Updating Summary Prospectus (Form 497VPU)

Lincoln Level Advantage® Select B-Share Individual Variable and 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® Select B-Share variable and 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® Select B-Share contract.

The prospectus for the Lincoln Level Advantage® Select B-Share variable and 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.

Summary of Investment Option Changes:

The following is a summary of changes to the list of Investment Options available under the Contract. Additional information is available in Appendix A - Investment Options Available Under The Contract.

Fund Name Changes:

  

Former Fund Name	New Fund Name
LVIP SSGA International Index Fund	LVIP State Street International Index Fund
LVIP SSGA S&P 500 Index Fund	LVIP State Street S&P 500 Index Fund
LVIP SSGA Small-Cap Index Fund	LVIP State Street Small-Cap Index Fund

 

 

Important Information You Should Consider About the Lincoln Level Advantage® Select B-Share Variable and Index-linked 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 6th anniversary since the Purchase Payment was invested, up to 7% 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 $7,000 on the Purchase Payment withdrawn. A surrender charge will not apply if your surrender or withdrawal is made after the 6th anniversary since a Purchase Payment was invested. This loss will be greater if there is a negative Contract Adjustment based on Interim Values, taxes or tax penalties. 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 have to pay a surrender charge, taxes, and tax penalties. Contract Adjustments are applied to withdrawals, surrenders, transfers, annuitizations and Death Benefit payments prior to the End Date of an Indexed Term.			●Fee Tables ●Fee Tables - Examples ●Charges and Adjustments - Surrender Charge ●Charges, Other Expenses, and Adjustments
Are There Transaction Charges?	No: The Contract does not impose any transaction charges other than surrender charges.			●Fee Tables ●Charges and Adjustments
Are There Ongoing Fees and Expenses (annual charges)?	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 for information about the specific fees and expenses you will pay each year based on the options you have elected. 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, Participation Rate, Performance Trigger Rate, or Dual Performance Trigger 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. These implicit ongoing fees are not reflected in the tables below. The tables below describe the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your contract specifications page for information about the specific fees and expenses you will pay each year based on the options you have elected. Additionally, in certain cases your Contract Value may be subject to a negative Interim Value adjustment.			●Fee Tables ●Fee Tables - Examples ●Charges and Adjustments - Surrender Charge
	Annual Fee	Minimum	Maximum
	Base Contract - Account Value Death Benefit	1.11%1	1.11%1
	Base Contract - Guarantee of Principal Death Benefit	1.31%1	1.31%1
	Fund fees and expenses	0.48%2	1.18%2
	Optional benefits available for an additional charge	0.40%3	0.40%3
	1As a percentage of average Contract Value. These fees are not applied against Contract Value invested in the Indexed Accounts.

Appendix A - Investment Options Available Under The Contract

Variable Options

The following is a list of funds currently available under the Contract. 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 1-877-737-6872 or by sending an email request to [email protected]. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus.

The current expenses and performance information below reflects 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 4 advised by Capital Research and Management Company	0.79%	15.59%	8.70%	9.50%
Growth of capital.	American Funds® IS Growth Fund - Class 4 advised by Capital Research and Management Company	0.83%	19.93%	13.09%	17.67%
Long-term growth of capital.	Fidelity® VIP Mid Cap Portfolio - Service Class 2	0.80%	11.49%	9.83%	10.31%
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 I5	1.18%	5.30%	3.98%	6.68%
Long-term capital appreciation; preservation of capital is also an important consideration.	Franklin Rising Dividends VIP Fund - Class 4	0.99%	11.66%	9.38%	11.98%
To achieve a high level of total return on its assets through a combination of capital appreciation and current income.	Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares4 This fund is not available in contracts issued on or after June 21, 2021.	0.59%	10.82%	9.89%	11.11%
High total investment return.	LVIP BlackRock Global Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.97%2	18.41%	5.84%	N/A
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 - Service Class advised by Lincoln Financial Investments Corporation	0.63%2	3.71%	2.79%	1.70%
To maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.	LVIP JPMorgan Core Bond Fund - Service Class advised by Lincoln Financial Investments Corporation	0.71%	7.15%	-0.29%	1.85%
Capital appreciation.	LVIP MFS Value Fund - Service Class advised by Lincoln Financial Investments Corporation	0.86%2	12.78%	9.72%	9.82%

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 seek a high level of current income consistent with preservation of capital.	LVIP PIMCO Low Duration Bond Fund - Service Class advised by Lincoln Financial Investments Corporation	0.85%2	5.21%	1.65%	1.99%
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 - Service Class advised by Lincoln Financial Investments Corporation (formerly LVIP SSGA International Index Fund)	0.63%2	30.85%	8.39%	7.73%
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 - Service Class3 advised by Lincoln Financial Investments Corporation (formerly LVIP SSGA S&P 500 Index Fund)	0.48%	17.30%	13.88%	14.26%
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 - Service Class advised by Lincoln Financial Investments Corporation (formerly LVIP SSGA Small-Cap Index Fund)	0.63%2	12.18%	5.47%	8.90%

Indexed Accounts

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.

Benefits availability may vary by state of issue or selling broker-dealer. All variations, if material, will be disclosed in the prospectus.  

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	Market Index	1-Year	Point-to-Point	10%	Protection Level	1.00%	Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to Point	15%	Protection Level	1.00%	Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	20%	Protection Level	1.00%	Performance Cap
S&P 500® Price Return Index1, 2 This Indexed Account is available for all contracts purchased on or after June 20, 2023.	Market Index	1-Year	Point-to-Point	100%	Protection Level	0.10%	Performance Cap
Russell 2000® Price Return Index1	Market Index	1-Year	Point-to-Point	10%	Protection Level	1.00%	Performance Cap
Capital Strength Net Fee IndexSM 1, 3 This Indexed Account is available for all contracts purchased on or after June 20, 2023.	Market Index	1-Year	Point-to-Point	10%	Protection Level	1.00%	Performance Cap
First Trust American Leadership IndexTM 1, 3	Market Index	1-Year	Point-to-Point	10%	Protection Level	1.00%	Performance Cap
First Trust American Leadership IndexTM 1, 3	Market Index	1-Year	Point-to-Point	15%	Protection Level	1.00%	Performance Cap
MSCI EAFE Index1	Market Index	1-Year	Point-to-Point	10%	Protection Level	1.00%	Performance Cap
Nasdaq-100 Price Return Index®1	Market Index	1-Year	Point-to-Point	15%	Protection Level	1.00%	Performance Cap
S&P 500® Price Return Index1 This Indexed Account is not available for contracts issued on and after November 22, 2021. For existing Contractowners, this Indexed Account will no longer be available at the end of their current Term or on any Indexed Anniversary Date on or after November 22, 2021.	Market Index	3-Year	Point-to-Point	10%	Protection Level	5.00%	Performance Cap
S&P 500® Price Return Index1 This Indexed Account is available for all contracts purchased on or before February 18, 2025.	Market Index	6-Year	Point-to-Point	10%	Protection Level	10.00%	Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	20%	Protection Level	10.00%	Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	30%	Protection Level	10.00%	Performance Cap
Russell 2000® Price Return Index1 This Indexed Account is available for all contracts purchased on or before February 18, 2025.	Market Index	6-Year	Point-to-Point	10%	Protection Level	10.00%	Performance Cap

Index	Type of Index	Term Duration	Index Crediting Methodology	Protection Method and Amount of Protection		Guaranteed Minimum Declared Crediting Method Rate
Capital Strength Net Fee IndexSM 1, 3 This Indexed Account is available for all contracts purchased on or after August 21, 2023, subject to state availability.	Market Index	6-Year	Point-to-Point	15%	Dual Plus	15.00%	Performance Cap
First Trust American Leadership IndexTM 1, 3 This Indexed Account is available for all contracts purchased on or after August 21, 2023, subject to state availability.	Market Index	6-Year	Point-to-Point	15%	Dual Plus	15.00%	Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Annual Lock	10%	Protection Level	1.00%	Performance Cap
Russell 2000® Price Return Index1	Market Index	6-Year	Annual Lock	10%	Protection Level	1.00%	Performance Cap
Capital Strength Net Fee IndexSM 1, 3	Market Index	6-Year	Annual Lock	10%	Protection Level	1.00%	Performance Cap
MSCI EAFE Index1	Market Index	6-Year	Annual Lock	10%	Protection Level	1.00%	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 This Indexed Account provides total protection from Index losses at the end of the Indexed Term.

3 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 below 10.00% on a Performance Cap Indexed Account, or below 15.00% on a Dual15 Plus Indexed Account. 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.