EX-99.R FORM OF ISP 8 formofisp.htm FORM OF ISP
Lincoln LifeGoalsSM 
Summary Prospectus for New Investors
XX XX, 2021
The Lincoln National Life Insurance Company
Lincoln Life Flexible Premium Variable Life Account M
This summary prospectus summarizes key features of the Lincoln LifeGoalsSM  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 contract online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling 1-800-487-1485 or by sending an email request to 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. These prospectuses are also available on www.lfg.com/VULprospectus.
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YOU MAY CANCEL YOUR POLICY WITHIN THE FREE LOOK PERIOD 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.
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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 the contract or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.

 

Table of Contents
 
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SPECIAL TERMS
The following terms may appear in your prospectus and are defined below:
Accumulation Value—An amount equal to the sum of the Separate Account Value, and the Loan Account Value.
Administrative Fee—The fee stated in the policy specifications based on the Initial Life Insurance Amount. The fee amount varies by the Insured’s gender, Target Age, and Issue Age. It is part of the Monthly Deduction.
Attained Age—An Insured’s Issue Age (shown in the Policy Specifications) plus the number of completed Policy Years.
Beneficiary—The person designated to receive the Death Benefit Proceeds.
Cash Value—An amount equal to the Accumulation Value less any Debt.
Class(es)—Group(s) of policies that were considered together for the purposes of the initial determination of each NGE. Classes were determined by us, and consisted of policies with similar characteristics, which may have included one or more characteristics but were not limited to: Life Insurance Amount, Target Age, Death Benefit Option, policy date, policy duration, Premiums paid, source of Premium, policy ownership structure, sales distribution method, the Insured’s age, and gender, issue state, policy form, and the presence and attributes of Policy features and benefits and optional riders.
Cost of Insurance Charge—This charge is based on the Net Amount at Risk that varies by the Insured’s gender, Attained Age, and Policy Year. It is part of the monthly deduction.
Death Benefit Proceeds—The amount payable to the Beneficiary upon the death of the Insured. Loans, loan interest, Withdrawals, and overdue charges, if any, are deducted prior to payment of the Death Benefit Proceeds.
Debt—The sum of all outstanding loans and accrued interest. May also be referred to as Indebtedness in your Policy.
Full Surrender—The withdrawal of all 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 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.
Life Insurance Amount (Initial Life Insurance Amount)—The amount used to determine the initial death benefit. The Life Insurance Amount is determined by the Premium that you chose. At the time of issue, the amount is the “Initial Life Insurance Amount”.
Loan Account (Loan Collateral Account)—The account in which policy Debt accrues once it is transferred out of the Sub-Accounts. The Loan Account is part of our General Account.
Loan Account Value—An amount equal to any outstanding Policy Loans, including any interest charged on the loans. 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 from your Policy will be treated first as withdrawals of 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, Mortality and
 
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Expense Risk Charge, and the Administrative Fee for your Policy.
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.
Non-Guaranteed Elements (NGEs)—Any element within this Policy that affects the costs or values of the Policy and which may be changed at our discretion after this Policy is issued. NGEs include the Cost of Insurance Rates, Mortality and Expense Risk (“M&E”) Charge, Premium Load, Monthly Administrative Fee, interest rate used to credit the Fixed Account and Holding Account, and Persistency Bonus Rate.
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.
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 Cash 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.
Right to Examine Period—The period during which the Policy may be returned to us for cancellation.
Sub-Account(s)—Divisions of the Separate Account created by the Company to which you may allocate your Premium Payments and among which you may transfer Separate Account Values.
Target Age—The Insured’s Attained Age listed in the Policy Specifications. The Target Age that you elected reflects the Attained Age to which you intended to pay Premiums, and when you intend to change to Death Benefit Option 1. You have no obligation to pay Premiums to the Target Age or change to Death Benefit Option 1 at the Target Age.
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.
Withdrawal—The removal of a portion of your policy values.
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Important Information You Should Consider About the Policy
An investment in the contract is subject to fees, risks, and other important considerations, some of which are briefly summarized in the following table. You should review the prospectus for additional information about these topics.
  FEES AND EXPENSES Location in
Prospectus
Charges for Early Withdrawals There are no charges for a Full Surrender or a Withdrawal. • Policy Charges and Fees
Transaction Charges You may be charged for other transactions, such as transferring Policy Value between Sub-Accounts or exercising certain benefits. • Policy Charges and Fees
Ongoing Fees and Expenses (annual charges) • In addition to transaction charges, there are certain ongoing fees and expenses that are charged annually, monthly or daily.• These fees include the Cost of Insurance Charge under the Policy, Administrative Fee, Mortality and Expense Risk Charges and Policy Loan interest.• Certain fees are set based on characteristics of the Insured (e.g., age, Target Age and gender). You should review your Policy Specifications page for rates applicable to you.• Owners will also bear expenses associated with the Underlying Funds under the Policy, as shown in the following table: • Policy Charges and Fees
Annual Fee Minimum Maximum
Underlying Fund Fees and Expenses* 0.45% 20.98%
*As a percentage of Underlying Fund assets.
  RISKS Location in
Prospectus
Risk of Loss You can lose money by investing in the Policy, including loss of principal. • Principal Risks of Investing in the Policy
Not a Short-Term Investment • This Policy is not a short-term investment vehicle and is not appropriate for an investor who needs ready access to cash.• Tax deferral is more beneficial to investors with a long-time horizon. • Principal Risks of Investing in the Policy • Policy Charges and Fees
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  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 Underlying Funds.• Each Underlying Fund (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 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 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 and Withdrawals will increase the risk of lapse. The death benefit will not be paid if the Policy 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 close, add, substitute or remove Sub-Accounts as investment options under the Policies. An Underlying Funds may also be merged into another Underlying Fund. • Transfer Fee• Sub-Account Availability and Substitution of Funds
Optional Benefits • N/A • Optional Sub-Account Allocation Program
  TAXES Location in
Prospectus
Tax Implications • You should always consult with a tax professional to determine the tax implications of an investment in and payments received under the Policy.• Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. • Tax Issues
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  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)
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Overview of the Policy
What is the purpose of the Policy?
Lincoln LifeGoalsSM  is a flexible premium variable life insurance policy. Its primary purpose is to provide Policy Owners with death benefit protection. In exchange for your Premium Payments, upon the death of the Insured, we will pay the Beneficiary a death benefit. For Policy Owners who need death benefit protection, 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 Policy Owners have access to their money 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 protection.
When do I have to pay Premiums and how do they get invested?
After the initial Premium Payment is made, you should pay your Planned Premium to allow you the full benefit, as illustrated, after the Target Age. If you pay the No-Lapse minimum premium, the payments will carry the Policy to your chosen Target Age. You may generally select and vary the frequency and the amount of any Premium Payments up to the Insured’s Attained Age of 121.
We allocate your Premium Payment at your direction among the Policy’s Sub-Accounts. Please see Principal Risks of Investing in the Policy in the prospectus for more information. Monies allocated to the Sub-Account 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 1-800-487-1485 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 that Policy’s Cash 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 Protection. Upon the death of the Insured, we will pay your designated Beneficiary a death benefit. 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 Cash Value. You may also take a Withdrawal, which is a portion of the Cash Value.
Loans. You may take a loan on the Policy, which is subject to interest.
Transfers. Generally, you may transfer funds among the Sub-Accounts. We offer Automatic Rebalancing as an automated transfer program. You may incur an additional fee for transfers.
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 generate no current taxable gain or loss.
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Standard DEATH BENEFITS
The “Death Benefit Proceeds” is the amount payable to the Beneficiary upon the death of the Insured. Loans, loan interest, Withdrawals, and overdue charges (such as Monthly Deductions), if any, are deducted prior to payment of the Death Benefit Proceeds. Certain policy options may impact the amount payable as Death Benefit Proceeds in your Policy.
Death Benefit Proceeds
The Death Benefit Proceeds payable upon the death of the Insured will be the greater of:
1) the amount determined under the Death Benefit Option in effect on the date of the Insured’s death, plus any amount payable upon death from other benefits, less any Debt and less any Withdrawals processed after the Insured’s date of death; or
2) an amount equal to the Accumulation Value on the date of the Insured’s death, multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications, plus any amount payable upon death from benefits, less any Debt and less any Withdrawals processed after the Insured’s date of death. (Please note that the investment performance of the Sub-Accounts you have chosen will impact the Accumulation Value and therefore may affect the amount of Death Benefit Proceeds payable.)
Death Benefit Options
Death Benefit Option 2 is the Death Benefit Option in effect on the Policy Date as shown in the Policy Specifications and as described below. Death Benefit Option 1 will be available if you choose to elect a change during the Death Benefit Option Change Period as described in the Changes in Insurance provision of your Policy.
Option Death Benefit Option Variability
1 The Life Insurance Amount on the date of the Insured’s death. None, level death benefit
2 The Life Insurance Amount on the date of the Insured’s death plus the Accumulation Value on the date of death, less any Withdrawals processed after the Insured’s date of death. May increase or decrease over time, depending on the amount of Premium paid and the investment performance of the Sub-Accounts.
A Withdrawal after the date of death is an amount we may have paid to the Owner after the date of the Insured’s death but before the death of the Insured was reported to us.
The Death Benefit Option in effect will impact the Cost of Insurance Charge because the Cost of Insurance Charge is based upon the Net Amount at Risk. The Net Amount at Risk for your Policy is the difference between the death benefit and the Accumulation Value of your Policy. Therefore, for example, if you choose Death Benefit Option 1, if your Accumulation Value increases (because of positive investment results), your Cost of Insurance Charge may be less than if your Accumulation Value did not increase or declined. (See section headed “Cost of Insurance” for discussion of Cost of Insurance Charges.)
The death benefit payable under any of the death benefit options will also be reduced by the amount necessary to repay the Debt in full and, if the Policy is within the Grace Period, any payment required to keep the Policy in force.
Withdrawals may also reduce the death benefit payable under any of the death benefit options (See section headed “Policy Surrenders - Withdrawal” for details as to the impact a Withdrawal will have on the death benefit payable under each option.)
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Death Benefit Qualification Test
This Policy is issued with the “Guideline Premium Test” defined in Section 7702 of the Internal Revenue Code of 1986 as amended (“Code”). 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.
Should you have any questions regarding the Guideline Premium Test, please consult with a qualified tax advisor.
Please ask your registered representative for illustrations which demonstrate the impact of the Guideline Premium Test on your Policy.
Payment of 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, the Death Benefit Proceeds will ordinarily be paid within seven days. 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 (typically 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.
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
Automatic Rebalancing To periodically restore Sub-Account exposure to a pre-determined level selected by the policyholder to reduce potential risk exposure to market volatility. Optional • Is available on a quarterly, semi-annual and annual basis.
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Name of Benefit Purpose Standard or
Optional 		Brief Description of
Restrictions/Limitations
No-Lapse Protection Provides No-Lapse protection until Target Age if the minimum Premium requirement is met each year. Standard • Available at issue. • Must meet the No-Lapse test.• If Death Benefit Option changes this provision terminates.• Automatically terminates at the end of the No-Lapse Period.• Please see additional information under the Lapses and Reinstatement section.
Overloan Protection Provides that your Policy will not lapse solely based on Debt exceeding the Cash Value. Standard Automatically issued at Policy purchase. To activate the benefit:• The overloan conditions must be met for the benefit to activate. Once activated the following changes will be made to your Policy:• We will no longer allow Premium Payments, Withdrawals or additional loans.• The Separate Account Value will be transferred to the Loan Account.• Please see additional information under the Lapses and Reinstatement section.
Buying the Policy
Premiums
You may select and vary the frequency and the amount of Premium Payments and the allocation of 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 ensure that the Cash 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 attains 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.
Allocation of Premium Payments
The Policy allows you to allocate Premium Payments to a Separate Account. We will direct any Premium Payment into the Separate Account according to the account allocation instructions you provide.
You first designate the allocation of Premium Payments among the Sub-Accounts on a form provided by us for that purpose. Premium Payments will be allocated on the same basis as the initial Premium Payment unless we are instructed otherwise, in writing. You may change the allocation of Premium Payments among the Sub-Accounts at any time.
The amount of Premium Payments allocated to the Sub-Accounts must be in whole percentages and must total 100%. We credit Premium Payments to your Policy as of the end of the “Valuation Period” in which it is received in
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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 NYSE (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 NYSE 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 2 Policy Years. Premium Payments may be billed annually, semi-annually, or quarterly. You may arrange for monthly pre-authorized automatic Premium Payments at any time. In addition to any Planned Premium, you may make additional Premium Payments.
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.
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 Life Insurance Amount 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. The excess amount of Premium will be returned to you. We may accept alternate instructions from you regarding any excess Premium. Refer to the section headed “Tax Issues” for more information.
How your policy can lapse
If at any time:
1) the Cash Value of the Policy is insufficient to pay the Monthly Deduction,
2) the Overloan Protection Provision is not activated; and
3) the provisions of the No-Lapse Enhancement Provision are not preventing termination of the Policy, then all coverage will terminate. This is referred to as “Policy Lapse”.
The Cash Value may be insufficient:
1) because it has been exhausted by earlier deductions;
2) as a result of poor investment performance;
3) due to Withdrawals;
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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 Cash Value of your Policy is sufficient to pay the Monthly Deduction amount on a Monthly Anniversary Day, we will send a written notice to you, or any assignee of record. The 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 stated in the notice is not paid to us within the Grace Period and any Premium Reserve Accumulation Value automatically transferred at the end of the Grace Period is also insufficient to keep the Policy in force, then the Policy will terminate. The Grace Period is the later of (a) 31 days after the notice was mailed, and (b) 61 days after the Monthly Anniversary 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.
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) it has not been surrendered;
2) there is an application for reinstatement in writing;
3) satisfactory evidence of insurability is furnished to us and we agree to accept the risk for the Insured;
4) we receive a payment sufficient to keep your Policy in force for at least two months after the date of reinstatement; and
5) any loan interest accrued during the Grace Period is paid and any remaining Debt is either paid or reinstated.
The reinstated Policy will be effective as of the Monthly Anniversary Day on or next following the date on which we approve your application for reinstatement. Your Accumulation Value at reinstatement will be the Premium Payment then made less all Monthly Deductions due. If a Policy Loan is being reinstated, the Policy's Accumulation Value at reinstatement will be the Accumulation Value on the date the Policy Lapsed plus the Premium Payment made less all Monthly Deductions due.
Making withdrawals: accessing the money in your policy
You may surrender your Policy at any time for its Cash Value, while this Policy is in force and the Insured is living, by utilizing the online service or by sending us 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 Cash Value of your Policy is the amount you can receive by surrendering the Policy. The Cash Value is the Policy’s Accumulation Value less any Debt. Policy Debt includes loans under the Policy.
If we receive a surrender or Withdrawal 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 Withdrawal 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 Withdrawals 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 that have values allocated to them. Any surrender from a Sub-Account will result in the cancellation of Variable Accumulation Units. The cancellation of
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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.
Withdrawal
You may make a Withdrawal of a portion of your policy values. You must request a Withdrawal by utilizing the online service or in writing. The amount of any Withdrawal may not exceed 90% of the Policy's Cash Value as of the date of your request for a Withdrawal. We may limit Withdrawals to the extent necessary to meet the federal tax law requirements. If you wish to make a Withdrawal in excess of 90% of the Cash Value of your Policy, you must specifically request a Full Surrender of your Policy. Your Policy’s Cash Value equals the Policy’s Accumulation Value less any Debt. Policy Loans are Debt under your Policy and will reduce the Cash Value available to you.
Withdrawals will reduce the Accumulation Value and may reduce the Life Insurance Amount.
If Death Benefit Option 1 is in effect, the Death Benefit Proceeds will be reduced. The Life Insurance Amount may also be reduced. The amount of the reduction will be equal to the greater of:
a. zero; or
b. an amount equal to the amount of the Withdrawal minus the greater of i) zero or ii) result of [(1) minus (2)] divided by (3) where:
(1) is an amount equal to the Accumulation Value on the Valuation Day immediately prior to the Withdrawal multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications;
(2) is the Life Insurance Amount immediately prior to the Withdrawal; and
(3) is the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications.
If the Death Benefit Option 2 is in effect, the Death Benefit Proceeds will be reduced by the amount of the Withdrawal. The Life Insurance Amount will not be reduced.
Withdrawal proceeds will generally be paid within seven days of our receipt of your request.
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 page 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) N/A N/A
Premium Tax Company does not assess a Premium Tax to the Owner N/A
Maximum Deferred Sales Charge (Load) N/A N/A
Transfer Fee Applied to any transfer request in excess of 24 made during any Policy Year. $25 for each additional transfer
14

 

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 Risk:
• Maximum: $83.33333 per $1,000
• Minimum: $0.02667 per $1,000
• Charge for a Representative Insured (male, Issue Age 40, Target Age 65, in year one): $0.17771 per $1,000
Mortality and Expense Risk Charge (“M&E”) Monthly Maximum of 0.6%, effective annual rate, as a percentage of Separate Account value, calculated monthly1
Administrative Fee* Monthly An amount up to a maximum of $0.31263 per $1,000 of Initial Life Insurance Amount2
Policy Loan Interest Annually 0.25%, as an annualized percentage of the loaned amount3
* Charge varies based on individual characteristics. The charges and costs shown in the table may not be representative of the charges and costs that a particular Owner will pay. There are no charges for in force illustrations performed through the online self-service. We reserve the right to charge a $25 fee for an outbound wire. You may obtain more information about the particular charges that would apply to you by using our online self-service capabilities or by requesting a personalized policy illustration from your registered representative.
1 Guaranteed at an effective annual rate of 0.6% in Policy Years 1 – 20.
2 The amount is based on the gender, Target Age, and Issue age of the Insured and begins on the Policy Date. The maximum amount is $0.31263 per $1,000, the minimum amount is $0.10290 per $1,000, and the charge for a representative Insured is $0.1262 per $1,000.
3 Although deducted annually, interest accrues daily. When you request a Policy Loan, amounts equal to the amount of the loan you request are withdrawn from the Sub-Accounts in proportion to their respective values. Such amount is transferred to the Loan Account, which is part of the Company’s General Account. Amounts in the Loan Account are credited interest at an effective annual rate guaranteed not to be less than 0.25% in all Policy Years.
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) 0.45% 20.98%*
* The Total Annual Operating Expenses shown in the table do not reflect waivers and reductions. Underlying Funds may
15

 

offer waivers and reductions to lower their fees. Currently such waivers and reductions range from 0.00% to 19.78%. These waivers and reductions generally extend through April 30, 2022 but may be terminated at any time by the Underlying Fund. Refer to the Underlying Fund’s prospectus for specific information on any waivers or reductions in effect. The minimum and maximum percentages shown in the table include Fund Operating Expenses of mutual funds, if any, which may be acquired by the Underlying Funds which operate as Fund of Funds. Refer to such Underlying Fund’s prospectus for details concerning Fund Operating Expenses of mutual fund shares acquired by it, if any. In addition, certain Underlying Funds have reserved the right to impose fees when fund shares are redeemed within a specified period of time of purchase (“Redemption Fees”) not reflected in the table above. As of the date of this prospectus, none have done so. Redemption Fees are discussed in the Market Timing section of this prospectus and further information about Redemption Fees is contained in the prospectus for such Underlying Fund, copies of which accompany this prospectus or may be obtained online at www.lfg.com/VULprospectus or by calling 1-800-487-1485.
16

 

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 Fund’s prospectus, which may be amended from time to time and found online at www.lfg.com/VULprospectus. You can also request this information at no cost by calling 1-800-487-1485 or by sending an email request to CustServSupportTeam@lfg.com.
The current expenses and performance information below reflects fees and expenses of the fund, 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. Depending on the optional benefits you choose, you may not be able to invest in certain Underlying Funds.
Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
Long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. American Century VP Balanced Fund - Class II 1.11%2 12.27% 9.32% 8.60%
Long-term capital growth, income is secondary objective. American Century VP Large Company Value Fund - Class II 0.89%2 2.49% 8.86% 9.79%
High total return (including income and capital gains) consistent with preservation of capital over the long term. American Funds Asset Allocation Fund - Class 4 0.80% 12.16% 10.31% 9.74%
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 4 0.78%2 4.11% 5.84% N/A
Long-term growth of capital. American Funds Global Growth Fund - Class 4 1.06% 30.17% 15.96% 12.62%
Long-term capital growth. American Funds Global Small Capitalization Fund - Class 4 1.24% 29.39% 14.15% 9.17%
Growth of capital. American Funds Growth Fund - Class 4 0.86% 51.71% 22.44% 16.57%
Long-term growth of capital and income. American Funds Growth-Income Fund - Class 4 0.80% 13.25% 13.65% 12.47%
Long-term growth of capital. American Funds International Fund - Class 4 1.05% 13.66% 10.45% 6.43%
To provide current income and preservation of capital. American Funds Mortgage Fund - Class 4 0.77%2 6.38% 2.82% N/A
A-1

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
Long-term capital appreciation. American Funds New World Fund® - Class 4 1.09%2 23.29% 13.05% 6.33%
To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing. American Funds Washington Mutual Investors Fund - Class 4 0.77%2 8.47% 10.58% 10.68%
High total investment return. BlackRock Global Allocation V.I. Fund - Class III 1.01%2 20.71% 9.17% 6.61%
Capital Appreciation. ClearBridge Variable Aggressive Growth Portfolio - Class II
advised by Legg Mason Partners Fund Advisor, LLC 		1.05% 17.73% 9.47% 12.71%
Long-term growth of capital. ClearBridge Variable Large Cap Growth Portfolio - Class II
advised by Legg Mason Partners Fund Advisor, LLC 		1.01% 30.41% N/A N/A
Long-term growth of capital. ClearBridge Variable Mid Cap Portfolio - Class II
advised by Legg Mason Partners Fund Advisor, LLC 		1.10% 15.10% 10.33% 10.76%
Total return. Columbia VP Commodity Strategy Fund - Class 2 0.95% -1.55% 0.80% N/A
High total return through current income and, secondarily, through capital appreciation. Columbia VP Emerging Markets Bond Fund - Class 2 0.99% 7.16% 6.66% N/A
Total return, consisting of current income and capital appreciation. Columbia VP Strategic Income Fund - Class 2 0.94%2 6.62% 6.16% 5.03%
Total return. Delaware Ivy VIP Asset Strategy Portfolio - Class II3 1.02% 13.88% 8.61% 6.15%
Capital growth and appreciation. Delaware Ivy VIP Energy Portfolio - Class II3 1.38% -36.83% -12.74% -8.42%
To seek to provide total return through a combination of high current income and capital appreciation. Delaware Ivy VIP High Income Portfolio - Class II3 0.97% 6.03% 7.42% 6.52%
Growth of capital. Delaware Ivy VIP Mid Cap Growth Portfolio - Class II3 1.10%2 49.00% 22.57% 15.22%
A-2

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
Growth of capital. Delaware Ivy VIP Science and Technology Portfolio - Class II3 1.16% 35.36% 20.80% 17.09%
Growth of capital. Delaware Ivy VIP Small Cap Growth Portfolio - Class II3 1.15%2 37.66% 15.59% 11.15%
Long-term capital appreciation. Delaware VIP® Emerging Markets Series - Service Class3 1.53%2 24.69% 15.33% 4.82%
Capital Appreciation. Delaware VIP® Small Cap Value Series - Service Class3 1.08% -2.18% 8.74% 8.38%
To provide a high level of current income. Eaton Vance VT Floating-Rate Income Fund - Initial Class 1.20% 2.01% 4.23% 3.42%
Income and capital growth consistent with reasonable risk. A fund of funds. Fidelity® VIP Balanced Portfolio - Service Class 2 0.73% 22.13% 12.47% 10.10%
Long-term capital appreciation. Fidelity® VIP Contrafund® Portfolio - Service Class 2 0.86% 30.23% 15.89% 13.23%
To achieve capital appreciation. Fidelity® VIP Growth Portfolio - Service Class 2 0.87% 43.55% 21.02% 16.96%
Long-term growth of capital. Fidelity® VIP Mid Cap Portfolio - Service Class 2 0.87% 17.87% 10.79% 9.22%
High level of current income, and may also seek capital appreciation. Fidelity® VIP Strategic Income Portfolio - Service Class 2 0.92% 7.16% 6.01% 4.57%
To provide capital appreciation. First Trust Capital Strength Portfolio – Class I 1.10%2 N/A N/A N/A
To provide total return. First Trust Dorsey Wright Tactical Core Portfolio – Class I 1.30%2 11.09% 7.92% N/A
To provide capital appreciation. First Trust International Developed Capital Strength Portfolio – Class I 1.20%2 N/A N/A N/A
To maximize current income, with a secondary objective of capital appreciation. First Trust Multi Income Allocation Portfolio - Class I 1.10%2 2.49% 5.73% N/A
To provide total return by allocating among dividend-paying stocks and investment grade bonds. First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I 1.20%2 7.81% 9.44% N/A
A-3

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
Capital appreciation, with income as a secondary goal, by allocating its assets among equity and fixed income investments through a variety of investment strategies. Franklin Allocation VIP Fund - Class 4 0.92%2 11.75% 8.80% 7.48%
To maximize income while maintaining prospects for capital appreciation. Franklin Income VIP Fund - Class 4 0.82%2 0.58% 6.83% 5.88%
Long-term capital appreciation; preservation of capital is also an important consideration. Franklin Rising Dividends VIP Fund - Class 4 1.00% 15.85% 14.65% 12.25%
Long-term capital growth. Franklin Small-Mid Cap Growth VIP Fund - Class 4 1.20%2 55.01% 19.41% 13.93%
Seeks maximum current income through investment in U.S. short-term debt obligations. Goldman Sachs VIT Government Money Market Fund - Service Shares 0.43%2 0.27% 0.83% 0.42%
Long-term growth of capital. A fund of funds. Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares 1.41%2 6.58% 2.54% N/A
Growth of capital. Hartford Capital Appreciation HLS Fund - Class IC 1.17% 21.32% 13.36% 11.27%
Capital Appreciation. Invesco Oppenheimer V.I. International Growth Fund - Series II Shares 1.25%2 21.04% 8.92% 7.57%
To seek capital growth and income through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks. Invesco V.I. Comstock Fund - Series II Shares 1.01% -1.09% 8.30% 9.18%
To seek to provide reasonable current income and long-term growth of income and capital. Invesco V.I. Diversified Dividend Fund - Series II Shares 0.96% -0.13% 7.35% 9.71%
Both capital appreciation and current income. Invesco V.I. Equity and Income Fund - Series II Shares 0.82%2 9.65% 8.61% 8.29%
Long-term growth of capital. Invesco V.I. International Growth Fund - Series II Shares 1.17% 13.74% 8.55% 6.46%
Capital Appreciation. Invesco V.I. Main Street Small Cap Fund®- Series II Shares 1.05%2 19.64% 12.59% 11.85%
A-4

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
To maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities. JPMorgan Insurance Trust Core Bond Portfolio - Class 2 0.81% 7.68% 4.04% 3.61%
Maximize income while maintaining prospects for capital appreciation. JPMorgan Insurance Trust Income Builder Portfolio - Class 2 0.90%2 5.21% 6.28% N/A
A balance between a high level of current income and growth of capital, with an emphasis on growth of capital. A fund of funds. LVIP American Balanced Allocation Fund - Service Class 0.94%2 15.97% 9.49% 7.58%
A balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds. LVIP American Growth Allocation Fund - Service Class 0.96%2 16.79% 10.37% 8.24%
Current income, consistent with the preservation of capital. A fund of funds. LVIP American Preservation Fund - Service Class 0.85%2 5.44% 2.56% N/A
Capital Appreciation. LVIP Baron Growth Opportunities Fund - Service Class 1.18%2 34.08% 18.73% 15.04%
Total return through a combination of current income and long-term capital appreciation. LVIP BlackRock Global Real Estate Fund - Service Class 1.06%2 -2.45% 4.41% 4.95%
To maximize real return, consistent with preservation of real capital and prudent investment management. LVIP BlackRock Inflation Protected Bond Fund - Service Class 0.74% 5.02% 3.16% 2.38%
Maximum current income (yield) consistent with a prudent investment strategy. LVIP Delaware Bond Fund - Service Class3 0.72% 9.48% 4.62% 3.92%
Total return. LVIP Delaware Diversified Floating Rate Fund - Service Class3 0.88%2 1.12% 1.94% 1.30%
Maximum long-term total return consistent with reasonable risk. LVIP Delaware Diversified Income Fund - Service Class3 0.84%2 10.69% 5.22% 4.10%
Total return and, as a secondary objective, high current income. LVIP Delaware High Yield Fund - Service Class3 1.04%2 6.89% 7.44% 5.67%
Maximum total return, consistent with reasonable risk. LVIP Delaware Limited-Term Diversified Income Fund - Service Class3 0.83%2 4.12% 2.51% 1.83%
A-5

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
To maximize long-term capital appreciation. LVIP Delaware Mid Cap Value Fund - Service Class3 0.79% 0.16% 9.26% 9.18%
Maximum long-term total return, with capital appreciation as a secondary objective. LVIP Delaware REIT Fund - Service Class3 1.13%2 -10.64% 2.26% 6.99%
Long-term capital appreciation. LVIP Delaware SMID Cap Core Fund - Service Class3 1.10%2 10.74% 9.90% 11.54%
To maximize long-term capital appreciation. LVIP Delaware Social Awareness Fund - Service Class3 0.80% 19.27% 13.68% 12.89%
Long-term capital appreciation. LVIP Delaware U.S. Growth Fund - Service Class3 1.03% 43.69% 16.37% 15.51%
Long-term capital appreciation. LVIP Delaware Value Fund - Service Class3 0.99%2 0.13% 8.56% 11.00%
Long-term capital appreciation. LVIP Dimensional International Core Equity Fund - Service Class 0.87%2 6.61% 6.95% N/A
Long-term capital appreciation. LVIP Dimensional U.S. Core Equity 1 Fund - Service Class 0.75%2 16.00% 13.80% 12.45%
Long-term capital appreciation. LVIP Dimensional U.S. Core Equity 2 Fund - Service Class 0.74%2 15.05% 12.87% N/A
Current income consistent with the preservation of capital. LVIP Global Income Fund - Service Class 0.95%2 6.52% 3.91% 2.37%
A high level of current income; capital appreciation is the secondary objective. LVIP JPMorgan High Yield Fund - Service Class 0.93%2 5.30% 6.71% 5.45%
To provide investment results over a full market cycle that, before fees and expenses, are superior to an index that tracks global equities. LVIP Loomis Sayles Global Growth Fund - Service Class 1.12% 34.32% N/A N/A
Long-term capital appreciation. LVIP MFS International Growth Fund - Service Class 1.04%2 14.25% 12.16% 7.50%
Capital Appreciation. LVIP MFS Value Fund - Service Class 0.92% 3.40% 9.93% 10.66%
Long-term capital appreciation as measured by the change in the value of fund shares over a period of three years or longer. LVIP Mondrian International Value Fund - Service Class 1.03% -5.21% 4.39% 3.92%
A-6

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
To seek a high level of current income consistent with preservation of capital. LVIP PIMCO Low Duration Bond Fund - Service Class 0.79%2 3.83% 2.32% N/A
To match as closely as practicable, before fees and expenses, the performance of the Barclays Capital U.S. Aggregate Index. LVIP SSGA Bond Index Fund - Service Class 0.59%2 7.23% 3.86% 3.24%
A high level of current income, with some consideration given to growth of capital. A fund of funds. LVIP SSGA Conservative Index Allocation Fund - Service Class 0.76%2 11.91% 7.19% 5.66%
A high level of current income, with some consideration given to growth of capital. A fund of funds. LVIP SSGA Conservative Structured Allocation Fund - Service Class 0.82% 9.40% 6.50% 5.27%
To maximize long-term capital appreciation. LVIP SSGA Developed International 150 Fund - Service Class 0.65%2 -4.34% 4.67% 3.71%
To maximize long-term capital appreciation. LVIP SSGA Emerging Markets 100 Fund - Service Class 0.69%2 2.40% 6.46% 0.08%
A balance between current income and growth of capital, with a greater emphasis on growth of capital. LVIP SSGA Emerging Markets Equity Index Fund - Service Class 0.75%2 16.91% N/A 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 - Service Class 0.62%2 7.58% 7.07% 4.93%
To maximize long-term capital appreciation. LVIP SSGA Large Cap 100 Fund - Service Class 0.61%2 2.72% 10.68% 11.03%
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 - Service Class 0.59%2 12.90% 11.68% 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 - Service Class 0.76% 13.55% 8.76% 6.84%
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 SSGA Moderate Structured Allocation Fund - Service Class 0.79% 9.59% 7.75% 6.30%
A-7

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
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 - Service Class 0.76% 13.99% 9.46% 7.16%
A balance between high level of current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds. LVIP SSGA Moderately Aggressive Structured Allocation Fund - Service Class 0.81% 9.01% 8.11% 6.45%
The highest total return over time consistent with an emphasis on both capital growth and income. LVIP SSGA Nasdaq-100 Index Fund - Service Class 0.70%2 N/A N/A N/A
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 - Service Class4 0.48% 17.74% 14.66% 13.32%
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 - Service Class 0.61%2 3.40% N/A 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 - Service Class 0.63%2 18.90% 12.45% 10.45%
To maximize long-term capital appreciation. LVIP SSGA Small-Mid Cap 200 Fund - Service Class 0.65%2 5.72% 8.47% 7.99%
Long-term capital growth. LVIP T. Rowe Price Growth Stock Fund - Service Class 0.92%2 36.13% 18.81% 16.37%
To maximize capital appreciation. LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class 0.98%2 31.37% 18.37% 14.70%
Total return consistent with the preservation of capital. A fund of funds. LVIP Vanguard Bond Allocation Fund - Service Class 0.63% 5.42% 3.32% N/A
Long-term capital appreciation. A fund of funds. LVIP Vanguard Domestic Equity ETF Fund - Service Class 0.57%2 19.53% 14.58% N/A
A-8

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
Long-term capital appreciation. A fund of funds. LVIP Vanguard International Equity ETF Fund - Service Class 0.60%2 10.61% 8.72% N/A
Capital growth. LVIP Wellington Capital Growth Fund - Service Class 0.96%2 42.67% 22.45% 17.18%
Long-term capital appreciation. LVIP Wellington SMID Cap Value Fund - Service Class 1.08%2 1.52% 7.55% 8.63%
Maximize total return. LVIP Western Asset Core Bond Fund - Service Class 0.76% 8.73% N/A N/A
Capital Appreciation. MFS® VIT Growth Series - Service Class 0.98% 31.54% 19.98% 16.50%
Capital Appreciation. MFS® VIT II International Intrinsic Value Portfolio - Service Class 1.15%2 20.21% 12.42% 10.87%
Total return. MFS® VIT Total Return Series - Service Class 0.86%2 9.52% 8.58% 8.07%
Total return. MFS® VIT Utilities Series - Service Class 1.04% 5.62% 11.10% 8.93%
To seek both capital appreciation and current income. Morgan Stanley VIF Global Infrastructure Portfolio - Class II 1.12%2 -1.43% 8.48% 9.17%
Maximum real return, consistent with preservation of real capital and prudent investment management. A fund of funds. PIMCO VIT All Asset Portfolio - Advisor Class 1.38%2 7.91% 7.85% 4.55%
Maximum real return, consistent with prudent investment management. PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class 1.34%2 1.23% 2.54% -5.49%
To seek maximum long-term return, consistent with preservation of capital and prudent investment management. PIMCO VIT Dynamic Bond Portfolio - Advisor Class 1.12% 4.70% 3.99% N/A
To seek maximum total return, consistent with preservation of capital and prudent investment management. PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class 1.20% 6.60% 7.65% 5.23%
Balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income. Putnam VT George Putnam Balanced Fund - Class IB 0.93% 15.41% 11.52% 9.92%
A-9

 

Investment Objective Fund and
Adviser/Sub-adviser1 		Current Expenses Average Annual Total
Returns (as of 12/31/2020)
      1 year 5 year 10 year
Capital Appreciation. Putnam VT Global Health Care Fund - Class IB 1.02% 16.28% 9.01% 13.74%
High current income consistent with what the manager believes to be prudent risk. Putnam VT Income Fund - Class IB 0.82% 5.73% 5.01% 4.72%
Capital growth and current income. Putnam VT Large Cap Value Fund - Class IB 0.82% 5.80% 11.25% 11.60%
To seek positive total return. Putnam VT Multi-Asset Absolute Return Fund - Class IB 1.19%2 -7.38% -0.53% N/A
Long-term capital growth. Templeton Foreign VIP Fund - Class 4 1.21%2 -1.34% 3.20% 2.31%
High current income consistent with preservation of capital; capital appreciation is a secondary objective. Templeton Global Bond VIP Fund - Class 4
advised by Franklin Advisers, Inc. 		0.84%2 -5.35% 0.56% 1.46%
Long-term capital appreciation by investing primarily in hard asset securities. A fund of funds. VanEck VIP Global Resources Fund - Class S Shares 1.38% 18.83% 5.93% -3.83%
Long-term total return. Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares 0.93% 6.53% 5.97% 4.97%
1 The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the Underlying Fund or the fund company.
2 This fund is subject to an expense reimbursement or a fee waiver arrangement. As a result, this funds annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3 Investments in Delaware VIP Series, Delaware Funds, LVIP Delaware 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 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® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensees. S&P®, S&P GSCI® and the Index are trademarks of S&P and have been licensed for use by SPDJI and its affiliates and sublicensed for certain purposes by the licensee. The Index is not owned, endorsed, or approved by or associated with any additional third party. 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 any liability for any errors, omissions, or interruptions of the Index.
A-10

 

This initial summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the policy, both dated XX XX, 2021, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
SEC File Nos. 333-259297; 811-08557
EDGAR Contract Identifier C000232314