THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

Lincoln Life Flexible Premium Variable Life Account M

Lincoln Momentum VUL^ONE, Lincoln Momentum VUL^ONE 2005, Lincoln Momentum VUL^ONE 2007, Lincoln VUL^CV-II/VUL Flex Elite Series, Lincoln VUL^CV-III Elite Series, Lincoln VUL^CV-IV, Lincoln VUL^DB Elite Series, Lincoln VUL^DB-II Elite Series, Lincoln VUL^ONE, Lincoln VUL^ONE 2005, Lincoln VUL^ONE 2007, Lincoln VUL^DB-IV, Lincoln AssetEdge^® VUL

Lincoln Life Flexible Premium Variable Life Account R

Lincoln Momentum SVUL^ONE, Lincoln Momentum SVUL^ONE 2007, Lincoln SVUL-II Elite Series, Lincoln SVUL-III Elite Series, Lincoln SVUL^ONE, Lincoln SVUL^ONE 2007, Lincoln SVUL-IV, Lincoln PreservationEdge^® SVUL

Lincoln Life Flexible Premium Variable Life Account S

Lincoln Corporate Commitment^® VUL, Lincoln Corporate Variable 4, Lincoln Corporate Variable 5,

Lincoln CVUL Series III – Elite Series

LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK

Lincoln Life & Annuity Flexible Premium Variable Life Account M

Lincoln Momentum VUL^ONE, Lincoln Momentum VUL^ONE 2005, Lincoln VUL^CV-II/VUL Flex Elite Series, Lincoln VUL^CV-III Elite Series, Lincoln VUL^CV-IV, Lincoln VUL^DB Elite Series, Lincoln VUL^DB-II Elite Series, Lincoln VUL^DB-IV, Lincoln VUL^ONE, Lincoln VUL^ONE 2005, Lincoln VUL^ONE 2007, Lincoln AssetEdge^® VUL

LLANY Separate Account R for Flexible Premium Variable Life Insurance

Lincoln SVUL Elite Series, Lincoln SVUL-II Elite Series, Lincoln SVUL-III Elite Series, Lincoln SVUL^ONE, Lincoln SVUL^ONE 2007, Lincoln SVUL-IV, Lincoln PreservationEdge^® SVUL

LLANY Separate Account S for Flexible Premium Variable Life Insurance

Lincoln Corporate Commitment^® VUL, Lincoln Corporate Variable 4, Lincoln Corporate Variable 5,

Lincoln CVUL Series III – Elite Series

Supplement dated September 24, 2025 to the Prospectus

This Supplement outlines a change to the investment options under your variable life insurance policy. All other provisions outlined in your prospectus, as supplemented, remain unchanged.

The Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) has approved an Agreement and Plan of Reorganization to merge the LVIP Macquarie Wealth Builder Fund (the “Fund”) with and into the LVIP Structured Moderate Allocation Fund (the “Acquiring Fund”), a series of the Trust (the “Reorganization”). The Reorganization is not expected to be a taxable event for the Policy Owners. More information about the Acquiring Fund and the Reorganization was distributed to Policy Owners invested in the Fund as of the close of business on July 31, 2025. The Fund’s Reorganization is expected to be completed on or about October 31, 2025 (“Closing Date”).

At any time prior to the Closing Date, Policy Owners may transfer out of the Fund consistent with the transfer provisions of the applicable variable life insurance policy. Policy Owners may transfer into any other available investment options under their Policy. Please see your product prospectus for information about other funds available for investment within your product and for more information on transfers, including any restrictions on transfers into the Fund before the Closing Date.  The investment objectives, policies, and risks of the Acquiring Fund are similar to those of the Fund.

For complete details relating to the funds, including fees and expenses, please refer to the fund’s prospectus. You can obtain information at no cost by contacting your registered representative or by sending an email request to CustServSupportTeam@lfg.com.

Please retain this Supplement for future reference.