Lincoln Corporate ExecSM VUL
The Lincoln National Life Insurance Company
Summary Prospectus for New Investors
May 1, 2024
Lincoln Life Flexible Premium Variable Life Account S
This summary prospectus summarizes key features of the Lincoln Corporate ExecSM VUL Flexible Premium Variable Life Policy issued by us, The Lincoln National Life Insurance Company.
Before you invest, you should review the prospectus, which contains more information about the Policy’s features, benefits, and risks. You can find the prospectus and other information about the Policy online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling 1-877-533-0117 or by sending an email request to CustServSupportTeam@lfg.com.
The prospectus gives you information about the Policy that you should know before you decide to buy a Policy and make Premium Payments. 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.
* * * * * * * * * * * *
YOU MAY CANCEL YOUR POLICY WITHIN THE RIGHT TO EXAMINE PERIOD WITHOUT PAYING FEES OR PENALTIES
You may cancel your Policy within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total contract value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
* * * * * * * * * * * *
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.
The Securities and Exchange Commission has not approved or disapproved these securities or determined this summary prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Table of Contents
 
Contents
Page
3
5
8
8
8
8
9
9
9
10
12
Contents
Page
14
14
14
14
15
16
16
17
17
17
18
19
A-1
2
SPECIAL TERMS
The following terms may appear in your prospectus and are defined below:
Accumulation Value (Total Account Value)—An amount equal to the sum of the Fixed Account Value, the Separate Account Value, and the Loan Collateral Account Value.
Attained Age—An Insured’s Issue Age (shown in the Policy Specifications) plus the number of completed Policy Years.
Beneficiary—The person(s) or entity(ies) designated to receive the Death Benefit Proceeds.
Case—All in force policies issued within the same company and having the same case name and case number.
Cash Value Accumulation Test—A provision of the Code that requires that the death benefit be sufficient to prevent the Accumulation Value from ever exceeding the net single Premium required to fund the future benefits under the Policy.
Cost of Insurance Charge—This charge is the portion of the Monthly Deduction designed to compensate the Company for the anticipated cost of paying death benefits in excess of the policy value. It is determined by multiplying the Policy's Net Amount at Risk by the Cost of Insurance rate.
Death Benefit Proceeds—The amount payable to the Beneficiary upon the death of the Insured, based upon the death benefit option in effect. Loans, loan interest, Partial Surrenders, and overdue charges, if any, are deducted from the Death Benefit Proceeds prior to payment. Riders may impact the amount payable as Death Benefit Proceeds in your Policy.
Debt—The sum of all outstanding loans and accrued interest. May also be referred to as Indebtedness in your Policy.
Fixed Account—An allocation option under the Policy, which is a part of our General Account, to which we credit a guaranteed minimum interest rate.
Fixed Account Value—An amount equal to the value of amounts allocated or transferred to the Fixed Account, plus interest credited, and less any deductions or Partial Surrenders.
Full Surrender—The withdrawal of all applicable policy values.
Good Order—The actual receipt of the requested transaction in writing (or other form subject to our consent) along with all information and supporting legal documentation necessary to effect the transaction.
Grace Period—The period during which you may make Premium Payments (or repay Debt) to prevent Policy Lapse. That period is the later of (a) 31 days after the Grace Notice was mailed, and (b) 61 days after the Monthly Anniversary Day on which the Policy enters the Grace Period.
Guideline Premium Test—A provision of the Code under which the maximum amount of Premium paid in relation to the death benefit and a minimum amount of death benefit in relation to policy value is determined.
Insured—The person on whose life the Policy is issued.
Loan Collateral Account—The account in which policy Debt accrues once it is transferred out of the Sub-Accounts and/or the Fixed Account. The Loan Collateral Account is part of our General Account.
Loan Collateral Account Value—An amount equal to any outstanding Policy Loans, including any interest charged on the loans, less any repayment of loan interest and principal. This amount is held in the Company's General Account.
Modified Endowment Contract (MEC)—A life insurance policy that meets the requirements of Section 7702 and fails the “7-Pay Test” of 7702A of the Code. If the policy is a MEC, withdrawals and loans from your Policy will be treated first as income and then as a recovery of Premium Payments.
Monthly Anniversary Day—The Policy Date and the same day of each month thereafter. If the day that would otherwise be a Monthly Anniversary Day is non-existent for that month, or is not a Valuation Day, then the Monthly Anniversary Day is the next Valuation Day. The Monthly Deductions are made on the Monthly Anniversary Day.
Monthly Deduction—The amount of the monthly charges for the Cost of Insurance Charge, the Administrative Fee, and charges for riders to your Policy.
3
Net Accumulation Value—An amount equal to the Accumulation Value less the Loan Collateral Account Value.
Net Amount at Risk—The death benefit minus the greater of zero or the Accumulation Value. The Net Amount at Risk may vary with investment performance, Premium Payment patterns, and charges.
Net Premium Payment—An amount equal to the Premium Payment, minus the Premium Load.
Owner—The person or entity designated as Owner in the Policy Specifications unless a new Owner is thereafter named, and we receive written notification of such change.
Partial Surrender—A withdrawal of a portion of your policy values.
Planned Premium—The amount of periodic Premium (as shown in the Policy Specifications) you have chosen to pay the Company on a scheduled basis. This is the amount for which we send a Premium reminder notice.
Policy Anniversary—The same date (month and day) each Policy Year equal to the Policy Date, or the next Valuation Day if the Policy Anniversary is not a Valuation Day or is nonexistent for the year.
Policy Date—The date (shown on the Policy Specification pages) on which life insurance begins if the necessary Premium has been paid.
Policy Lapse—The day on which coverage under the Policy ends as described in the Grace Period.
Policy Loan—The amount you have borrowed against the Surrender Value of your Policy.
Policy Loan Interest—The charge made by the Company to cover the cost of your borrowing against your Policy.
Policy Specifications—The pages of the Policy which show your benefits, Premium, costs, and other policy information.
Policy Year—Twelve month period(s) beginning on the Policy Date and extending up to but not including the next Policy Anniversary.
Premium (Premium Payment)—The amount paid to us for a life insurance policy.
Premium Load—A deduction from each Premium Payment which covers certain policy-related state and federal tax liabilities as well as a portion of the sales expenses incurred by the Company.
Reduction in Specified Amount—A decrease in the Specified Amount of your Policy.
Right to Examine Period—The period during which the Policy may be returned to us for cancellation.
Specified Amount (Initial Specified Amount)—The amount chosen by you which is used to determine the amount of death benefit and the amount of rider benefits, if any. The Specified Amount chosen at the time of issue is the “Initial Specified Amount”. The Specified Amount may be increased or decreased after issue if allowed by and described in the Policy.
Sub-Account(s)—Divisions of the Separate Account created by the Company to which you may allocate your Net Premium Payments and among which you may transfer Separate Account Values.
Surrender Value—An amount equal to the Net Accumulation Value less any accrued loan interest not yet charged.
Underlying Fund—The mutual fund the shares of which are purchased for all amounts you allocate or transfer to a Sub-Account.
Valuation Day—Each day on which the New York Stock Exchange is open and trading is unrestricted.
Valuation Period—The time between Valuation Days.
Variable Accumulation Unit—A unit of measure used in the calculation of the value of each Sub-Account.
4
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for
Early
Withdrawals
There are no Surrender Charges associated with this Policy.
•Policy
Charges and
Fees
Transaction
Charges
You may be charged for other transactions, such as when you make a
Premium Payment, transfer Policy Value between Sub-Accounts or
exercise certain benefits.
•Policy
Charges and
Fees
Ongoing Fees
and Expenses
(annual
charges)
•In addition to transaction charges, there are certain ongoing fees and
expenses that are charged annually, monthly or daily.
•These fees include the Cost of Insurance Charge under the Policy,
optional benefit charges, administrative fees, mortality and expense
risk charges and Policy Loan interest.
•Certain fees are set based on characteristics of the Insured (e.g., age,
gender, and rating classification). You should review your Policy
Specifications page for rates applicable to you.
•Owners will also bear expenses associated with the Underlying Funds
under the Policy, as shown in the following table:
•Policy
Charges and
Fees
Annual Fee
Minimum
Maximum
Underlying Fund Fees and Expenses*
0.23%
1.64%
*As a percentage of Underlying Fund assets.
 
RISKS
Location in
Prospectus
Risk of Loss
You can lose money by investing in the Policy, including loss of
principal.
•Principal
Risks of
Investing in
the Policy
Not a Short-
Term Investment
•This Policy is not a short-term investment vehicle and is not
appropriate for an investor who needs ready access to cash.
•Charges may reduce the value of your Policy and death benefit.
•Tax deferral is more beneficial to investors with a long-time horizon.
•Principal
Risks of
Investing in
the Policy
•Policy
Charges and
Fees
5
 
RISKS
Location in
Prospectus
Risks
Associated with
Investment
Options
•An investment in the Policy is subject to the risk of poor investment
performance of the investment options. Performance can vary
depending on the performance of the investment options available
under the Policy.
•Each investment option(including a Fixed Account investment option)
has its own unique risks. You should review each Underlying Fund’s
prospectus before making an investment decision.
•Principal
Risks of
Investing in
the Policy
Insurance
Company Risks
•Any obligations, guarantees, and benefits of the contract including the
Fixed Account investment option are subject to the claims-paying
ability of Lincoln Life. If Lincoln Life experiences financial distress, it
may not be able to meet its obligations to you. More information about
Lincoln Life, including its financial strength ratings, is available upon
request from Lincoln Life by calling 1-877-533-0117 or by visiting
https://www.lfg.com/public/aboutus/investorrelations/
financialinformation.
•You may obtain our audited statutory financial statements, any
unaudited statutory financial statements that may be available as well
as ratings information by visiting our website at www.lfg.com/
VULprospectus.
•Principal
Risks of
Investing in
the Policy
•Lincoln Life,
the Separate
Account and
the General
Account
Policy Lapse
•Sufficient Premiums must be paid to keep your Policy in force. There
is a risk of lapse if Premiums are too low in relation to the insurance
amount and if investment results of the Sub-Accounts you have
chosen are adverse or are less favorable than anticipated.
•Outstanding Policy Loans (plus interest) and Partial Surrenders will
increase the risk of lapse. The death benefit will not be paid if the
Policy has Lapsed.
•Principal
Risks of
Investing in
the Policy
•Lapse and
Reinstatement
 
RESTRICTIONS
Location in
Prospectus
Investments
•We reserve the right to charge for each transfer between Sub-
Accounts in excess of 24 transfers per year.
•We reserve the right to add, remove, or substitute Sub-Accounts as
investment options under the Policy, subject to state or federal laws
and regulations. An Underlying Fund may be merged into another
Underlying Fund. An Underlying Fund may discontinue offering their
shares to the Sub-Accounts.
•There are significant limitations on your right to transfer amounts in
the Fixed Account and, due to these limitations, if you want to transfer
the entire balance of the Fixed Account to one or more Sub-Accounts,
it may take several years to do so.
•Transfer Fee
•Sub-Account
Availability
and
Substitution of
Funds
6
 
RESTRICTIONS
Location in
Prospectus
Optional
Benefits
•Riders may alter the benefits or charges in your Policy. Rider
availability and benefits may vary by state of issue or selling broker-
dealer and their election may have tax consequences. Riders may have
restrictions or limitations, and we may modify or terminate a rider, as
allowed. If you elect a particular rider, it may restrict or enhance the
terms of your policy, or restrict the availability or terms of other riders
or Policy features.
•Riders
 
TAXES
Location in
Prospectus
Tax Implications
•You should always consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Policy.
•There is no additional tax benefit to you if the Policy is purchased
through a tax-qualified plan.
•Withdrawals may be subject to ordinary income tax, and may be
subject to tax penalties.
•Tax Issues
 
CONFLICTS OF INTEREST
Location in
Prospectus
Investment
Professional
Compensation
•Investment professionals typically receive compensation for selling the
Policy to investors.
•Registered representatives may have a financial incentive to offer or
recommend the Policy over another investment for which the
investment professional is not compensated (or compensated less).
•Registered representatives may be eligible for certain cash and non-
cash benefits. Cash compensation includes bonuses and allowances
based on factors such as sales, productivity and persistency. Non-
cash compensation includes various recognition items such as prizes
and awards as well as attendance at, and payment of the costs
associated with attendance at, conferences, seminars and recognition
trips, and also includes contributions to certain individual plans such
as pension and medical plans.
•Distribution of
the Policies
and
Compensation
Exchanges
Some investment professionals may have a financial incentive to offer
you a new contract in place of the one you already own. You should only
exchange your Policy if you determine, after comparing the features,
fees, and risks of both policies, that it is preferable for you to purchase
the new policy rather than continue to own the existing policy.
Change of Plan
(located in the
SAI)
7
OVERVIEW OF THE POLICY
What is the purpose of the Policy?
Lincoln Corporate ExecSM VUL is a flexible premium variable life insurance policy. This corporate-owned Policy provides for a death benefit on an individual in whom the corporate Owner has an insurance interest. Its primary purpose is to provide Owners a death benefit. In exchange for your Premium Payments, upon the death of the Insured, we will pay the Beneficiary a death benefit. The Policy can also be a helpful financial tool for financial and investment planning.
The Policy may not be appropriate if you do not have a long-term investment time horizon. Although Owners have access to their Surrender Value at any time, it is not intended for people who may need to make frequent withdrawals or access their money within a short time frame, as such withdrawals can reduce the level of death benefit.
When do I have to pay Premiums and how do they get invested?
After the initial minimum Premium Payment is made, there is no minimum Premium required except to keep the Policy in force. You may generally select and vary the frequency and the amount of any Premium Payments up to the Insured’s Attained Age of 121.
After we deduct the Premium Load from your Premium Payment, we allocate your Net Premium Payment at your direction among the Policy’s Sub-Accounts and/or Fixed Account. Please see Principal Risks of Investing in the Policy in the prospectus for more information. For monies allocated to the Sub-Account, we use your Premium Payments to purchase shares of funds that follow investment objectives similar to the investment objectives of the corresponding Sub-Account. We refer to these funds as “Underlying Funds,” and they are collectively known as the Elite Series. More information about the Underlying Funds is provided in an Appendix. Please see Appendix A: Funds Available Under the Policy. Comprehensive information on the funds may be found in the funds’ prospectuses which are available online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling 1-877-533-0117 or by sending an email request to CustServSupportTeam@lfg.com.
Although Premium Payments are not required, from time to time, there may be insufficient value to cover the Policy’s Monthly Deductions. If this happens, a Premium Payment will be needed in order to ensure the Policy’s Surrender Value is sufficient to pay the Monthly Deductions. If a Premium Payment is not made, the Policy will lapse.
What are the primary features and options that the Policy Offers?
Death Benefit. Upon the death of the Insured, we will pay your designated Beneficiary a death benefit while this Policy remains in force. See the Death Benefit section of this prospectus for more information.
Access to Policy Values through Surrenders and Withdrawals. You may request a Full Surrender of your Policy, and we will pay you its Surrender Value. You may also request a Partial Surrender, which is a portion of the Surrender Value.
Loans. You may take a loan on the Policy, which is subject to interest. See the Policy Loan section of this prospectus for more information.
Transfers. Generally, you may transfer funds among the Sub-Accounts and the Fixed Account. We also offer two automated transfer programs: Dollar Cost Averaging and Automatic Rebalancing. These transfers do not count against the free transfers available. You may incur an additional fee for transfers in excess of 24 transfers in any Policy Year.
8
Tax Treatment. Variable life insurance policies have significant tax advantages under current tax law. Policy values accumulate on a tax-deferred basis until withdrawn, and transfers from one Sub-Account to another or to the Fixed Account generate no current taxable gain or loss. There may be adverse tax consequences (i.e. a 10% penalty) in the event of a Surrender or Partial Surrender if the Owner is under the age of 59½.
Additional Benefits. There are several additional benefits you may add to your Policy by way of riders. An additional charge may apply if you elect a rider. The riders available with this Policy are listed in the Riders section of this prospectus.
STANDARD DEATH BENEFITS
The Death Benefit Proceeds is the amount payable to the Beneficiary upon the death of the Insured, based upon the death benefit option in effect. Loans, loan interest, and overdue charges, if any, are deducted from the Death Benefit Proceeds prior to payment.
Death Benefit Proceeds
Proof of death should be furnished to us at our Administrative Office as soon as possible after the death of the Insured. This notification must include a certified copy of an official death certificate, a certified copy of a decree of a court of competent jurisdiction as to the finding of death, or any other proof satisfactory to us.
After receipt at our Administrative Office of proof of death of the Insured and any other necessary claims requirements, the Death Benefit Proceeds will be paid. The proceeds will be paid in a lump sum or in accordance with any settlement option selected by the Owner or the Beneficiary. Payment of the Death Benefit Proceeds may be delayed if your Policy is contested or if Separate Account Values cannot be determined.
Every state has unclaimed property laws which generally declare property, including monies owed (such as death benefits) to be abandoned if unclaimed or uncashed after a period of three to five years from the date the property is intended to be delivered or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered and, if after a thorough search, we are still unable to locate the Beneficiary of the death benefit, or the Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the Beneficiary or the Owner last resided, as shown on our books and records, or to our state of domicile. This “escheatment” is revocable, however, and the state is obligated to pay the death benefit (without interest) if your Beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you contact us and update your Beneficiary designations, including addresses, if and as they change.
Death Benefit Options
Three different death benefit options are available. Regardless of which death benefit option you choose, the Death Benefit Proceeds payable will be the greater of:
1) the amount determined by the death benefit option in effect on the date of the death of the Insured, less any Debt, or
2) a percentage of the Accumulation Value equal to that required by the Internal Revenue Code to maintain the Policy as a life insurance policy, less any Debt. This is also called the minimum required death benefit, and will vary depending on the life insurance qualification method you have chosen for your Policy.
Death Benefit Proceeds under either calculation will be reduced by any loan balance plus any accrued interest, and any overdue deductions.
The following table provides more information about the death benefit options. 
9
Option
Death Benefit Proceeds Equal to the
Variability
1
Specified Amount, which includes the Accumulation Value as of the
date of the Insured’s death.
Generally provides a level death
benefit
2
Sum of the Specified Amount plus the Accumulation Value as of the
date of the Insured’s death.
May increase or decrease over
time, depending on the amount
of Premium paid and the
investment performance of the
underlying Sub-Accounts or the
Fixed Account.
3
Specified Amount plus the accumulated Premiums (all Premiums
paid from the Date of Issue accumulated at the Premium
accumulation rate chosen by you before policy issue and shown in
the Policy Specifications pages), less withdrawals as of the date of
the Insured’s death.
Will generally increase,
depending on the amount of
Premium paid.
If your Policy includes a term insurance rider, the target face amount replaces the Specified Amount in each of the death benefit options.
If for any reason the Owner does not elect a particular death benefit option, Option 1 will apply until changed by the Owner.
Changes to the Initial Specified Amount and Death Benefit Options
Within certain limits, you may decrease or, with satisfactory evidence of insurability, increase the Specified Amount. The minimum Specified Amount is currently $100,000. Policies issued with a Term insurance Rider may be issued with a Minimum Specified Amount of no less than $1,000.
The death benefit option may be changed by the Owner, subject to our consent, as long as the Policy is in force.
You must submit all requests for changes among death benefit options and changes in the Specified Amount in writing to our Administrative Office. If you request a change, a supplemental application and evidence of insurability must also be submitted to us. 
Option change
Impact
1 to 2
The new Specified Amount will equal the Specified Amount prior to the change minus the
Accumulation Value at the time of the change.
2 to 1
The new Specified Amount will equal the Specified Amount prior to the change plus the
Accumulation Value at the time of the change.
1 to 3
Changes from Option 1 to Option 3 are not allowed.
3 to 1
The new Specified Amount will equal the Specified Amount prior to the change plus the
accumulated Premiums, less withdrawals (all Premiums paid from the Date of Issue
accumulated at the Premium accumulation rate chosen by you before policy issue and shown in
the Policy Specifications pages), at the time of the change.
2 to 3
Changes from Option 2 to Option 3 are not allowed.
3 to 2
Changes from Option 3 to Option 2 are not allowed.
Any Reductions in Specified Amount will be made against the Initial Specified Amount and any later increase in the Specified Amount on a last in, first out basis. Changes in Specified Amount do not affect the Premium Load as a percentage of Premium.
10
We may decline any request for change of the death benefit option or Reduction in Specified Amount if, after the change, the Specified Amount would be less than the minimum Specified Amount or would reduce the Specified Amount below the level required to maintain the Policy as life insurance for purposes of federal income tax law.
Any change is effective on the first Monthly Deduction day on, or after, the date of approval of the request by Lincoln Life. If the Monthly Deduction amount would increase as a result of the change, the change will be effective on the first Monthly Deduction day on which the Accumulation Value is equal to, or greater than, the Monthly Deduction amount.
Death Benefit Qualification Test
You will have the opportunity to choose between the two death benefit qualification tests defined in Section 7702 of the Internal Revenue Code of 1986 as amended (“Code”), the “Cash Value Accumulation Test” and the “Guideline Premium Test”. If you do not choose a death benefit qualification test at that time, you will be deemed to have chosen the Cash Value Accumulation Test. Once your Policy has been issued and is in force, the death benefit qualification test cannot be changed. The Cash Value Accumulation Test is not available if you choose Death Benefit Option 3.
The Guideline Premium Test calculates the maximum amount of Premium that may be paid to provide the desired amount of insurance for an Insured of a particular age. Because payment of a Premium amount in excess of this amount will disqualify the Policy as life insurance, we will return to you any amount of such excess. The test also applies a prescribed percentage factor, to determine a minimum ratio of death benefit to Accumulation Value. A table of the applicable percentage factors will be included as a part of the Policy Specifications when you receive your Policy.
The Cash Value Accumulation Test requires that the death benefit be sufficient to prevent the Accumulation Value from ever exceeding the “Net Single Premium” required to fund the future benefits under the Policy. (The “Net Single Premium” is calculated in accordance with Section 7702 of the Code and is based on the Insured’s age, risk classification and gender.) At any time the Accumulation Value is greater than the Net Single Premium for the proposed death benefit, the death benefit will be automatically increased by multiplying the Accumulation Value by a percentage that is defined as $1,000 divided by the Net Single Premium. A table of the applicable percentage factors will be included as a part of the Policy Specifications when you receive your Policy.
The tests differ as follows:
(1)
The Guideline Premium Test expressly limits the amount of Premium that you can pay into your Policy; while the Cash Value Accumulation Test does not.
(2)
The factors that determine the minimum death benefit relative to the Policy’s Accumulation Value are different and required increases in the minimum death benefit due to growth in Accumulation Value will generally be greater under the Cash Value Accumulation Test.
(3)
If you wish to pay more Premium than is permitted under the Guideline Premium Test, for example to target a funding objective, you should consider the Cash Value Accumulation Test, because it generally permits the payment of higher amounts of Premium. Please note that payment of higher Premiums could also cause your Policy to be deemed a MEC (see Tax Issues, sub-section Policies That Are MEC’s in your prospectus).
(4)
If your primary objective is to maximize the potential for growth in Accumulation Value, or to conserve Accumulation Value, generally the Guideline Premium Test will better serve this objective.
(5)
While application of either test may require an increase in death benefit, any increase in the Cost of Insurance Charges that arises as a result of the increase in the Policy’s Net Amount at Risk will generally be less under the Guideline Premium Test than under the Cash Value Accumulation Test. This is because the required adjustment to the death benefit under the Guideline Premium Test is lower than that which would result under the Cash Value Accumulation Test.
You should consult with a qualified tax advisor before choosing the death benefit qualification test.
11
Please ask your registered representative for illustrations which demonstrate the impact of selection of each test on the particular Policy, including any riders, which you are considering.
OTHER BENEFITS AVAILABLE UNDER THE POLICY
In addition to the Death Benefit under the Policy, other standard and optional benefits may also be available to you. The following table summarizes information about those benefits. Information about the fees associated with each benefit included in the table may be found in the Fee Table.  
Name of Benefit
Purpose
Standard or
Optional
Brief Description of
Restrictions/Limitations
Change of
Insured Rider
Permits a change in
the person who is
Insured under the
Policy.
Optional
•Available at Policy purchase or any time after Policy
issue by contacting our Administrative Office.
•Availability may vary by selling broker dealer. You
may obtain information about the optional benefits
that are available through your broker dealer by
contacting your broker dealer or our Administrative
Office.
•The new Insured is subject to underwriting
requirements.
•Policy value requirements apply.
•Policy charges applicable to the new Insured may
differ from charges applicable to the current Insured.
•Any change in Insured is a taxable event.
Customized
Benefit
Enhancement
Rider (“CBE”)
Provides an
enhanced Surrender
Value under the
Policy for up to 15
years.
Optional
•Available at Policy purchase only.
•Subject to underwriting requirements.
•May not be elected if the Earnings Stabilization rider
or the Surrender Value and Loan Spread
Enhancement Rider have been elected.
•Only available upon an Eligible Surrender.
Earnings
Stabilization Rider
(“ESR”)
Provides a targeted
return on the Policy’s
cash Surrender
Value available on
full surrender during
the first 10 Policy
Years.
Optional
•Available at Policy purchase only.
•Subject to underwriting requirements.
•May not be elected if the Customized Benefit
Enhancement Rider or the Surrender Value and Loan
Spread Enhancement Rider have been elected.
•Must provide six months advance notice in writing of
intent to surrender.
•Only available within the first 10 Policy Years and
upon an Eligible Surrender.
12
Name of Benefit
Purpose
Standard or
Optional
Brief Description of
Restrictions/Limitations
Surrender Value
and Loan Spread
Enhancement
Rider
Provides lower cash
value enhancement
in early years for
loan spread
efficiency in later
years.
Optional
•Available at Policy purchase only.
•Only available within the Surrender Value
Enhancement Period and upon an Eligible Surrender.
Term Insurance
Rider
Provides additional
annual renewable
death benefit
coverage on the
Insured.
Optional
•Available at Policy purchase only.
•When included, the Rider will automatically renew
annually until Attained Age 121.
Dollar Cost
Averaging
An investment
strategy that divides
up the total amount
to be invested in one
or more Sub-
Accounts over a
specified period of
time. This averages
the purchase cost of
the assets over time
and helps to reduce
the potential impact
of market volatility.
Optional
•Available at Policy issue or any time after Policy issue
by contacting our Administrative Office.
•Systematically transfers amounts from the account(s)
made available by us and specified by you.
•Automatically terminates under certain conditions.
Automatic
Rebalancing
To periodically
restore Sub-Account
exposure to a pre-
determined level
selected by the
policyholder to
reduce potential risk
of exposure to
market volatility.
Optional
•You may select a quarterly, semi-annual or annual
basis.
•The Fixed Account is not subject to rebalancing.
•May be elected, terminated, or the allocation may be
changed at any time.
Policy Loans
Borrow against the
Surrender Value of
your Policy.
Optional
•We may limit the amount of your loan so that total
Debt under the Policy will not exceed 90% of an
amount equal to the Accumulation Value less
Surrender Charge.
•Amounts transferred to the Loan Account do not
participate in the performance of the Sub-Accounts or
the Fixed Account.
13
BUYING THE POLICY
Premiums
You may select and vary the frequency and the amount of Premium Payments and the allocation of Net Premium Payments. After the initial Premium Payment is made there is no minimum Premium required except to keep the Policy in force. Premium Payments may be required from time to time in order to insure that the Net Accumulation Value of the Policy is sufficient to pay the Monthly Deductions. Otherwise, the Policy will lapse. (See the “Lapse and Reinstatement” section of this prospectus.) Premiums may be paid any time before the Insured reaches age 121, subject to our right to limit the amount or frequency of additional Premium Payments. (See the “Planned Premiums; Additional Premiums” section of this prospectus.)
The initial Premium must be paid for policy coverage to be effective. This payment must be equal to or exceed the amount necessary to provide for two Monthly Deductions.
Allocation of Net Premium Payments
Your Net Premium Payment is the portion of a Premium Payment remaining, after deduction of the Premium Load. The Net Premium Payment is available for allocation to the Sub-Accounts or the Fixed Account.
You first designate the allocation of Net Premium Payments among the Sub-Accounts and Fixed Account on a form provided by us for that purpose. Net Premium Payments will be allocated on the same basis as the initial Net Premium Payment unless we are instructed otherwise, in writing or electronically. You may change the allocation of Net Premium Payments among the Sub-Accounts and Fixed Account at any time.
The percentages of Net Premium Payments allocated to the Sub-Accounts and Fixed Account must be in whole percentages and must total 100%. We credit Net Premium Payments to your Policy as of the end of the Valuation Period in which it is received in Good Order at our Administrative Office. Premium Payments received from you or your broker-dealer in Good Order at our Administrative Office prior to the close of the New York Stock Exchange (normally 4:00 p.m., Eastern time on a business day), will be processed using the accumulation unit value computed on that Valuation Date. Premium Payments received in Good Order after market close will be processed using the accumulation unit value computed on the next Valuation Date. Premium Payments submitted to your registered representative will generally not be processed by us until they are received from your representative’s broker-dealer. Premium Payments placed with your broker-dealer after market close will be processed using the accumulation unit value computed on the next Valuation Date. There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern time). In such instances, Premium Payments received after such early market close will be processed using the accumulation unit value computed on the next Valuation Date.
The Valuation Period is the time between Valuation Days. A Valuation Day is every day on which the New York Stock Exchange is open and trading is unrestricted. Your policy values are calculated on every Valuation Day.
Planned Premiums; Additional Premiums
Planned Premiums are the amount of periodic Premium (as shown in the Policy Specifications) you choose to pay the Company on a scheduled basis. This is the amount for which we send a Premium reminder notice. We reserve the right to stop sending Premium reminder notices if no Premium Payment has been made within two Policy Years. Premium Payments may be billed annually, semi-annually, quarterly, or monthly.
In addition to any Planned Premium, you may make additional Premium Payments. These additional payments must be sent directly to our Administrative Office, and will be credited when received by us.
14
Unless you specifically direct otherwise, any payment received (other than any Premium Payment necessary to prevent, or cure, Policy Lapse) will be applied as Premium and will not repay any outstanding loans. There is no Premium Load on any payment which you specifically direct as repayment of an outstanding loan.
You may increase Planned Premiums, or pay additional Premiums, subject to certain limitations. We reserve the right to limit the amount or frequency of additional Premium Payments. You may decrease Planned Premiums. However, doing so will impact your policy values and may impact how long your Policy remains in force.
We may require evidence of insurability if any payment of additional Premium (including Planned Premium) would increase the difference between the death benefit and the Accumulation Value. If we are unwilling to accept the risk, your increase in Premium will be refunded without interest.
We may decline any additional Premium (including Planned Premium) or a portion of a Premium that would cause total Premium Payments to exceed the limit for life insurance under federal tax laws. Our test for whether or not your Policy exceeds the limit is referred to as the Guideline Premium Test or, if you so elected at the time you applied for the Policy, the Cash Value Accumulation Test. The excess amount of Premium will be returned to you. We may accept alternate instructions from you to prevent your Policy from becoming a MEC. Refer to the section headed “Tax Issues” for more information.
Policy Values
Policy value in your variable life insurance policy is also called the “Accumulation Value”.
The Accumulation Value equals the sum of the Fixed Account Value, the Separate Account Value, and the Loan Collateral Account Value. At any point in time, the Accumulation Value reflects:
1)
Net Premium Payments made;
2)
the amount of any Partial Surrenders;
3)
any increases or decreases as a result of market performance of the Sub-Accounts;
4)
interest credited to the Fixed Account or the Loan Collateral Account Value; and
5)
all charges and fees deducted.
The Separate Account Value, if any, is the portion of the Accumulation Value attributable to the Separate Account. This value is equal to the sum of the current values of all the Sub-Accounts in which you have invested. The current value of each Sub-Account is determined by multiplying the number of Variable Accumulation Units credited or debited to that Sub-Account with respect to this Policy by the Variable Accumulation Unit Value of that Sub-Account for such Valuation Period.
The “Variable Accumulation Unit” is a unit of measure used in the calculation of the value of each Sub-Account. It may increase or decrease from one Valuation Period to the next. The Variable Accumulation Unit Value for a Sub-Account for a Valuation Period is determined as follows:
1)
the total value of Underlying Fund shares held in the Sub-Account is calculated by multiplying the number of Underlying Fund shares owned by the Sub-Account at the beginning of the Valuation Period by the net asset value per share of the fund at the end of the Valuation Period, and adding any dividend or other distribution of the Underlying Fund made during the Valuation Period; minus
2)
the liabilities of the Sub-Account at the end of the Valuation Period. Such liabilities include daily charges imposed on the Sub-Account, and may include a charge or credit with respect to any taxes paid or reserved for by Lincoln Life that we determine result from the operations of the Separate Account; and
3)
the result of (1) minus (2) is divided by the number of Variable Accumulation Units for that Sub-Account outstanding at the beginning of the Valuation Period.
15
In certain circumstances, and when permitted by law, we may use a different standard industry method for this calculation, called the Net Investment Factor method. We will achieve substantially the same result using either method.
The Fixed Account Value, if any, reflects amounts allocated or transferred to the Fixed Account, plus interest credited, and less any deductions or Partial Surrenders. Fixed Account principal is not subject to market fluctuation and interest is credited at a daily rate of 0.00272616% (equivalent to a compounded annual rate of 1%).
The Loan Collateral Account Value, if any, is the amount equal to any outstanding loan(s), including capitalized loan interest, less any repayment of loan interest and principal. This amount is held in the Company’s General Account. Amounts transferred to the Loan Collateral Account Value do not participate in the performance of the Sub-Accounts or the Fixed Account. The interest credited will never be less than the Guaranteed Minimum Fixed Account Interest Rate shown in the Policy Specifications. Interest in excess of the guaranteed rate may be applied as determined by us.
We will notify you of any change in the interest rates before the new rate becomes effective.
We will credit interest to the Loan Collateral Account daily.
The “Net Accumulation Value” is the Accumulation Value less the Loan Collateral Account Value. It represents the net value of your Policy and is the basis for calculating the Surrender Value.
Annual Statement
We will tell you at least annually the Accumulation Value, the number of accumulation units credited to your Policy, current accumulation unit values, Sub-Account values, the Fixed Account Value and the Loan Collateral Account Value, and the loan balance. We strongly suggest that you review your statements to determine whether additional Premium Payments may be necessary to avoid lapse of your Policy.
HOW YOUR POLICY CAN LAPSE
If at any time the Accumulation Value less the Loan Collateral Account Value is insufficient to pay the Monthly Deduction, all coverage will terminate. This is referred to as Policy Lapse. The Accumulation Value less the Loan Collateral Account Value may be insufficient:
1)
because it has been exhausted by earlier deductions;
2)
as a result of poor investment performance;
3)
due to Partial Surrenders;
4)
due to Debt for Policy Loans; or
5)
because of a combination of any of these factors.
If we have not received your Premium Payment (or payment of Debt on Policy Loans) necessary so that the Accumulation Value less the Loan Collateral Account Value of your Policy is sufficient to pay the Monthly Deduction amount on a Monthly Deduction day, we will send a Grace Notice to you, or any assignee of record. The Grace Notice will state the amount of the Premium Payment (or payment of Debt on Policy Loans) that must be paid to avoid termination of your Policy.
If the amount in the Grace Notice is not paid to us within the Grace Period, then the Policy will terminate. The Grace Period is the later of (a) 31 days after the Grace Notice was mailed, and (b) 61 days after the Monthly Deduction day on which the Monthly Deduction could not be paid. If the Insured dies during the Grace Period, we will deduct any charges due to us from any death benefit that may be payable under the terms of the Policy.
16
Reinstatement of a Lapsed Policy
If your Policy has lapsed and the Insured has not died since lapse, you may reinstate your Policy within five years of the Policy Lapse date, provided:
1)
the Policy has not been surrendered;
2)
the Insured’s death has not occurred since the date of Lapse;
3)
there is an application for reinstatement in writing;
4)
satisfactory evidence of insurability is furnished to us and we agree to accept the risk for the Insured;
5)
you pay Net Premium equal to Monthly Deductions due and unpaid during the Grace Period;
6)
you pay enough Net Premium to keep this Policy and any reinstated Riders In Force for at least 3 Policy Months after the date of reinstatement; and
7)
you pay or reinstate any Debt as of the date of Lapse.
The reinstated Policy will be effective as of the Monthly Anniversary Date or next following the date on which we approve your application for reinstatement. If a Policy Loan is being reinstated, the Policy's Accumulation Value at reinstatement will be the amount reinstated in the Loan Collateral Account plus the Net Premium Payment made less all Monthly Deductions due.
MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR POLICY
You may surrender your Policy at any time by submitting a written request for surrender. If you surrender your Policy, all coverage will automatically terminate and may not be reinstated. Consult your tax advisor to understand tax consequences of any surrender you are considering.
The Surrender Value of your Policy is the amount you can receive by surrendering the Policy. This equals the Accumulation Value minus the loan balance including any accrued interest, plus any amount that may be provided by a rider. All or part of the Surrender Value may be applied to one or more of the settlement options.
If we receive a surrender or Partial Surrender request in Good Order at our Administrative Office before the close of the New York Stock Exchange (normally 4:00 p.m., Eastern time on a business day), we will process the request using the accumulation unit value computed on that Valuation Date.  If we receive a surrender or Partial Surrender request in our Administrative Office after market close, we will process the request using the accumulation unit value computed on the next Valuation Date.  There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern time). In such circumstances, surrenders or Partial Surrenders requested after such early market close will be processed using the accumulation unit value computed on the next Valuation Date.
Any surrender results in a withdrawal of values from the Sub-Accounts and Fixed Account that have values allocated to them. Any surrender from a Sub-Account will result in the cancellation of Variable Accumulation Units. The cancellation of such units will be based on the Variable Accumulation Unit Value determined at the close of the Valuation Period during which the surrender is effective. Surrender proceeds will generally be paid within seven days of our receipt of your request.
Partial Surrender
You may make a Partial Surrender, withdrawing a portion of your policy values, any time after the first Policy Year, while the Policy is in force. You must request a Partial Surrender in writing. The total of all Partial Surrenders may not exceed 90% of the Surrender Value of your Policy. We may limit Partial Surrenders to the extent necessary to meet the federal tax law requirements. Each Partial Surrender must be at least $500. Partial Surrenders are subject to other limitations as described below.
17
Partial Surrenders may reduce the Accumulation Value, the death benefit, and the Specified Amount. The amount of the Partial Surrender will be withdrawn from the Sub-Accounts and Fixed Account in proportion to their values. The effect of Partial Surrenders on the Death Benefit Proceeds depends on the death benefit option in effect at the time of the Partial Surrender. 
Death Benefit
Option in Effect
Impact of Partial Surrender
1
Will reduce the Accumulation Value, death benefit and the Specified Amount.
2
Will reduce the Accumulation Value and the death benefit, but not the Specified Amount.
3
Will reduce the Accumulation Value, accumulated Premiums (all Premiums paid from the Date
of Issue accumulated at the Premium accumulation rate, less any prior withdrawals), death
benefit and may reduce the Specified Amount.
Partial Surrender proceeds will generally be paid within seven days of our receipt of your request.
POLICY LOANS
You may borrow against the Surrender Value of your Policy. We reserve the right to limit the amount of your loan so that total Policy Debt will not exceed 90% of the current Accumulation Value. A loan agreement must be executed and your Policy assigned to us free of any other assignments. Outstanding Policy Loans and accrued interest reduce the Policy’s death benefit and Accumulation Value.
An amount equal to the amount of any loans you take will be withdrawn from the Sub-Accounts and Fixed Account in proportion to their values and transferred to the Loan Collateral Account. The amount allocated to the Loan Collateral Account will always equal the total amount of all loans taken and any interest accrued but not paid on them (the “loan balance”.) Amounts transferred to the Loan Collateral Account do not participate in the performance of the Sub-Accounts or Fixed Account other than as noted below . Unless paid in advance, loan interest will be treated as an additional Policy Loan and added to the loan balance. Amounts equal to due and unpaid interest are also proportionally transferred to the Loan Collateral Account. Loans, therefore, can affect the Policy's death benefit and Accumulation Value whether or not they are repaid. Policy Values in the Loan Collateral Account are part of the Company's General Account.
Your outstanding loan balance may be repaid at any time during the lifetime of the Insured. The loan balance will be reduced by the amount of any loan repayment. An amount equal to any repayment will be transferred from the Loan Collateral Account and allocated to the Sub-Accounts and Fixed Account in the same proportion in which Net Premium Payments are then being allocated.
If at any time the total Debt against your Policy, including interest accrued but not due, equals or exceeds the then current Accumulation Value, the Policy will terminate subject to the conditions in the Grace Period provision. If your Policy lapses while a loan is outstanding, there may be adverse tax consequences.
The annual loan interest rate we charge during any Policy Year will be:
•
the monthly average (Moody’s Investors Service, Inc. Composite Yield on Corporate Bonds) for the calendar month which ends two months before the month in which the Policy Anniversary occurs, or, if greater,
•
1.50%
This rate may increase only when it would be at least 0.5% higher than the prior Policy Year’s rate and decrease only when it would be at least 0.5% lower than the prior Policy Year’s rate. We will not change the loan interest rate we charge if the new rate would be less than 0.5% higher or lower than the rate we charged for the prior Policy Year.
When you take a loan, we will tell you the current Policy Loan Interest rate. We will tell you in advance of any interest rate change. You must pay interest on the anniversary of the loan, or earlier upon surrender, payment of
18
proceeds, or maturity of a policy. Any unpaid interest is added to the loan and will be taken proportionally from the amount in each funding option.
Amounts in the Loan Collateral Account shall earn interest at a lower rate than the Policy Loan Interest rate. The difference between the rates will never exceed 0.50%.
Please note that there may be adverse tax consequences in the event that your Policy lapses with an outstanding loan balance.
ADDITIONAL INFORMATION ABOUT FEES
The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Policy. Please refer to your Policy Specifications for information about specific fees you will pay each year based on the options you have elected.
Transaction Fees
The first table describes the fees and expenses that you will pay at the time that you buy your Policy, surrender or make withdrawals from your Policy, or transfer cash value between Sub-Accounts.  
Charge
When Charge
is Deducted
Amount
Deducted
Maximum Sales Charge
Imposed on Premiums
(Load)
When you pay a Premium
As a percentage of the Premium
Payment paid:
•5% in all Policy Years
Premium Tax
When you pay a Premium
Up to a 5% charge included in the
Premium (Load)1
Maximum Deferred
Acquisition Cost (DAC) Tax
(Load)
When you pay a Premium
2%
Maximum Deferred Sales
Charge (Load)
When you take a Full Surrender or
Partial Surrender of your Policy
There is no charge for surrendering
your Policy or for a Partial Surrender.
Transfer Fee
Applied to any transfer request in
excess of 24 made during any Policy
Year
$25 for each additional transfer
1
Charges range from 0% to 5%, depending on state of issue.
19
Periodic Charges Other than Annual Underlying Fund Fees and Operating Expenses
The next table describes the fees and expenses that you will pay periodically during the time that you own the Policy, not including Underlying Fund fees and operating expenses. 
Charge
When Charge is Deducted
Amount Deducted
Base Contract Charges
Cost of Insurance*
Monthly
As a dollar amount per $1,000 of Net
Amount at Risk1:
•Maximum: $83.33 per $1,000
•Minimum: $0.00 per $1,000
•Maximum Charge for a
Representative Insured (male, age
45, standard non-tobacco, in year
one): $0.19 per $1,000
Mortality and Expense Risk
Charge (“M&E”)
Monthly
Maximum of 0.65%, as a percentage of
Separate Account Value, calculated
monthly
Administrative Fee*
Monthly
Maximum of $10, plus an additional
amount up to a maximum of $0.84 per
$1,000 of Specified Amount
Policy Loan Interest
Annually
The greater of 1.50%, or Moody’s
Investors Service, Inc. Corporate Bond
Yield Average – Monthly Average
Corporates for the calendar month
which ends two months prior to the
Policy Anniversary
Optional Benefit Charges
Term Insurance Rider*
Monthly
As a dollar amount per $1,000 of Net
Amount at Risk:
•Maximum: $83.33 per $1,000
•Minimum: $0.00 per $1,000
•Maximum Charge for a
Representative Insured (male, age
45, standard non-tobacco): $0.19
per $1,000
*
These charges and costs vary based on individual characteristics of the Insured. The charges and costs shown in the tables may not be representative of the charges and costs that a particular Owner will pay. You may obtain more information about the particular charges, cost of insurance, and the cost of certain riders that would apply to you by requesting a personalized policy illustration from your registered representative.
1
Individuals with higher mortality risk than standard issue individuals can be charged from 125% to 800% of the standard rate.
20
The next table shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Policy. A complete list of Underlying Funds available under the Policy, including their annual expenses, may be found in Appendix A: Funds Available Under the Policy.  
Annual Fund Expenses
Minimum
Maximum
(expenses are deducted from fund assets, including management fees, distribution,
and/or 12b-1 fees, and other expenses)
0.23%
1.64%1
1
The Total Annual Operating Expenses shown in the table do not reflect waivers and reductions. Refer to the Underlying Fund’s prospectus for specific information on any waivers or reductions in effect.
21
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of Underlying Funds currently available under the Policy. More information about the Underlying Funds is available in the prospectuses for the funds, which may be amended from time to time and can be found online at www.lfg.com/VULprospectus. You can also request this information at no cost by calling 1-877-533-0117 or by sending an email request to CustServSupportTeam@lfg.com.
The current expenses and performance information below reflects fees and expenses of the funds, but does not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each fund’s past performance is not necessarily an indication of future performance.  
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Discovery Value
Portfolio - Class A
advised by
AllianceBernstein L.P.
0.81%
17.18%
10.78%
7.55%
Long-term growth of capital.
AB VPS Sustainable Global
Thematic Portfolio - Class
A
advised by
AllianceBernstein L.P.
0.92%2
16.01%
13.56%
9.60%
Long-term capital appreciation.
Allspring VT Discovery
SMID Cap Growth Fund -
Class 2
1.15%2
20.14%
9.90%
7.43%
Seeks to provide a level of current
income that exceeds the average
yield on U.S. stocks generally and
to provide a growing stream of
income over the years.
American Funds Capital
Income Builder® - Class 2
0.53%2
9.01%
7.47%
N/A
Long-term growth of capital.
American Funds Global
Growth Fund - Class 2
0.66%2
22.60%
13.65%
9.58%
Long-term capital growth.
American Funds Global
Small Capitalization Fund -
Class 2
0.91%2
16.17%
8.31%
5.78%
Growth of capital.
American Funds Growth
Fund - Class 2
0.59%
38.49%
18.68%
14.36%
Long-term growth of capital and
income.
American Funds Growth-
Income Fund - Class 2
0.53%
26.14%
13.36%
10.91%
To provide investors with a high
level of current income; capital
appreciation is the secondary
objective.
American Funds High-
Income Trust - Class 2
0.57%2
12.45%
6.09%
4.41%
Long-term growth of capital.
American Funds
International Fund - Class
2
0.78%
15.84%
4.83%
3.41%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
To provide as high a level of current
income as is consistent with the
preservation of capital.
American Funds The Bond
Fund of America - Class 2
0.48%2
5.02%
1.89%
2.08%
To provide a high level of current
income consistent with prudent
investment risk and preservation of
capital.
American Funds U.S.
Government Securities
Fund - Class 2
0.51%2
2.89%
1.04%
1.52%
Long-term total return and current
income.
BlackRock Equity Dividend
V.I. Fund - Class I
0.67%2
12.24%
11.54%
9.00%
To maximize total return, consistent
with income generation and prudent
investment management.
BlackRock High Yield V.I.
Fund - Class I
0.56%2
13.21%
5.74%
4.46%
Capital Appreciation.
ClearBridge Variable
Growth Portfolio - Class I
advised by Legg Mason
Partners Fund Advisor, LLC
0.85%
24.43%
8.31%
6.64%
Long-term growth of capital.
ClearBridge Variable Mid
Cap Portfolio - Class I
advised by Legg Mason
Partners Fund Advisor, LLC
0.83%
12.92%
10.73%
7.10%
Long-term growth of capital.
ClearBridge Variable Small
Cap Growth Portfolio -
Class I
advised by Legg Mason
Partners Fund Advisor, LLC
0.80%
8.40%
9.56%
7.89%
Capital Appreciation. A fund of
funds.
DWS Alternative Asset
Allocation VIP Portfolio -
Class A
advised by DWS
Investment Management
Americas, Inc.
0.83%
6.19%
6.09%
2.96%
To provide a high level of current
income.
Eaton Vance VT Floating-
Rate Income Fund - Initial
Class
1.17%
11.21%
4.13%
3.22%
Long-term capital appreciation.
Fidelity® VIP Contrafund®
Portfolio - Service Class
0.66%
33.34%
16.54%
11.50%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2020 PortfolioSM - Service
Class
0.57%
12.34%
7.38%
5.63%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2025 PortfolioSM - Service
Class
0.59%
13.48%
8.14%
6.09%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2030 PortfolioSM - Service
Class
0.62%
14.56%
9.17%
6.75%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2035 PortfolioSM - Service
Class
0.67%
16.71%
10.74%
7.56%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2040 PortfolioSM - Service
Class
0.71%
18.82%
11.81%
8.04%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2045 PortfolioSM - Service
Class
0.72%
19.33%
11.92%
8.08%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2050 PortfolioSM - Service
Class
0.72%
19.30%
11.91%
8.07%
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2055 PortfolioSM - Service
Class
0.72%
19.40%
N/A
N/A
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2060 PortfolioSM - Service
Class
0.72%
19.30%
N/A
N/A
High total return with a secondary
objective of principal preservation
as the fund approaches its target
date and beyond. A fund of funds.
Fidelity® VIP Freedom
2065 PortfolioSM - Service
Class
This fund will be available
on or about May 13, 2024.
Please consult your
registered representative.
0.72%
19.29%
N/A
N/A
High total return with a secondary
objective of principal preservation.
A fund of funds.
Fidelity® VIP Freedom
Income PortfolioSM -
Service Class
0.47%
7.81%
3.85%
3.29%
To achieve capital appreciation.
Fidelity® VIP Growth
Portfolio - Service Class
0.68%
36.09%
19.52%
14.68%
As high a level of current income as
is consistent with the preservation
of capital.
Fidelity® VIP Investment
Grade Bond Portfolio -
Service Class
0.48%
6.12%
1.87%
2.24%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
Fidelity® VIP Mid Cap
Portfolio - Service Class
0.67%
15.00%
12.34%
8.02%
Long-term growth of capital.
Fidelity® VIP Overseas
Portfolio - Service Class
0.83%
20.41%
9.87%
4.80%
Above average income and long-
term capital growth, consistent with
reasonable investment risk.
Fidelity® VIP Real Estate
Portfolio - Service Class
0.70%
11.09%
5.12%
5.93%
To maximize income while
maintaining prospects for capital
appreciation.
Franklin Income VIP Fund -
Class 1
0.46%2
8.87%
7.25%
5.28%
Capital appreciation; income is a
secondary consideration.
Franklin Mutual Shares VIP
Fund - Class 1
0.68%
13.73%
8.10%
5.70%
Long-term capital appreciation;
preservation of capital is also an
important consideration.
Franklin Rising Dividends
VIP Fund - Class 1
0.65%2
12.39%
14.04%
10.51%
Long-term total return.
Franklin Small Cap Value
VIP Fund - Class 2
0.91%2
12.75%
11.06%
7.04%
Long-term capital growth.
Franklin Small-Mid Cap
Growth VIP Fund - Class 1
0.83%2
27.12%
13.82%
9.24%
Income.
Franklin U.S. Government
Securities VIP Fund - Class
1
0.52%
4.76%
0.47%
0.98%
Long-term capital appreciation.
Goldman Sachs VIT Mid
Cap Value Fund - Service
Shares
1.09%2
11.11%
13.06%
7.82%
Total return while seeking to
provide volatility management.
Goldman Sachs VIT Trend
Driven Allocation Fund -
Service Shares
0.97%2
15.57%
4.81%
3.41%
Capital growth and income.
Invesco V.I. Comstock
Fund - Series I Shares
0.75%
12.36%
13.49%
8.92%
Long-term growth of capital and
income.
Invesco V.I. Growth and
Income Fund - Series I
Shares
0.75%
12.66%
11.77%
8.25%
Capital Appreciation.
Invesco V.I. Main Street
Small Cap Fund®- Series I
Shares
0.88%
18.13%
13.07%
8.93%
Long-term capital growth.
LVIP AllianceBernstein
Large Cap Growth Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.63%2
46.32%
13.32%
11.67%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Long-term total return using a
strategy that seeks to protect
against U.S. inflation.
LVIP American Century
Inflation Protection Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
0.77%2
3.40%
2.65%
1.90%
Long-term capital growth, income
is secondary objective.
LVIP American Century
Mid Cap Value Fund -
Standard Class II
advised by Lincoln
Financial Investments
Corporation
0.86%2
6.13%
11.05%
8.77%
Capital Appreciation.
LVIP Baron Growth
Opportunities Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
1.15%2
17.81%
13.66%
9.35%
High total investment return.
LVIP BlackRock Global
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.73%2
13.62%
N/A
N/A
To maximize real return, consistent
with preservation of real capital and
prudent investment management.
LVIP BlackRock Inflation
Protected Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.63%
5.07%
3.16%
2.19%
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
0.82%2
13.06%
4.76%
3.85%
Seeks long-term capital
appreciation.
LVIP Channing Small Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
This fund will be available
on or about May 13, 2024.
Please consult your
registered representative.
0.88%
19.94%
N/A
N/A
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 1 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.40%2
22.78%
14.99%
11.07%
Long-term capital appreciation.
LVIP Dimensional U.S.
Core Equity 2 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.49%
21.65%
14.73%
N/A
Long-term capital growth.
LVIP Franklin Templeton
Global Equity Managed
Volatility Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.73%2
17.24%
8.98%
4.58%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor Emerging
Markets Equity Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.50%2
10.04%
3.12%
1.60%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor International
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.41%2
18.92%
6.73%
4.40%
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
17.39%
12.81%
10.06%
A-6
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
To maximize long-term capital
appreciation.
LVIP Franklin Templeton
Multi-Factor SMID Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
15.54%
11.42%
7.16%
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
0.77%2
9.72%
4.23%
3.52%
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
0.76%2
13.33%
4.97%
3.72%
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
0.75%2
11.84%
4.56%
3.56%
Current income while (i)maintaining
a stable value of your shares
(providing stability of net asset
value) and (ii) preserving the value
of your initial investment
(preservation of capital).
LVIP Government Money
Market Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
4.75%
1.61%
0.99%
To maximize total return by
investing primarily in a diversified
portfolio of intermediate- and long-
term debt securities.
LVIP JPMorgan Core Bond
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.49%
5.91%
1.28%
1.81%
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
11.76%
4.95%
3.98%
A-7
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Capital appreciation with the
secondary goal of achieving current
income by investing in equity
securities.
LVIP JPMorgan Mid Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
This fund will be available
on or about May 13, 2024.
Please consult your
registered representative.
0.74%
10.91%
10.98%
8.05%
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
11.60%
5.02%
3.94%
Capital growth over the long term.
LVIP JPMorgan Small Cap
Core Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.78%
13.10%
9.41%
7.10%
High total return.
LVIP JPMorgan U.S. Equity
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
This fund will be available
on or about May 13, 2024.
Please consult your
registered representative.
0.69%
27.16%
17.15%
12.44%
To provide investment results over
a full market cycle that, before fees
and expenses, are superior to an
index that tracks global equities.
LVIP Loomis Sayles Global
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.77%2
36.85%
13.68%
N/A
Maximum current income (yield)
consistent with a prudent
investment strategy.
LVIP Macquarie Bond Fund
- Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.37%
5.93%
1.50%
1.99%
A-8
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Total return.
LVIP Macquarie Diversified
Floating Rate Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.63%2
5.57%
2.38%
1.68%
Maximum long-term total return
consistent with reasonable risk.
LVIP Macquarie Diversified
Income Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.54%2
6.24%
2.07%
2.09%
Maximum total return, consistent
with reasonable risk.
LVIP Macquarie Limited-
Term Diversified Income
Fund - Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.53%2
5.00%
1.88%
1.63%
To maximize long-term capital
appreciation.
LVIP Macquarie Mid Cap
Value Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.43%
11.24%
11.88%
8.62%
Long-term capital appreciation.
LVIP Macquarie SMID Cap
Core Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.80%2
16.45%
12.25%
8.36%
To maximize long-term capital
appreciation.
LVIP Macquarie Social
Awareness Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.45%
30.17%
15.86%
11.32%
Long-term capital appreciation.
LVIP Macquarie U.S.
Growth Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
0.72%
48.35%
18.38%
12.54%
A-9
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Maximum long-term total return,
with capital appreciation as a
secondary objective.
LVIP Macquarie U.S. REIT
Fund - Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.83%2
12.58%
6.45%
6.23%
Long-term capital appreciation.
LVIP Macquarie Value Fund
- Standard Class3
advised by Lincoln
Financial Investments
Corporation
0.68%
3.49%
8.10%
7.84%
Long-term capital appreciation.
LVIP MFS International
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.80%2
14.71%
9.83%
6.58%
Capital Appreciation.
LVIP MFS Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.62%2
8.07%
11.38%
8.57%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global
Income Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.65%2
4.02%
-0.92%
0.26%
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
0.75%2
20.11%
6.03%
3.45%
To seek a high level of current
income consistent with
preservation of capital.
LVIP PIMCO Low Duration
Bond Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.68%2
4.87%
1.30%
N/A
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
LVIP SSGA Bond Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.37%2
5.30%
0.78%
1.49%
A-10
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
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 SSGA Conservative
Index Allocation Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.51%2
10.73%
5.28%
4.09%
To provide investment results that,
before fees and expenses,
correspond generally to the total
return of the MSCI Emerging
Markets Index that tracks
performance of emerging market
equity securities.
LVIP SSGA Emerging
Markets Equity Index Fund
- Standard Class
advised by Lincoln
Financial Investments
Corporation
0.50%2
8.83%
2.74%
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 SSGA International
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.39%2
17.57%
7.96%
4.02%
Seek to approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index that emphasizes
stocks of mid-sized U.S.
companies.
LVIP SSGA Mid-Cap Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.35%2
16.05%
12.22%
N/A
A balance between a high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP SSGA Moderate Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.51%
13.57%
7.38%
5.33%
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
LVIP SSGA Moderately
Aggressive Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.51%
14.82%
8.04%
5.72%
To approximate as closely as
practicable, before fees and
expenses, the total rate of return of
common stocks publicly traded in
the United States, as represented by
the S&P 500 Index.
LVIP SSGA S&P 500 Index
Fund - Standard Class4
advised by Lincoln
Financial Investments
Corporation
0.23%
26.01%
15.41%
11.77%
A-11
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
To provide investment results that,
before fees and expenses,
correspond generally to the price
and yield performance of an index
that tracks the short-term U.S.
corporate bond market.
LVIP SSGA Short-Term
Bond Index Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
0.36%2
5.17%
1.87%
N/A
To approximate as closely as
practicable, before fees and
expenses, the performance of the
Russell 2000® Index, which
emphasizes stocks of small U.S.
companies.
LVIP SSGA Small-Cap
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.38%2
16.50%
9.52%
6.74%
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
LVIP Structured
Conservative Allocation
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.60%
10.27%
5.06%
3.97%
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
0.57%
13.09%
7.12%
5.22%
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%
14.27%
7.69%
5.54%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2020
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.66%2
13.54%
7.41%
4.90%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2030
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.68%2
16.14%
9.08%
5.46%
A-12
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2040
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.70%2
19.19%
10.72%
6.11%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2050
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
20.30%
11.25%
6.57%
The highest total return over time
consistent with an emphasis on
both capital growth and income. A
fund of funds.
LVIP T. Rowe Price 2060
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
20.31%
N/A
N/A
To maximize capital appreciation.
LVIP T. Rowe Price
Structured Mid-Cap
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.72%2
21.17%
13.50%
10.81%
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
0.79%2
15.02%
6.15%
N/A
Total return consistent with the
preservation of capital. A fund of
funds.
LVIP Vanguard Bond
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.37%
6.00%
0.59%
1.27%
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard Domestic
Equity ETF Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.32%2
25.22%
14.84%
11.09%
A-13
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Long-term capital appreciation. A
fund of funds.
LVIP Vanguard
International Equity ETF
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
0.34%2
15.36%
7.11%
4.00%
Capital growth.
LVIP Wellington Capital
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.70%2
38.70%
16.98%
13.91%
Long-term capital appreciation.
LVIP Wellington SMID Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.79%2
17.24%
12.45%
7.71%
Maximize total return.
LVIP Western Asset Core
Bond Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
0.53%
5.93%
0.94%
N/A
Total return.
Macquarie VIP Asset
Strategy Series - Service
Class3
advised by Delaware
Management Company
0.85%2
13.90%
8.27%
3.48%
Long-term capital appreciation.
Macquarie VIP Emerging
Markets Series - Standard
Class3
advised by Delaware
Management Company
1.18%2
13.79%
4.20%
2.67%
Capital Appreciation.
Macquarie VIP Small Cap
Value Series - Standard
Class3
advised by Delaware
Management Company
0.78%
9.45%
10.21%
7.06%
Capital Appreciation.
MFS® VIT Growth Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.73%2
35.86%
15.89%
12.97%
A-14
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Capital appreciation.
MFS® VIT II Technology
Portfolio - Initial Class
advised by Massachusetts
Financial Services
Company
0.85%2
54.23%
17.65%
15.56%
Capital appreciation.
MFS® VIT III Mid Cap
Value Portfolio - Initial
Class
advised by Massachusetts
Financial Services
Company
0.79%2
12.73%
12.90%
8.73%
Capital Appreciation.
MFS® VIT Mid Cap Growth
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.80%2
21.32%
13.31%
11.12%
Capital Appreciation.
MFS® VIT New Discovery
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.87%2
14.41%
11.08%
7.67%
Total return with an emphasis on
current income, but also
considering capital appreciation.
MFS® VIT Total Return
Bond Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.53%2
7.38%
1.85%
2.22%
Total return.
MFS® VIT Total Return
Series - Initial Class
advised by Massachusetts
Financial Services
Company
0.61%2
10.44%
8.54%
6.53%
Total return.
MFS® VIT Utilities Series -
Initial Class
advised by Massachusetts
Financial Services
Company
0.79%2
-2.11%
8.31%
6.39%
Growth of capital.
Neuberger Berman AMT
Mid Cap Intrinsic Value
Portfolio - I Class
1.02%
11.00%
8.63%
6.13%
A-15
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
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
1.48%2
-7.85%
8.55%
-0.80%
To seek maximum total return,
consistent with preservation of
capital and prudent investment
management.
PIMCO VIT Global Bond
Opportunities Portfolio
(Unhedged) -
Administrative Class
advised by Pacific
Investment Management
Company, LLC
1.01%
5.26%
0.97%
1.09%
Maximum real return, consistent
with preservation of real capital and
prudent investment management.
PIMCO VIT Real Return
Portfolio - Administrative
Class
advised by Pacific
Investment Management
Company, LLC
0.84%
3.67%
3.16%
2.25%
Maximum total return, consistent
with preservation of capital and
prudent investment management.
PIMCO VIT Total Return
Portfolio - Administrative
Class
advised by Pacific
Investment Management
Company, LLC
0.75%
5.93%
1.08%
1.71%
To provide a high level of dividend
income and long-term growth of
capital primarily through
investments in stocks.
T. Rowe Price Equity
Income Portfolio
0.74%
9.54%
11.20%
7.84%
High current income consistent
with preservation of capital; capital
appreciation is a secondary
objective.
Templeton Global Bond VIP
Fund - Class 1
0.50%2
3.19%
-1.89%
-0.41%
Capital Appreciation. A fund of
funds.
TOPS® Aggressive Growth
ETF Portfolio – Class 2
Shares
advised by Valmark
Advisers, Inc.
0.54%
17.37%
10.55%
7.42%
Income and capital appreciation. A
fund of funds.
TOPS® Balanced ETF
Portfolio – Class 2 Shares
advised by Valmark
Advisers, Inc.
0.55%
11.39%
6.39%
4.51%
A-16
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2023)
 
 
 
1 year
5 year
10 year
Preserve capital and provide
moderate income and moderate
capital appreciation. A fund of
funds.
TOPS® Conservative ETF
Portfolio – Class 2 Shares
advised by Valmark
Advisers, Inc.
0.56%
9.19%
4.84%
3.37%
Capital Appreciation. A fund of
funds.
TOPS® Growth ETF
Portfolio – Class 2 Shares
advised by Valmark
Advisers, Inc.
0.54%
16.09%
9.48%
6.54%
Capital Appreciation. A fund of
funds.
TOPS® Moderate Growth
ETF Portfolio – Class 2
Shares
advised by Valmark
Advisers, Inc.
0.54%
13.47%
7.96%
5.58%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the Underlying Fund or the fund company.
2
This fund is subject to an expense reimbursement or a fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3
Investments in Macquarie VIP Series, Delaware Funds, Ivy Funds, LVIP Macquarie Funds or Lincoln Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return.
4
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
A-17
This initial summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Policy, both dated May 1, 2024, 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. 333-230052; 811-09241
EDGAR Contract Identifier C000211789