Lincoln Life Variable Annuity Account N

10/24/2025 | Press release | Distributed by Public on 10/24/2025 07:49

Updating Summary Prospectus (Form 497VPU)



THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Lincoln Life Variable Annuity Account N

Lincoln ChoicePlusSM Advisory


Supplement dated October 24, 2025 to the
Updating Summary Prospectus for Current Contractowners dated May 1, 2025

This Supplement outlines important changes to your investment options under your individual annuity contract. These changes are related to:

a) Appendix A - Funds Available Under The Contract; and
b) Appendix B - Investment Requirements.

All other provisions outlined in your variable annuity prospectus, as supplemented, remain unchanged.

Appendix A - Funds Available Under the Contract: The following fund will be added to your list of available fund options and available on or about November 17, 2025.

Investment Objective
Fund and Adviser/Sub-adviser
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 Year
5 Year
10 Year
Long-term capital appreciation.
LVIP American Funds Vanguard Active Passive Growth Fund - Service Class
advised by Lincoln Financial Investment Corporation
0.98%
N/A
N/A
N/A

The Board of Trustees of Lincoln Variable Insurance Products Trust recently approved a new sub-advisory agreement between Lincoln Financial Investments Corporation and Nomura Investments Fund Advisers, a series of Nomura Investment Management Business Trust ("NIFA") and a new sub-sub-advisory agreement between NIFA and Macquarie Investment Management Global Limited (together, the "New Sub-Advisory Agreements"). The New Sub-Advisory Agreements were approved in connection with the acquisition of Macquarie Asset Management's U.S. and European public investments business (the "Acquisition"). The New Sub-Advisory Agreements will become effective on the closing date of the Acquisition, which is expected to be on or about November 1, 2025 (the "Acquisition Date"). As of the Acquisition Date, the following fund names will be revised accordingly. The Acquisition will not affect the fees or expenses of the funds.
Former Fund Name
New Fund Name
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

All other information about the funds, including principal investment strategies, can be found in the fund's prospectus.

Appendix B - Investment Requirements: If you have elected a Living Benefit Rider, you may be subject to the Investment Requirements outlined in the prospectus, according to which Living Benefit Rider you own and when you elected that rider. Please refer to your prospectus to determine if you are subject to Investment Requirements. The changes outlined below are effective for November 17, 2025, and are added to the existing Investment Requirements in your prospectus. All other provisions of Investment Requirements remain unchanged.

Please note that your Contract may not offer every rider impacted by these requirements.

Applicable Riders/Investment Requirement Option
Purchase Date Range
Investment Requirement Change
o Lincoln ProtectedPay Select Core® and Estate LockSM
o Lincoln ProtectedPay Select Core®
o Lincoln ProtectedPay Select Plus®
o Lincoln ProtectedPay Select Max®
o Lincoln Market Select® Advantage
o Lincoln Max 6SM Advantage
o Lincoln Wealth PassSM
o 4LATER® Select Advantage
o i4LIFE® Advantage Select Guaranteed Income Benefit*
o Transitions from a Prior Rider to i4LIFE® Advantage Select Guaranteed Income Benefit
On or after August 29, 2016
.
LVIP American Funds Vanguard Active Passive Growth Fund will be added to Group 2 (investments cannot exceed 80% of Contract Value or Account Value) and eligible for 100% allocation of Contract Value or Account Value.
*Riders purchased prior to May 21, 2018 and on and after August 19, 2024.

You can obtain additional information by contacting your registered representative, online at www.lfg.com/vaprospectus, or by sending an email request to [email protected].


Please retain this Supplement for future reference.

Lincoln Life Variable Annuity Account N published this content on October 24, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on October 24, 2025 at 13:49 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]