Updating Summary Prospectus (Form 497VPU)

American Legacy III® 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 III® variable annuity contract issued by Lincoln Life & Annuity Company of New York (Lincoln New York or Company).

You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the American Legacy III® contract.

The prospectus for the American Legacy III® 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.

Summary of Changes to Benefits Available Under the Contract:

Benefits Available Under the Contract. Beginning May 18, 2026, the Lincoln Market Select® Advantage rider will no longer be available for election.

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.

Fund Addition(s):

Important Information You Should Consider About the American Legacy III® 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 7th anniversary since the Purchase Payment was invested, up to 7% of the amount withdrawn, declining to 0% over that time period. For example, if make a withdrawal of $100,000 during the first year after your Purchase Payment, you could be assessed a charge of up to $7,000 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 7th 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?	No: The Contract does not impose any transaction charges other than surrender charges. Currently, there is no charge for a transfer, however, we reserve the right to charge a $25 fee for each transfer if you make more than 12 transfers in one Contract Year.			●Fee Tables ●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.			●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	1.27%1	1.27%1
	Base Contract - Guarantee of Principal Death Benefit	1.32%1	1.32%1
	Base Contract - Enhanced Guaranteed Minimum Death Benefit	1.57%1	1.57%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	2.45%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.
	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, which could add surrender charges and negative Interest Adjustments that substantially increase costs.

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	0.76%2	17.14%	6.11%	7.69%
To provide current income and preservation of capital.	American Funds® IS American Funds Mortgage Fund - Class 2 advised by Capital Research and Management Company	0.56%2	8.63%	0.31%	1.68%
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	0.62%2	8.24%	5.60%	6.96%
High total return (including income and capital gains) consistent with preservation of capital over the long term.	American Funds® IS Asset Allocation Fund - Class 2 advised by Capital Research and Management Company	0.54%	15.85%	8.97%	9.77%
To provide a level of current income that exceeds the average yield on U.S. stocks generally and a growing stream of income over the years.	American Funds® IS Capital Income Builder - Class 4 advised by Capital Research and Management Company	0.77%2	20.16%	8.82%	7.32%
To provide a high level of total return consistent with prudent investment management.	American Funds® IS Capital World Bond Fund - Class 2 advised by Capital Research and Management Company	0.73%	9.39%	-2.50%	1.23%
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%
Long-term growth of capital.	American Funds® IS Global Growth Fund - Class 2 advised by Capital Research and Management Company	0.65%2	21.62%	8.23%	12.17%

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 the investors with current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.	American Funds® IS Ultra-Short Bond Fund - Class 2 advised by Capital Research and Management Company	0.56%	3.83%	2.78%	1.71%
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	0.50%2	17.21%	13.89%	12.36%
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	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	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	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	3.00%*

Appendix B - Investment Requirements

If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you will be subject to Investment Requirements. This means you will be limited in your choice of Subaccount investments and 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 elect a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at contract issue or add it to an existing Contract. The Living Benefit Rider you purchase and the date of purchase will determine which Investment Requirements will apply to your Contract. Currently, if you purchase i4LIFE® without 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.

Certain of the 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 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.

Riders purchased prior to January 20, 2009. Contractowners who purchased the Lincoln Lifetime IncomeSM Advantage rider from December 15, 2008 through January 19, 2009 will be subject to Investment Requirements as set forth in your Contract.

Riders purchased on or after January 20, 2009. If you elected Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk), i4LIFE®Advantage Guaranteed Income Benefit (Managed Risk) or 4LATER®Advantage (Managed Risk), you must allocate your Contract Value in accordance with the Investment Requirements for Managed Risk Riders section below. If you elect any other Living Benefit Rider since January 20, 2009, (June 30, 2009, for purchasers of Lincoln SmartSecurity® Advantage and 4LATER® Advantage), you must allocate your Contract Value in accordance with the Investment Requirements for the Living Benefit Riders sections below, according to which rider you purchased and the date of purchase.

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 the i4LIFE® Guaranteed income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® 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.

If you purchase a Living Benefit Rider (except i4LIFE® Advantage without 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. Confirmation of the rebalancing will appear on your quarterly statement and you will not receive an individual confirmation after each reallocation.

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.

Investment Requirements for i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) elected on or after May 21, 2018 and prior to May 18, 2020. If you elected i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) on or after May 21, 2018 and prior to May 18, 2020, you must allocate 100% of your i4LIFE® Advantage Account 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 section of

this prospectus for more information.  

American Funds® IS Managed Risk Asset Allocation Fund

American Funds® IS Managed Risk Growth Fund

American Funds® IS Managed Risk Growth-Income Fund

American Funds® IS Managed Risk International Fund

American Funds® IS Managed Risk Washington Mutual Investors 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

LVIP American Global Balanced Allocation Managed Risk Fund

LVIP American Global Growth Allocation Managed Risk Fund

LVIP American Preservation Fund

 

The fixed account is only available for dollar cost averaging.

Investment Requirements for Managed Risk Riders. If you elected Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), 4LATER® Advantage (Managed Risk), are transitioning from one of these riders to i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk), or elect i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) prior to May 21, 2018 or on or after May 18, 2020, you must currently allocate your Contract Value or i4LIFE® Advantage Account Value among one or more of the following Subaccounts only. 

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

 

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

American Funds® IS Managed Risk Asset Allocation Fund

American Funds® IS Managed Risk Growth Fund

American Funds® IS Managed Risk Growth-Income Fund

American Funds® IS Managed Risk International Fund

American Funds® IS Managed Risk Washington Mutual Investors 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

LVIP American Global Balanced Allocation Managed Risk Fund

LVIP American Global Growth Allocation Managed Risk Fund

 

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

No Subaccounts at this time.

The fixed account, if available, 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 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

LVIP American Global Balanced Allocation Managed Risk Fund

LVIP American Global Growth Allocation Managed Risk Fund

LVIP American Preservation Fund

Investment Requirements for i4LIFE® Advantage Select Guaranteed Income Benefit elected on or after May 21, 2018. If you elected i4LIFE® Advantage Select Guaranteed Income Benefit on or after May 21, 2018, you may allocate 100% of your i4LIFE®

Advantage Account Value among one or more of the following Subaccounts only.  

American Funds® IS Capital Income Builder

American Funds® IS Global Balanced Fund

American Funds® IS Managed Risk Asset Allocation Fund

American Funds® IS Managed Risk Growth Fund

American Funds® IS Managed Risk Growth-Income Fund

American Funds® IS Managed Risk International Fund

American Funds® IS Managed Risk Washington Mutual Investors Fund

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

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

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

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

 

The fixed account, if available, is only available for dollar cost averaging

As an alternative, to satisfy these Investment Requirements, Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Account Value can be allocated to one of the following models, if available:

●

American Funds IS TRICAP Global Moderate Growth Portfolio

If you terminate the asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

Investment Requirements for other Living Benefit Riders purchased on or after October 3, 2016. If you elected i4LIFE®Advantage Select Guaranteed Income Benefit prior to May 21, 2018, Lincoln Market Select® Advantage, Lincoln Max 6 SelectSM Advantage, 4LATER® Select Advantage, or you are transitioning to i4LIFE® Advantage Select Guaranteed Income Benefit from one of these riders, you must currently allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among one or more of the following

Subaccounts. 

American Funds® IS Global Balanced Fund

American Funds® IS Managed Risk Asset Allocation Fund

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

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

LVIP American Balanced Allocation Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP American Growth Allocation Fund

LVIP American Income Allocation Fund

LVIP American Preservation Fund

 

The fixed account, if available, is only available for dollar cost averaging.

As an alternative, to satisfy these Investment Requirements, contracts that purchase one of these Living Benefit Riders on or after October 3, 2016 and prior to January 9, 2017, may allocate 100% of your Contract Value or Account Value among the American Funds Asset Allocation Fund (85%) and the American Funds U.S. Government/AAA-Rated Securities Fund (15%).

Contracts that purchase one of these Living Benefit Riders on or after January 9, 2017, may satisfy these Investment Requirements, Contract Value or i4LIFE® Advantage Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Contract Value or i4LIFE® Advantage Account Value can be allocated to one of the following models, if available:

If you terminate the asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

Investment Requirements for other Living Benefit Riders purchased on or after January 11, 2016 and prior to October 3, 2016. For i4LIFE® Advantage Guaranteed Income Benefit (version 4) elections on or after January 11, 2016 and prior to October 3, 2016, you must currently allocate your Contract Value or Account Value among one or more of the following Subaccounts. 

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

American Funds® IS American High-Income Trust

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 Growth and Income Portfolio

American Funds® IS Ultra-Short Bond Fund

American Funds® IS Washington Mutual Investors Fund

LVIP American Balanced Allocation Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP American Growth Allocation Fund

LVIP American Income Allocation Fund

 

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

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 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 Growth Allocation Fund

LVIP American Income Allocation Fund

LVIP American Preservation Fund

 

The fixed account, if available, is only available for dollar cost averaging.

Investment Requirements for other Living Benefit Riders elected prior to January 11, 2016. If you elected a Living Benefit Rider other than Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) or 4LATER® Advantage (Managed Risk) prior to January 11, 2016, you must currently allocate your Contract Value or i4LIFE® Advantage Account Value among one or more of the following Subaccounts. 

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, if available, 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

 

To satisfy these Investment Requirements, Contract Value may be allocated in accordance with certain asset allocation models depending on when you purchased your Contract, made available to you by your broker-dealer. If so, currently 100% of the Contract Value can be allocated to one of the following models: American Legacy Fundamental Equity Growth Model, American Legacy Fundamental Balanced Model, or American Legacy Fundamental Income Model. You may only choose one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Contract Value among Group 1 or Group 2 Subaccounts as described above. These models are not available for contracts issued on or after November 15, 2010. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider.