Lincoln Life Flexible Premium Variable Life Account M

04/22/2026 | Press release | Distributed by Public on 04/22/2026 11:46

Updating Summary Prospectus (Form 497VPU)

Lincoln LifeGoals®
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.
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
ClearBridge Variable Large Cap Growth
Portfolio
LVIP ClearBridge Large Cap Growth Fund
Invesco Oppenheimer V.I. International
Growth Fund
Invesco V.I. International Growth 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 Emerging Markets Equity
Index Fund
LVIP State Street Emerging Markets
Equity Index Fund
LVIP SSGA International Index Fund
LVIP State Street International Index Fund
LVIP SSGA Mid-Cap Index Fund
LVIP State Street Mid-Cap Index 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 Nasdaq-100 Index Fund
LVIP State Street Nasdaq-100 Index Fund
LVIP SSGA S&P 500 Index Fund
LVIP State Street S&P 500 Index Fund
LVIP SSGA Short-Term Bond Index Fund
LVIP State Street Short-Term Bond Index
Fund
1
Former Fund Name
New Fund Name
LVIP SSGA Small-Cap Index Fund
LVIP State Street Small-Cap Index Fund
Macquarie VIP Asset Strategy Series
Nomura VIP Asset Strategy Series
Macquarie VIP Emerging Markets Series
Nomura VIP Emerging Markets Series
Macquarie VIP Energy Series
Nomura VIP Energy Series
Macquarie VIP High Income Series
Nomura VIP High Income Series
Macquarie VIP Mid Cap Growth Series
Nomura VIP Mid Cap Growth Series
Macquarie VIP Science and Technology
Series
Nomura VIP Science and Technology
Series
Macquarie VIP Small Cap Growth Series
Nomura VIP Small Cap Growth Series
Macquarie VIP Small Cap Value Series
Nomura VIP Small Cap Value Series
Fund Reorganizations:
•
The LVIP Western Asset Core Bond Fund was reorganized into the LVIP Franklin Templeton Core Bond Fund on October 31, 2025.
Fund Closures:
•
The LVIP American Century Large Company Value Fund is no longer available as an investment option as of January 24, 2026.
2
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
There are no charges for a Full Surrender or a Withdrawal.
•Policy
Charges and
Fees
Transaction
Charges
You may be charged for other transactions, such as transferring Policy
Value between Sub-Accounts or exercising 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,
Administrative Fees, Mortality and Expense Risk Charges and Policy
Loan Interest.
•Certain fees are set based on characteristics of the Insured (e.g., age,
Target Age and gender). 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*
0.44%
3.48%
*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.
•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 and Withdrawals 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
Optional
Benefits
•N/A
•Optional Sub-
Account
Allocation
Program
4
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.
•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
To provide current income and
preservation of capital.
American Funds® IS American
Funds Mortgage Fund - Class 4
advised by Capital Research and
Management Company
0.81%2
8.32%
0.06%
1.43%
High total return (including
income and capital gains)
consistent with preservation of
capital over the long term.
American Funds® IS Asset
Allocation Fund - Class 4
advised by Capital Research and
Management Company
0.79%
15.59%
8.70%
9.50%
To provide a level of current
income that exceeds the average
yield on U.S. stocks generally and
a growing stream of income over
the years.
American Funds® IS Capital
Income Builder - Class 4
advised by Capital Research and
Management Company
0.77%2
20.16%
8.82%
7.32%
Long-term growth of capital.
American Funds® IS Global
Growth Fund - Class 4
advised by Capital Research and
Management Company
0.90%2
21.34%
7.97%
11.89%
Long-term growth of capital.
American Funds® IS Global Small
Capitalization Fund - Class 4
advised by Capital Research and
Management Company
1.15%2
14.33%
0.23%
6.96%
Growth of capital.
American Funds® IS Growth Fund
- Class 4
advised by Capital Research and
Management Company
0.83%
19.93%
13.09%
17.67%
Long-term growth of capital and
income.
American Funds® IS Growth-
Income Fund - Class 4
advised by Capital Research and
Management Company
0.78%
17.77%
13.62%
13.63%
Long-term growth of capital.
American Funds® IS International
Fund - Class 4
advised by Capital Research and
Management Company
0.97%2
26.41%
3.14%
6.73%
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
Long-term capital appreciation.
American Funds® IS New World
Fund - Class 4
advised by Capital Research and
Management Company
1.07%2
27.92%
5.06%
8.98%
To produce income and to provide
an opportunity for growth of
principal consistent with sound
common stock investing.
American Funds® IS Washington
Mutual Investors Fund - Class 4
advised by Capital Research and
Management Company
0.75%2
16.90%
13.60%
12.08%
Capital appreciation.
ClearBridge Variable Growth
Portfolio - Class II
advised by Franklin Templeton
Fund Adviser, LLC
1.13%
13.10%
4.98%
7.20%
Long-term growth of capital.
ClearBridge Variable Mid Cap
Portfolio - Class II
advised by Franklin Templeton
Fund Adviser, LLC
1.07%
4.08%
4.23%
7.24%
Total return.
Columbia VP Commodity Strategy
Fund - Class 2
0.98%2
15.30%
12.44%
6.46%
High total return through current
income and, secondarily, through
capital appreciation.
Columbia VP Emerging Markets
Bond Fund - Class 2
0.98%
12.65%
1.47%
4.03%
Total return, consisting of current
income and capital appreciation.
Columbia VP Strategic Income
Fund - Class 2
0.95%2
6.88%
1.87%
3.99%
To provide a high level of current
income.
Eaton Vance VT Floating-Rate
Income Fund - Initial Class
1.19%
3.95%
4.64%
4.43%
Income and capital growth
consistent with reasonable risk.
Fidelity® VIP Balanced Portfolio -
Service Class 2
0.66%
14.96%
9.24%
10.84%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Service Class 2
0.79%
21.24%
15.08%
15.49%
To achieve capital appreciation.
Fidelity® VIP Growth Portfolio -
Service Class 2
0.80%
14.63%
13.42%
17.16%
Long-term growth of capital.
Fidelity® VIP Mid Cap Portfolio -
Service Class 2
0.80%
11.49%
9.83%
10.31%
High level of current income, and
may also seek capital
appreciation.
Fidelity® VIP Strategic Income
Portfolio - Service Class 2
0.88%
8.58%
2.79%
4.40%
To provide capital appreciation.
First Trust Capital Strength
Portfolio - Class I
1.10%
5.70%
7.07%
N/A
Total return. A fund of funds.
First Trust Dorsey Wright Tactical
Core Portfolio - Class I
1.28%2
9.69%
5.34%
6.63%
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 provide capital appreciation.
First Trust International Developed
Capital Strength Portfolio - Class I
1.20%2
19.53%
6.45%
N/A
To maximize current income, with
a secondary objective of capital
appreciation.
First Trust Multi Income Allocation
Portfolio - Class I
1.17%2
7.71%
6.11%
5.91%
To provide total return by
allocating among dividend-paying
stocks and investment grade
bonds.
First Trust/Dow Jones Dividend &
Income Allocation Portfolio -
Class I4
1.18%
5.30%
3.98%
6.68%
Capital appreciation with income
as a secondary objective.
Franklin Allocation VIP Fund -
Class 4
0.92%2
12.53%
5.59%
7.19%
To maximize income while
maintaining prospects for capital
appreciation.
Franklin Income VIP Fund - Class
4
0.82%
12.43%
7.54%
7.19%
Long-term capital appreciation;
preservation of capital is also an
important consideration.
Franklin Rising Dividends VIP
Fund - Class 4
0.99%
11.66%
9.38%
11.98%
Long-term capital growth.
Franklin Small-Mid Cap Growth
VIP Fund - Class 4
1.19%
2.40%
0.92%
9.78%
To maximize current income to the
extent consistent with the
preservation of capital and the
maintenance of liquidity by
investing exclusively in high
quality money market
instruments.
Goldman Sachs VIT Government
Money Market Fund - Service
Shares
0.43%2
3.94%
2.98%
1.90%
Growth of capital.
Hartford Capital Appreciation HLS
Fund - Class IC
1.18%
13.16%
9.41%
11.37%
Capital growth and income.
Invesco V.I. Comstock Fund -
Series II Shares
1.00%
17.14%
15.14%
11.67%
To seek to provide reasonable
current income and long-term
growth of income and capital.
Invesco V.I. Diversified Dividend
Fund - Series II Shares
0.93%
15.44%
10.53%
8.93%
Both capital appreciation and
current income.
Invesco V.I. Equity and Income
Fund - Series II Shares
0.82%
12.52%
8.68%
8.64%
Long-term growth of capital.
Invesco V.I. EQV International
Equity Fund - Series II Shares
1.15%
16.23%
3.42%
5.95%
Capital appreciation.
Invesco V.I. International Growth
Fund - Series II Shares
1.25%2
15.53%
1.88%
5.34%
Capital appreciation.
Invesco V.I. Main Street Small Cap
Fund®- Series II Shares
1.09%
8.44%
8.07%
10.31%
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 growth of capital.
LVIP AllianceBernstein Large Cap
Growth Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.88%2
13.72%
8.18%
13.37%
A balance between a high level of
current income and growth of
capital, with an emphasis on
growth of capital. A fund of funds.
LVIP American Balanced
Allocation Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.92%2
15.07%
6.24%
7.86%
Long-term capital 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 - Service Class
advised by Lincoln Financial
Investments Corporation
1.02%2
9.33%
6.23%
N/A
Long-term capital growth.
LVIP American Century Ultra®
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.90%2
12.67%
11.52%
17.00%
A balance between a high level of
current income and growth of
capital, with a greater emphasis
on growth of capital. A fund of
funds.
LVIP American Growth Allocation
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.94%2
16.67%
6.74%
8.54%
Current income, consistent with
the preservation of capital. A fund
of funds.
LVIP American Preservation Fund
- Service Class
advised by Lincoln Financial
Investments Corporation
0.86%2
5.80%
0.81%
1.69%
Capital appreciation.
LVIP Baron Growth Opportunities
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
1.15%2
-10.08%
-0.33%
8.78%
Long-term capital appreciation.
LVIP BlackRock Equity Dividend
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.96%2
13.09%
7.97%
8.27%
High total investment return.
LVIP BlackRock Global Allocation
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.97%2
18.41%
5.84%
N/A
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 - Service
Class
advised by Lincoln Financial
Investments Corporation
1.10%
5.49%
2.36%
2.76%
Total return through a
combination of current income
and long-term capital
appreciation.
LVIP BlackRock Real Estate Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
1.11%2
8.63%
2.45%
3.42%
Long-term growth of capital.
LVIP ClearBridge Large Cap
Growth Fund - Service Class
(formerly ClearBridge Variable
Large Cap Growth Portfolio)
advised by Lincoln Financial
Investments Corporation
0.99%2
8.35%
10.29%
N/A
Long-term capital appreciation.
LVIP Dimensional International
Core Equity Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.87%2
34.91%
9.38%
8.16%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity
1 Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.74%2
15.26%
12.75%
13.27%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity
2 Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.74%
15.09%
12.55%
12.71%
Maximum long-term total return
consistent with reasonable risk.
LVIP Fidelity Institutional AM®
Total Bond Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.81%2
6.40%
-0.65%
2.25%
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Franklin Templeton Core
Bond Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.72%
6.87%
-0.79%
1.88%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton Multi-
Factor Emerging Markets Equity
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.71%2
33.98%
8.80%
7.62%
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
To maximize long-term capital
appreciation.
LVIP Franklin Templeton Multi-
Factor International Equity Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
0.65%2
35.26%
11.70%
8.13%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton Multi-
Factor Large Cap Equity Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
0.61%2
18.39%
15.89%
13.26%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton Multi-
Factor SMID Cap Equity Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
0.62%
13.30%
11.41%
9.93%
To maximize total return by
investing primarily in a diversified
portfolio of intermediate- and
long-term debt securities.
LVIP JPMorgan Core Bond Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
0.71%
7.15%
-0.29%
1.85%
A high level of current income;
capital appreciation is the
secondary objective.
LVIP JPMorgan High Yield Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
0.93%2
8.59%
4.41%
5.55%
Maximum total return, consistent
with reasonable risk.
LVIP JPMorgan Short Duration
Bond Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.77%2
4.87%
1.55%
2.03%
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 - Service Class
advised by Lincoln Financial
Investments Corporation
1.12%2
17.18%
8.87%
N/A
Long-term capital appreciation.
LVIP MFS International Growth
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
1.04%2
18.81%
6.82%
9.46%
Capital appreciation.
LVIP MFS Value Fund - Service
Class
advised by Lincoln Financial
Investments Corporation
0.86%2
12.78%
9.72%
9.82%
Current income consistent with
the preservation of capital.
LVIP Mondrian Global Income
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.91%2
6.14%
-3.54%
0.11%
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 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 - Service Class
advised by Lincoln Financial
Investments Corporation
0.99%2
36.05%
10.96%
7.63%
Total return.
LVIP Nomura Diversified Floating
Rate Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.89%2
4.51%
3.09%
2.51%
Total return and, as a secondary
objective, high current income.
LVIP Nomura High Yield Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
1.02%2
8.94%
3.75%
5.58%
To maximize long-term capital
appreciation.
LVIP Nomura Mid Cap Value Fund
- Service Class
advised by Lincoln Financial
Investments Corporation
0.77%
12.95%
11.33%
10.29%
Long-term capital appreciation.
LVIP Nomura SMID Cap Core
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
1.10%2
8.53%
8.77%
9.34%
To maximize long-term capital
appreciation.
LVIP Nomura Social Awareness
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.79%
14.65%
12.58%
13.13%
Long-term capital appreciation.
LVIP Nomura U.S. Growth Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
1.02%
22.24%
15.46%
15.92%
Maximum long-term total return,
with capital appreciation as a
secondary objective.
LVIP Nomura U.S. REIT Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
1.13%2
0.72%
5.24%
3.74%
To seek a high level of current
income consistent with
preservation of capital.
LVIP PIMCO Low Duration Bond
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.85%2
5.21%
1.65%
1.99%
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg
U.S. Aggregate Index.
LVIP State Street Bond Index Fund
- Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Bond Index
Fund)
0.62%2
6.53%
-0.97%
1.42%
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
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 - Service
Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Conservative
Index Allocation Fund)
0.75%2
12.51%
3.45%
5.30%
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 State Street Emerging
Markets Equity Index Fund -
Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Emerging
Markets Equity Index Fund)
0.75%2
33.15%
3.15%
N/A
To approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index of non-U.S.
foreign securities.
LVIP State Street International
Index Fund - Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA International
Index Fund)
0.63%2
30.85%
8.39%
7.73%
To approximate as closely as
practicable, before fees and
expenses, the performance of the
S&P MidCap 400® Index that
emphasizes stocks of mid-sized
U.S. companies.
LVIP State Street Mid-Cap Index
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Mid-Cap
Index Fund)
0.60%2
6.87%
8.47%
10.06%
A balance between a high level of
current income and growth of
capital, with a greater emphasis
on growth of capital. A fund of
funds.
LVIP State Street Moderate Index
Allocation Fund - Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Moderate
Index Allocation Fund)
0.75%
15.35%
5.59%
7.16%
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
- Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Moderately
Aggressive Index Allocation Fund)
0.75%
17.14%
6.39%
7.91%
Seeks an investment return that
approximates as closely as
practicable, before fees and
expenses, the performance of U.S.
common stocks, as represented
by the Nasdaq-100® Index.
LVIP State Street Nasdaq-100
Index Fund - Service Class5
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Nasdaq-100
Index Fund)
0.69%
20.20%
N/A
N/A
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
To approximate as closely as
practicable, before fees and
expenses, the total rate of return
of common stocks publicly traded
in the United States, as
represented by the S&P 500
Index.
LVIP State Street S&P 500 Index
Fund - Service Class3
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA S&P 500
Index Fund)
0.48%
17.30%
13.88%
14.26%
To 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 State Street Short-Term
Bond Index Fund - Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Short-Term
Bond Index Fund)
0.61%2
5.25%
2.00%
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 State Street Small-Cap Index
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
(formerly LVIP SSGA Small-Cap
Index Fund)
0.63%2
12.18%
5.47%
8.90%
A high level of current income,
with some consideration given to
growth of capital. A fund of funds.
LVIP Structured Conservative
Allocation Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.84%
13.44%
4.19%
5.34%
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 - Service Class
advised by Lincoln Financial
Investments Corporation
0.81%
16.98%
6.90%
7.32%
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 -
Service Class
advised by Lincoln Financial
Investments Corporation
0.84%
19.03%
8.00%
8.05%
To maximize capital appreciation.
LVIP T. Rowe Price Structured
Mid-Cap Growth Fund - Service
Class
advised by Lincoln Financial
Investments Corporation
0.96%2
10.76%
7.14%
12.62%
Total return consistent with the
preservation of capital. A fund of
funds.
LVIP Vanguard Bond Allocation
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.61%
6.06%
-0.70%
1.29%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard Domestic Equity
ETF Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.55%2
16.18%
12.43%
13.50%
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
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard International
Equity ETF Fund - Service Class
advised by Lincoln Financial
Investments Corporation
0.57%2
31.23%
7.02%
7.87%
Long-term capital appreciation.
LVIP Wellington SMID Cap Value
Fund - Service Class
advised by Lincoln Financial
Investments Corporation
1.03%2
2.16%
8.97%
8.26%
Capital appreciation.
MFS® VIT Growth Series - Service
Class
advised by Massachusetts
Financial Services Company
0.98%2
11.90%
10.82%
15.31%
Total return.
MFS® VIT Total Return Series -
Service Class
advised by Massachusetts
Financial Services Company
0.86%2
10.91%
6.16%
7.36%
Total return.
MFS® VIT Utilities Series -
Service Class
advised by Massachusetts
Financial Services Company
1.03%2
14.76%
7.38%
9.22%
Total return.
Nomura VIP Asset Strategy Series
- Service Class
0.77%2
16.66%
7.07%
7.84%
Long-term capital appreciation.
Nomura VIP Emerging Markets
Series - Service Class
1.46%2
80.77%
8.48%
11.85%
Capital growth and appreciation.
Nomura VIP Energy Series -
Service Class
1.10%2
11.89%
18.61%
1.74%
To seek to provide total return
through a combination of high
current income and capital
appreciation.
Nomura VIP High Income Series -
Service Class
0.97%
7.17%
3.73%
5.56%
Growth of capital.
Nomura VIP Mid Cap Growth
Series - Service Class
1.10%2
1.18%
-0.08%
10.66%
Growth of capital.
Nomura VIP Science and
Technology Series - Service Class
1.15%
33.36%
13.71%
17.20%
Growth of capital.
Nomura VIP Small Cap Growth
Series - Service Class
1.15%2
13.39%
2.20%
8.69%
Capital appreciation.
Nomura VIP Small Cap Value
Series - Service Class
1.04%
7.83%
8.93%
8.84%
Maximum real return, consistent
with preservation of real capital
and prudent investment
management. A fund of funds.
PIMCO VIT All Asset Portfolio -
Advisor Class
advised by Pacific Investment
Management Company, LLC
2.23%2
14.19%
5.49%
6.67%
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
Maximum real return, consistent
with prudent investment
management.
PIMCO VIT
CommodityRealReturn® Strategy
Portfolio - Advisor Class
advised by Pacific Investment
Management Company, LLC
3.29%2
18.85%
10.47%
6.43%
Maximum long-term return,
consistent with preservation of
capital and prudent investment
management.
PIMCO VIT Dynamic Bond
Portfolio - Advisor Class
advised by Pacific Investment
Management Company, LLC
1.16%
8.12%
2.91%
3.45%
Maximum total return, consistent
with preservation of capital and
prudent investment management.
PIMCO VIT Emerging Markets
Bond Portfolio - Advisor Class
advised by Pacific Investment
Management Company, LLC
1.27%
14.86%
2.34%
4.96%
Balanced investment composed of
a well-diversified portfolio of
stocks and bonds which produce
both capital growth and current
income.
Putnam VT George Putnam
Balanced Fund - Class IB
0.88%
13.95%
8.85%
10.17%
Capital appreciation.
Putnam VT Global Health Care
Fund - Class IB
1.00%
15.05%
7.71%
8.36%
High current income consistent
with what the manager believes to
be prudent risk.
Putnam VT Income Fund - Class
IB
advised by Franklin Advisers, Inc.
0.82%
7.25%
-1.13%
1.89%
Capital growth and current
income.
Putnam VT Large Cap Value Fund
- Class IB
0.79%
20.35%
15.38%
13.30%
Long-term capital growth.
Templeton Foreign VIP Fund -
Class 4
1.18%2
28.97%
8.14%
5.64%
High current income consistent
with preservation of capital;
capital appreciation is a secondary
objective.
Templeton Global Bond VIP Fund -
Class 4
advised by Franklin Advisers, Inc.
0.85%2
15.56%
-1.05%
-0.25%
Long-term capital appreciation by
investing primarily in global
resource securities; income is a
secondary consideration.
VanEck VIP Global Resources
Fund - Class S Shares
1.32%
36.17%
10.24%
8.06%
Long-term total return.
Virtus Newfleet Multi-Sector
Intermediate Bond Series - Class
A Shares
0.94%2
7.58%
2.52%
4.23%
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 funds annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
A-11
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.
4
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.
5
The Nasdaq-100 Index® includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market® based on market capitalization. NASDAQ® and Nasdaq-100 Index® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by The Lincoln National Life Insurance Company. The fund is not sponsored, endorsed, sold or promoted by NASDAQ, and NASDAQ makes no representation regarding the advisability of purchasing the fund.
A-12
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.:
333-259297; 811-08557
EDGAR Contract Identifier:
C000232314
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 17:46 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]