Updating Summary Prospectus (Form 497VPU)

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.

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

 

 

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

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%