Updating Summary Prospectus (Form 497VPU)

American Legacy® Fusion 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 American Legacy® Fusion 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 American Legacy® Fusion contract.

The prospectus for the American Legacy® Fusion 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 1-800-942-5500 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.

Asset Allocation Models. As of August 18, 2025, you may allocate your Purchase Payment among a group of Subaccounts within an asset allocation model. Each model invests different percentages of the Contract Value in some or all of the Subaccounts currently available within your annuity contract. You may only choose one asset allocation model at a time, though you may change to a different asset allocation model at any time. In addition, sample portfolios were no longer available, on and after this date.

Summary of Changes to Benefits Available Under the Contract:

Benefits Available Under the Contract. Beginning May 18, 2026, Lincoln ProtectedPay Select Core® will only be available at the time the Contract is purchased.

Appendix B - Investment Requirements. This section should be reviewed for any updates to the Investment Requirements that may be applicable to your Contract.

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.

The following fund(s) will be available on or about May 18, 2026. Please consult your registered representative.

Important Information You Should Consider About the American Legacy® Fusion Variable Annuity Contract 

	FEES, EXPENSES, AND ADJUSTMENTS			Location in Prospectus
Are There Charges or Adjustments for Early Withdrawals?	Yes: A surrender charge may apply to a surrender or withdrawal of a Purchase Payment prior to the 1st anniversary since the Purchase Payment was invested, up to 1% of the amount withdrawn, declining to 0% over that time period. For example, if you make a withdrawal of $100,000 during the first year after your Purchase Payment, you could be assessed a charge of up to $1,000 on the Purchase Payment withdrawn. This loss will be greater if there is also a negative Interest Adjustment, taxes, or tax penalties. A surrender charge will not apply if your withdrawal is made after the 1st anniversary since a Purchase Payment was invested. If amounts are withdrawn, surrendered, or transferred from the fixed account before the expiration of a Guaranteed Period, an Interest Adjustment may apply, which may be negative. A negative Interest Adjustment will result in the loss of some or all previously- credited interest in excess of the guaranteed minimum interest rate, if any. Your loss will be greater if you also have to pay a surrender charge, taxes, or tax penalties.			●Fee Tables ●Fee Tables - Examples ●Charges, Other Deductions, and Adjustments - Surrender Charge
Are There Transaction Charges?	Yes: Each Purchase Payment is subject to its own Premium Based Charge that will be deducted quarterly for seven years after the Purchase Payment is received. The Premium Based Charge rate for new Purchase Payments decreases as the total amount of Purchase Payments increase. A portion of the Premium Based Charge applies to withdrawals above the Premium Based Charge free amount.			●Fee Tables ●Charges, Other Deductions, and Adjustments - Premium Based Charge
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.			●Fee Tables ●Fee Tables - Examples ●Charges, Other Deductions, and Adjustments ●Appendix A - Investment Options Available Under the Contract
	Annual Fee	Minimum	Maximum
	Base Contract - Account Value Death Benefit	0.92%1	0.92%1
	Base Contract - Guarantee of Principal Death Benefit	0.97%1	0.97%1
	Base Contract - Enhanced Guaranteed Minimum Death Benefit	1.22%1	1.22%1
	Base Contract - Estate Enhancement Benefit	1.42%1	1.42%1
	Fund fees and expenses	0.53%2	2.76%2
	Optional benefits available for an additional charge (for a single optional benefit, if elected)	0.40%1	2.75%3
	1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable to the Annual Account Fee.
	2 As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
	3 As an annualized percentage of the Protected Income Base.

Appendix A - Investment Options Available Under The Contract

Variable Options

The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. 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 1-800-942-5500 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
The balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.	American Funds® IS American Funds Global Balanced Fund - Class 2 advised by Capital Research and Management Company This fund is not available in contracts issued on or after May 22, 2017.	0.76%2	17.14%	6.11%	7.69%
The balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.	American Funds® IS American Funds Global Balanced Fund - Class 4 advised by Capital Research and Management Company This fund is not available in contracts issued before May 22, 2017.	1.01%2	16.96%	5.85%	7.43%
To provide current income and preservation of capital.	American Funds® IS American Funds Mortgage Fund - Class 2 advised by Capital Research and Management Company This fund is not available in contracts issued on or after May 22, 2017.	0.56%2	8.63%	0.31%	1.68%
To provide current income and preservation of capital.	American Funds® IS American Funds Mortgage Fund - Class 4 advised by Capital Research and Management Company This fund is not available in contracts issued before May 22, 2017.	0.81%2	8.32%	0.06%	1.43%
To provide a high level of current income; capital appreciation is the secondary consideration.	American Funds® IS American High- Income Trust - Class 2 advised by Capital Research and Management Company This fund is not available in contracts issued on or after May 22, 2017.	0.62%2	8.24%	5.60%	6.96%
To provide a high level of current income; capital appreciation is the secondary consideration.	American Funds® IS American High- Income Trust - Class 4 advised by Capital Research and Management Company This fund is not available in contracts issued before May 22, 2017.	0.87%2	7.93%	5.33%	6.68%

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 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 2 advised by Capital Research and Management Company This fund is not available in contracts issued on or after May 22, 2017.	0.50%2	17.21%	13.89%	12.36%
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 This fund is not available in contracts issued before May 22, 2017.	0.75%2	16.90%	13.60%	12.08%
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	15.07%	6.24%	7.86%
Long-term capital appreciation. A fund of funds.	LVIP American Funds Vanguard Active Passive Growth Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 18, 2026. Please consult your registered representative.	1.02%2	N/A	N/A	N/A
A balance between a high level of current income and growth of capital. A fund of funds.	LVIP American Global Balanced Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued on or after May 16, 2016.	0.94%	12.43%	4.70%	6.06%
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 Global Growth Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued on or after May 16, 2016.	0.96%	14.51%	5.63%	6.90%
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	16.67%	6.74%	8.54%
A high level of current income with some consideration given to growth of capital. A fund of funds.	LVIP American Income Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.92%2	12.16%	4.33%	6.05%
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	5.80%	0.81%	1.69%

Fixed Options

The following is a list of fixed account options currently available under the Contract. We may change the features of the fixed account options listed below, offer new fixed account options, and terminate existing fixed account options. We will provide you with written notice at least 30 days prior to the date of any change. Depending on the optional benefits you choose, you may not be able to invest in a fixed account option.  

Name	Term	Minimum Guaranteed Interest Rate
DCA Fixed Account	3 -60 months	1.50%

Appendix B - Investment Requirements

If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you will be subject to Investment Requirements. This means you will be limited in your choice of Subaccount investments and may be limited in how much you can invest in certain Subaccounts. This also means you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected a Living Benefit Rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.

If you elected Lincoln ProtectedPay Secure Core®, Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk), you must allocate your Contract Value among one or more of the following Subaccounts only: American Funds® IS Managed Risk Asset Allocation Fund, American Funds® IS Portfolio Series - American Funds Managed Risk Global Allocation Portfolio, American Funds® IS Portfolio Series - Managed Risk Growth and Income Portfolio, American Funds® IS Portfolio Series - Managed Risk Growth Portfolio, LVIP American Preservation Fund, LVIP American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund.

If you elect any other Living Benefit Rider, you must allocate your Contract Value in accordance with the Investment Requirements for other Living Benefit Riders section below. Currently, if you purchase i4LIFE® Advantage without the Guaranteed Income Benefit, you will not be subject to any Investment Requirements, although we reserve the right to impose Investment Requirements for this rider in the future. If we do exercise our right to do so, you will have to reallocate your Account Value subject to such requirements.

If you elect a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at contract issue, or add it to an existing Contract. You must hold the rider for a minimum period of time after election (the minimum time is specified under the Termination section of each rider). During this time, you will be required to adhere to the Investment Requirements. After this time, failure to adhere to the Investment Requirements will result in termination of the rider.

Certain Living Benefit Riders guarantee you the right to transition to a version of i4LIFE® Advantage Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® Advantage Guaranteed Income Benefit, the Investment Requirements under your Prior Living Benefit Rider continue to apply. See i4LIFE® Advantage - i4LIFE® Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

Certain underlying funds that are included in the Investment Requirements, including funds managed by an adviser affiliated with us, employ risk management strategies that are intended to control the funds' overall volatility, and for some funds, to also reduce the downside exposure of the funds during significant market downturns. These funds are included under Investment Requirements (particularly in the Investment Requirements for the Managed Risk and Secure riders) in part because the reduction in volatility helps us to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds' current prospectuses. Fund prospectuses are available by contacting us.

If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. (This portfolio rebalancing will continue while a death claim is being settled, if the Living Benefit Rider could continue on an additional measuring life.) On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value in accordance with your allocation instructions in effect at the time of the rebalancing. Any reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement. If we rebalance Contract Value from the Subaccounts and your allocation instructions do not comply with the Investment Requirements, portfolio rebalancing will be paused, and any subsequent transfer requests will be considered not in Good Order until updated allocation instructions are received. These investments will become your allocation instructions until you tell us otherwise.

Some investment options are not available to you if you purchase certain riders. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your registered representative to determine if the Investment Requirements are consistent with your investment objectives.

For certain Living Benefit Riders, the Subaccounts of your Contract are divided into groups and have specified minimum or maximum percentages of Contract Value that must be in each group at the time you purchase the rider. Please review the Investment Requirements below to determine which Investment Requirements apply to your rider. You can select the percentages of Contract Value to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts within the group must comply with the specified minimum or maximum percentages for that group. We may change the list of Subaccounts in a group, change the number of groups, change the minimum or maximum percentages of Contract Value allowed in a group, change the investment options

that are or are not available to you, or change the rebalancing frequency at any time in our sole discretion. For other Living Benefit Riders, we may only make certain Subaccounts available to you, which are listed below.

For all Living Benefit Riders, we may make Subaccounts unavailable to you at any time in our sole discretion. You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications will be based on several factors, including the general market conditions and the style and investment objectives of the subaccount investments.

At the time you receive notice of a change to the Investment Requirements, you may:

Investment Requirements for Lincoln ProtectedPay Select Core®. If you elect Lincoln ProtectedPay Select Core®, or if you are transitioning from this rider to i4LIFE® Advantage Select Guaranteed Income Benefit, you must currently allocate your Contract Value among one or more of the following Subaccounts only. Not all funds may be available; refer to Appendix A -Investment Options Available Under The Contract for more information.  

Group 1 Investments must be at least 20% of Contract Value or Account Value.

American Funds® IS American Funds Mortgage Fund

American Funds® IS The Bond Fund of America

American Funds® IS U.S. Government Securities Fund

LVIP American Preservation Fund

 

Group 2 Investments cannot exceed 80% of Contract Value or Account Value.

American Funds® IS Asset Allocation Fund

American Funds® IS Capital Income Builder

American Funds® IS Capital World Growth and Income Fund

American Funds® IS Global Balanced Fund

American Funds® IS Global Growth Fund

American Funds® IS Growth Fund

American Funds® IS Growth-Income Fund

American Funds® IS International Fund

American Funds® IS International Growth and Income Fund

American Funds® IS Portfolio Series - American Funds Global Growth Portfolio

American Funds® IS Portfolio Series -American Funds Global Growth and Income Portfolio

American Funds® IS Portfolio Series - American High-Income Trust

American Funds® IS Ultra-Short Bond Fund

American Funds® IS Washington Mutual Investors Fund

LVIP American Balanced Allocation Fund

LVIP American Growth Allocation Fund

LVIP American Income Allocation Fund

The fixed account is only available for dollar cost averaging.

As an alternative to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and will be subject to Group 2

restrictions.  

American Funds® IS American Funds Mortgage Fund

American Funds® IS Asset Allocation Fund

American Funds® IS Global Balanced Fund

American Funds® IS Portfolio Series -American Funds Growth and Income Portfolio

American Funds® IS The Bond Fund of America

American Funds® IS U.S. Government Securities Fund

LVIP American Balanced Allocation Fund

LVIP American Growth Allocation Fund

LVIP American Income Allocation Fund

LVIP American Preservation Fund

 

As an alternative to satisfy these Investment Requirements, Contract Value may be allocated in accordance with the following models made available to you by your broker-dealer:

●

American Funds Select Balanced Model

●

American Funds Select Growth and Income Model

Investment Requirements for all other Living Benefit Riders. At this time, the Subaccount groups for Living Benefit Riders other than Lincoln ProtectedPay Select Core®, or if you are transitioning from this rider to i4LIFE® Advantage Select Guaranteed Income Benefit, Lincoln ProtectedPay Secure Core® or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) are as follows: 

Group 1 Investments must be at least 30% of Contract Value or Account Value.

American Funds® IS American Funds Mortgage Fund

American Funds® IS Capital World Bond Fund

American Funds® IS The Bond Fund of America

American Funds® IS U.S. Government Securities Fund

LVIP American Preservation Fund

 

Group 2 Investments cannot exceed 70% of Contract Value or Account Value.

All other Subaccounts except as described below.  

Group 3 Investments cannot exceed 10% of Contract Value or Account Value.

No Subaccounts at this time.

The American Funds IS® U.S. Small and Mid Cap Equity Fund is not available. The fixed account is only available for dollar cost averaging.

As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2

restrictions.  

American Funds® IS American Funds Mortgage Fund

American Funds® IS Asset Allocation Fund

American Funds® IS Capital World Bond Fund

American Funds® IS Global Balanced Fund

American Funds® IS Managed Risk Asset Allocation Fund

American Funds® IS Portfolio Series - American Funds Managed Risk Global Allocation Portfolio

American Funds® IS Portfolio Series - American Funds Managed Risk Growth and Income Portfolio

American Funds® IS Portfolio Series - American Funds Managed Risk Growth Portfolio

American Funds® IS The Bond Fund of America

American Funds® IS U.S. Government Securities Fund

LVIP American Balanced Allocation Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP American Global Balanced Allocation Managed Risk Fund

LVIP American Global Growth Allocation Managed Risk Fund

LVIP American Growth Allocation Fund

LVIP American Income Allocation Fund

LVIP American Preservation Fund