Lincoln Life Flexible Premium Variable Life Account JF-A

04/25/2025 | Press release | Distributed by Public on 04/25/2025 09:35

Updating Summary Prospectus (Form 497VPU)

Lincoln Ensemble® II VUL
The Lincoln National Life Insurance Company
Updating Summary Prospectus for Existing Owners
May 1, 2025
Lincoln Life Flexible Premium Variable Life Account JF-A
The updating summary prospectus for the Policy contains more information about the Policy, including its features, benefits, and risks. You can find the current prospectus and other information about the Policy online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling 1-800-487-1485 or by sending an email request to CustServSupportTeam@lfg.com.
Additional information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
You should also review the prospectuses for the funds and keep all prospectuses for future reference. All prospectuses and other shareholder reports will be made available on www.lfg.com/VULprospectus.
The Securities and Exchange Commission has not approved or disapproved these securities or determined this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Updated Information about your Policy
The information in this Updating Summary Prospectus is a summary of certain Policy features that have changed since the prospectus dated May 1, 2024. This may not reflect all of the changes that have occurred since you entered into your Policy, and not all changes may be applicable to you.
Summary of Policy Changes:
•
The address of State Street Bank and Trust Company, the accounting services provider of the Separate Account, changed to 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108.
•
Effective May 6, 2024, Lincoln Financial Group and Osaic, Inc. entered into an agreement whereby Osaic acquired Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation (collectively "LFN").
Summary of Fund Changes:
The following is a summary of changes to the list of funds available under the Policy. Additional information including investment objectives, current expenses and average annual total returns is available in Appendix A - Funds Available Under The Policy.
Fund Additions:
•
LVIP American Century Ultra® Fund (Standard Class)
Fund Reorganizations:
•
On August 23, 2024, the LVIP Wellington Capital Growth Fund was reorganized into the LVIP American Century Ultra® Fund and is no longer available as an investment option.
1
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
For a Full Surrender or partial withdrawal, for up to 10 years from the
date of the Policy and up to 10 years from each increase in Specified
Amount, you could pay a Surrender Charge of up to $60.55 (6.055%)
per $1,000 of the Specified Amount.
For example, if your Policy has a Specified Amount of $100,000 and you
surrender your Policy or take an early withdrawal, you could be assessed
a charge of up to $6,055.
•Policy
Charges and
Fees
Transaction
Charges
In addition to Surrender Charges, you may also be charged for other
transactions, such as when you make a Premium Payment, transfer
Policy Value between Divisions, take a partial withdrawal or exercise
certain benefits.
•Policy
Charges and
Fees
Ongoing Fees
and Expenses
(annual
charges)
•In addition to Surrender Charges and transaction charges, there are
certain ongoing fees and expenses that are charged annually, monthly
or daily.
•These fees include the Cost of Insurance Charge under the Policy,
optional benefit charges, Administrative Fees, Mortality and Expense
Risk Charges and Policy Loan Interest.
•Certain fees are set based on characteristics of the Insured (e.g., age,
gender, and rating classification). You should review your Policy
Specifications page for rates applicable to you.
•Owners will also bear expenses associated with the Portfolios under
the Policy, as shown in the following table:
•Policy
Charges and
Fees
Annual Fee
Minimum
Maximum
Portfolio Fees and Expenses*
0.17%
1.84%
*As a percentage of Portfolio assets.
RISKS
Location in
Prospectus
Risk of Loss
You can lose money by investing in the Policy, including loss of
principal.
•Principal
Risks of
Investing in
the Policy
Not a Short-
Term Investment
•This Policy is not a short-term investment vehicle and is not
appropriate for an investor who needs ready access to cash.
•Surrender Charges apply for up to 10 years from the Policy Date and
up to 10 years from the date of any increase in your Specified Amount.
•Charges may reduce the value of your Policy and death benefit.
•Tax deferral is more beneficial to investors with a long-time horizon.
•Principal
Risks of
Investing in
the Policy
•Policy
Charges and
Fees
2
RISKS
Location in
Prospectus
Risks
Associated with
Investment
Options
•An investment in the Policy is subject to the risk of poor investment
performance of the investment options. Performance can vary
depending on the performance of the investment options available
under the Policy.
•Each investment option (including a General Account investment
option) has its own unique risks. You should review each Portfolio's
prospectus before making an investment decision.
•Principal
Risks of
Investing in
the Policy
Insurance
Company Risks
•Any obligations, guarantees, and benefits of the contract including the
General Account investment option are subject to the claims-paying
ability of Lincoln Life. If Lincoln Life experiences financial distress, it
may not be able to meet its obligations to you. More information about
Lincoln Life, including its financial strength ratings, is available upon
request from Lincoln Life by calling 1-800-487-1485 or by visiting
https://www.lfg.com/public/aboutus/investorrelations/
financialinformation.
•You may obtain our audited statutory financial statements, any
unaudited statutory financial statements that may be available as well
as ratings information by visiting our website at www.lfg.com/
VULprospectus.
•Principal
Risks of
Investing in
the Policy
•Lincoln Life,
the Separate
Account and
the General
Account
Policy Lapse
•Sufficient Premiums must be paid to keep your Policy in force. There
is a risk of lapse if Premiums are too small in relation to the insurance
amount and if investment results of the Divisions you have chosen are
adverse or are less favorable than anticipated.
•Outstanding Policy Loans (plus interest) and Partial Surrenders will
increase the risk of lapse. The death benefit will not be paid if the
Policy has Lapsed.
•Principal
Risks of
Investing in
the Policy
•Lapse and
Reinstatement
RESTRICTIONS
Location in
Prospectus
Investments
•We reserve the right to charge for each transfer between Divisions in
excess of 24 transfers per year.
•We reserve the right to add, remove, or substitute Divisions as
investment options under the Policy, subject to state or federal laws
and regulations. A Portfolio may be merged into another Portfolio. A
Portfolio may discontinue offering their shares to the Divisions.
•There are significant limitations on your right to transfer amounts in
the General Account and, due to these limitations, if you want to
transfer the entire balance of the General Account to one or more
Divisions, it may take several years to do so.
•Charges &
Fees
Assessed
Against The
Separate
Account
•Fund
Additions,
Deletions or
Substitutions
•Transfers
3
RESTRICTIONS
Location in
Prospectus
Optional
Benefits
•Riders may alter the benefits or charges in your Policy. Rider
availability and benefits may vary by state of issue or selling broker-
dealer and their election may have tax consequences. Riders may have
restrictions or limitations, and we may modify or terminate a rider, as
allowed. If you elect a particular rider, it may restrict or enhance the
terms of your policy, or restrict the availability or terms of other riders
or Policy features.
•Riders
TAXES
Location in
Prospectus
Tax Implications
•You should always consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Policy.
•Withdrawals will be subject to ordinary income tax, and may be
subject to tax penalties.
•There is no additional tax benefit to you if the Policy is purchased
through a tax-qualified plan or individual retirement account (IRA).
•Tax Issues
CONFLICTS OF INTEREST
Location in
Prospectus
Investment
Professional
Compensation
•Investment professionals typically receive compensation for selling the
Policy to investors.
•Registered representatives may have a financial incentive to offer or
recommend the Policy over another investment for which the
investment professional is not compensated (or compensated less).
•Registered representatives may be eligible for certain cash and non-
cash benefits. Cash compensation includes bonuses and allowances
based on factors such as sales, productivity and persistency. Non-
cash compensation includes various recognition items such as prizes
and awards as well as attendance at, and payment of the costs
associated with attendance at, conferences, seminars and recognition
trips, and also includes contributions to certain individual plans such
as pension and medical plans.
•Distribution of
the Policies
and
Compensation
Exchanges
Some investment professionals may have a financial incentive to offer
you a new contract in place of the one you already own. You should only
exchange your Policy if you determine, after comparing the features,
fees, and risks of both policies, that it is preferable for you to purchase
the new policy rather than continue to own the existing policy.
•Change of
Plan (located
in the SAI)
4
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of Underlying Funds currently available under the Policy. More information about the Underlying 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/VULprospectus. You can also request this information at no cost by calling 1-800-487-1485 or by sending an email request to CustServSupportTeam@lfg.com.
The current expenses and performance information below reflects fees and expenses of the funds, but does not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these 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 12/31/2024)
1 year
5 year
10 year
Growth of capital.
American Funds® IS
Growth Fund - Class 2
advised by Capital
Research and Management
Company
0.59%
31.61%
18.83%
16.58%
Long-term growth of capital and
income.
American Funds® IS
Growth-Income Fund -
Class 2
advised by Capital
Research and Management
Company
0.53%
24.23%
13.01%
12.20%
To replicate, as closely as possible,
before the deduction of expenses,
the performance of the Russell
2000((Reg. TM)) Index, which
emphasizes stocks of small US
companies.
DWS Small Cap Index VIP
Portfolio - Class B
advised by DWS
Investment Management
Americas, Inc.
0.68%2
10.89%
6.77%
7.23%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Initial Class
0.56%
33.79%
17.04%
13.62%
Reasonable income with
consideration of the potential for
capital appreciation.
Fidelity® VIP Equity-
Income Portfolio - Initial
Class
0.47%
15.35%
10.08%
9.21%
To achieve capital appreciation.
Fidelity® VIP Growth
Portfolio - Initial Class
0.56%
30.39%
18.93%
16.63%
A high level of current income,
while also considering growth of
capital.
Fidelity® VIP High Income
Portfolio - Initial Class
0.81%2
8.97%
2.74%
4.17%
As high a level of current income as
is consistent with the preservation
of capital.
Fidelity® VIP Investment
Grade Bond Portfolio -
Service Class 2
0.63%
1.50%
0.20%
1.68%
Long-term growth of capital.
Fidelity® VIP Mid Cap
Portfolio - Service Class 2
0.82%
17.18%
11.06%
8.94%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term total return.
Franklin Small Cap Value
VIP Fund - Class 2
0.90%2
11.71%
8.36%
8.17%
Long-term growth of capital.
Goldman Sachs VIT
Strategic Growth Fund -
Institutional Shares
0.71%2
32.37%
16.76%
14.90%
Long-term capital growth.
LVIP AllianceBernstein
Large Cap Growth Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.63%2
25.93%
12.42%
13.32%
Capital growth.
LVIP American Century
International Fund -
Standard Class II
advised by Lincoln
Financial Investments
Corporation
0.95%2
2.61%
3.54%
4.93%
Long-term capital growth.
LVIP American Century
Ultra® Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.65%2
N/A
N/A
N/A
Long-term capital growth; income
is a secondary consideration.
LVIP American Century
Value Fund - Service Class
advised by Lincoln
Financial Investments
Corporation
0.86%2
9.29%
8.41%
8.01%
Capital Appreciation.
LVIP Blended Mid Cap
Managed Volatility Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 9, 2016. Consult your
registered representative.
0.72%2
19.23%
9.20%
9.12%
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 1 Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.74%2
20.35%
12.89%
11.41%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term capital growth.
LVIP Franklin Templeton
Global Equity Managed
Volatility Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 9, 2016. Consult your
registered representative.
0.72%2
12.54%
8.93%
6.04%
A high level of current income with
some consideration given to growth
of capital. A fund of funds.
LVIP Global Conservative
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.76%2
7.71%
2.88%
3.71%
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 Global Growth
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.75%2
11.15%
4.11%
4.47%
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 Global Moderate
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.76%2
10.19%
3.66%
4.14%
Current income while (i)maintaining
a stable value of your shares
(providing stability of net asset
value) and (ii) preserving the value
of your initial investment
(preservation of capital).
LVIP Government Money
Market Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
4.94%
2.23%
1.48%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement
Income Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.67%2
7.96%
3.89%
4.24%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP JPMorgan Select Mid
Cap Value Managed
Volatility Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 9, 2016. Consult your
registered representative.
0.77%2
15.44%
9.11%
6.31%
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Macquarie Bond Fund
- Service Class3
advised by Lincoln
Financial Investments
Corporation
0.72%
1.25%
-0.31%
1.21%
Total return and, as a secondary
objective, high current income.
LVIP Macquarie High Yield
Fund - Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.74%2
6.66%
3.68%
4.23%
Long-term capital appreciation.
LVIP MFS International
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.79%2
8.10%
6.25%
7.97%
Capital Appreciation.
LVIP MFS Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.61%2
11.84%
8.10%
8.70%
Long-term growth of capital. A fund
of funds.
LVIP SSGA Global Tactical
Allocation Managed
Volatility Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 9, 2016. Consult your
registered representative.
0.60%2
9.97%
5.20%
4.50%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
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 SSGA S&P 500 Index
Fund - Standard Class4
advised by Lincoln
Financial Investments
Corporation
0.23%
24.73%
14.24%
12.84%
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 SSGA Small-Cap
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%2
11.14%
6.97%
7.38%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2020
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 18, 2009. Consult
your registered
representative.
0.65%2
8.81%
5.52%
5.33%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2030
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 18, 2009. Consult
your registered
representative.
0.68%2
10.43%
6.90%
6.08%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2040
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Owners as of
May 18, 2009. Consult
your registered
representative.
0.71%2
13.04%
8.61%
7.05%
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP Wellington SMID Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.77%2
12.32%
9.11%
8.10%
Capital Appreciation.
MFS® VIT Research Series
- Initial Class
advised by Massachusetts
Financial Services
Company
This fund is available only
to Policyholders who were
allocating Net Premium to
the Portfolio effective May
1, 2004.
0.76%2
18.87%
11.88%
11.66%
Total return.
MFS® VIT Utilities Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.79%2
11.66%
5.88%
6.29%
Maximum total return, consistent
with preservation of capital and
prudent investment management.
PIMCO VIT Total Return
Portfolio - Administrative
Class
advised by Pacific
Investment Management
Company, LLC
0.79%
2.53%
-0.03%
1.53%
Investment results, before fees and
expenses, that correspond to the
performance of the ProFunds Asia
30 Index (the "index").
ProFund® VP Asia 30
1.68%2
11.56%
-0.58%
1.93%
Investment results, before fees and
expenses, that correspond to the
performance of the ProFunds
Europe 30 Index (the "index").
ProFund® VP Europe 30
1.68%2
4.35%
5.03%
4.05%
Investment results, before fees and
expenses, that track the
performance of the S&P Financial
Select Sector Index.
ProFund® VP Financials
1.68%2
28.45%
9.67%
9.53%
Investment results, before fees and
expenses, that correspond to the
performance of the Dow Jones U.S.
Health CareSM Index (the "index").
ProFund® VP Health Care
1.68%2
0.82%
5.85%
7.27%
A-6
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Investment results, before fees and
expenses, that track the
performance of the S&P 500®
Growth Index (the "index").
ProFund® VP Large-Cap
Growth
1.68%2
33.78%
15.07%
13.29%
Investment results, before fees and
expenses, that track the
performance of the S&P 500®
Growth Index (the "index").
ProFund® VP Large-Cap
Value
1.68%2
10.42%
8.71%
8.18%
Daily investment results, before
fees and expenses, that correspond
to one and one-quarter times the
inverse (-1.25x) of the daily price
movement of the most recently
issued 30-Year U.S. Treasury Bond.
ProFund® VP Rising Rates
Opportunity
1.66%
19.00%
7.05%
-0.06%
Investment results, before fees and
expenses, that correspond to the
performance of the S&P Small Cap
600® Growth Index.
ProFund® VP Small-Cap
Growth
1.68%2
7.80%
6.41%
7.73%
Investment results, before fees and
expenses, that correspond to the
performance of the S&P SmallCap
600® Value Index (the "index").
ProFund® VP Small-Cap
Value
1.68%2
5.87%
6.35%
6.37%
Investment results, before fees and
expenses, that track the
performance of the S&P
Technology Select Sector Index.
ProFund® VP Technology
1.66%
19.80%
18.90%
18.02%
Daily results that correspond to one
and one-quarter times the daily
price movement of the most
recently issued 30 years US
Treasury Bond.
ProFund® VP U.S.
Government Plus
1.38%2
-
12.83%
-
10.63%
-4.12%
Long-term capital appreciation.
T. Rowe Price Mid-Cap
Growth Portfolio - Class II
This fund is available only
to Policyholders who were
allocating Net Premium to
the Portfolio effective May
1, 2004.
1.08%
9.04%
7.35%
9.85%
Long-term capital growth.
Templeton Foreign VIP
Fund - Class 1
0.81%2
-0.79%
2.86%
2.64%
Track the performance of the CRSP
US Mid Cap Index that measures
the investment return of mid-
capitalization stocks.
Vanguard® VIF Mid-Cap
Index Portfolio
0.17%
15.08%
9.70%
9.41%
A-7
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
To provide a high level of income
and moderate long-term capital
appreciation by tracking the
performance of the MSCI US
Investable Market Real Estate 25/50
Index.
Vanguard® VIF Real Estate
Index Portfolio
0.26%
4.74%
2.84%
4.99%
To provide long-term capital
appreciation.
Vanguard® VIF Small
Company Growth Portfolio
advised by ArrowMark
Colorado Holdings, LLC
(ArrowMark
Partners);Vanguard Group
Inc
0.29%
11.38%
6.96%
8.66%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the Underlying Fund or the fund company.
2
This fund is subject to an expense reimbursement or a fee waiver arrangement. As a result, this fund's annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3
Investments in Macquarie VIP Series, Macquarie Funds, LVIP Macquarie Funds or Lincoln Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return.
4
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio's service providers (licensee). Standard & Poor's®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee's products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
A-8
This updating summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Policy, both dated May 1, 2025, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
SEC File Nos. 333-144274; 811-04160
EDGAR Contract Identifier C000052171