American Legacy® Target Date Income B-Share Individual Variable Annuity Contracts  

Updating Summary Prospectus for Current Contractowners

May 1, 2026

This updating summary prospectus summarizes certain changes to key features of the American Legacy® Target Date Income B-Share variable annuity contract issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).

You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the American Legacy® Target Date Income B-Share contract.

The prospectus for the American Legacy® Target Date Income B-Share variable annuity contract contains more information about the Contract's features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-800-942-5500 or by sending an email request to [email protected].

The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

All prospectuses and other shareholder reports will be made available on www.lfg.com/VAprospectus.

Updated Information About Your Contract

The information in this Updating Summary Prospectus is a summary of certain contract features that have changed since the Updating Summary Prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract, and not all changes may be applicable to you.

Summary of Contract Changes:

Purchase Payments. You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company's discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.

Summary of Changes to Benefits Available Under the Contract:

Benefits Available Under the Contract. The Target Date Income Benefit rider is no longer available for purchase.

Appendix B - Investment Requirements. This section should be reviewed for any updates to the Investment Requirements that may be applicable to your Contract.

Important Information You Should Consider About the American Legacy® Target Date Income B-Share Variable Annuity Contract 

	FEES, EXPENSES, AND ADJUSTMENTS			Location in Prospectus
Are There Charges or Adjustments for Early Withdrawals?	Yes: A surrender charge may apply to a surrender or withdrawal of a Purchase Payment prior to the 5th anniversary since the Purchase Payment was invested, up to 7% of the amount withdrawn, declining to 0% over that time period. For example, if you make a withdrawal of $100,000 during the first year after your Purchase Payment, you could be assessed a charge of up to $7,000 on the Purchase Payment withdrawn. This loss may be greater if there are taxes or tax penalties. A surrender charge will not apply if your withdrawal is made after the 5th anniversary since a Purchase Payment was invested.			●Fee Tables ●Fee Tables - Examples ●Charges, Other Deductions, and Adjustments - Surrender Charge
Are There Transaction Charges?	No: The Contract does not impose any transaction charges other than surrender charges.			●Fee Tables ●Charges, Other Deductions, and Adjustments
Are There Ongoing Fees and Expenses?	Yes: Minimum and Maximum Annual Fee Table. The table below describes the fees and expenses that you may pay each year, depending on the investment options and optional benefits you choose. Please refer to your contract specifications page in your Contract for information about the specific fees and expenses you will pay each year based on the options you have elected.			●Fee Tables ●Fee Tables - Examples ●Charges, Other Deductions, and Adjustments
	Annual Fee	Minimum	Maximum
	Base Contract - Contract Value Death Benefit	0.92%1	0.92%1
	Base Contract - Guarantee of Principal Death Benefit	1.12%1	1.12%1
	Fund fees and expenses	0.83%2	0.89%2
	Optional benefits available for an additional charge (for a single optional benefit, if elected)	0.40%1	2.45%3
	1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable to the Annual Account Fee.
	2 As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
	3 As an annualized percentage of the Protected Income Base.
	Lowest and Highest Annual Cost Table. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add surrender charges that substantially increase costs.
	Lowest Annual Cost: $2,041	Highest Annual Cost: $5,128
	Assumes:	Assumes:

Appendix A - Investment Options Available Under The Contract

Variable Options

The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the 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/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-942-5500 or by sending an email request to [email protected].

The current expenses and performance information below reflect fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other 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 achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2010 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.83%	12.42%	5.16%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2015 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.85%2	12.83%	5.41%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2020 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.85%	13.64%	5.70%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2025 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.85%	14.20%	5.82%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2030 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.84%	15.62%	6.81%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2035 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.89%	17.13%	7.91%	N/A
To achieve the following objectives to varying degrees: growth, income and conservation of capital, depending on the proximity to its target date. A fund of funds.	American Funds® IS 2040 Target Date Fund - Class 4 advised by Capital Research and Management Company	0.88%	20.10%	N/A	N/A

Fixed Options

The following is a list of fixed account options currently available under the Contract. We may change the features of the fixed account options listed below, offer new fixed account options, and terminate existing fixed account options. We will provide you with written notice at least 30 days prior to the date of any change. Depending on the optional benefits you choose, you may not be able to invest in a fixed account option.  

Name	Term	Minimum Guaranteed Interest Rate
DCA Fixed Account	3 -60 months	1.50%

Appendix B - Investment Requirements

If you elect the Target Date Income Benefit, you will be subject to Investment Requirements that will apply during the time this benefit is in effect. This means you will be limited in your choice of Subaccount investments, and that you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected this rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.

Certain investment options are not available to you if you purchase this rider. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your registered representative to determine if the Investment Requirements are consistent with your investment objectives.

We may change the list of Subaccounts in a group, change the number of groups, change the age brackets, or change the investment options that are or are not available to you at any time in our sole discretion. You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when we believe these modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications will be based on several factors, including the general market conditions and the style and investment objectives of the Subaccount investments.

At the time you receive notice of a change to the Investment Requirements, you may submit your own reallocation instructions for the Contract Value, before the effective date specified in the notice, so that the Investment Requirements are satisfied. These will be your new allocation instructions until you tell us otherwise.

Investment Requirements for Contracts issued on or after May 20, 2024. The Investment Requirements for the Target Date Income Benefit are based on your year of birth (earliest year for joint life) at the time you elect the rider. You must allocate 100% of your Contract Value to the appropriate fund in the chart below, which applies for the entire duration of the rider. All other funds are unavailable. 

Year of Birth	Target Date Fund
1978 - 1982	American Funds® IS 2040 Target Date Fund
1973 - 1977	American Funds® IS 2035 Target Date Fund
1968 - 1972	American Funds® IS 2030 Target Date Fund
1963 - 1967	American Funds® IS 2025 Target Date Fund
1958 - 1962	American Funds® IS 2020 Target Date Fund
Prior to 1958	American Funds® IS 2015 Target Date Fund

 

Investment Requirements for Contracts issued prior to May 20, 2024. The Investment Requirements for the Target Date Income Benefit are based on your year of birth (earliest year for joint life) at the time you elect the rider. You must allocate 100% of your Contract Value to the appropriate fund in the chart below, which applies for the entire duration of the rider. All other funds are unavailable. 

Year of Birth	Target Date Fund
1978 - 1982	American Funds® IS 2035 Target Date Fund
1973 - 1977	American Funds® IS 2030 Target Date Fund
1968 - 1972	American Funds® IS 2025 Target Date Fund
1963 - 1967	American Funds® IS 2020 Target Date Fund
1958 - 1962	American Funds® IS 2015 Target Date Fund
Prior to 1958	American Funds® IS 2010 Target Date Fund