<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:sccom="http://www.sec.gov/edgar/sccommon" xmlns:ncom="http://www.sec.gov/edgar/ncencommon" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:exch="http://www.sec.gov/edgar/iso_exchangelist" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0505</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001071939</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <investmentCompanyType>N-6</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportClass>
        <classInfo>
          <classId>C000232904</classId>
          <!--Field: Pseudo-Tag; ID: Class Name; Data: Spectrum Select Plus-->
        </classInfo>
        <classInfo>
          <classId>C000232903</classId>
          <!--Field: Pseudo-Tag; ID: Class Name; Data: Spectrum Select-->
        </classInfo>
      </reportClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2025-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT LMB-V</registrantFullName>
      <investmentCompFileNo>811-09075</investmentCompFileNo>
      <registrantCik>0001071939</registrantCik>
      <registrantLei>549300V1K8YDOFRWXI29</registrantLei>
      <registrantstreet1>1301 S. Harrison Street</registrantstreet1>
      <registrantcity>Fort Wayne</registrantcity>
      <registrantzipCode>46802</registrantzipCode>
      <registrantstate>US-IN</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>6173579500</registrantphoneNumber>
      <websites>
        <website webpage="www.lincolnfinancial.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Protective Life Insurance Company</officeName>
          <officeAddress1>2801 Highway 280 South</officeAddress1>
          <officeCity>Birmingham</officeCity>
          <officeStateCountry officeState="US-AL" officeCountry="US"/>
          <officeRecordsZipCode>35223-2488</officeRecordsZipCode>
          <officePhone>205-268-1000</officePhone>
          <booksRecordsDesc>Includes customer account information, transactions, daily account values, accumulation unit value calculations, general and auxiliary ledgers, corporate charters, bylaws and minute books.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>The Lincoln National Life Insurance Company</officeName>
          <officeAddress1>100 Liberty Way</officeAddress1>
          <officeCity>Dover</officeCity>
          <officeStateCountry officeState="US-NH" officeCountry="US"/>
          <officeRecordsZipCode>02820</officeRecordsZipCode>
          <officePhone>6037492600</officePhone>
          <booksRecordsDesc>Includes customer account information, transactions, daily account values, accumulation unit value calculations, general and auxiliary ledgers, corporate charters, bylaws and minute books.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Protective Life Insurance Company</officeName>
          <officeAddress1>100 Liberty Way</officeAddress1>
          <officeCity>Dover</officeCity>
          <officeStateCountry officeState="US-NH" officeCountry="US"/>
          <officeRecordsZipCode>02820</officeRecordsZipCode>
          <officePhone>6037492600</officePhone>
          <booksRecordsDesc>Includes customer account information, transactions, daily account values, accumulation unit value calculations, general and auxiliary ledgers, corporate charters, bylaws and minute books.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-6</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>SCOTT E. CREUTZMANN</ccoName>
          <crdNumber>005351383</crdNumber>
          <ccoStreet1>2801 Highway 280 South</ccoStreet1>
          <ccoCity>Birmingham</ccoCity>
          <ccoStateCountry ccoState="US-AL" ccoCountry="US"/>
          <ccoZipCode>35223-2488</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Lincoln Financial Distributors, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-13431</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000000145</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>EFQMQROEDSNBRIP7LE47</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-PA" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>Y</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Mitchell &amp; Titus, LLP</publicAccountantName>
          <pcaobNumber>523</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-NY" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>Y</isPublicAccountantChanged>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
    </registrantInfo>
    <unitInvestmentTrust>
      <depositors>
        <depositor>
          <depositorName>The Lincoln National Life Insurance Company</depositorName>
          <depositorCrdNo>N/A</depositorCrdNo>
          <depositorLei>NJ1Z0LLF4RLDWG2WCN80</depositorLei>
          <depositorStateCountry depositorState="US-IN" depositorCountry="US"/>
          <depositorUltimateParentname>Lincoln National Corporation</depositorUltimateParentname>
        </depositor>
      </depositors>
      <uitAdmins>
        <uitAdmin>
          <uitAdminName>Protective Life Insurance Company</uitAdminName>
          <uitAdminLei>41W01VBG8F2D0X56VL51</uitAdminLei>
          <uitAdminStateCountry uitAdminState="US-NE" uitAdminCountry="US"/>
          <isUitAdminAffiliated>N</isUitAdminAffiliated>
          <isUitAdminSubAdmin>N</isUitAdminSubAdmin>
        </uitAdmin>
      </uitAdmins>
      <isUitAdminHiredTerminated>N</isUitAdminHiredTerminated>
      <registrantSeparateInsuranceAccount isRegistrantSeparateInsuranceAccount="Y" separateAccountSeriesId="S000062935"/>
      <numOfContracts>1644</numOfContracts>
      <contractSecurities>
        <contractSecurity separateAccountSecurityName="Spectrum Select Plus" separateAccountContractId="C000232904" separateAccountTotalAsset="44274714.93" numContractsSold="0" grossPremiumReceived="1596766.27" grossPremiumReceivedSection1035="0.00" numContractsAffected="0" contractValueRedeemed="2647299.16" contractValueRedeemedSection1035="691713.84" numContractsAffectedRedeemed="8"/>
        <contractSecurity separateAccountSecurityName="Spectrum Select" separateAccountContractId="C000232903" separateAccountTotalAsset="4161299.20" numContractsSold="0" grossPremiumReceived="200.00" grossPremiumReceivedSection1035="0.00" numContractsAffected="0" contractValueRedeemed="180118.12" contractValueRedeemedSection1035="0.00" numContractsAffectedRedeemed="0"/>
      </contractSecurities>
      <isRule6C7Reliance>N</isRule6C7Reliance>
      <isRule11A2Reliance>N</isRule11A2Reliance>
      <isRule12D1Dash4Reliance>N</isRule12D1Dash4Reliance>
      <isRule12D1GReliance>N</isRule12D1GReliance>
    </unitInvestmentTrust>
    <signature registrantSignedName="Lincoln Life Flexible Premium Variable Life Account LMB-V" signedDate="2026-02-09" signature="Brandon J. Cage" title="Vice President and Managing Counsel for Protective Life Insurance Company, as admin for The Lincoln National Life Insurance Company"/>
  </formData>
</edgarSubmission>
