Lincoln Life Flexible Premium Variable Life Account S

04/23/2025 | Press release | Distributed by Public on 04/23/2025 10:29

Updating Summary Prospectus (Form 497VPU)

Lincoln Corporate Commitment® VUL
The Lincoln National Life Insurance Company
Updating Summary Prospectus for Existing Owners
May 1, 2025
Lincoln Life Flexible Premium Variable Life Account S
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 1-877-533-0117 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 Name Changes: 
Former Fund Name
New Fund Name
LVIP Macquarie Diversified Income Fund
LVIP Fidelity Institutional AM® Total Bond
Fund
LVIP Macquarie Limited-Term Diversified
Income Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Macquarie Value Fund
LVIP BlackRock Equity Dividend Fund
Series
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
There are no Surrender Charges associated with this Policy.
•Policy
Charges and
Fees
Transaction
Charges
You may be charged for other transactions, such as when you make a
Premium Payment, transfer Policy Value between Sub-Accounts or
exercise certain benefits.
•Policy
Charges and
Fees
Ongoing Fees
and Expenses
(annual
charges)
•In addition to 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 Underlying Funds
under the Policy, as shown in the following table:
•Policy
Charges and
Fees
Annual Fee
Minimum
Maximum
Underlying Fund Fees and Expenses*
0.23%
2.44%
*As a percentage of Underlying Fund 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.
•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 Fixed Account investment option)
has its own unique risks. You should review each Underlying Fund'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
Fixed 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 1-877-533-0117 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 low in relation to the insurance
amount and if investment results of the Sub-Accounts 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 Sub-
Accounts in excess of 24 transfers per year.
•We reserve the right to add, remove, or substitute Sub-Accounts as
investment options under the Policy, subject to state or federal laws
and regulations. An Underlying Fund may be merged into another
Underlying Fund. An Underlying Fund may discontinue offering their
shares to the Sub-Accounts.
•There are significant limitations on your right to transfer amounts in
the Fixed Account and, due to these limitations, if you want to transfer
the entire balance of the Fixed Account to one or more Sub-Accounts,
it may take several years to do so.
•Transfer Fee
•Sub-Account
Availability
and
Substitution of
Funds
•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.
•There is no additional tax benefit to you if the Policy is purchased
through a tax-qualified plan.
•Withdrawals may be subject to ordinary income tax, and may be
subject to tax penalties.
•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 1-877-533-0117 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
Long-term growth of capital.
AB VPS Discovery Value
Portfolio - Class A
advised
by AllianceBernstein L.P.
0.81%
10.02%
8.86%
7.63%
Long-term growth of capital.
AB VPS International Value
Portfolio - Class A
advised
by AllianceBernstein L.P.
This fund is available only
to existing Cases as of May
1, 2012. Consult your
registered representative.
0.92%
5.07%
3.53%
3.25%
Long-term growth of capital.
AB VPS Relative Value
Portfolio - Class A
advised
by AllianceBernstein L.P.
This fund is available only
to existing Cases as of May
2, 2011. Consult your
registered representative.
0.61%
13.02%
9.81%
9.66%
Long-term growth of capital.
AB VPS Sustainable Global
Thematic Portfolio - Class
A
advised
by AllianceBernstein L.P.
0.91%2
6.21%
9.03%
9.72%
Long-term capital appreciation.
Allspring VT Discovery
SMID Cap Growth Fund -
Class 2
1.15%
18.13%
6.38%
9.20%
To provide investors with a high level
of current income; capital
appreciation is the secondary
objective.
American Funds® IS
American High-Income
Trust - Class 2
advised by Capital
Research and Management
Company
0.58%2
9.67%
5.54%
5.32%
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
Seeks to provide a level of current
income that exceeds the average
yield on U.S. stocks generally and to
provide a growing stream of income
over the years.
American Funds® IS
Capital Income Builder -
Class 2
advised by Capital
Research and Management
Company
0.53%2
10.19%
6.02%
5.48%
Long-term growth of capital.
American Funds® IS
Global Growth Fund - Class
2
advised by Capital
Research and Management
Company
0.66%2
13.68%
9.76%
10.74%
Long-term capital growth.
American Funds® IS
Global Small Capitalization
Fund - Class 2
advised by Capital
Research and Management
Company
0.90%2
2.33%
3.01%
5.81%
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%
Long-term growth of capital.
American Funds® IS
International Fund - Class
2
advised by Capital
Research and Management
Company
0.78%
3.16%
1.23%
4.01%
To provide as high a level of current
income as is consistent with the
preservation of capital.
American Funds® IS The
Bond Fund of America -
Class 2
advised by Capital
Research and Management
Company
0.48%2
1.16%
0.32%
1.67%
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
To provide a high level of current
income consistent with prudent
investment risk and preservation of
capital.
American Funds® IS U.S.
Government Securities
Fund - Class 2
advised by Capital
Research and Management
Company
0.50%2
0.75%
0.14%
1.10%
Long-term total return and current
income.
BlackRock Equity Dividend
V.I. Fund - Class I
0.67%2
10.06%
8.27%
9.07%
To maximize total return, consistent
with income generation and prudent
investment management.
BlackRock High Yield V.I.
Fund - Class I
0.54%2
8.26%
4.42%
5.00%
Capital Appreciation.
ClearBridge Variable
Growth Portfolio - Class I
advised by Franklin
Templeton Fund Adviser,
LLC
0.87%
12.80%
6.10%
5.95%
Long-term growth of capital.
ClearBridge Variable Mid
Cap Portfolio - Class I
advised by Franklin
Templeton Fund Adviser,
LLC
0.81%
10.01%
6.61%
7.29%
Long-term growth of capital.
ClearBridge Variable Small
Cap Growth Portfolio -
Class I
advised by Franklin
Templeton Fund Adviser,
LLC
0.80%
4.50%
5.39%
7.93%
Capital Appreciation. A fund of funds.
DWS Alternative Asset
Allocation VIP Portfolio -
Class A
advised by DWS
Investment Management
Americas, Inc.
0.88%
5.64%
4.36%
3.17%
To provide a high level of current
income.
Eaton Vance VT Floating-
Rate Income Fund - Initial
Class
1.19%
7.68%
4.24%
3.92%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Service Class
0.66%
33.63%
16.92%
13.50%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2020 PortfolioSM - Service
Class
0.56%
7.55%
5.05%
5.91%
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
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2025 PortfolioSM - Service
Class
0.58%
8.40%
5.66%
6.43%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2030 PortfolioSM - Service
Class
0.61%
9.34%
6.40%
7.20%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2035 PortfolioSM - Service
Class
0.65%
10.93%
7.73%
8.17%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2040 PortfolioSM - Service
Class
0.69%
12.94%
8.98%
8.84%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2045 PortfolioSM - Service
Class
0.71%
13.70%
9.23%
8.96%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2050 PortfolioSM - Service
Class
0.71%
13.74%
9.23%
8.96%
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2055 PortfolioSM - Service
Class
0.71%
13.72%
9.22%
N/A
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2060 PortfolioSM - Service
Class
0.71%
13.72%
9.23%
N/A
High total return with a secondary
objective of principal preservation as
the fund approaches its target date
and beyond. A fund of funds.
Fidelity® VIP Freedom
2065 PortfolioSM - Service
Class
0.72%
13.70%
9.23%
N/A
High total return with a secondary
objective of principal preservation. A
fund of funds.
Fidelity® VIP Freedom
Income PortfolioSM -
Service Class
0.47%
4.28%
2.40%
3.34%
To achieve capital appreciation.
Fidelity® VIP Growth
Portfolio - Service Class
0.66%
30.27%
18.81%
16.51%
As high a level of current income as
is consistent with the preservation of
capital.
Fidelity® VIP Investment
Grade Bond Portfolio -
Service Class
0.48%
1.62%
0.34%
1.83%
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
Long-term growth of capital.
Fidelity® VIP Mid Cap
Portfolio - Service Class
0.67%
17.35%
11.23%
9.10%
Long-term growth of capital.
Fidelity® VIP Overseas
Portfolio - Service Class
0.83%
4.95%
5.65%
6.21%
Above average income and long-term
capital growth, consistent with
reasonable investment risk.
Fidelity® VIP Real Estate
Portfolio - Service Class
0.71%
6.38%
2.10%
3.83%
To maximize income while
maintaining prospects for capital
appreciation.
Franklin Income VIP Fund -
Class 1
0.47%2
7.46%
5.55%
5.53%
Capital appreciation; income is a
secondary consideration.
Franklin Mutual Shares VIP
Fund - Class 1
0.69%
11.50%
6.01%
6.10%
Long-term capital appreciation;
preservation of capital is also an
important consideration.
Franklin Rising Dividends
VIP Fund - Class 1
0.63%2
11.04%
10.57%
10.72%
Long-term total return.
Franklin Small Cap Value
VIP Fund - Class 2
0.90%2
11.71%
8.36%
8.17%
Long-term capital growth.
Franklin Small-Mid Cap
Growth VIP Fund - Class 1
0.83%2
11.31%
10.03%
9.60%
Income.
Franklin U.S. Government
Securities VIP Fund - Class
1
0.53%
1.50%
-
0.29%
0.77%
Long-term capital appreciation.
Goldman Sachs VIT Mid
Cap Value Fund - Service
Shares
1.07%2
12.16%
9.57%
7.71%
Total return while seeking to provide
volatility management.
Goldman Sachs VIT Trend
Driven Allocation Fund -
Service Shares
0.96%2
11.76%
4.77%
4.16%
Capital growth and income.
Invesco V.I. Comstock
Fund - Series I Shares
0.76%
15.18%
11.59%
9.49%
Long-term growth of capital and
income.
Invesco V.I. Growth and
Income Fund - Series I
Shares
0.75%
16.00%
10.07%
8.80%
Capital Appreciation.
Invesco V.I. Main Street
Small Cap Fund®- Series I
Shares
0.86%
12.69%
10.49%
9.00%
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 growth.
LVIP AllianceBernstein
Large Cap Growth Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.63%2
25.93%
12.42%
13.32%
Long-term total return using a
strategy that seeks to protect against
U.S. inflation.
LVIP American Century
Inflation Protection Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
1.54%
1.22%
1.73%
Long-term capital growth, income is
secondary objective.
LVIP American Century
Mid Cap Value Fund -
Standard Class II
advised by Lincoln
Financial Investments
Corporation
0.86%2
8.73%
7.29%
8.03%
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
Capital Appreciation.
LVIP Baron Growth
Opportunities Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
1.14%2
5.44%
7.96%
9.41%
Reasonable income.
LVIP BlackRock Dividend
Value Managed Volatility
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of May
2, 2016. Consult your
registered representative.
0.65%2
11.50%
8.20%
7.22%
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
Long-term capital appreciation.
LVIP BlackRock Equity
Dividend Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Value Fund)
0.65%2
7.18%
5.69%
7.18%
High total investment return.
LVIP BlackRock Global
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
9.51%
6.19%
N/A
To maximize real return, consistent
with preservation of real capital and
prudent investment management.
LVIP BlackRock Inflation
Protected Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.88%
2.64%
2.52%
2.15%
Total return through a combination of
current income and long-term capital
appreciation.
LVIP BlackRock Real Estate
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.83%2
1.61%
0.52%
2.67%
Long-term growth of capital in a
manner consistent with the
preservation of capital.
LVIP Blended Large Cap
Growth Managed Volatility
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of May
2, 2016. Consult your
registered representative.
0.66%2
30.41%
15.74%
11.64%
Capital Appreciation.
LVIP Blended Mid Cap
Managed Volatility Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of May
2, 2016. Consult your
registered representative.
0.72%2
19.23%
9.20%
9.12%
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
Seeks long-term capital appreciation.
LVIP Channing Small Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.88%
10.85%
N/A
N/A
Capital Appreciation.
LVIP ClearBridge Franklin
Select Large Cap Managed
Volatility Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.66%2
22.29%
11.64%
9.82%
Long-term capital appreciation. A
fund of funds.
LVIP Dimensional
International Equity
Managed Volatility Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.76%
4.69%
3.22%
3.56%
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 1 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
20.77%
13.29%
11.80%
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 2 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.49%
18.45%
12.83%
N/A
Long-term capital appreciation. A
fund of funds.
LVIP Dimensional U.S.
Equity Managed Volatility
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of May
2, 2016. Consult your
registered representative.
0.61%2
20.65%
13.07%
9.57%
A-8
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Maximum long-term total return
consistent with reasonable risk.
LVIP Fidelity Institutional
AM® Total Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Diversified Income Fund)
0.51%2
1.98%
0.45%
1.77%
Long-term capital growth.
LVIP Franklin Templeton
Global Equity Managed
Volatility Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
12.54%
8.93%
6.04%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Emerging
Markets Equity Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.46%2
8.90%
3.36%
2.82%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor International
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.40%2
3.76%
4.48%
4.69%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Large Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.36%2
27.99%
12.93%
11.08%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor SMID Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%
13.19%
10.15%
8.04%
A-9
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
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%
To maximize total return by investing
primarily in a diversified portfolio of
intermediate- and long-term debt
securities.
LVIP JPMorgan Core Bond
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.47%
1.72%
0.04%
1.49%
A high level of current income;
capital appreciation is the secondary
objective.
LVIP JPMorgan High Yield
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.68%2
8.09%
4.03%
4.50%
Capital appreciation with the
secondary goal of achieving current
income by investing in equity
securities.
LVIP JPMorgan Mid Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.73%
14.29%
8.70%
7.98%
A-10
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
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%
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 Cases as of May
2, 2016. Consult your
registered representative.
0.77%2
15.44%
9.11%
6.31%
Maximum total return, consistent
with reasonable risk.
LVIP JPMorgan Short
Duration Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Limited-Term Diversified
Income Fund)
0.47%2
4.30%
1.70%
1.89%
Capital growth over the long term.
LVIP JPMorgan Small Cap
Core Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.75%
11.71%
7.05%
7.31%
High total return.
LVIP JPMorgan U.S. Equity
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.65%
23.99%
15.74%
13.39%
To provide investment results over a
full market cycle that, before fees
and expenses, are superior to an
index that tracks global equities.
LVIP Loomis Sayles Global
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.77%
22.73%
12.27%
N/A
A-11
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Maximum current income (yield)
consistent with a prudent investment
strategy.
LVIP Macquarie Bond Fund
- Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.37%
1.61%
0.04%
1.57%
Total return.
LVIP Macquarie Diversified
Floating Rate Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.63%2
6.07%
2.67%
2.22%
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%
To maximize long-term capital
appreciation.
LVIP Macquarie Mid Cap
Value Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.42%
14.82%
9.07%
9.33%
Long-term capital appreciation.
LVIP Macquarie SMID Cap
Core Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.80%2
14.73%
9.54%
9.52%
To maximize long-term capital
appreciation.
LVIP Macquarie Social
Awareness Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.43%
21.07%
13.87%
11.87%
Long-term capital appreciation.
LVIP Macquarie U.S.
Growth Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.72%
34.07%
19.62%
14.51%
Maximum long-term total return,
with capital appreciation as a
secondary objective.
LVIP Macquarie U.S. REIT
Fund - Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.83%2
7.87%
3.06%
4.31%
A-12
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 responsible level of
income and the potential for capital
appreciation.
LVIP Macquarie Wealth
Builder Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of May
18, 2009. Consult your
registered representative.
0.71%2
8.18%
4.50%
4.83%
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%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global
Income Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.66%2
-5.15%
-
3.23%
-0.46%
Long-term capital appreciation as
measured by the change in the value
of fund shares over a period of three
years or longer.
LVIP Mondrian
International Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.74%2
4.70%
3.48%
4.19%
A-13
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 growth of capital. A fund
of funds.
LVIP Multi-Manager Global
Equity Managed Volatility
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of May
2, 2016. Consult your
registered representative.
0.79%2
16.84%
10.09%
7.79%
To seek a high level of current
income consistent with preservation
of capital.
LVIP PIMCO Low Duration
Bond Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.73%2
5.13%
1.64%
1.86%
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
LVIP SSGA Bond Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.37%2
1.05%
-
0.60%
1.03%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP SSGA Conservative
Index Allocation Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.51%2
5.94%
3.60%
4.21%
To provide investment results that,
before fees and expenses,
correspond generally to the total
return of the MSCI Emerging
Markets Index that tracks
performance of emerging market
equity securities.
LVIP SSGA Emerging
Markets Equity Index Fund
- Standard Class
advised by Lincoln
Financial Investments
Corporation
0.50%2
6.80%
0.75%
N/A
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 Cases as of May
2, 2016. Consult your
registered representative.
0.60%2
9.97%
5.20%
4.50%
A-14
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 performance of a
broad market index of non-U.S.
foreign securities.
LVIP SSGA International
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%2
3.22%
4.49%
4.98%
Capital Appreciation. A fund of funds.
LVIP SSGA International
Managed Volatility Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund is available only
to existing Cases as of
November 7, 2016.
Consult your registered
representative.
0.62%2
2.78%
1.95%
2.87%
Seek to approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index that emphasizes
stocks of mid-sized U.S. companies.
LVIP SSGA Mid-Cap Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.35%2
13.55%
9.94%
9.31%
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 SSGA Moderate Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.50%
8.37%
5.52%
5.73%
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP SSGA Moderately
Aggressive Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.50%
9.26%
6.08%
6.24%
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%
A-15
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 investment results that,
before fees and expenses,
correspond generally to the price and
yield performance of an index that
tracks the short-term U.S. corporate
bond market.
LVIP SSGA Short-Term
Bond Index Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.36%2
4.88%
1.89%
N/A
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%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP Structured
Conservative Allocation
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.60%
6.46%
3.70%
4.06%
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 Structured Moderate
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.56%
9.41%
5.77%
5.60%
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP Structured
Moderately Aggressive
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.58%
10.48%
6.38%
6.05%
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
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
0.68%2
10.43%
6.90%
6.08%
A-16
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
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
0.71%2
13.04%
8.61%
7.05%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2050
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.73%2
14.20%
9.23%
7.68%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2060
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.73%2
14.27%
N/A
N/A
To maximize capital appreciation.
LVIP T. Rowe Price
Structured Mid-Cap
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
23.67%
11.14%
11.96%
High level of current income and
growth of capital, with an emphasis
on growth of capital. A fund of funds.
LVIP U.S. Growth
Allocation Managed Risk
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.77%2
13.56%
5.48%
N/A
Total return consistent with the
preservation of capital. A fund of
funds.
LVIP Vanguard Bond
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.36%
1.42%
-
0.57%
0.95%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard Domestic
Equity ETF Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.32%2
22.10%
13.36%
12.03%
A-17
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. A
fund of funds.
LVIP Vanguard
International Equity ETF
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.34%2
3.86%
3.68%
4.90%
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%
Maximize total return.
LVIP Western Asset Core
Bond Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.55%
0.69%
-
0.92%
N/A
Total return.
Macquarie VIP Asset
Strategy Series - Service
Class3
advised by Delaware
Management Company
0.85%2
12.44%
6.56%
5.27%
Long-term capital appreciation.
Macquarie VIP Emerging
Markets Series - Standard
Class3
advised by Delaware
Management Company
1.16%2
5.09%
1.03%
4.05%
Capital Appreciation.
Macquarie VIP Small Cap
Value Series - Standard
Class3
advised by Delaware
Management Company
0.74%
11.32%
7.15%
7.60%
Capital Appreciation.
MFS® VIT Growth Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.72%2
31.47%
14.74%
15.11%
Capital appreciation.
MFS® VIT II Technology
Portfolio - Initial Class
advised by Massachusetts
Financial Services
Company
0.86%2
36.80%
17.76%
18.03%
A-18
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Capital appreciation.
MFS® VIT III Mid Cap
Value Portfolio - Initial
Class
advised by Massachusetts
Financial Services
Company
0.79%2
13.75%
9.74%
9.05%
Capital Appreciation.
MFS® VIT Mid Cap Growth
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.80%2
14.72%
9.10%
11.70%
Capital Appreciation.
MFS® VIT New Discovery
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.87%2
6.72%
4.96%
9.19%
Total return with an emphasis on
current income, but also considering
capital appreciation.
MFS® VIT Total Return
Bond Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.53%2
2.55%
0.39%
1.89%
Total return.
MFS® VIT Total Return
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.61%2
7.75%
6.16%
6.46%
Total return.
MFS® VIT Utilities Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.79%2
11.66%
5.88%
6.29%
Growth of capital.
Neuberger Berman AMT
Mid Cap Intrinsic Value
Portfolio - I Class
1.05%
8.82%
7.11%
5.65%
Maximum real return, consistent
with prudent investment
management.
PIMCO VIT
CommodityRealReturn®
Strategy Portfolio -
Administrative Class
advised by Pacific
Investment Management
Company, LLC
2.28%2
4.16%
7.10%
1.65%
A-19
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 seek maximum total return,
consistent with preservation of
capital and prudent investment
management.
PIMCO VIT Global Bond
Opportunities Portfolio
(Unhedged) -
Administrative Class
advised by Pacific
Investment Management
Company, LLC
1.08%
-0.50%
-
0.33%
0.82%
Maximum real return, consistent
with preservation of real capital and
prudent investment management.
PIMCO VIT Real Return
Portfolio - Administrative
Class
advised by Pacific
Investment Management
Company, LLC
1.07%
2.13%
1.93%
2.16%
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%
To provide a high level of dividend
income and long-term growth of
capital primarily through investments
in stocks.
T. Rowe Price Equity
Income Portfolio
0.73%
11.70%
8.48%
8.27%
High current income consistent with
preservation of capital; capital
appreciation is a secondary
objective.
Templeton Global Bond VIP
Fund - Class 1
advised by Franklin
Advisers, Inc.
0.50%2
-
11.13%
-
4.60%
-1.79%
Capital Appreciation. A fund of funds.
TOPS® Aggressive Growth
ETF Portfolio - Class 2
Shares
advised by Valmark
Advisers, Inc.
0.54%
11.99%
8.25%
8.14%
Income and capital appreciation. A
fund of funds.
TOPS® Balanced ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
0.55%
6.86%
4.68%
4.84%
Preserve capital and provide
moderate income and moderate
capital appreciation. A fund of funds.
TOPS® Conservative ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
0.56%
6.00%
3.75%
3.76%
A-20
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Capital Appreciation. A fund of funds.
TOPS® Growth ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
0.55%
10.79%
7.38%
7.25%
Capital Appreciation. A fund of funds.
TOPS® Moderate Growth
ETF Portfolio - Class 2
Shares
advised by Valmark
Advisers, Inc.
0.54%
8.84%
6.06%
6.11%
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-21
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. 333-125790; 811-09241
EDGAR Contract Identifier C000065068