Lincoln Life Flexible Premium Variable Life Account M

04/22/2026 | Press release | Distributed by Public on 04/22/2026 12:11

Updating Summary Prospectus (Form 497VPU)

Lincoln VULCV-IV
The Lincoln National Life Insurance Company
Updating Summary Prospectus for Existing Owners
May 1, 2026
Lincoln Life Flexible Premium Variable Life Account M
This updating summary prospectus summarizes certain changes to key features of the Policy. You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider About The Policy.
The 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 [email protected].
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 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.
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, 2025. 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 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 Name Changes: 
Former Fund Name
New Fund Name
LVIP Franklin Templeton Global Equity
Managed Volatility Fund
LVIP Global Equity Managed Volatility
Fund
LVIP Macquarie Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Macquarie Diversified Floating Rate
Fund
LVIP Nomura Diversified Floating Rate
Fund
LVIP Macquarie High Yield Fund
LVIP Nomura High Yield Fund
LVIP Macquarie Mid Cap Value Fund
LVIP Nomura Mid Cap Value Fund
LVIP Macquarie SMID Cap Core Fund
LVIP Nomura SMID Cap Core Fund
LVIP Macquarie Social Awareness Fund
LVIP Nomura Social Awareness Fund
LVIP Macquarie U.S. Growth Fund
LVIP Nomura U.S. Growth Fund
LVIP Macquarie U.S. REIT Fund
LVIP Nomura U.S. REIT Fund
LVIP SSGA Bond Index Fund
LVIP State Street Bond Index Fund
LVIP SSGA Conservative Index Allocation
Fund
LVIP State Street Conservative Index
Allocation Fund
LVIP SSGA Global Tactical Allocation
Managed Volatility Fund
LVIP State Street Global Tactical Allocation
Managed Volatility Fund
LVIP SSGA International Index Fund
LVIP State Street International Index Fund
LVIP SSGA International Managed
Volatility Fund
LVIP State Street International Managed
Volatility Fund
LVIP SSGA Moderate Index Allocation
Fund
LVIP State Street Moderate Index
Allocation Fund
LVIP SSGA Moderately Aggressive Index
Allocation Fund
LVIP State Street Moderately Aggressive
Index Allocation 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
Macquarie VIP Emerging Markets Series
Nomura VIP Emerging Markets Series
Macquarie VIP Small Cap Value Series
Nomura VIP Small Cap Value Series
1
Former Fund Name
New Fund Name
TOPS® Moderate Growth ETF Portfolio
TOPS® Moderate ETF Portfolio
Fund Reorganizations:
•
The LVIP Macquarie Wealth Builder Fund was reorganized into the LVIP Structured Moderate Allocation Fund on October 31, 2025.
•
The LVIP Multi-Manager Global Equity Managed Volatility Fund will be reorganized to merge into the LVIP Global Equity Managed Volatility Fund, subject to shareholders approval, on or about June 5, 2026. Please consult your registered representative.
2
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
For a Full Surrender, for up to 15 years from the date of the Policy and
up to 15 years from each increase in Specified Amount, you could pay a
Surrender Charge of up to $54.00 (5.400%) per $1,000 of the Specified
Amount.
For example, if your Policy has a Specified Amount of $100,000 and you
surrender your Policy, you could be assessed a charge of up to $5,400.
•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 Sub-Accounts, take a Partial Surrender 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 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%
3.38%
*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.
•Surrender Charges apply for 15 years from the Policy Date and 15
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
3
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 1-800-487-1485 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 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
4
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.
•Other Benefits
Available
Under the
Policy
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)
5
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 [email protected].
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 12/31/2025)
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Discovery Value Portfolio
- Class A
advised by AllianceBernstein L.P.
0.82%
2.89%
8.75%
8.55%
Long-term growth of capital.
AB VPS International Value
Portfolio - Class A
advised by AllianceBernstein L.P.
This fund is available only to
existing Owners as of May 21,
2012. Consult your registered
representative.
0.90%2
41.70%
10.47%
6.64%
Long-term growth of capital.
AB VPS Large Cap Growth
Portfolio - Class A
advised by AllianceBernstein L.P.
This fund is available only to
existing Owners as of May 16,
2005. Consult your registered
representative.
0.65%
13.13%
12.04%
16.17%
Long-term growth of capital.
AB VPS Relative Value Portfolio -
Class A
advised by AllianceBernstein L.P.
This fund is available only to
existing Owners as of May 16,
2011. Consult your registered
representative.
0.59%2
10.47%
11.42%
10.57%
Long-term growth of capital.
AB VPS Sustainable Global
Thematic Portfolio - Class A
advised by AllianceBernstein L.P.
0.94%2
6.32%
3.28%
10.08%
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%
Long-term growth of capital.
American Funds® IS Global Small
Capitalization Fund - Class 2
advised by Capital Research and
Management Company
0.90%2
14.64%
0.49%
7.23%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Growth of capital.
American Funds® IS Growth Fund
- Class 2
advised by Capital Research and
Management Company
0.58%
20.24%
13.37%
17.97%
Long-term growth of capital and
income.
American Funds® IS Growth-
Income Fund - Class 2
advised by Capital Research and
Management Company
0.53%
18.06%
13.90%
13.92%
Long-term growth of capital.
American Funds® IS International
Fund - Class 2
advised by Capital Research and
Management Company
0.72%2
26.77%
3.40%
7.00%
Long-term growth of capital.
ClearBridge Variable Mid Cap
Portfolio - Class I
advised by Franklin Templeton
Fund Adviser, LLC
0.82%
4.35%
4.50%
7.50%
Capital appreciation. A fund of
funds.
DWS Alternative Asset Allocation
VIP Portfolio - Class A
advised by DWS Investment
Management Americas, Inc.
0.93%
10.50%
5.29%
4.89%
To replicate, as closely as
possible, before the deduction of
expenses, the performance of the
Standard & Poor's 500 Composite
Stock Price Index (the "S&P 500®
Index"), which emphasizes stocks
of large U.S. companies.
DWS Equity 500 Index VIP
Portfolio - Class A
advised by DWS Investment
Management Americas, Inc.
This fund is available only to
existing Owners as of May 21,
2007. Consult your registered
representative.
0.25%2
17.63%
14.13%
14.52%
To replicate, as closely as
possible, before the deduction of
expenses, the performance of the
Russell 2000® Index, which
emphasizes stocks of small U.S.
companies.
DWS Small Cap Index VIP
Portfolio - Class A
advised by DWS Investment
Management Americas, Inc.
This fund is available only to
existing Owners as of May 21,
2007. Consult your registered
representative.
0.37%2
12.64%
5.84%
9.33%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Service Class
0.64%
21.42%
15.26%
15.66%
Reasonable income with
consideration of the potential for
capital appreciation.
Fidelity® VIP Equity-Income
Portfolio - Service Class
This fund is available only to
existing Owners as of May 16,
2005. Consult your registered
representative.
0.56%
18.92%
12.41%
11.49%
A-2
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 achieve capital appreciation.
Fidelity® VIP Growth Portfolio -
Service Class
0.65%
14.80%
13.59%
17.33%
Long-term growth of capital.
Fidelity® VIP Mid Cap Portfolio -
Service Class
0.65%
11.66%
10.00%
10.48%
Long-term growth of capital.
Fidelity® VIP Overseas Portfolio -
Service Class
This fund is available only to
existing Owners as of May 16,
2011. Consult your registered
representative.
0.82%
20.28%
6.51%
7.82%
To maximize income while
maintaining prospects for capital
appreciation.
Franklin Income VIP Fund - Class
1
0.47%
12.87%
7.92%
7.57%
Capital appreciation; income is a
secondary consideration.
Franklin Mutual Shares VIP Fund -
Class 1
0.69%
11.81%
9.49%
7.80%
Long-term capital growth.
Franklin Small-Mid Cap Growth
VIP Fund - Class 1
This fund is available only to
existing Owners as of May 16,
2011. Consult your registered
representative.
0.84%
2.70%
1.27%
10.16%
Long-term growth of capital.
Invesco V.I. EQV International
Equity Fund - Series I Shares
0.90%
16.50%
3.68%
6.22%
Long-term capital growth,
consistent with preservation of
capital and balanced by current
income.
Janus Henderson Balanced
Portfolio - Service Shares
This fund is available only to
existing Owners as of May 16,
2005. Consult your registered
representative.
0.87%
14.84%
8.21%
9.86%
Long-term growth of capital.
Janus Henderson Enterprise
Portfolio - Service Shares
This fund is available only to
existing Owners as of May 16,
2005. Consult your registered
representative.
0.97%
7.41%
7.35%
12.51%
Long-term growth of capital.
LVIP AllianceBernstein Large Cap
Growth Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.63%2
14.00%
8.45%
13.65%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term capital growth and
current income by investing
approximately 60% of its assets in
equity securities and the
remainder in bonds and other
fixed-income securities.
LVIP American Century Balanced
Fund - Standard Class II
advised by Lincoln Financial
Investments Corporation
0.77%2
9.62%
6.49%
8.03%
Long-term total return using a
strategy that seeks to protect
against U.S. inflation.
LVIP American Century Inflation
Protection Fund - Standard Class
II
advised by Lincoln Financial
Investments Corporation
0.47%2
6.60%
0.87%
2.87%
Long-term capital growth.
LVIP American Century Ultra®
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.65%2
12.95%
N/A
N/A
Capital appreciation.
LVIP Baron Growth Opportunities
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
1.15%2
-10.08%
-0.33%
8.78%
Capital appreciation.
LVIP Baron Growth Opportunities
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.90%2
-9.85%
-0.08%
9.06%
Reasonable income.
LVIP BlackRock Dividend Value
Managed Volatility Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.63%2
11.84%
10.41%
8.97%
Long-term capital appreciation.
LVIP BlackRock Equity Dividend
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.66%2
13.43%
8.30%
8.58%
High total investment return.
LVIP BlackRock Global Allocation
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.72%2
18.71%
6.10%
N/A
A balance between current income
and growth of capital, with a
greater emphasis on growth of
capital. A fund of funds.
LVIP BlackRock Global Growth
ETF Allocation Managed Risk Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
0.42%2
11.17%
5.36%
N/A
A-4
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 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
0.85%
5.76%
2.61%
3.01%
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
0.86%2
8.92%
2.71%
3.68%
A balance between current income
and growth of capital, with a
greater emphasis on growth of
capital. A fund of funds.
LVIP BlackRock U.S. Growth ETF
Allocation Managed Risk Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.39%2
8.97%
5.86%
N/A
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
0.66%2
5.52%
12.10%
12.09%
Capital appreciation.
LVIP Blended Mid Cap Managed
Volatility Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.72%2
2.90%
4.58%
9.91%
Capital appreciation.
LVIP ClearBridge Franklin Select
Large Cap Managed Volatility Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
0.65%2
10.81%
10.84%
11.39%
Long-term capital appreciation.
LVIP Dimensional International
Core Equity Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.62%2
35.26%
9.65%
8.43%
Long-term capital appreciation. A
fund of funds.
LVIP Dimensional International
Equity Managed Volatility Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.75%
35.09%
11.09%
7.16%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity
1 Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.39%2
15.66%
13.14%
13.67%
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity
2 Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.49%
15.38%
12.83%
12.99%
Long-term capital appreciation. A
fund of funds.
LVIP Dimensional U.S. Equity
Managed Volatility Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.62%2
9.02%
11.81%
11.39%
Maximum long-term total return
consistent with reasonable risk.
LVIP Fidelity Institutional AM®
Total Bond Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.51%2
6.72%
-0.34%
2.54%
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Franklin Templeton Core
Bond Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.37%
7.25%
-0.44%
2.24%
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
34.31%
9.07%
7.89%
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
35.59%
11.98%
8.40%
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
18.69%
16.18%
13.54%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton Multi-
Factor SMID Cap Equity Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.37%
13.59%
11.69%
10.21%
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
0.80%2
9.79%
3.39%
4.90%
A-6
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term capital growth.
LVIP Global Equity Managed
Volatility Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.70%2
13.51%
9.09%
8.29%
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
0.79%2
13.54%
5.57%
6.20%
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
0.80%2
11.52%
4.70%
5.65%
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 - Standard Class
advised by Lincoln Financial
Investments Corporation
0.38%2
3.97%
2.98%
1.87%
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
8.85%
4.67%
5.82%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement
Income Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.68%2
12.10%
4.39%
5.54%
Long-term capital appreciation.
LVIP JPMorgan Select Mid Cap
Value Managed Volatility Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.78%2
1.51%
9.02%
7.33%
Maximum total return, consistent
with reasonable risk.
LVIP JPMorgan Short Duration
Bond Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.47%2
5.19%
1.87%
2.33%
Long-term capital appreciation.
LVIP MFS International Growth
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.79%2
19.11%
7.09%
9.73%
A-7
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Capital appreciation.
LVIP MFS Value Fund - Standard
Class
advised by Lincoln Financial
Investments Corporation
0.61%2
13.06%
10.00%
10.10%
Current income consistent with
the preservation of capital.
LVIP Mondrian Global Income
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.66%2
6.39%
-3.30%
0.36%
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
36.38%
11.24%
7.90%
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 will be reorganized into
the LVIP Global Equity Managed
Volatility Fund on or about June 3,
2026, subject to shareholder
approval.
0.80%2
15.81%
10.15%
10.15%
Total return.
LVIP Nomura Diversified Floating
Rate Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.64%2
4.76%
3.35%
2.77%
Total return and, as a secondary
objective, high current income.
LVIP Nomura High Yield Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.72%2
9.26%
4.07%
5.88%
Maximize long-term capital
appreciation.
LVIP Nomura Mid Cap Value Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
0.42%
13.35%
11.72%
10.68%
Long-term capital appreciation.
LVIP Nomura SMID Cap Core
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.80%2
8.85%
9.10%
9.65%
Maximize long-term capital
appreciation.
LVIP Nomura Social Awareness
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.44%
15.06%
12.98%
13.53%
A-8
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP Nomura U.S. Growth Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.72%
22.61%
15.81%
16.25%
Maximum long-term total return,
with capital appreciation as a
secondary objective.
LVIP Nomura U.S. REIT Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
0.83%2
1.02%
5.57%
4.04%
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg
U.S. Aggregate Index.
LVIP State Street Bond Index Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Bond Index
Fund)
0.37%2
6.80%
-0.73%
1.67%
A high level of current income,
with some consideration given to
growth of capital. A fund of funds.
LVIP State Street Conservative
Index Allocation Fund - Standard
Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Conservative
Index Allocation Fund)
0.50%2
12.80%
3.71%
5.57%
Long-term growth of capital. A
fund of funds.
LVIP State Street Global Tactical
Allocation Managed Volatility Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Global
Tactical Allocation Managed
Volatility Fund)
0.61%2
14.37%
6.61%
6.63%
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 - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA International
Index Fund)
0.38%2
31.18%
8.66%
8.00%
Capital appreciation. A fund of
funds.
LVIP State Street International
Managed Volatility Fund -
Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA International
Managed Volatility Fund)
0.62%2
25.00%
6.81%
5.57%
A-9
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
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 State Street Moderate Index
Allocation Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Moderate
Index Allocation Fund)
0.50%
15.64%
5.85%
7.43%
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 State Street Moderately
Aggressive Index Allocation Fund
- Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Moderately
Aggressive Index Allocation Fund)
0.50%
17.43%
6.66%
8.18%
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 - Standard Class3
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA S&P 500
Index Fund)
0.23%
17.60%
14.16%
14.55%
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 - Standard Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Small-Cap
Index Fund)
0.38%2
12.46%
5.73%
9.18%
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
0.59%
13.72%
4.45%
5.61%
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%
17.28%
7.16%
7.59%
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
0.59%
19.33%
8.27%
8.32%
A-10
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 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.
0.64%2
13.02%
5.48%
6.87%
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.
0.67%2
14.99%
6.85%
7.87%
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
18.14%
8.89%
9.21%
To maximize capital appreciation.
LVIP T. Rowe Price Structured
Mid-Cap Growth Fund - Standard
Class
advised by Lincoln Financial
Investments Corporation
0.71%2
11.04%
7.41%
12.90%
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
0.81%2
8.54%
5.49%
6.63%
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%
6.33%
-0.45%
1.54%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard Domestic Equity
ETF Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.30%2
16.47%
12.72%
13.79%
A-11
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
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
0.32%2
31.56%
7.29%
8.14%
Long-term capital appreciation.
LVIP Wellington SMID Cap Value
Fund - Standard Class
advised by Lincoln Financial
Investments Corporation
0.78%2
2.42%
9.24%
8.53%
Capital appreciation.
MFS® VIT Growth Series - Initial
Class
advised by Massachusetts
Financial Services Company
0.73%2
12.19%
11.10%
15.60%
Capital appreciation.
MFS® VIT II Core Equity Portfolio
- Initial Class
advised by Massachusetts
Financial Services Company
This fund is available only to
existing Owners as of May 16,
2005. Consult your registered
representative.
0.78%2
12.50%
11.52%
13.81%
Total return.
MFS® VIT Total Return Series -
Initial Class
advised by Massachusetts
Financial Services Company
0.61%2
11.16%
6.42%
7.63%
Total return.
MFS® VIT Utilities Series - Initial
Class
advised by Massachusetts
Financial Services Company
0.78%2
15.01%
7.64%
9.49%
Growth of capital.
Neuberger Berman AMT Mid Cap
Growth Portfolio - I Class
This fund is available only to
existing Owners as of May 21,
2007. Consult your registered
representative.
0.86%2
5.45%
4.47%
10.96%
Growth of capital.
Neuberger Berman AMT Mid Cap
Intrinsic Value Portfolio - I Class
This fund is available only to
existing Owners as of May 21,
2007. Consult your registered
representative.
0.85%2
11.56%
10.06%
7.75%
Long-term capital appreciation.
Nomura VIP Emerging Markets
Series - Standard Class
1.16%2
81.26%
8.81%
12.17%
Capital appreciation.
Nomura VIP Small Cap Value
Series - Standard Class
0.74%
8.16%
9.26%
9.15%
A-12
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Maximum real return, consistent
with prudent investment
management.
PIMCO VIT
CommodityRealReturn® Strategy
Portfolio - Administrative Class
advised by Pacific Investment
Management Company, LLC
3.19%2
18.79%
10.55%
6.54%
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
16.09%
-0.69%
0.11%
Long-term capital growth.
Templeton Growth VIP Fund -
Class 1
This fund is available only to
existing Owners as of May 21,
2007. Consult your registered
representative.
0.87%2
24.16%
8.23%
7.31%
Income and capital appreciation. A
fund of funds.
TOPS® Balanced ETF Portfolio -
Class 2 Shares
advised by Valmark Advisers, Inc.
0.54%
12.85%
5.52%
6.39%
Capital appreciation. A fund of
funds.
TOPS® Moderate ETF Portfolio -
Class 2 Shares
advised by Valmark Advisers, Inc.
(formerly TOPS® Moderate
Growth ETF Portfolio)
0.53%
15.13%
6.92%
7.99%
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
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-13
This updating summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Policy, both dated May 1, 2026, 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.:
333-118478; 811-08557
EDGAR Contract Identifier:
C000004407
Lincoln Life Flexible Premium Variable Life Account M published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 22, 2026 at 18:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]