# EDGAR Filing Document

**Accession Number:** 0000726865
**File Stem:** 0001104659-26-048274
**Filing Date:** 2026-4
**Character Count:** 16673
**Document Hash:** ace2a53e993dbdc8308cc5686eaad729
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-048274.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001104659-26-048274

**CONFORMED SUBMISSION TYPE**: 497VPU

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260424

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN NATIONAL LIFE INSURANCE CO /IN/
- **CENTRAL INDEX KEY:** 0000726865
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 350472300
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497VPU
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267670
- **FILM NUMBER:** 26891109

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** 2604552000

**MAIL ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802

## Series and Classes Contracts Data

### LINCOLN NATIONAL LIFE INSURANCE CO /IN/ (Series ID: S000090820)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000261541 | Lincoln Level Advantage 2 Advisory Class |  |

***Lincoln Level Advantage* 2**<sup>®</sup>**Advisory Class Index-Linked Annuity Contracts** 

**Updating Summary Prospectus for Current Contractowners** <br>**May 1, 2026**

This updating summary prospectus summarizes certain changes to key features of the *Lincoln Level Advantage* 2<sup>®</sup>Advisory Class Index-Linked Annuity contract issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).

You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the *Lincoln Level Advantage* 2<sup>®</sup>Advisory Class contract.

The prospectus for the *Lincoln Level Advantage* 2<sup>®</sup>Advisory Class Index-Linked Annuity contract contains more information about the Contract's features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-877-737-6872 or by sending an email request to CustServSupportTeam@lfg.com.

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

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

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

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**Updated Information About Your Contract**

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

**Summary of Contract Changes:** 

**Purchase Payments.** You must obtain our approval for a Purchase Payment totaling $1 million or more. This amount takes into consideration the total Purchase Payments for all existing *Lincoln Level Advantage*<sup>®</sup>, *Lincoln Level Advantage 2*<sup>®</sup> and *Lincoln Level Advantage 2 Income*<sup>SM</sup> contracts for the same Contractowner, joint owner, and/or Annuitant. At the Company's discretion, this amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.

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**Important Information You Should Consider About the *Lincoln Level Advantage* 2**<sup>®</sup>**Advisory Class Index-linked Annuity Contract** 

&nbsp;&nbsp;&nbsp;&nbsp;**FEES, EXPENSES, AND ADJUSTMENTS** **Location in** **Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;**RISKS** **Location in** **Prospectus** 

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&nbsp;&nbsp;&nbsp;&nbsp;**RISKS** **Location in** **Prospectus** 

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&nbsp;&nbsp;&nbsp;&nbsp;**RISKS** **Location in** **Prospectus** 

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&nbsp;&nbsp;&nbsp;&nbsp;**RISKS** **Location in** **Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;**RESTRICTIONS** **Location in** **Prospectus** 

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&nbsp;&nbsp;&nbsp;&nbsp;**RESTRICTIONS** **Location in** **Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;**TAXES** **Location in** **Prospectus** 

&nbsp;&nbsp;&nbsp;&nbsp;**CONFLICTS OF INTEREST** **Location in** **Prospectus** 

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**Appendix A — Investment Options Available Under The Contract**

The following is a list of Indexed Accounts currently available under the Contract. We may change the features of the Indexed Accounts listed below (including the Index and the current limits on Index gains and losses), offer new Indexed Accounts, and terminate existing Indexed Accounts. We will provide you with written notice before making any changes other than changes to the current limits on Index gains. Information about current limits on Index gains is available at www.lfg.com/llarates.

**Note: If amounts are removed from an Indexed Account before the end of its Indexed Term, we will apply a Contract Adjustment based on Interim Value. This may result in significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if you held the Indexed Segment until the end of the Indexed Term. See Indexed Accounts – Interim Value in the prospectus for additional details.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index** | **Type of Index** | **Term** <br> **Duration**<br>| **Index Crediting**<br> **Methodology**<br>| **Protection Method** <br> **and Amount of** <br> **Protection**<br>| **Guaranteed Minimum** <br> **Declared Crediting** <br> **Method Rate**<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 1-Year | Point-to Point | 15% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is not available for contracts issued on or after* <br> *November, 18, 2024.*<br>| Market Index | 1-Year | Point-to-Point | 20% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1, 3</sup> <br>| Market Index | 1-Year | Point-to-Point | 100% Protection <br> Level<br>| 0.10% Performance <br> Cap<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>| Market Index | 1-Year | Point-to-Point | 15% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>| Market Index | 1-Year | Point-to-Point | 15% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| Capital Group Growth ETF<sup>2</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Exchange <br> Traded Fund<br>| 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| Capital Group Growth ETF<sup>2</sup> <br>| Exchange <br> Traded Fund<br>| 1-Year | Point-to-Point | 15% Protection <br> Level<br>| 1.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 6-Year | Point-to-Point | 20% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 6-Year | Point-to-Point | 25% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is not available for contracts issued on or after* <br> *November, 18, 2024.*<br>| Market Index | 6-Year | Point-to-Point | 30% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 6-Year | Point-to-Point | 20% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 6-Year | Point-to-Point | 25% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Index** | **Type of Index** | **Term** <br> **Duration**<br>| **Index Crediting**<br> **Methodology**<br>| **Protection Method** <br> **and Amount of** <br> **Protection**<br>| **Guaranteed Minimum** <br> **Declared Crediting** <br> **Method Rate**<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>*This Index is not available for contracts issued on or after* <br> *November, 18, 2024.*<br>| Market Index | 6-Year | Point-to-Point | 30% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>| Market Index | 6-Year | Point-to-Point | 20% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 6-Year | Point-to-Point | 25% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>*This Index is not available for contracts issued on or after* <br> *November, 18, 2024.*<br>| Market Index | 6-Year | Point-to-Point | 30% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>| Market Index | 6-Year | Point-to-Point | 20% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>*This Index is available for all contracts issued on or after* <br> *November, 18, 2024, subject to state availability.*<br>| Market Index | 6-Year | Point-to-Point | 25% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>*This Index is not available for contracts issued on or after* <br> *November, 18, 2024.*<br>| Market Index | 6-Year | Point-to-Point | 30% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Trigger Rate<br>|
| Capital Group Growth ETF<sup>2</sup> <br>| Exchange <br> Traded Fund<br>| 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Performance <br> Trigger Rate<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Dual <br> Performance <br> Trigger Rate<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Dual <br> Performance <br> Trigger Rate<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Dual <br> Performance <br> Trigger Rate<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>| Market Index | 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Dual <br> Performance <br> Trigger Rate<br>|
| Capital Group Growth ETF<sup>2</sup> <br>| Exchange <br> Traded Fund<br>| 1-Year | Point-to-Point | 10% Protection <br> Level<br>| 1.0% Dual <br> Performance <br> Trigger Rate<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 6-Year | Point-to-Point | 15% Dual Plus | 15.0% Performance <br> Cap<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 6-Year | Point-to-Point | 15% Dual Plus | 15.0% Performance <br> Cap<br>|
| Capital Strength Net Fee Index<sup>SM 1, 4</sup> <br>| Market Index | 6-Year | Point-to-Point | 15% Dual Plus | 15.0% Performance <br> Cap<br>|
| First Trust American Leadership Index<sup>TM 1, 4</sup> <br>| Market Index | 6-Year | Point-to-Point | 15% Dual Plus | 15.0% Performance <br> Cap<br>|
| S&P 500<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 6-Year | Annual Lock | 10% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|
| Russell 2000<sup>®</sup> Price Return Index<sup>1</sup> <br>| Market Index | 6-Year | Annual Lock | 10% Protection <br> Level<br>| 10.0% Performance <br> Cap<br>|

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<sup>1</sup> The Index is a "price return Index," not a "total return Index," and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

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<sup>2</sup> The ETF provider deducts fees and costs when calculating performance. This will reduce the ETF return and may cause the ETF to underperform a direct investment in the securities composing the ETF. The Indexed Account that tracts the ETF does not participate in dividend or capital gains distributions of the ETF, if any.

<sup>3</sup> This Indexed Account provides total protection from Index losses at the end of the Indexed Term.

<sup>4</sup> The Index deducts fees and costs when calculating Index performance which will reduce the Index return and cause each Index to underperform a direct investment in the securities composing the Index.

Each Indexed Account's limit on Index losses is guaranteed not to change for as long as that Indexed Account remains available under the Contract. **We will not offer a 1-Year Indexed Account with a Performance Cap, Performance Trigger Rate, or Dual Performance Trigger Rate below 1.00% (except in the case of the 100% Protection Level, which has a minimum Performance Cap of 0.10%) or a 6-Year Annual Lock Indexed Account with a Performance Cap below 1.00%. We will not offer a 6-Year Performance Cap or Dual Plus Indexed Account with a Performance Cap below 10.00%. If you choose to lock the Interim Value of an Indexed Segment under *Secure Lock*+**<sup>®</sup>**, we will reset the Performance Cap, the Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate for that Indexed Segment, and that Reset Rate may be lower than these stated minimums. We will not offer a Reset Rate under *Secure Lock*+**<sup>®</sup> **less than 0.10%.** However, we reserve the right to add and remove Indexed Accounts and to offer Indexed Accounts with different Crediting Methods or Protection Methods. As such, the limits on Index loss offered under the Contract may change from one Indexed Term to the next. We do not guarantee that the Contract will always offer Indexed Accounts that limit Index losses. See Indexed Accounts in the prospectus for additional details.

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This updating summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Contract, both dated May 1, 2026, 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.

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**SEC File Nos.:** <br>333-267670 <br>**EDGAR Contract Identifier:** <br>C000261541

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