available without losing this Rider. We impose Allocation Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under the Value Protection Rider and to make payments that would not be required in the absence of this Rider's provisions. 
Tier 1
No restrictions or requirements exist on
Tier 1 Sub-Accounts or in the Fixed
Account if the total investment in Tier 3 is
zero. If there any investments in Tier 3,
then investments in Tier 1 Sub-Accounts
and/or in the Fixed Account must account
for at least 20% of the Accumulation
Value.
Tier 2
No restrictions or requirements exist on
Tier 2 Sub-Accounts.
Tier 3
Any investment in any Tier 3 Sub-Accounts
activates the 20% requirement in the Tier 1
Sub-Accounts and/or the Fixed Account.
•Lincoln Hedged S&P 500 Conservative
Fund
•LVIP BlackRock Inflation Protected Bond
Fund
•LVIP Franklin Templeton Core Bond Fund
•LVIP Government Money Market Fund
•LVIP Mondrian Global Income Fund
•LVIP PIMCO Low Duration Bond Fund
•LVIP State Street Bond Index Fund
•LVIP State Street Short-Term Bond Index
Fund
•First Trust Capital Strength Hedged Equity
Portfolio
•First Trust/Dow Jones Dividend & Income
Allocation Portfolio
•LVIP American Balanced Allocation Fund
•LVIP American Funds Vanguard Active
Passive Growth Fund
•LVIP American Growth Allocation Fund
•LVIP American Income Allocation Fund
•LVIP BlackRock Global Allocation Fund
•LVIP JPMorgan Retirement Income Fund
•LVIP State Street Conservative Index
Allocation Fund
•LVIP State Street Moderate Index
Allocation Fund
•LVIP State Street Moderately Aggressive
Index Allocation Fund
•LVIP T. Rowe Price 2020 Fund
•LVIP T. Rowe Price 2030 Fund
•LVIP T. Rowe Price 2040 Fund
•LVIP T. Rowe Price 2050 Fund
•LVIP T. Rowe Price 2060 Fund
•Putnam VT George Putnam Balanced
Fund
•TOPS® Balanced ETF Portfolio
•TOPS® Moderate ETF Portfolio
•American Funds® IS Capital World
Growth and Income Fund
•American Funds® IS Growth Fund
•ClearBridge Variable Mid Cap Portfolio
•Fidelity® VIP Contrafund® Portfolio
•Fidelity® VIP Financials Portfolio
•Fidelity® VIP Health Care Portfolio
•Fidelity® VIP Technology Portfolio
•First Trust Capital Strength Portfolio
•LVIP American Century Ultra® Fund
•LVIP Baron Growth Opportunities Fund
•LVIP BlackRock Equity Dividend Fund
•LVIP BlackRock Real Estate Fund
•LVIP Dimensional International Core
Equity Fund
•LVIP Dimensional U.S. Core Equity 2
Fund
•LVIP Loomis Sayles Global Growth Fund
•LVIP MFS International Growth Fund
•LVIP MFS Value Fund
•LVIP Mondrian International Value Fund
•LVIP Nomura Mid Cap Value Fund
•LVIP Nomura Social Awareness Fund
•LVIP State Street Emerging Markets
Equity Index Fund
•LVIP State Street International Index Fund
•LVIP State Street Mid-Cap Index Fund
•LVIP State Street S&P 500 Index Fund
•LVIP State Street Small Cap Index Fund
•LVIP T. Rowe Price Structured Mid-Cap
Growth Fund
•LVIP Vanguard Domestic Equity ETF Fund
•LVIP Vanguard International Equity ETF
Fund
B-1
Tier 1
No restrictions or requirements exist on
Tier 1 Sub-Accounts or in the Fixed
Account if the total investment in Tier 3 is
zero. If there any investments in Tier 3,
then investments in Tier 1 Sub-Accounts
and/or in the Fixed Account must account
for at least 20% of the Accumulation
Value.
Tier 2
No restrictions or requirements exist on
Tier 2 Sub-Accounts.
Tier 3
Any investment in any Tier 3 Sub-Accounts
activates the 20% requirement in the Tier 1
Sub-Accounts and/or the Fixed Account.
•MFS® VIT New Discovery Series
•MFS® VIT II Core Equity Portfolio
•Nomura VIP Emerging Markets Series
•Nomura VIP Small Cap Value Series
•TOPS® Aggressive ETF Portfolio
B-2
This updating summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Policy, 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.:
333-248990; 811-08557
EDGAR Contract Identifier:
C000223341
Lincoln Life Flexible Premium Variable Life Account M published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 22, 2026 at 17:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]