Updating Summary Prospectus (Form 497VPU)

Lincoln Level Advantage 2®Advisory Class Index-Linked Annuity Contracts  

Updating Summary Prospectus for Current Contractowners

May 1, 2026

This updating summary prospectus summarizes certain changes to key features of the Lincoln Level Advantage 2®Advisory Class Index-Linked 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 Level Advantage 2®Advisory Class contract.

The prospectus for the Lincoln Level Advantage 2®Advisory Class Index-Linked 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 1-877-737-6872 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.

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 a Purchase Payment totaling $1 million or more. This amount takes into consideration the total Purchase Payments for all existing Lincoln Level Advantage®, Lincoln Level Advantage 2® and Lincoln Level Advantage 2 IncomeSM contracts for the same Contractowner, joint owner, and/or Annuitant. At the Company's discretion, this 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.

Important Information You Should Consider About the Lincoln Level Advantage 2®Advisory Class Index-linked Annuity Contract 

	FEES, EXPENSES, AND ADJUSTMENTS	Location in Prospectus
Are There Charges or Adjustments for Early Withdrawals?	Yes: If you remove Contract Value prior to the End Date of an Indexed Term, we will apply a Contract Adjustment based on Interim Value, which could be negative, and you could lose up to 100% of your investment due to the Contract Adjustment. For example, if you allocate $100,000 to an Indexed Account and later withdraw the entire amount before the Indexed Term has ended, you could lose up to $100,000 of your investment. This loss will be greater (but never more than 100%) if you also make a deduction to pay a third-party advisory fee, or have to pay taxes, and tax penalties. Contract Adjustments are applied to withdrawals, surrenders, reallocations, annuitizations and Death Benefit payments prior to the End Date of an Indexed Term and upon a Secure Lock+® request.	●Fee Tables ●Charges and Adjustments ●Charges and Adjustments - Contract Adjustments
Are There Transaction Charges?	No: The Contract does not impose any transaction charges.	●Fee Tables ●Charges and Adjustments ●Federal Tax Matters - Payment of Investment Advisory Fees
Are There Ongoing Fees and Expenses?	Yes: There is an implicit ongoing fee on Indexed Accounts to the extent that your participation in Index gains is limited by the Company through the use of a Performance Cap, Performance Trigger Rate, Dual Performance Trigger Rate, or Reset Rate. This means that your returns may be lower than the Index's returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses. Additionally, in certain cases your Contract Value may be subject to a negative Interim Value adjustment.	●Fee Tables ●Charges and Adjustments
	RISKS	Location in Prospectus
Is There a Risk of Loss From Poor Performance?	Yes: ●You can lose money by investing in the Contract. Your investment in the Indexed Accounts is subject to all losses in excess of the Protection Method you choose including any loss experienced from a negative Index performance. Under extreme circumstances, you could lose up to 90% of your investment in an Indexed Account with a 10% Protection Level or 10% Dual Rate, up to 85% of your investment in an Indexed Account with a 15% Protection Level or 15% Dual Rate, up to 80% of your investment in an Indexed Account with a 20% Protection Level, up to 75% of your investment in an Indexed Account with a 25% Protection Level, and up to 70% of your investment in an Indexed Account with a 30% Protection Level. We do not guarantee that the Contract will always offer Indexed Accounts that limit Index losses, which would mean risk of loss of the entire amount invested. ●An Interim Value is calculated if an early withdrawal is taken prior to the end of an Indexed Term. The Interim Value formula may result in a loss even if the Index Value at the time of the withdrawal is higher than the Index Value at the beginning of the Indexed Term.	●Principal Risks of Investing in the Contract

Appendix A - Investment Options Available Under The Contract

The following is a list of Indexed Accounts currently available under the Contract. We may change the features of the Indexed Accounts listed below (including the Index and the current limits on Index gains and losses), offer new Indexed Accounts, and terminate existing Indexed Accounts. We will provide you with written notice before making any changes other than changes to the current limits on Index gains. Information about current limits on Index gains is available at www.lfg.com/llarates.

Note: If amounts are removed from an Indexed Account before the end of its Indexed Term, we will apply a Contract Adjustment based on Interim Value. This may result in significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if you held the Indexed Segment until the end of the Indexed Term. See Indexed Accounts - Interim Value in the prospectus for additional details.

 

Index	Type of Index	Term Duration	Index Crediting Methodology	Protection Method and Amount of Protection	Guaranteed Minimum Declared Crediting Method Rate
S&P 500® Price Return Index1 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to Point	15% Protection Level	1.0% Performance Cap
S&P 500® Price Return Index1 This Index is not available for contracts issued on or after November, 18, 2024.	Market Index	1-Year	Point-to-Point	20% Protection Level	1.0% Performance Cap
S&P 500® Price Return Index1, 3	Market Index	1-Year	Point-to-Point	100% Protection Level	0.10% Performance Cap
Russell 2000® Price Return Index1 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap
Capital Strength Net Fee IndexSM 1, 4 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap
Capital Strength Net Fee IndexSM 1, 4	Market Index	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap
First Trust American Leadership IndexTM 1, 4 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap
First Trust American Leadership IndexTM 1, 4	Market Index	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap
Capital Group Growth ETF2 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	20% Protection Level	10.0% Performance Cap
S&P 500® Price Return Index1 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	6-Year	Point-to-Point	25% Protection Level	10.0% Performance Cap
S&P 500® Price Return Index1 This Index is not available for contracts issued on or after November, 18, 2024.	Market Index	6-Year	Point-to-Point	30% Protection Level	10.0% Performance Cap
Russell 2000® Price Return Index1	Market Index	6-Year	Point-to-Point	20% Protection Level	10.0% Performance Cap
Russell 2000® Price Return Index1 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	6-Year	Point-to-Point	25% Protection Level	10.0% Performance Cap

Index	Type of Index	Term Duration	Index Crediting Methodology	Protection Method and Amount of Protection	Guaranteed Minimum Declared Crediting Method Rate
Russell 2000® Price Return Index1 This Index is not available for contracts issued on or after November, 18, 2024.	Market Index	6-Year	Point-to-Point	30% Protection Level	10.0% Performance Cap
Capital Strength Net Fee IndexSM 1, 4	Market Index	6-Year	Point-to-Point	20% Protection Level	10.0% Performance Cap
Capital Strength Net Fee IndexSM 1, 4 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	6-Year	Point-to-Point	25% Protection Level	10.0% Performance Cap
Capital Strength Net Fee IndexSM 1, 4 This Index is not available for contracts issued on or after November, 18, 2024.	Market Index	6-Year	Point-to-Point	30% Protection Level	10.0% Performance Cap
First Trust American Leadership IndexTM 1, 4	Market Index	6-Year	Point-to-Point	20% Protection Level	10.0% Performance Cap
First Trust American Leadership IndexTM 1, 4 This Index is available for all contracts issued on or after November, 18, 2024, subject to state availability.	Market Index	6-Year	Point-to-Point	25% Protection Level	10.0% Performance Cap
First Trust American Leadership IndexTM 1, 4 This Index is not available for contracts issued on or after November, 18, 2024.	Market Index	6-Year	Point-to-Point	30% Protection Level	10.0% Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Trigger Rate
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Trigger Rate
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate
Russell 2000® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate
Capital Strength Net Fee IndexSM 1, 4	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate
First Trust American Leadership IndexTM 1, 4	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap
Russell 2000® Price Return Index1	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap
Capital Strength Net Fee IndexSM 1, 4	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap
First Trust American Leadership IndexTM 1, 4	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Annual Lock	10% Protection Level	10.0% Performance Cap
Russell 2000® Price Return Index1	Market Index	6-Year	Annual Lock	10% Protection Level	10.0% Performance Cap

1 The Index is a "price return Index," not a "total return Index," and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

2 The ETF provider deducts fees and costs when calculating performance. This will reduce the ETF return and may cause the ETF to underperform a direct investment in the securities composing the ETF. The Indexed Account that tracts the ETF does not participate in dividend or capital gains distributions of the ETF, if any.

3 This Indexed Account provides total protection from Index losses at the end of the Indexed Term.

4 The Index deducts fees and costs when calculating Index performance which will reduce the Index return and cause each Index to underperform a direct investment in the securities composing the Index.

Each Indexed Account's limit on Index losses is guaranteed not to change for as long as that Indexed Account remains available under the Contract. We will not offer a 1-Year Indexed Account with a Performance Cap, Performance Trigger Rate, or Dual Performance Trigger Rate below 1.00% (except in the case of the 100% Protection Level, which has a minimum Performance Cap of 0.10%) or a 6-Year Annual Lock Indexed Account with a Performance Cap below 1.00%. We will not offer a 6-Year Performance Cap or Dual Plus Indexed Account with a Performance Cap below 10.00%. If you choose to lock the Interim Value of an Indexed Segment under Secure Lock+®, we will reset the Performance Cap, the Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate for that Indexed Segment, and that Reset Rate may be lower than these stated minimums. We will not offer a Reset Rate under Secure Lock+® less than 0.10%. However, we reserve the right to add and remove Indexed Accounts and to offer Indexed Accounts with different Crediting Methods or Protection Methods. As such, the limits on Index loss offered under the Contract may change from one Indexed Term to the next. We do not guarantee that the Contract will always offer Indexed Accounts that limit Index losses. See Indexed Accounts in the prospectus for additional details.