# EDGAR Filing Document

**Accession Number:** 0001051932
**File Stem:** 0000726865-23-000185
**Filing Date:** 2023-3
**Character Count:** 539158
**Document Hash:** 59319d072fa68b86f04689519520038f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000726865-23-000185.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000726865-23-000185

**CONFORMED SUBMISSION TYPE**: N-6

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT R
- **CENTRAL INDEX KEY:** 0001051932
- **IRS NUMBER:** 350472300
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-6
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08579
- **FILM NUMBER:** 23719876

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 S CLINTON ST
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46808
- **BUSINESS PHONE:** 2194552000

**MAIL ADDRESS:**
- **STREET 1:** 1300 S CLINTON ST
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46808
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT R
- **CENTRAL INDEX KEY:** 0001051932
- **IRS NUMBER:** 350472300
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-6
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270396
- **FILM NUMBER:** 23719875

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 S CLINTON ST
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46808
- **BUSINESS PHONE:** 2194552000

**MAIL ADDRESS:**
- **STREET 1:** 1300 S CLINTON ST
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46808

As filed with the Securities and Exchange Commission on March 9, 2023

1933 Act Registration No. 333-_______

1940 Act Registration No. 811-08579

CIK No. 0001051932

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 138

Lincoln Life Flexible Premium Variable Life Account R <br> (Exact Name of Registrant)

Lincoln SVUL<sup>ONE</sup> Focus

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY <br> (Exact Name of Depositor)

1301 South Harrison Street <br> Fort Wayne, Indiana 46802 <br> (Address of Depositor's Principal Executive Offices)

Depositor's Telephone Number, Including Area Code: (260) 455-2000

Craig Beazer, Esq. <br> The Lincoln National Life Insurance Company <br> 150 North Radnor Chester Road <br> Radnor, PA 19087 <br> (Name and Address of Agent for Service)

Copy To: <br> Jassmin McIver-Jones <br> The Lincoln National Life Insurance Company <br> 100 N. Greene Street <br> Greensboro, North Carolina 27401

Approximate Date of Proposed Public Offering: Continuous

Title of Securities being registered: <br> Indefinite Number of Units of Interest in Variable Life Insurance Contracts.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), shall determine.

------

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**Lincoln Life Flexible Premium Variable Life Account R**

**The Lincoln National Life Insurance Company**

**Home Office Location:** <br> **1301 South Harrison Street** <br> **P.O. Box 1110** <br> **Fort Wayne, IN 46802** <br> **(800) 454-6265**

**Administrative Office:** <br> **Customer Service Center** <br> **100 N. Greene Street** <br> **Greensboro, NC 27401** <br> **(800) 487-1485**

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**A Flexible Premium Variable Life Insurance Policy On the Lives of Two Insureds**

------

This prospectus describes *Lincoln SVUL*<sup>ONE</sup> *Focus*, a flexible premium variable survivorship life insurance contract (the "Policy"), offered by The Lincoln National Life Insurance Company ("Lincoln Life", the "Company", "We", "Us", "Our"). The Policy provides for death benefits and policy values that may vary with the performance of the underlying investment options. Read this prospectus carefully to understand the Policy being offered. Remember, you are looking to the financial strength of the Company for fulfillment of the contractual promises and guarantees, including those related to death benefits.

The state in which your Policy is issued will govern whether or not certain features, riders, restrictions, limitations, charges and fees will be allowed in your Policy. All material state variations are discussed in this prospectus. However, non-material variations may not be discussed. You should refer to your Policy for these state-specific features. Please contact the Administrative Office or your registered representative regarding availability.

You, the Owner, may allocate Net Premiums to the variable Sub-Accounts of our Flexible Premium Variable Life Account R, established on December 2, 1997 ("Separate Account"), or to the Fixed Account, if available. Each Sub-Account invests in shares of certain funds. These funds are collectively known as the *Elite Series*. Comprehensive information on the funds may be found in the funds' prospectuses which are available online at www.lfg.com/VULprospectus. More information about the funds can be found in Appendix A later in this prospectus.

The prospectus gives you information about the Policy that you should know before you decide to buy a Policy and make Premium Payments. You should also review the prospectuses for the funds and keep all prospectuses for future reference. All prospectuses and other shareholder reports will be made available on www.lfg.com/VULprospectus. If you wish to receive future shareholder reports in paper, free of charge, please call us at 1-800-487-1485, send an email request to CustServSupportTeam@lfg.com, or contact your registered representative. Your election to receive reports in paper will apply to all funds available under your Policy.

Additional information on Lincoln Life, the Separate Account and this Policy may be found in the Statement of Additional Information (the "SAI"). See the last page of this prospectus for information on how you may obtain the SAI. Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

Certain terms used in this prospectus are defined within the sentences where they appear, within relevant provisions of the prospectus, including footnotes or they may be found in the prospectus Special Terms section.

If you are a new investor in the Policy, you may cancel your Policy within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total contract value. You should review this prospectus, or consult with your registered representative, for additional information about the specific cancellation terms that apply. Please note: A new investor does not include an ownership change and you should always refer to your Policy for more information.

**The Securities and Exchange Commission has not approved or disapproved these securities or determined this prospectus is accurate or complete. It is a criminal offense to state otherwise.**

**This Policy may not be available in all states, and this prospectus only offers the Policy for sale in jurisdictions where such offer and sale are approved.**

**Prospectus Dated: XX XX, 2023**

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**Table of Contents**

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

---

| | |
|:---|:---|
| **Contents** | **Page** |
| [SPECIAL TERMS](#xx_8242fbab-a807-45f1-8905-e68eb6c24037_1) | 3  |
| &nbsp;&nbsp; [Important Information You Should Consider](#xx_f3581602-dfae-4689-94d6-91fefff24265_1)<br> [About the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_1)<br>| 6  |
| [Overview of the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_4) | 9  |
| &nbsp;&nbsp;&nbsp;&nbsp; [What is the purpose of the Policy?](#xx_f3581602-dfae-4689-94d6-91fefff24265_4) | 9  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [When do I have to pay Premiums and how do](#xx_f3581602-dfae-4689-94d6-91fefff24265_4)<br> [they get invested?](#xx_f3581602-dfae-4689-94d6-91fefff24265_4)<br>| 9  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [What are the primary features and options](#xx_f3581602-dfae-4689-94d6-91fefff24265_5)<br> [that the Policy Offers?](#xx_f3581602-dfae-4689-94d6-91fefff24265_5)<br>| 10  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fee Table](#xx_f3581602-dfae-4689-94d6-91fefff24265_5) | 10  |
| [Principal Risks of Investing in the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_9) | 14  |
| &nbsp;&nbsp; [Lincoln Life, The Separate Account and The](#xx_f3581602-dfae-4689-94d6-91fefff24265_11)<br> [General Account](#xx_f3581602-dfae-4689-94d6-91fefff24265_11)<br>| 16  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fund Participation Agreements](#xx_f3581602-dfae-4689-94d6-91fefff24265_12) | 17  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Distribution of the Policies and](#xx_f3581602-dfae-4689-94d6-91fefff24265_13)<br> [Compensation](#xx_f3581602-dfae-4689-94d6-91fefff24265_13)<br>| 18  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sub-Accounts and Funds](#xx_f3581602-dfae-4689-94d6-91fefff24265_14) | 19  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Sub-Account Availability and Substitution of](#xx_f3581602-dfae-4689-94d6-91fefff24265_16)<br> [Funds](#xx_f3581602-dfae-4689-94d6-91fefff24265_16)<br>| 21  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting Rights](#xx_f3581602-dfae-4689-94d6-91fefff24265_17) | 22  |
| [POLICY CHARGES AND FEES](#xx_f3581602-dfae-4689-94d6-91fefff24265_17) | 22  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Premium Load; Net Premium Payment](#xx_f3581602-dfae-4689-94d6-91fefff24265_18) | 23  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Surrender Charges](#xx_f3581602-dfae-4689-94d6-91fefff24265_19) | 24  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Partial Surrender Fee](#xx_f3581602-dfae-4689-94d6-91fefff24265_19) | 24  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfer Fee](#xx_f3581602-dfae-4689-94d6-91fefff24265_20) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Mortality and Expense Risk Charge](#xx_f3581602-dfae-4689-94d6-91fefff24265_20) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Cost of Insurance Charge](#xx_f3581602-dfae-4689-94d6-91fefff24265_20) | 25  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Administrative Fee](#xx_f3581602-dfae-4689-94d6-91fefff24265_21) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policy Loan Interest](#xx_f3581602-dfae-4689-94d6-91fefff24265_21) | 26  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Rider Charges](#xx_f3581602-dfae-4689-94d6-91fefff24265_21) | 26  |
| [YOUR INSURANCE POLICY](#xx_f3581602-dfae-4689-94d6-91fefff24265_22) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Application](#xx_f3581602-dfae-4689-94d6-91fefff24265_22) | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Owner](#xx_f3581602-dfae-4689-94d6-91fefff24265_23) | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Right to Examine Period](#xx_f3581602-dfae-4689-94d6-91fefff24265_23) | 28  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Initial Specified Amount](#xx_f3581602-dfae-4689-94d6-91fefff24265_24) | 29  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfers](#xx_f3581602-dfae-4689-94d6-91fefff24265_24) | 29  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Market Timing](#xx_f3581602-dfae-4689-94d6-91fefff24265_25) | 30  |

---

---

| | |
|:---|:---|
| **Contents** | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Benefits Available Under the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_27) | 32  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Optional Sub-Account Allocation Programs](#xx_f3581602-dfae-4689-94d6-91fefff24265_39) | 44  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Continuation of Coverage](#xx_f3581602-dfae-4689-94d6-91fefff24265_40) | 45  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Termination of Coverage](#xx_f3581602-dfae-4689-94d6-91fefff24265_40) | 45  |
| &nbsp;&nbsp;&nbsp;&nbsp; [State Regulation](#xx_f3581602-dfae-4689-94d6-91fefff24265_41) | 46  |
| [PREMIUMS](#xx_f3581602-dfae-4689-94d6-91fefff24265_41) | 46  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Allocation of Net Premium Payments](#xx_f3581602-dfae-4689-94d6-91fefff24265_41) | 46  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Planned Premiums; Additional Premiums](#xx_f3581602-dfae-4689-94d6-91fefff24265_42) | 47  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policy Values](#xx_f3581602-dfae-4689-94d6-91fefff24265_42) | 47  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Persistency Bonus](#xx_f3581602-dfae-4689-94d6-91fefff24265_43) | 48  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Statement](#xx_f3581602-dfae-4689-94d6-91fefff24265_44) | 49  |
| [DEATH BENEFITS](#xx_f3581602-dfae-4689-94d6-91fefff24265_44) | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death Benefit Proceeds](#xx_f3581602-dfae-4689-94d6-91fefff24265_44) | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Changes to the Initial Specified Amount](#xx_f3581602-dfae-4689-94d6-91fefff24265_44) | 49  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death Benefit Qualification Test](#xx_f3581602-dfae-4689-94d6-91fefff24265_45) | 50  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payment of Death Benefit Proceeds](#xx_f3581602-dfae-4689-94d6-91fefff24265_46) | 51  |
| [POLICY SURRENDERS](#xx_f3581602-dfae-4689-94d6-91fefff24265_47) | 52  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Partial Surrender](#xx_f3581602-dfae-4689-94d6-91fefff24265_47) | 52  |
| [POLICY LOANS](#xx_f3581602-dfae-4689-94d6-91fefff24265_48) | 53  |
| [LAPSE AND REINSTATEMENT](#xx_f3581602-dfae-4689-94d6-91fefff24265_49) | 54  |
| &nbsp;&nbsp;&nbsp;&nbsp; [No-Lapse Protection](#xx_f3581602-dfae-4689-94d6-91fefff24265_49) | 54  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reinstatement of a Lapsed Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_50) | 55  |
| [TAX ISSUES](#xx_f3581602-dfae-4689-94d6-91fefff24265_50) | 55  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Taxation of Life Insurance Contracts in](#xx_f3581602-dfae-4689-94d6-91fefff24265_50)<br> [General](#xx_f3581602-dfae-4689-94d6-91fefff24265_50)<br>| 55  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policies That Are MECs](#xx_f3581602-dfae-4689-94d6-91fefff24265_52) | 57  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Policies That Are Not MECs](#xx_f3581602-dfae-4689-94d6-91fefff24265_52) | 57  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Last Survivor Contract](#xx_f3581602-dfae-4689-94d6-91fefff24265_53) | 58  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Considerations](#xx_f3581602-dfae-4689-94d6-91fefff24265_53) | 58  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fair Market Value of Your Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_55) | 60  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Tax Status of Lincoln Life](#xx_f3581602-dfae-4689-94d6-91fefff24265_55) | 60  |
| [RESTRICTIONS ON FINANCIAL TRANSACTIONS](#xx_f3581602-dfae-4689-94d6-91fefff24265_55) | 60  |
| [LEGAL PROCEEDINGS](#xx_f3581602-dfae-4689-94d6-91fefff24265_55) | 60  |
| [FINANCIAL STATEMENTS](#xx_f3581602-dfae-4689-94d6-91fefff24265_56) | 61  |
| [Appendix A: Funds Available Under the policy](#xx_51e72719-91a4-4d1a-888b-8bfe3309ba6f_1) | A-1 |

---

------

**SPECIAL TERMS**

**The following terms may appear in your prospectus and are defined below:**

**7-Pay Test**—A test that compares actual paid Premium in the first seven years against a pre-determined Premium amount as defined in 7702A of the Code.

**1933 Act**—The Securities Act of 1933, as amended.

**1940 Act**—The Investment Company Act of 1940, as amended.

**Accumulation Value (Total Account Value)**—An amount equal to the sum of the Fixed Account Value, the Separate Account Value, and the Loan Account Value.

**Administrative Fee**—The fee which compensates the Company for administrative expenses associated with policy issue and ongoing policy maintenance including Premium billing and collection, policy value calculation, confirmations, periodic reports and other similar matters.

**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 Accumulation Test**—A provision of the Code that requires that the death benefit be sufficient to prevent the Accumulation Value from ever exceeding the net single Premium required to fund the future benefits under the Policy.

**Code**—Internal Revenue Code of 1986, as amended.

**Cost of Insurance Charge**—This charge is the portion of the Monthly Deduction designed to compensate the Company for the anticipated cost of paying death benefits in excess of the policy value. It is determined by multiplying the Policy's Net Amount at Risk by the Cost of Insurance rate.

**Death Benefit Proceeds**—The amount payable to the Beneficiary upon the death of the second Insured. Loans, loan interest, Partial Surrenders, and overdue charges, if any, are deducted prior to payment of the Death Benefit Proceeds. Riders may impact the amount payable as Death Benefit Proceeds in your Policy.

**Debt**—The sum of all outstanding loans and accrued interest. May also be referred to as Indebtedness in your Policy.

**Fixed Account**—A part of our General Account to which we credit a guaranteed minimum interest rate. The account may be available as an allocation option under the Policy by the terms of the Policy or Riders. We may impose restrictions on the use of the Fixed Account.

**Fixed Account Value**—An amount equal to the value of amounts allocated or transferred to the Fixed Account, plus interest credited, and less any deductions including Partial Surrenders.

**Full Surrender**—The withdrawal of all applicable policy values.

**Good Order**—The actual receipt of the requested transaction in writing (or other form subject to our consent) along with all information and supporting legal documentation necessary to effect the transaction.

**Grace Notice**—Written notice to you (or any assignee or other designee of record) that your Policy will terminate unless we receive payment of Premiums . The Grace Notice will state the amount of Premium Payment (or payment of Debt on Policy Loans) that must be paid to avoid termination of your Policy.

**Grace Period**—The period during which you may make Premium Payments (or repay Debt) to prevent Policy Lapse. That period is the later of (a) 31 days after the Grace Notice was mailed, and (b) 61 days after the Monthly Anniversary Day on which the Policy enters the Grace Period.

**Guideline Premium Test**—A provision of the Code under which the maximum amount of Premium paid in relation to the death benefit and a minimum amount of death benefit in relation to policy value is determined.

**Insured**—The person on whose life the Policy is issued.

**Loan Account (Loan Collateral Account)**—The account in which policy Debt accrues once it is transferred out of the Sub-Accounts and/or the Fixed Account. The Loan Account is part of our General Account. <br>

**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.

**Market Timing Procedures**—Policies and procedures from time to time adopted by us as an effort to protect our Owners and the funds from potentially harmful trading activity.

**Modified Endowment Contract (MEC)**—A life insurance policy that meets the requirements of Section 7702 and fails the "7-Pay Test" of 7702A of the Code. If the policy is a MEC, withdrawals and loans from your Policy will be treated first as income and then as a recovery of Premium Payments.

**Monthly Anniversary Day**—The Policy Date and the same day of each month thereafter. If the day that would otherwise be a Monthly Anniversary Day is non-existent for that month, or is not a Valuation Day, then the Monthly Anniversary Day is the next Valuation Day. The Monthly Deductions are made on the Monthly Anniversary Day.

**Monthly Deduction**—The amount of the monthly charges for the Cost of Insurance Charge, the Administrative Fee, and charges for riders to your Policy.

**Net Amount at Risk**—The death benefit minus the greater of zero or the Accumulation Value. The Net Amount at Risk may vary with investment performance, Premium Payment patterns, and charges.

**Net Premium Payment**—An amount equal to the Premium Payment, minus the Premium Load.

**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, Persistency Bonus Rate, and interest credited to the Loan Account.

**Owner**—The person or entity designated as Owner in the Policy Specifications unless a new Owner is thereafter named, and we receive written notification of such change.

**Partial Surrender**—A withdrawal of a portion of your policy values.

**Planned Premium**—The amount of periodic Premium (as shown in the Policy Specifications) you have

chosen to pay the Company on a scheduled basis. This is the amount for which we send a Premium reminder notice.

**Policy Anniversary**—The same date (month and day) each Policy Year equal to the Policy Date, or the next Valuation Day if the Policy Anniversary is not a Valuation Day or is nonexistent for the year.

**Policy Date**—The date (shown on the Policy Specification pages) on which life insurance begins if the necessary Premium has been paid. <br>

**Policy Lapse**—The day on which coverage under the Policy ends as described in the Grace Period.

**Policy Loan**—The amount you have borrowed against the Surrender Value of your Policy.

**Policy Loan Interest**—The charge made by the Company to cover the cost of your borrowing against your Policy.

**Policy Month**— The period from one Monthly Anniversary Day up to, but not including, the next Monthly Anniversary Day.

**Policy Specifications**—The pages of the Policy which show your benefits, Premium, costs, and other policy information.

**Policy Year**—Twelve month period(s) beginning on the Policy Date and extending up to but not including the next Policy Anniversary.

**Premium (Premium Payment)**—The amount paid to us for a life insurance policy.

**Premium Load**—A deduction from each Premium Payment which covers certain policy-related state and federal tax liabilities as well as a portion of the sales expenses incurred by the Company.

**Reduction in Specified Amount**—A decrease in the Specified Amount of your Policy.

**Right to Examine Period**—The period during which the Policy may be returned to us for cancellation.

**SAI**—Statement of Additional Information.

**SEC**—The Securities and Exchange Commission.

**Separate Account Value (Variable Accumulation Value)**—An amount equal to the values in the Sub-Accounts.

**Specified Amount (Initial Specified Amount)**—The amount chosen by you which is used to determine the amount of death benefit and the amount of rider

------

benefits, if any. The Specified Amount chosen at the time of issue is the "Initial Specified Amount". The Specified Amount may be increased or decreased after issue if allowed by and described in the Policy.

**Surrender Charge**—The charge we may make if you request a Full Surrender of your Policy or request a Reduction in Specified Amount. The Surrender Charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. A schedule of Surrender Charges is included in each Policy.

**Surrender Value**—An amount equal to the Accumulation Value less any applicable Surrender Charge, less Debt.

**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.

------

**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** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Charges for** <br> **Early** <br> **Withdrawals**<br>| &nbsp;&nbsp; For a Full Surrender or Reduction in Specified Amount, for up to XX <br> years from the date of the Policy and up to XX years from each increase <br> in Specified Amount, you could pay a Surrender Charge of up to $XX <br> (XX%) per $1,000 of the Specified Amount.<br>For example, if your Policy has a face amount of $100,000 and you <br> surrender your Policy or take an early withdrawal, you could be assessed <br> a charge of up to $XX. | &nbsp;&nbsp; For a Full Surrender or Reduction in Specified Amount, for up to XX <br> years from the date of the Policy and up to XX years from each increase <br> in Specified Amount, you could pay a Surrender Charge of up to $XX <br> (XX%) per $1,000 of the Specified Amount.<br>For example, if your Policy has a face amount of $100,000 and you <br> surrender your Policy or take an early withdrawal, you could be assessed <br> a charge of up to $XX. | &nbsp;&nbsp; For a Full Surrender or Reduction in Specified Amount, for up to XX <br> years from the date of the Policy and up to XX years from each increase <br> in Specified Amount, you could pay a Surrender Charge of up to $XX <br> (XX%) per $1,000 of the Specified Amount.<br>For example, if your Policy has a face amount of $100,000 and you <br> surrender your Policy or take an early withdrawal, you could be assessed <br> a charge of up to $XX. | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees**<br>|
| **Transaction** <br> **Charges** <br>| &nbsp;&nbsp; In addition to Surrender Charges, you may also be charged for other <br> transactions, such as when you make a Premium Payment, transfer <br> Policy Value between Sub-Accounts or exercise certain benefits. | &nbsp;&nbsp; In addition to Surrender Charges, you may also be charged for other <br> transactions, such as when you make a Premium Payment, transfer <br> Policy Value between Sub-Accounts or exercise certain benefits. | &nbsp;&nbsp; In addition to Surrender Charges, you may also be charged for other <br> transactions, such as when you make a Premium Payment, transfer <br> Policy Value between Sub-Accounts or exercise certain benefits. | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees**<br>|
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | &nbsp;&nbsp;&nbsp; •In addition to Surrender Charges and transaction charges, there are <br> certain ongoing fees and expenses that are charged annually, monthly <br> or daily.<br> •These fees include the Cost of Insurance Charge under the Policy, <br> optional benefit charges, Administrative Fees, mortality and expense <br> risk charges and Policy Loan interest.<br> •Certain fees are set based on characteristics of the Insured (e.g., age, <br> gender, and rating classification). You should review your Policy <br> Specifications page for rates applicable to you.<br> •Owners will also bear expenses associated with the Underlying Funds <br> under the Policy, as shown in the following table: | &nbsp;&nbsp;&nbsp; •In addition to Surrender Charges and transaction charges, there are <br> certain ongoing fees and expenses that are charged annually, monthly <br> or daily.<br> •These fees include the Cost of Insurance Charge under the Policy, <br> optional benefit charges, Administrative Fees, mortality and expense <br> risk charges and Policy Loan interest.<br> •Certain fees are set based on characteristics of the Insured (e.g., age, <br> gender, and rating classification). You should review your Policy <br> Specifications page for rates applicable to you.<br> •Owners will also bear expenses associated with the Underlying Funds <br> under the Policy, as shown in the following table: | &nbsp;&nbsp;&nbsp; •In addition to Surrender Charges and transaction charges, there are <br> certain ongoing fees and expenses that are charged annually, monthly <br> or daily.<br> •These fees include the Cost of Insurance Charge under the Policy, <br> optional benefit charges, Administrative Fees, mortality and expense <br> risk charges and Policy Loan interest.<br> •Certain fees are set based on characteristics of the Insured (e.g., age, <br> gender, and rating classification). You should review your Policy <br> Specifications page for rates applicable to you.<br> •Owners will also bear expenses associated with the Underlying Funds <br> under the Policy, as shown in the following table: | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | **Annual Fee** | **Minimum** | **Maximum** | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | Underlying Fund Fees and Expenses\* | XX% | XX% | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | \*As a percentage of Underlying Fund assets. | \*As a percentage of Underlying Fund assets. | \*As a percentage of Underlying Fund assets. | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
|  | **RISKS** | **RISKS** | **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Risk of Loss** | &nbsp;&nbsp; You can lose money by investing in the Policy, including loss of <br> principal. | &nbsp;&nbsp; You can lose money by investing in the Policy, including loss of <br> principal. | &nbsp;&nbsp; You can lose money by investing in the Policy, including loss of <br> principal. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br>|

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| | | |
|:---|:---|:---|
|  | **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Not a Short-**<br> **Term Investment**<br>| &nbsp;&nbsp;&nbsp; •This Policy is not a short-term investment vehicle and is not <br> appropriate for an investor who needs ready access to cash.<br>•Surrender Charges apply for XX years from the Policy Date and XX <br> years from the date of any increase in your Specified Amount.<br>•Charges may reduce the value of your Policy and death benefit.<br> •Tax deferral is more beneficial to investors with a long-time horizon. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy** <br> **•Policy** <br> **Charges and** <br> **Fees**<br>|
| **Risks** <br> **Associated with** <br> **Investment** <br> **Options**<br>| &nbsp;&nbsp;&nbsp; •An investment in the Policy is subject to the risk of poor investment <br> performance of the Underlying Funds.<br> •Each Underlying Fund (including a Fixed Account investment option) <br> has its own unique risks. You should review each Underlying Fund's <br> prospectus before making an investment decision. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br>|
| **Insurance** <br> **Company Risks**<br>| &nbsp;&nbsp;&nbsp; •Any obligations, guarantees, and benefits of the contract are subject to <br> the claims-paying ability of Lincoln Life. If Lincoln Life experiences <br> financial distress, it may not be able to meet its obligations to you. <br> More information about Lincoln Life, including its financial strength <br> ratings, is available upon request from Lincoln Life or by visiting <br> https://www.lfg.com/public/aboutus/investorrelations/<br> financialinformation. <br> •You may obtain our audited statutory financial statements, any <br> unaudited statutory financial statements that may be available as well <br> as ratings information by visiting our website at www.lfg.com/<br> VULprospectus.  | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br> **•Lincoln Life,** <br> **the Separate** <br> **Account and** <br> **the General** <br> **Account**<br>|
| **Policy Lapse** | &nbsp;&nbsp;&nbsp; •Sufficient Premiums must be paid to keep your Policy in force. There <br> is a risk of lapse if Premiums are too small in relation to the insurance <br> amount and if investment results of the Sub-Accounts you have <br> chosen are adverse or are less favorable than anticipated.<br> •Outstanding Policy Loans (plus interest) and Partial Surrenders will <br> increase the risk of lapse. The death benefit will not be paid if the <br> Policy Lapsed. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br> **•Lapse and** <br> **Reinstatement**<br>|

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| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Investments** | &nbsp;&nbsp;&nbsp; •We reserve the right to charge for each transfer between Sub-<br> Accounts in excess of 24 transfers per year.<br> •We reserve the right to add, remove, or substitute Sub-Accounts as <br> investment options under the Policy, subject to state or federal laws <br> and regulations. An Underlying Fund may be merged into another <br> Underlying Fund. An Underlying Fund may discontinue offering their <br> shares to the Sub-Accounts. <br> •When the No-Lapse Enhancement rider is in effect, we reserve the <br> right to restrict certain Sub-Account allocations.<br> •You must allocate investments to the Sub-Accounts made available to <br> you.<br> •Currently, the Fixed Account is only available as an account for Dollar <br> Cost Averaging. | &nbsp;&nbsp; **•Sub-Accounts** <br> **and Funds**<br> **•Transfers**<br> **•Transfer Fee**<br> **•Sub-Account** <br> **Availability** <br> **and** <br> **Substitution of** <br> **Funds**<br> **•No-Lapse** <br> **Enhancement** <br> **Rider**<br> **•Allocation of** <br> **Net Premium** <br> **Payments**<br>|
| **Optional** <br> **Benefits**<br>| &nbsp;&nbsp;&nbsp; •Riders may alter the benefits or charges in your Policy. Rider <br> availability and benefits may vary by state of issue or selling broker-<br> dealer and their election may have tax consequences. Riders may have <br> restrictions or limitations, and we may modify or terminate a rider, as <br> allowed. If you elect a particular rider, it may restrict or enhance the <br> terms of your policy, or restrict the availability or terms of other riders <br> or Policy features. | **•Riders** |
|  | **TAXES** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Tax Implications** | &nbsp;&nbsp;&nbsp; •You should always consult with a tax professional to determine the tax <br> implications of an investment in and payments received under the <br> Policy.<br> •Withdrawals will be subject to ordinary income tax, and may be <br> subject to tax penalties.<br> •There is no additional tax benefit to you if the Policy is purchased <br> through a tax-qualified plan or individual retirement account (IRA). | **•Tax Issues** |

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| | | |
|:---|:---|:---|
|  | **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Investment** <br> **Professional** <br> **Compensation**<br>| &nbsp;&nbsp;&nbsp; •Investment professionals typically receive compensation for selling the <br> Policy to investors.<br> •Registered representatives may have a financial incentive to offer or <br> recommend the Policy over another investment for which the <br> investment professional is not compensated (or compensated less).<br> •Registered representatives may be eligible for certain cash and non-<br> cash benefits. Cash compensation includes bonuses and allowances <br> based on factors such as sales, productivity and persistency. Non-<br> cash compensation includes various recognition items such as prizes <br> and awards as well as attendance at, and payment of the costs <br> associated with attendance at, conferences, seminars and recognition <br> trips, and also includes contributions to certain individual plans such <br> as pension and medical plans. | &nbsp;&nbsp; **•Distribution of** <br> **the Policies** <br> **and** <br> **Compensation**<br>|
| **Exchanges** | &nbsp;&nbsp; Some investment professionals may have a financial incentive to offer <br> you a new contract in place of the one you already own. You should only <br> exchange your Policy if you determine, after comparing the features, <br> fees, and risks of both policies, that it is preferable for you to purchase <br> the new policy rather than continue to own the existing policy. | &nbsp;&nbsp; **Change of Plan** <br> **(located in the** <br> **SAI)**<br>|

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**Overview of the Policy**

**What is the purpose of the Policy?**

*Lincoln SVUL*<sup>ONE</sup> *Focus* 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 second 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 minimum Premium Payment is made, there is no minimum Premium required except to keep the Policy in force. You may generally select and vary the frequency and the amount of any Premium Payments up to the younger Insured's Attained Age of 121.

After we deduct the Premium Load from your Premium Payment, we allocate your Net Premium Payment at your direction among the Policy's Sub-Account(s) and/or Fixed Account, (if available). Please see Principal Risks of Investing in the Policy in the prospectus for more information. For monies allocated to the Sub-Account, we use your Premium Payments to purchase shares of funds that follow investment objectives similar to the investment objectives of the corresponding Sub-Account. We refer to these funds as "Underlying Funds," and they are collectively known as the Elite Series. More information about the Underlying Funds is provided in an Appendix. **Please see Appendix A: Funds Available Under the Policy.** Comprehensive information on the funds may be found in the funds' prospectuses which are available online at www.lfg.com/VULprospectus. You can also obtain this

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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 the Policy's Surrender Value is sufficient to pay the Monthly Deductions. If a Premium Payment is not made, the Policy will lapse.

**What are the primary features and options that the Policy Offers?**

**Death Benefit Protection.** Upon the death of the second Insured, we will pay your designated Beneficiary a death benefit while this Policy remains in force. See the Death Benefit section of this prospectus for more information.

**Access to Policy Values through Surrenders and Withdrawals.** You may request a Full Surrender of your Policy, and we will pay you its Surrender Value. You may also request a Partial Surrender, which is a portion of the Surrender Value. You may incur a Surrender Charge if you request a Full Surrender or request a Partial Surrender.

**Loans.** You may take a loan on the Policy, which is subject to interest. See the Policy Loan section of this prospectus for more information.

**Transfers.** Generally, you may transfer funds among the Sub-Account(s) made available to you and the Fixed Account (if available). **Currently, the Fixed Account is only available as an account for Dollar Cost Averaging.** We also offer automated transfer programs: Dollar Cost Averaging and Automatic Rebalancing. You may incur an additional fee for transfers in excess of 24 transfers in any policy year.

**Tax Treatment.** Variable life insurance policies have significant tax advantages under current tax law. Policy values accumulate on a tax-deferred basis until withdrawn, and transfers from one Sub-Account to another or to the Fixed Account generate no current taxable gain or loss. There may be adverse tax consequences (i.e. a 10% penalty) in the event of a Surrender or Partial Surrender if the Owner is under the age of 59½.

**Additional Benefits.** There are several additional benefits you may add to your Policy by way of riders, including benefits that accelerate the payment of your death benefit under certain circumstances or help manage the risk of Policy Lapse. For example, with respect to Policy Lapse, the Policy offers (a) the **No-Lapse Enhancement Rider** which is automatically issued with your Policy and may prevent a Policy from Lapsing where the Surrender Value under the Policy is insufficient to cover the Monthly Deductions if the requirements of the rider, including requirements as to timing and amount of Premium Payments, are met and (b) the **Premium Reserve Rider** which is automatically issued with your Policy (in an inactive status until Premium is allocated to it) and allows you to pay Premiums in addition to those you plan to pay for the base Policy, and to have such amounts accumulate in the same manner as if they had been allocated to your Policy but without being subject to all charges and expenses of your Policy. An additional charge may apply if you elect a rider. The riders available with this Policy are listed in the Riders section of this prospectus.

**Fee Table**

**The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Policy. Please refer to your Policy Specifications for information about the specific fees you will pay each year based on the options you have elected.** 

**The fees shown in the tables below are the maximums we can charge.**

***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.** 

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| | | |
|:---|:---|:---|
| **Charge** | &nbsp;&nbsp; **When Charge**<br> **is Deducted**<br>| &nbsp;&nbsp; **Amount**<br> **Deducted**<br>|
| &nbsp;&nbsp; Maximum Sales Charge <br> Imposed on Premiums <br> (Load) | When you pay a Premium | &nbsp;&nbsp; As a percentage of the Premium <br> Payment paid:<br>|
| &nbsp;&nbsp; Maximum Sales Charge <br> Imposed on Premiums <br> (Load) | When you pay a Premium | •XX% in all Policy Years |
| Premium Tax | When you pay a Premium | &nbsp;&nbsp; Up to XX% charge included in the <br> Sales Charges included in the Premium <br> (Load)<sup>1</sup> <br>|
| &nbsp;&nbsp; Maximum Deferred Sales <br> Charge (Load)\* | &nbsp;&nbsp; When you take a Full Surrender or <br> reduce the Specified Amount<sup>2,3</sup>  | &nbsp;&nbsp;&nbsp; •Maximum Charge: $XX per $1,000 of <br> Specified Amount <br>|
| &nbsp;&nbsp; Maximum Deferred Sales <br> Charge (Load)\* | &nbsp;&nbsp; When you take a Full Surrender or <br> reduce the Specified Amount<sup>2,3</sup>  | &nbsp;&nbsp;&nbsp; •Maximum Charge for a <br> Representative Insured (male and <br> female, age 55, standard non-<br> tobacco, in year one): $XX per <br> $1,000 of Specified Amount<br>|
| Transfer Fee | &nbsp;&nbsp; Applied to any transfer request in <br> excess of 24 made during any Policy <br> Year<br>| $XX for each additional transfer |

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\*

Charge varies based on individual characteristics of the Insured. The charges and costs shown in the table may not be representative of the charges and costs that a particular Owner will pay. You may obtain more information about the particular charges that would apply to you by requesting a personalized policy illustration from your registered representative.

<sup>1</sup>

The Maximum Sales Charge Imposed on Premiums is anticipated to cover the Company's costs for sales expenses and any policy-related state and federal tax liabilities. Policy-related taxes imposed by states range from 0% to 5%. In considering policy-related state taxes components of the sales charge, the Company considers the average of the taxes imposed by the states rather than any taxes specifically imposed by the state in which the Owner resides. We use an average of 3% to account for state and federal tax obligations.

<sup>2</sup>

During the life of the Policy, you may request one or more Partial Surrenders, each of which may not exceed 90% of your Policy's Surrender Value as of the date of your request. If you wish to surrender more than 90% of your Policy's Surrender Value, you must request a Full Surrender of your Policy, which is subject to the Surrender Charge reflected in the table above. (See section headed "Partial Surrenders" for a discussion of Partial Surrenders of your Policy.)

<sup>3</sup>

For up to XX years from the Policy Date and up to XX years from the effective date of each increase in Specified Amount, a Surrender Charge will be deducted at the time you effect a Full Surrender of your Policy. For up to XX years from the Policy Date or up to XX years form the effective date of each increase in Specified Amount, a Surrender Charge may be deducted at the time you effect a Reduction in Specified Amount.

***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.** 

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| | | |
|:---|:---|:---|
| **Charge** | **When Charge is Deducted** | **Amount Deducted** |
| **Base Contract Charges** | **Base Contract Charges** | **Base Contract Charges** |
| Cost of Insurance\* | Monthly | &nbsp;&nbsp; As a dollar amount per $1,000 of Net <br> Amount at Risk<sup>1</sup>:<br>|
| Cost of Insurance\* | Monthly | •Maximum: $XX per $1,000 |
| Cost of Insurance\* | Monthly | •Minimum: $XX per $1,000 |
| Cost of Insurance\* | Monthly | &nbsp;&nbsp;&nbsp; •Maximum Charge for Representative <br> Insureds (male and female, both age <br> 55, standard non-tobacco, in year <br> one): $XX per $1,000<br>|
| &nbsp;&nbsp; Mortality and Expense Risk <br> Charge ("M&E")<br>| Monthly | &nbsp;&nbsp; Maximum of XX%, effective annual <br> rate, as a percentage of Separate <br> Account value, calculated monthly<sup>2</sup> <br>|
| Administrative Fee\* | Monthly | &nbsp;&nbsp; $XX, plus an additional amount up to a <br> maximum of $XX per $1,000 of Initial <br> Specified Amount or increase in <br> Specified Amount<sup>3</sup> <br>|
| Policy Loan Interest | Annually | &nbsp;&nbsp; As an annualized percentage of amount <br> held in the Loan Account<sup>4</sup> <br>|
| Policy Loan Interest | Annually | XX% |
| Overloan Protection Rider | Upon use of the benefit | &nbsp;&nbsp; One-time charge subject to a maximum <br> of XX%, as a percentage of current <br> Accumulation Value<br>|
| **Optional Benefit Charges** | **Optional Benefit Charges** | **Optional Benefit Charges** |
| &nbsp;&nbsp; Enhanced Surrender Value <br> Rider<br>| Monthly (in Policy Years 2-5 only) | &nbsp;&nbsp; $XX per $1,000 of Initial Specified <br> Amount<br>|
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | &nbsp;&nbsp; A dollar amount per $1,000 of Death <br> Benefit.<sup>5</sup> <br>|
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | •Maximum: $XX per $1,000 |
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | •Minimum: $XX per $1,000 |
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | &nbsp;&nbsp;&nbsp; •Maximum Charge for Representative <br> Insureds (male and female, both age <br> 55, standard non-tobacco, in year <br> one): $XX per $1,000<br>|
| Premium Reserve Rider | &nbsp;&nbsp; When you allocate a Premium Payment <br> to this rider | &nbsp;&nbsp; As a percentage of the Premium <br> Payment allocated to this rider<sup>6</sup>:<br>|
| Premium Reserve Rider | &nbsp;&nbsp; When you allocate a Premium Payment <br> to this rider | •XX% in all Policy Years |

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\*

Charges and costs vary based on individual characteristics of the Insured. The charges and costs shown in the table may not be representative of the charges and costs that a particular Owner will pay. You may obtain more information about the particular charges that would apply to you by requesting a personalized policy illustration from your registered representative.

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<sup>1</sup>

Individuals with a higher mortality risk than standard issue individuals can be charged from 125% to 5,000% of the standard rate. However, under no circumstances would the charge be higher than the maximum amount shown in the table above.

<sup>2</sup>

Guaranteed at an effective annual rate of XX% in Policy Years XX and XX% in Policy Years XX.

<sup>3</sup>

The additional amount applies until the younger Insured's Attained Age of 121 or any increase in Specified Amount. The additional amount varies based on individual characteristics. Per $1,000 of Initial Specified Amount or increase in Specified Amount, the maximum additional amount is $XX per $1,000, the minimum amount is $XX per $1,000, and the maximum charge for representative Insureds (male and female, both age 55, standard non-tobacco) is $XX per $1,000.

<sup>4</sup>

Although deducted annually, interest accrues daily. As described in the section headed "Policy Loans", when you request a Policy Loan, amounts equal to the amount of the loan you request are withdrawn from the Sub-Accounts and the Fixed Account (if available) 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 XX% in Policy Years XX and XX% in Policy Years XX.

<sup>5</sup>

Individuals with a higher mortality risk than standard issue individuals can be charged from 125% to 5,000% of the standard rate. However, under no circumstances would the charge be higher than the maximum amount shown in the table above.

<sup>6</sup>

Allocations of Premium Payments to the rider are at your discretion. Allocations of Premium Payments to the rider are subject to the charge shown in the "Periodic Charges Other Than Underlying Fund Fees and Operating Expenses" table and are not subject to the "Maximum Sales Charge Imposed on Premiums" shown in "Transaction Fees" table. This charge is called the Premium Reserve Rider Premium Load. Rider Accumulation Value allocated to the Separate Account is subject to the Mortality and Expense Risk Charge (which does not exceed XX% in Policy Years XX and XX% for Policy Years XX).

**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.** 

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| | | |
|:---|:---|:---|
| **Annual Fund Expenses** | **Minimum** | **Maximum** |
| &nbsp;&nbsp; (expenses are deducted from fund assets, including management fees, distribution, <br> and/or 12b-1 fees, and other expenses)<br>| XX% | XX%\* |

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\*

The Total Annual Operating Expenses shown in the table do not reflect waivers and reductions. Underlying Funds may offer waivers and reductions to lower their fees. Currently such waivers and reductions range from XX% to XX%. These waivers and reductions generally extend through April 30, 2024 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.

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**Principal Risks of Investing in the Policy**

***Fluctuating Investment Performance.*** A Sub-Account will increase and decrease in value according to investment performance of the Underlying Fund. Policy values in the Sub-Accounts are not guaranteed. If you put money into the Sub-Accounts, you assume all the investment risk on that money. A comprehensive discussion of each Sub-Account's and Underlying Fund's objective and risk is found in this prospectus and in each Underlying Fund's prospectus, respectively. You should review these prospectuses before making your investment decision. Your choice of Sub-Accounts and the performance of the Underlying Funds will impact the Policy's Accumulation Value and will impact how long the Policy remains in force, its tax status, and the amount of Premium you need to pay to keep the Policy in force.

***Policy Values in the Fixed Account.*** Premium Payments and policy values allocated to the Fixed Account are held in the Company's General Account. Note that there are significant limitations on your right to transfer amounts in the Fixed Account and, due to these limitations, if you want to transfer the entire balance of the Fixed Account to one or more Sub-Accounts, it may take several years to do so. **Currently, the Fixed Account is only available as an account for Dollar Cost Averaging.** In addition, while interest credited to the Fixed Account may be higher than the minimum guaranteed interest rate disclosed in the Policy Specifications, it can be subject to fluctuation including reduction (although never lower than the guaranteed minimum interest rate) and any such fluctuation can impact the Policy's Accumulation Value and will impact how long the Policy stays in force and the amount of Premium you need to pay to keep the Policy in force. Therefore, you should carefully consider whether the Fixed Account meets your investment needs. We issue other types of insurance policies and financial products. In addition to any amounts we are obligated to pay in excess of policy value under the Policy, we also pay our obligations under other types of insurance policies and financial products. Obligations under these policies and financial products that are funded by our General Account include: (1) the obligation to keep the policy and any riders in force when the policy value is below zero and a no-lapse guarantee is in effect; (2) the obligation to pay or accelerate Death Benefits that exceed the Separate Account Value; Payment of these benefits and obligations is subject to our claims-paying ability and financial strength. We are also responsible for providing for all of the administrative services necessary in connection with the contracts (and bearing all of the associated expenses). Moreover, unlike assets held in the Separate Account, the assets of the General Account are subject to the general liabilities of the Company and, therefore, to the Company's General Account creditors. In the event of an insolvency of receivership, payments we make from our General Account to satisfy claims under the Policy would generally receive the same priority as our other Owners' obligations.

**The General Account is not segregated or insulated from the claims of the insurance company's creditors. Investors look to the financial strength of the insurance company's fulfillment of the contractual promises and guarantees we make to you in the Policy, including those relating to the payment of death benefits. Therefore, guarantees provided by the insurance company as to benefits promised in the prospectus are subject to the claims paying ability of the insurance company and are subject to the risk that the insurance company may not be able to cover or may default on its obligations under those guarantees.**

For more information, please see the "Lincoln Life, The Separate Account and The General Account" sections of the Statement of Additional Information (SAI) or the "Transfers" section of this prospectus.

***Costs Subject to Change.*** The Tables of Fees contained in this prospectus reflect the guaranteed maximum charges applicable to the Policy. At the time you purchase the Policy, some of those charges are likely to be assessed at rates less than the maximum rates shown but are subject to adjustment as described in the Policy Charges and Fees section. Such charges are referred to as non-guaranteed elements or "NGEs". A change to one or more of these NGEs can affect your Policy's performance, including coverage duration, premiums required to keep your Policy in force, as well as the Policy's Surrender Value.

***Unsuitable for Short-Term Investment.*** This Policy is intended for long-term financial and investment planning for persons needing death benefit protection, and it is unsuitable for short-term goals. Your Policy is not designed to serve as a vehicle for frequent trading.

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***Policy Lapse.*** Sufficient Premiums must be paid to keep your Policy in force. There is a risk of lapse if Premiums are too small 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 Partial Surrenders will increase the risk of lapse.

In addition to paying sufficient Premiums and being cognizant of the impact of outstanding Policy Loans and Partial Surrenders on policy values, you also have the No-Lapse Enhancement Rider and the Premium Reserve Rider, briefly noted above and discussed in more detail in the Riders section of the prospectus, to help you manage some of the risk of Policy Lapse.

***Decreasing Death Benefit.*** Any outstanding Policy Loans and any amount that you have surrendered will reduce your Policy's death benefit.

***Consequences of Surrender.*** Surrender Charges are assessed if you surrender your Policy within the first 10-15 Policy Years. Depending on the amount of Premium paid, or any Reduction in Specified Amount, there may be little or no Surrender Value available. Partial Surrenders may reduce the policy value and death benefit, and may increase the risk of lapse. To avoid lapse, you may be required to make additional Premium Payments. Full or Partial Surrenders may result in tax consequences.

***Tax Consequences.*** As noted in greater detail in the section headed "Tax Issues", the federal income tax treatment of life insurance is complex and the current tax treatment of life insurance may change. There are other federal tax consequences such as estate, gift and generation skipping transfer taxes, as well as state and local income, estate and inheritance tax consequences. You should always consult a tax advisor about the application of federal, state and local tax rules to your individual situation. The following discussion highlights tax risks in general, summary terms. There may be adverse tax consequences (i.e. a 10% penalty) in the event of a Surrender or withdrawal if the Owner is under the age of 59½.

***Tax Treatment of Life Insurance Contracts.*** Your Policy is designed to qualify for the favorable tax treatment afforded life insurance, including the exclusion of death benefits from income tax, the ability to take distributions and loans over the life of your Policy, and the deferral of taxation of any increase in the value of your Policy. If the Policy does fail to qualify as life insurance, you will be subject to the denial of those important benefits. In addition, if you pay more Premiums than permitted under the federal tax law your Policy will be classified as a Modified Endowment Contract ("MEC") whereby only the tax benefits applicable to death benefits will apply and distributions will be subject to immediate taxation and to an added penalty tax.

***Tax Law Compliance.*** We believe that the Policy will satisfy the federal tax law definition of life insurance, and we will monitor your Policy for compliance with the tax law requirements. The discussion of the tax treatment of your Policy is based on the current Policy, as well as the current rules and regulations governing life insurance. Please note that changes made to the Policy, as well as any changes in the current tax law requirements, may affect the Policy's qualification as life insurance or may have other tax consequences.

***Cyber-Security and Business Interruption Risks.*** We rely heavily on interconnected computer systems and digital data to conduct our variable products business. Because our business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential customer information. Such systems failures and cyber-attacks affecting us, any third-party administrator, the Underlying Funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your policy value. For instance, systems failures and cyber-attacks may interfere with our processing of policy transactions, including the processing of orders from our website or with the Underlying Funds, impact our ability to calculate your policy value, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber-security risks may also impact the issuers of

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securities in which the Underlying Funds invest, which may cause the funds underlying your Policy to lose policy value. There can be no assurance that we or the Underlying Funds or our service providers will avoid losses affecting your Policy due to cyber-attacks or information security breaches in the future.

In addition to cyber-security risks, we are exposed to risks related to natural and man-made disasters, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. They could also result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from contract owners. Disasters may negatively affect the computer and other systems on which we rely, impact our ability to calculate accumulation unit values, or have other possible negative impacts. They may also impact the issuers of securities in which the Underlying Funds invest, which may negatively affect the value of the Underlying Funds and the value of your Policy. There can be no assurance that we or our service providers or the Underlying Funds will be able to successfully avoid negative impacts associated with natural and man-made disasters.

***COVID-19.*** The health, economic and business conditions precipitated by the worldwide COVID-19 pandemic that emerged in 2020 continued to adversely affect us during 2021 and are expected to continue to adversely affect our business, results of operations and financial condition in 2022. The COVID-19 pandemic led to an extreme downturn in and volatility of the capital markets in the early part of 2020, record low interest rates and wide-ranging changes in consumer behavior, including as a result of quarantines, shelter-in-place orders and limitations on business activity. While various treatments and vaccines are now available, COVID-19 variants continue to emerge, which could prolong or lead to increased hospitalization and death rates. We continue to monitor U.S. CDC reports related to COVID-19 and the potential impacts of the COVID-19 pandemic on our Life Insurance and Group Protection segments. The ultimate impact on our business, results of operations and financial condition depends on the severity and duration of the COVID-19 pandemic and related health, economic and business impacts and actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict.

**Lincoln Life, The Separate Account and The General Account**

The Lincoln National Life Insurance Company (Lincoln Life, the Company, we, us, our) (EIN 35-0472300), organized in 1905, is an Indiana-domiciled insurance company, engaged primarily in the direct issuance of life insurance policies and annuities. Lincoln Life is wholly owned by Lincoln National Corporation (LNC), a publicly held insurance and financial services holding company incorporated in Indiana. Lincoln Life is obligated to pay all amounts promised to owners under the policies. Death Benefit Proceeds and rider benefits to the extent those proceeds and benefits exceed the then current Accumulation Value of your Policy are backed by the claims-paying ability of Lincoln Life. Our claims paying ability is rated from time to time by various rating agencies. Information with respect to our current ratings is available at our website noted below under "How to Obtain More Information." Those ratings do not apply to the Separate Account, but reflect the opinion of the rating agency companies as to our relative financial strength and ability to meet contractual obligations to owners of our policies. Ratings can and do change from time to time. Additional information about ratings is included in the Statement of Additional Information.

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. Through its affiliates, Lincoln Financial Group offers annuities, life, group life and disability insurance, 401(k) and 403(b) plans, and comprehensive financial planning and advisory services.

***General Account.*** The General Account is not segregated or insulated from the claims of the insurance company's creditors. Investors look to the financial strength of the insurance companies for these insurance guarantees. Therefore, guarantees provided by the insurance company as to benefits promised in the prospectus are subject to

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the claims paying ability of the insurance company and are subject to the risk that the insurance company may not be able to cover or may default on its obligations under those guarantees. The General Account represents all of the general assets of the Company. Our general assets include all assets other than those held in separate accounts which we sponsor. We will invest the assets of the General Account in accordance with applicable law. Additional information concerning laws and regulations applicable to the investment of the assets of the General Account is included in the Statement of Additional Information.

***Fixed Account****.* The Fixed Account assets are general assets of the Company, and are held in the Company's General Account. Amounts allocated to the Fixed Account are not subject to market fluctuation and interest is credited at a daily rate of XX% (equivalent to a compounded annual rate of XX%) or a higher rate determined by the Company. The current interest rate is shown on the Annual Statement.

Interest in the Fixed Account is not registered under the 1933 Act. The Fixed Account is not registered as an investment company under the 1940 Act. Disclosures in the prospectus regarding the Fixed Account are subject to certain generally applicable provisions of the Federal Securities Laws regarding the accuracy and completeness of disclosures.

***Separate Account.*** The investment performance of assets in the Separate Account is kept separate from that of the Company's General Account. Separate Account assets attributable to the Policies are not charged with the general liabilities of the Company. Separate Account income, gains and losses are credited to or charged against the Separate Account without regard to the Company's other income, gains or losses. The Separate Account's values and investment performance are not guaranteed. It is registered with the Securities and Exchange Commission (the "SEC" or the "Commission") as a unit investment trust under the Investment Company Act of 1940 ("1940 Act") and meets the definition of "separate account." We may change the investment policy of the Separate Account at any time. If required by the Insurance Commissioner, we will file any such change for approval with the Department of Insurance in our state of domicile, and in any other state or jurisdiction where this Policy is issued.

***Our Financial Condition.*** As an insurance company, we are required by state insurance regulation to hold a specified amount of reserves in order to meet all the contractual obligations of our General Account to our Owners. In order to meet our claims-paying obligations, we regularly monitor our reserves to ensure we hold sufficient amounts to cover actual or expected policy and claim payments.

State insurance regulators also require insurance companies to maintain a minimum amount of capital in excess of reserves, which acts as a cushion in the event that the insurer suffers a financial impairment, based on the inherent risks in the insurer's operations. These risks include those associated with losses that we may incur as the result of defaults on the payment of interest or principal on assets held in our General Account, which include bonds, mortgages, general real estate investments, and stocks, as well as the loss in value of these investments resulting from a loss in their market value.

***How to Obtain More Information.*** We encourage both existing and prospective Owners to read and understand our financial statements. We prepare our financial statements on both a statutory basis and according to Generally Accepted Accounting Principles (GAAP). Our audited GAAP financial statements, as well as the financial statements of the Separate Account, are located in the Statement of Additional Information. If you would like a free copy of the Statement of Additional Information please contact our Administration Office at the address or telephone number listed on the first page of this prospectus. In addition, the Statement of Additional Information is available on the SEC's website at http://www.sec.gov. 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.

**Fund Participation Agreements**

In order to make the Underlying Funds available, Lincoln Life has entered into agreements with the Underlying Fund company and their advisors or distributors. In some of these agreements, we must perform certain services for the Underlying Fund advisors or distributors. Such services include, but are not limited to, recordkeeping; aggregating and processing purchase and redemption orders; providing Owners with statements showing their positions within

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the funds; processing dividend payments; providing sub-accounting services for shares held by Owners; and forwarding shareholder communications, such as proxies, shareholder reports, dividend and tax notices, and printing and delivering prospectuses and updates to Owners. For these administrative functions, we may be compensated at annual rates of between XX% and XX% based upon the assets of an Underlying Fund attributable to the Policies. Additionally, an Underlying Fund's advisor and/or distributor (or its affiliates) may provide us with certain services that assist us in the distribution of the Policies and may pay us and/or certain affiliates amounts to participate in sales meetings. We may also receive compensation for marketing and distribution which may come from 12b-1 fees, or be paid by the advisors or distributors. The Underlying Funds offered by the following trusts or corporations make payments to Lincoln Life under their distribution plans in consideration of the administrative functions Lincoln Life performs: (To Be Filed By Amendment).

Payments made out of the assets of an Underlying Fund will reduce the amount of assets that otherwise would be available for investment and will reduce the return on your investment. The dollar amount of future asset-based fees is not predictable because these fees are a percentage of the Underlying Fund's average net assets, which can fluctuate over time. If, however, the value of the Underlying Fund goes up, then so would the payment to us (or our affiliates). Conversely, if the value of the Underlying Fund goes down, payments to us (or our affiliates) would decrease.

**Distribution of the Policies and Compensation**

The Policy is distributed by broker-dealer firms through their registered representatives who are appointed as life insurance agents for the Company, subject to the terms of selling agreements entered into by such firms, the Company and the Company's Principal Underwriter, Lincoln Financial Distributors, Inc. ("LFD"). The Company's affiliates, Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation (collectively, "LFN"), have such agreements in effect with LFD and the Company. In addition to compensation for distributing the Policy as described below, the Company provides financial and personnel support to LFD and LFN for operating and other expenses, including amounts used for recruitment and training of personnel, production of literature and similar services.

The maximum total compensation we pay to any broker-dealer firm in the form of commission or expense reimbursement allowance, inclusive of any bonus incentives, with respect to policy sales is XX% of the first year Premium and generally XX% of all other Premiums paid. The actual amount of such compensation or the timing and manner of its receipt may be affected by a number of factors including: (a) choices the Owner has made at the time of application for the Policy, including the choice of riders, and the Premium amounts and timing; (b) the volume of business produced by the firm and its representatives; or (c) the profitability of the business the firm has placed with the Company. Also, in lieu of premium-based commission, equivalent amounts may be paid over time based on Accumulation Value.

In some situations, the broker-dealer may elect to share its commission or expense reimbursement allowance with its registered representatives. Registered representatives of broker-dealer firms may also be eligible for cash bonuses and "non-cash compensation." "Non-cash compensation", as defined under FINRA's rules, includes but is not limited to, merchandise, gifts, marketing support, sponsorships, seminars, entertainment and travel expenses.

Broker-dealers or their affiliates may be paid additional amounts for: (1) "preferred product" treatment of the Policies in their marketing programs, which may include marketing services and increased access to sales representatives; (2) sales incentives relating to the Policies; (3) costs associated with sales conferences and educational seminars for their sales representatives; (4) other sales expenses incurred by them; and (5) inclusion in the financial products the broker-dealer offers. Loans may be provided to broker-dealers or their affiliates to help finance marketing and distribution of the Policies, and those loans may be forgiven if aggregate sales goals are met. In addition, staffing or other administrative support and services may be provided to broker-dealers who distribute the Policies.

These additional types of compensation are not offered to all broker-dealers. The terms of any particular agreement governing compensation may vary among broker-dealers and the amounts may be significant. The prospect of

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receiving, or the receipt of, additional compensation may provide broker-dealers and/or their registered representatives with an incentive to favor sales of the Policies over other variable life insurance policies (or other investments) with respect to which a broker-dealer does not receive additional compensation, or receives lower levels of additional compensation. You may ask your registered representative how he/she will personally be compensated, in whole or in part, for the sale of the Policy to you or for any alternative proposal that may have been presented to you. You may wish to take such payments into account when considering and evaluating any recommendation made to you in connection with the purchase of a Policy.

Depending on the particular selling arrangements, there may be others who are compensated for distribution activities. For example, LFD may compensate certain "wholesalers", who control access to certain selling offices, for access to those offices or for referrals, and that compensation may be separate from the compensation paid for sales of the Policies. LFD may compensate marketing organizations, associations, brokers or consultants which provide marketing assistance and other services to broker-dealers who distribute the Policies, and which may be affiliated with those broker-dealers. Commissions and other incentives or payments described above are not charged directly to Owners or the Separate Account. The potential of receiving, or the receipt of, such marketing assistance or other services and the payment to those who control access or for referrals, may provide broker-dealers and/or their registered representatives an incentive to favor sales of the Policies over other variable life insurance policies (or other investments) with respect to which a broker-dealer does not receive similar assistance or disadvantage issuers of other variable life insurance policies (or other investments) which do not compensate for access or referrals. All compensation is paid from our resources, which include fees and charges imposed on your Policy.

We do not anticipate that the Surrender Charge, together with the portion of the Premium Load attributable to sales expense, will cover all sales and administrative expenses which we will incur in connection with your Policy. Any such shortfall would be available for recovery from the Company's General Account, which supports insurance and annuity obligations.

**Sub-Accounts and Funds**

The variable investment options in the Policy are Sub-Accounts of the Separate Account ("Sub-Accounts"). Each Sub-Account invests in shares in a single Underlying Fund. All amounts allocated or transferred to a Sub-Account are used to purchase shares of the appropriate Underlying Fund. You do not invest directly in these Underlying Funds. The investment performance of each Sub-Account will reflect the investment performance of the Underlying Fund.

We create Sub-Accounts and select the Underlying Funds, the shares of which are purchased by amounts allocated or transferred to the Sub-Accounts, based on several factors, including, without limitation, asset class coverage, the strength of the manager's reputation and tenure, brand recognition, performance, and the capability and qualification of each sponsoring investment firm. Another factor we consider during the initial selection process is whether the fund (or an affiliate, investment advisor or distributor of the fund) being evaluated is an affiliate of ours and whether we are compensated for providing administrative, marketing, and/or support services that would otherwise be provided by the fund, its investment advisor or its distributor. Some funds pay us significantly more than others and the amount we receive may be substantial. We often receive more revenue from an affiliated fund than one that is not affiliated with us. These factors give us an incentive to select a fund that yields more revenue, and this is often an affiliated fund.

We review each Underlying Fund periodically after it is selected. Upon review, we may either close a Sub-Account or restrict allocation of additional Premium Payments to a Sub-Account if we determine the Underlying Fund no longer meets one or more of the selection factors discussed above and/or if the Sub-Account has not attracted significant Owner assets. Alternatively, we may seek to substitute another fund which follows a similar investment objective as the Underlying Fund, subject to receipt of applicable regulatory approvals. Finally, when we develop a variable life insurance product in cooperation with a fund family or distributor (e.g., a "private label" product), we generally will include funds based on recommendations made by the fund family or distributor, whose selection criteria may differ from our selection criteria.

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A given Underlying Fund may have an investment objective and principal investment strategy similar to those for another fund managed by the same investment advisor or subadvisor. However, because of timing of investments and other variables, there will be no correlation between the two investments. Even though the management strategy and the objectives of the funds are similar, the investment results may vary.

Certain Underlying Funds invest their assets in other funds. As a result, you will pay fees and expenses at both fund levels. This will reduce your investment return. These arrangements are referred to as "funds of funds", which may have higher expenses than funds that invest directly in debt or equity securities. An advisor affiliated with us may manage some of the available funds of funds. Our affiliates may promote the benefits of such funds to Owners and/or suggest that Owners consider whether allocating some or all of their policy value to such portfolios is consistent with their desired investment objectives. In doing so, we may be subject to conflicts of interest insofar as we may derive greater revenues from the affiliated fund of funds than certain other funds available to you under your Policy.

Certain Underlying Funds, including funds managed by an advisor affiliated with us, employ risk management strategies that are intended to control the Underlying Funds' overall volatility, and for some Underlying Funds, to also reduce the downside exposure of the Underlying Funds during significant market downturns. These funds usually, but not always, have "Managed Risk" or "Managed Volatility" in the name of the fund. **These risk management strategies could limit the positive growth potential of the Underlying Fund in rising equity markets relative to other funds.** Also, several of the Underlying Funds may invest in non-investment grade, high-yield, and high-risk debt securities (commonly referred to as "junk bonds") as detailed in the individual Underlying Fund prospectus. For more information about the Underlying Funds and the investment strategies they employ, please refer to the Underlying Funds' current prospectuses.

Shares of the Underlying Fund are available to insurance company separate accounts which fund variable annuity contracts and variable life insurance policies, including the Policy described in this prospectus. Because shares are offered to separate accounts of both affiliated and unaffiliated insurance companies, it is conceivable that, in the future, it may not be advantageous for variable life insurance separate accounts and variable annuity separate accounts to invest in these Underlying Funds simultaneously, since the interests of such Owners or contract holders may differ. Although neither the Company nor the Underlying Funds currently foresees any such disadvantages either to variable life insurance or to variable annuity Owners, each Underlying Fund's Board of Trustees/Directors has agreed to monitor events in order to identify any material irreconcilable conflicts which may possibly arise and to determine what action, if any, should be taken in response thereto. If such a conflict were to occur, the Separate Account might withdraw its investment in an Underlying Fund. This might force that Underlying Fund to sell the securities it holds at disadvantageous prices. Owners will not bear the attendant expense.

There is no assurance that the investment objective of any of the Underlying Funds will be met. You assume all of the investment performance risk for the Sub-Accounts you select. The amount of risk varies significantly among the Sub-Accounts. You should read each Underlying Fund's prospectus carefully before making investment choices. In particular, also please note, there can be no assurance that any money market fund will be able to maintain a stable net asset value per share. During extended periods of low interest rates, and due in part to Policy fees and expenses, the yields of any Sub-Account investing in a money market fund may become extremely low and possibly negative.

Additional Sub-Accounts and Underlying Funds may be made available in our discretion. The right to select among Sub-Accounts will be limited by the terms and conditions imposed by the Company.

If an Underlying Fund imposes restrictions with respect to the acceptance of Premium allocations or transfers, we reserve the right to reject an allocation or transfer request at any time that the Underlying Fund has notified us that such would not be accepted. We will notify you if your allocation or transfer request is or becomes subject to such restrictions.

**Information regarding each Underlying Fund, including (i) its name; (ii) its objective; (iii) its investment advisor and any sub-investment advisers; (iv) its current expenses; and (v) and certain performance is available in Appendix A: Funds Available Under the Policy at the back of this prospectus. Comprehensive information on each Underlying Fund may be found in that Underlying Fund's prospectus or summary** 

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**prospectus. Prospectuses for each of the Underlying Funds are available by calling 1-800-487-1485, by emailing a request to CustServSupportTeam@lfg.com, or on-line at www.lfg.com/VULprospectus.**

The money-market Sub-Account is only available to you:

a. as an account from which specified dollar amounts will automatically be transferred pursuant to the Dollar Cost Averaging program described below in the "Dollar Cost Averaging" section. Any balance remaining in this Sub-Account upon termination of Dollar Cost Averaging will be transferred to other Sub-Accounts available and as specified by you. New account allocation instructions may be required under the No-Lapse Enhancement Rider's "Allocation Requirements" section;

b. upon the liquidation of another Sub-Account, as an account to which the value of the liquidated Sub-Account will be temporarily transferred until you provide new account allocation instructions. New account allocation instructions may be required in order to maintain the No-Lapse Enhancement Rider, as described in the "Allocation Requirements" and "When will the Rider terminate" sections of the No-Lapse Enhancement Rider; and

c. during the Right to Examine period as described in the "Right to Examine" section.

**Sub-Account Availability and Substitution of Funds**

We reserve the right to add, remove, or substitute Sub-Accounts as investment options under the Policy, subject to state or federal laws and regulations. An Underlying Fund may be merged into another Underlying Fund. An Underlying Fund may discontinue offering their shares to the Sub-Accounts. If we change any Sub-Accounts or substitute any Underlying Funds, we will make appropriate endorsements to the Policies.

Placing or transferring money into the money market Sub-Account may have impacts on other features of your Policy. Prior to moving money into the money market Sub-Account or allowing it to default into the money market Sub-Account as a result of a fund liquidation, refer to your Policy for specific impacts that may apply, if any. We will notify you of any change that is made.

If we obtain appropriate approvals from Owners and securities regulators, we may:

• Change the investment objective of the Separate Account;

• Operate the Separate Account as a management investment company, unit investment trust, or any other form permitted under applicable securities laws;

• Deregister the Separate Account; or

• Combine the Separate Account with another Separate Account.

If required by law, we will obtain any required approvals from Owners, the SEC, and state insurance regulators before substituting any Underlying Funds. Substitute Underlying Funds may have higher charges than the Underlying Funds being replaced.

We may close Sub-Accounts to Owners that purchase a new Policy after a specified date, and these Owners may not allocate Net Premium Payments or policy value to the closed Sub-Account. Owners that purchased a Policy prior to the specified date may continue to allocate Net Premium Payments and policy value to the Sub-Account.

From time to time, certain Underlying Funds may merge with other funds. If a merger of an Underlying Fund occurs, the policy value allocated to the existing fund will be transferred into the surviving fund. Any future Net Premium Payments allocated to the existing fund will automatically be allocated to the surviving fund unless otherwise instructed by you.

In addition, a Sub-Account may become unavailable due to the liquidation of its Underlying Fund portfolio. To the extent permitted by applicable law, upon notice to you and unless you otherwise instruct us, we will transfer any policy value in the liquidated Underlying Fund to the money market Sub-Account or a Sub-Account investing in another Underlying Fund designated by us. Any future Net Premium Payments allocated to the liquidated fund will automatically be allocated to the money market Sub-Account or a Sub-Account investing in another Underlying

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Fund designated by us unless otherwise instructed by you. **After a liquidation, your No-Lapse Enhancement Rider will terminate if you have not allocated the money from the money-market Sub-Account within 61 days after the liquidation.** 

**Voting Rights**

The Underlying Funds do not hold regularly scheduled shareholder meetings. When an Underlying Fund holds a special meeting for the purpose of approving changes in the ownership or operation of the Underlying Fund, the Company is entitled to vote the shares held by our Sub-Account in that Underlying Fund. Under our current interpretation of applicable law, you may instruct us how to vote those shares. If the 1940 Act or any other regulation under it should be amended or if present interpretations should change, and if as a result we determine that we are permitted to vote the fund shares in our own right, we may elect to do so.

We will notify you when your instructions are needed and will provide information from the Underlying Fund about the matters requiring the special meeting. We will calculate the number of votes for which you may instruct us based on the amount you have allocated to that Sub-Account, and the value of a share of the corresponding Underlying Fund, as of a date chosen by the Underlying Fund (record date). If we receive instructions from you, we will follow those instructions in voting the shares attributable to your Policy. If we do not receive instructions from you, we will vote the shares attributable to your Policy in the same proportion as we vote other shares based on instructions received from other Owners. Since Underlying Funds may also offer their shares to entities other than the Company, those other entities also may vote shares of the Underlying Funds, and those votes may affect the outcome.

Each Underlying Fund is subject to the laws of the state in which it is organized concerning, among other things, the matters which are subject to a shareholder vote, the number of shares which must be present in person or by proxy at a meeting of shareholders (a "quorum"), and the percentage of such shareholders present in person or by proxy which must vote in favor of matters presented. Because shares of the Underlying Fund held in the Separate Account are owned by the Company, and because under the 1940 Act the Company will vote all such shares in the same proportion as the voting instructions which we receive, it is important that each Owner provide their voting instructions to the Company. For funds un-affiliated with Lincoln, even though Owners may choose not to provide voting instructions, the shares of an Underlying Fund to which such Owners would have been entitled to provide voting instructions will be voted by the Company in the same proportion as the voting instructions which we actually receive. For funds affiliated with Lincoln, shares of a fund to which such Owners would have been entitled to provide voting instructions will, once we receive a sufficient number of instructions we deem appropriate to ensure a fair representation of Owners eligible to vote, be voted on by the Company in the same proportion as the voting instructions which we actually receive. As a result, the instructions of a small number of Owners could determine the outcome of matters subject to shareholder vote. In addition, because the Company expects to vote all shares of the Underlying Fund which it owns at a meeting of the shareholders of an Underlying Fund, all shares voted by the Company will be counted when the Underlying Fund determines whether any requirement for a minimum number of shares be present at such a meeting to satisfy a quorum requirement has been met.

**POLICY CHARGES AND FEES**

Policy charges and fees compensate us for providing your insurance benefits, administering your Policy, assuming risks associated with your Policy, and incurring sales related expenses. We may profit from any of these charges, and we may use this profit for any purpose, including covering shortfalls from other charges. Pursuant to the terms of the Policy, certain of the charges described in the provisions below, while subject to guaranteed maximums, may or may not be changed from what we are charging at the time you purchase the Policy. The charges that are open to the possibility of change are referred to as "Non-Guaranteed Elements" or "NGEs" in the Policy. They include Cost of Insurance rates, M&E Charges, the Premium Load Monthly Administrative Fee, interest rate used to credit the Fixed Account, Persistency Bonus Rate, and interest credited to the Loan Account. Some things to know about these NGEs:

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

&nbsp;&nbsp;&nbsp;&nbsp;a. We will not make any changes to them in order to distribute past gains or recoup past losses;

&nbsp;&nbsp;&nbsp;&nbsp;b. We are not obligated to make any adjustments to them, but may choose to do so in our sole discretion;

c:

Any change we make will be in consideration of future anticipated or emerging experience factors which may include, but are not limited to: mortality, interest rates, investment earnings, persistency, expenses (including reinsurance costs and taxes), policy funding, net amount at risk, loan utilization, capital requirements, and reserve requirements.

In doing our analysis of whether an adjustment should be made, we first determine which group or groups of policies should be considered together (called a "Redetermination Class") in making our assessments. These Redetermination Classes may be different from those used when the Policy charges were first determined and different Redetermination Classes may be used when adjusting each NGE or when making adjustments at different points in time. Redetermination Classes will consist of policies with similar characteristics, which may include one or more of the following but are not limited to: Specified Amount, Policy Date, policy duration, Premiums paid, source of Premium, Policy ownership structure, underwriting type, sales distribution method, the Insured's age, Gender, and Premium Classes, requested increases in Specified Amount, issue state, policy form, and the presence and attributes of Policy features and benefits and optional Riders. It is important to note that any change will apply consistently to all individuals of the same Redetermination Class.

In addition to policy charges, the investment advisor for each of the Underlying Funds deducts a daily charge as a percent of the value in each Underlying Fund as an asset management charge. The charge reflects asset management fees of the investment advisor. Other expenses are incurred by the Underlying Funds (including 12b-1 fees for Class 2 shares and other expenses) and deducted from Underlying Fund assets as described in the fund prospectus. Values in the Sub-Accounts are reduced by these charges. Future Underlying Fund expenses may vary. Detailed information about charges and expenses incurred by an Underlying Fund is contained in each Underlying Fund's prospectus.

The Monthly Deductions, including the Cost of Insurance Charges, will be deducted proportionately from the value of each Sub-Account and the Fixed Account subject to the charge.

The Monthly Deductions are made on the "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.

If the Surrender Value is insufficient to cover the current Monthly Deduction, you have a 61-day Grace Period to make a payment sufficient to cover three Policy Months (this would include the cost of Monthly Deductions due and unpaid during the Grace Period plus an amount sufficient to restore the Surrender Value to cover the cost of the Monthly Deduction due on the Monthly Anniversary Day immediately following the end of the Grace Period). If payment is not received before the end of the Grace Period, the Policy may lapse. (Please see the "Lapse and Reinstatement" section of this prospectus.)

**Premium Load; Net Premium Payment**

We make a deduction from each Premium Payment. This amount, referred to as "Premium Load," covers certain policy-related state and federal tax liabilities. It also covers a portion of the sales expenses incurred by the Company. We reserve the right to change this charge, but guarantee it will not exceed the maximum rates as shown in the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table of this prospectus. The Premium Payment, net of the Premium Load, is called the "Net Premium Payment".

The amount of the Premium Load is XX% in all Policy Years in which the Premium Payment is made.

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**Surrender Charges**

A Surrender Charge may apply if the Policy is totally surrendered or has a decrease in the Specified Amount of death benefit. The Surrender Charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. A schedule of Surrender Charges is included in each Policy.

The Surrender Charge varies by age of the Insureds, the number of years since the date of policy issue or the date of an increase in Specified Amount, and the Specified Amount. The Surrender Charge will never exceed $XX (XX%) per $1,000 of Specified Amount. A personalized schedule of Surrender Charges is included with each Policy. You may obtain more information about the Surrender Charges that would apply to your Policy by requesting a personalized illustration from your registered representative.

The duration of the Surrender Charge is XX years for Full Surrenders and decreases in Specified Amount. A new schedule of Surrender Charges will apply with respect to any increase in Specified Amount.

Surrender Charges are assessed by withdrawing value from the Sub-Accounts made available to you and the Fixed Account (if available) proportionately. The Surrender Charge will not exceed the policy value. All Surrender Charges decline to zero within XX years following policy issue, or within XX years following any increase in Specified Amount.

Upon either a Full Surrender of the Policy or a decrease in Specified Amount, the charge will be subject to the following conditions:

A. For decreases in Specified Amount during the Surrender Charge period, excluding Full Surrender of the Policy, no Surrender Charge will be applied where the decrease is caused by a Partial Surrender.

B. For all other decreases, the charge will be calculated as 1) divided by 2) and then multiplied by 3), where:

1)

is the amount of this decrease;

2)

is the Initial Specified Amount; and

3)

is the then applicable Surrender Charge from the schedule in the Policy.

We may refuse or limit requests for decreases in Specified Amount, to the extent there is insufficient Surrender Value to cover the necessary Surrender Charges.

If you increase the Specified Amount, a new Surrender Charge will be applicable to each increase. This charge is in addition to any Surrender Charge on the existing Specified Amount. Upon an increase in Specified Amount, we will send you a confirmation of the increase.

Upon Full Surrender of your Policy following a decrease in Specified Amount, the Surrender Charge will be calculated as the entire amount shown in the Policy Specifications, multiplied by one minus the percentage of the Initial Specified Amount for which a Surrender Charge was previously assessed. The charge assessed upon a Full Surrender will not exceed the then Accumulation Value less any Debt.

In addition, if your Policy includes the Enhanced Surrender Value Rider, you may surrender your Policy for an enhanced Surrender Value provided under the rider, without being subject to the Policy Surrender Charges.

Any surrender may have tax implications. Consult your tax or other registered representative before initiating a surrender.

**Partial Surrender Fee**

We may assess a Surrender Charge or Administrative Fee on a Partial Surrender. Please see your Policy Specifications.

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**Transfer Fee**

For each transfer request in excess of 24 made during any Policy Year, we reserve the right to charge you an Administrative Fee of $XX.

In the event that we make a material change in the investment strategy of a Sub-Account, you may transfer the Accumulation Values allocated to that Sub-Account made available to you or to any other Sub-Accounts (if available), or to the Fixed Account (if available) without being charged a fee and may do so even if you have requested 24 transfers during that Policy Year. This option to transfer from a Sub-Account must be exercised within 60 days after the effective date of such change in investment strategy of that Sub-Account. You will be provided with a supplement to your prospectus in the event that such a change is made.

**Mortality and Expense Risk Charge**

We may assess a monthly Mortality and Expense Risk Charge ("M&E") as a percentage of the Policy's Separate Account Value. The mortality risk assumed is that the Insureds may live for a shorter period than we originally estimated. The expense risk assumed is that our expenses incurred in issuing and administering the Policies will be greater than we originally estimated. We reserve the right to change this charge, but guarantee it will not exceed the maximum rates as shown in the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table of this prospectus.

The charge is guaranteed not to exceed an annual rate of:

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| | |
|:---|:---|
| Policy Years XX | Guaranteed Maximum: XX% |
| Policy Years XX | Guaranteed Maximum: XX% |
| Policy Years XX | Guaranteed Maximum: XX% |

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**Cost of Insurance Charge**

A significant cost of variable life insurance is the "Cost of Insurance Charge". This charge is the portion of the Monthly Deduction designed to compensate the Company for the anticipated cost of paying death benefits in excess of the policy value.

The Cost of Insurance Charge for your Policy depends on the current "Net Amount at Risk". The Net Amount at Risk is the death benefit, without regard to any benefits payable at the second Insured's death under any riders, minus the greater of zero or the Policy's Accumulation Value. Because the Accumulation Value will vary with investment performance, Premium Payment patterns and charges, the Net Amount at Risk will vary accordingly.

The monthly Cost of Insurance Charge is equal to A) multiplied by the result of B) minus C), where:

A) is the current cost of insurance rate as determined by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) is the death benefit at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor (1 plus 0.01), divided by 1,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) is the Accumulation Value at the beginning of the Policy Month after the deduction of the monthly Administrative Fee (as described below) and the Mortality and Expense Risk ("M&E") Charge Rate but prior to the deduction for the monthly Cost of Insurance, divided by 1,000.

The Net Amount at Risk Discount Factor is the monthly equivalent of an effective annual rate of 1%.

The maximum rates that we may use are found in the guaranteed maximum cost of insurance rate table in your Policy's Specifications. The applicable cost of insurance rate used in this monthly calculation for your Policy depends upon the Policy's duration, the age, gender (in accordance with state law) and underwriting category of each Insured. Please note that it will generally increase each Policy Year as the Insureds age. Current cost of insurance rates, in general, are determined based on our expectation of anticipated or emerging experience factors

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which may include, but are not limited to: mortality, interest rates, investment earnings, persistency, expenses (including reinsurance costs and taxes), policy funding, net amount at risk, loan utilization, capital requirements, and reserve requirements. For this reason, they may be less than the guaranteed maximum rates shown in the Policy, and your monthly Cost of Insurance Charge may be less than the amount that would be calculated using the guaranteed maximum cost of insurance rate shown in the table in your Policy. Because cost of insurance rates are subject to change, they are a NGE and are subject to adjustment as described in the discussion of NGEs and changes to NGEs in the first paragraph of Policy Charges and Fees, above. Please note that your monthly Cost of Insurance Charge will never be calculated at a rate higher than the maximum Cost of Insurance Charge shown in the "Periodic Charges Other Than Underlying Fund Fees and Operating Expenses" table in this prospectus. <br>

**Administrative Fee**

There is a monthly Administrative Fee, (as shown in the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table of this prospectus and reflected as the "Guaranteed Maximum Monthly Administrative Fee" in the Policy Specifications), which compensates the Company for administrative expenses associated with policy issue and ongoing policy maintenance including but not limited to premium billing and collection, policy value calculation, confirmations, and periodic reports. It is calculated as A) plus B) where:

A) is a flat Monthly Deduction of $XX in all Policy Years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) until the younger Insured's Attained Age XX for the initial Specified Amount or following an increase in Specified Amount (currently until the younger Insured's Attained Age XX), a per $1,000 charge which varies with each Insured's age, gender and premium class. This monthly charge will never exceed $XX per $1,000 of initial Specified Amount or increase in Specified Amount. We reserve the right to change this charge, but guarantee it will not exceed the maximum rates as shown in the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table of this prospectus.

**Policy Loan Interest**

If you borrow against your Policy, interest will be charged to the Loan Account Value. The annual effective interest rate is guaranteed not to exceed a maximum of XX% in all Policy Years. The amount of your loan, plus any accrued but unpaid interest, is added to your outstanding Policy Loan balance. We reserve the right to change this charge but guarantee it will not exceed the maximum rates as shown in the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table of this prospectus.

**Rider Charges**

The following paragraphs describe the charges for the riders listed below. The features of the riders available with this Policy and any limitations on the selection of riders are discussed in the section headed "Riders".

***Enhanced Surrender Value Rider*.** There is a monthly charge during Policy Years 2 - 5 of $XX per $1,000 of Initial Specified Amount.

***Estate Protection Rider.*** There is a monthly Cost of Insurance Charge during Policy Years 1-4. This rider uses the same cost of insurance rates as the base policy per $1,000 of death benefit of the Estate Protection Rider.

***Overloan Protection Rider.*** There is a one-time charge for this rider if you choose to elect the benefit. This charge is XX% of the then current Accumulation Value.

***Premium Reserve Rider.*** We deduct XX% from each Premium Payment you direct to this rider in Policy Years XX, and XX% in Policy Years XX. Premium Reserve Rider Accumulation Value allocated to the Premium Reserve Separate Account is subject to the Mortality and Expense Risk Charge not to exceed XX% for Policy Years XX and XX% for Policy Years XX.

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In addition, if you request a loan from the Premium Reserve Rider Accumulation Value, interest is charged at the same rate as for Policy Loans.

**YOUR INSURANCE POLICY**

Your Policy is a life insurance contract that provides for a death benefit payable on the death of the second Insured. The Policy and the application constitute the entire contract between you and Lincoln Life.

The Policy includes Policy Specifications pages. These pages provide important information about your Policy such as: the identity of the Insureds and Owner; Policy Date; the Initial Specified Amount; issue ages; Planned Premium Payment; Surrender Charges; expense charges and fees; and guaranteed maximum cost of insurance rates.

**Note:** The Policy Specifications pages (and any specifications pages relating to riders you may purchase) reference certain dates that are very important in understanding when your coverage begins and ends, when certain benefits become available and when certain rights or obligations arise or terminate. Generally, terms such as "Policy Date", "Effective Date" or "Policy Effective Date" (or "Rider Date", "Rider Effective Date") refer to the date that coverage under the Policy (or rider) becomes effective and is the date from which Policy Years, Policy Anniversary and ages are determined. Terms such as "Issue Date" or "Policy Issue Date" (or "Rider Issue Date") generally refer to when we print or produce the Policy (or rider), but such dates may have importance beyond that date. For example, the period of time we may have to contest a claim submitted in the first couple years of the Policy will typically start on the date the Policy is issued and not the date the Policy goes into effect. **Please read your Policy carefully and make sure you understand which dates are important and why.**

When your Policy is delivered to you, you should review it promptly to confirm that it reflects the information you provided in your application. If not, please notify us immediately.

The Policy is nonparticipating. This means that no dividends are payable to you. In addition, your Policy does not share in the profits or surplus earnings of the Company.

Before purchasing the Policy to replace, or to be funded with proceeds from an existing life insurance policy or annuity, make sure you understand the potential impact. The Insureds will need to prove current insurability and there may be a new contestable period for the new Policy. The death benefit and policy values may be less for some period of time in the new Policy.

Once your Policy is in force, the effective date of payments and requests you send us is usually determined by the day and time we receive them.

We cannot process your requests for transactions relating to the Policy until we have received the request in "Good Order" at our Administrative Office. "Good Order" means 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. We may, in our sole discretion, determine whether any particular transaction request is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time.

We allow telephone transactions when you complete our authorization form and return it to us. Contact our Administrative Office for information on authorization for telephone transactions.

Any telephone or other electronic transmission, whether it is yours, your service provider's, your agent's, or ours, can experience outages or slowdowns for a variety of reasons. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances. If you experience problems, you should send your request in writing to our Administrative Office.

**Application**

If you decide to purchase a Policy, you must first complete an application. A completed application identifies the proposed Insureds and provides sufficient information to permit us to begin underwriting risks in the Policy. We require a medical history and may require an examination of the proposed Insureds. Based on our review of

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medical information about the proposed Insureds, we may decline to provide insurance, or we may place the proposed Insureds in a special underwriting category. The monthly Cost of Insurance Charge deducted from the policy value after issue varies depending on the age, gender and underwriting category of the Insureds.

A Policy may only be issued upon receipt of satisfactory evidence of insurability, and generally when each Insured is at least age 20 and at most age 85. Age will be determined by the nearest birthday of each Insured.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who applies for a Policy. When you apply for a Policy, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We, or our agent, may also ask to see your driver's license, photo i.d. or other identifying documents.

**Owner**

The Owner on the Date of Issue is designated in the Policy Specifications. You, as Owner, will make the following choices:

1)

initial death benefit amount;

2)

optional riders;

3)

the amount and frequency of Premium Payments; and

4)

the amount of Net Premium Payment to be allocated to the selected Sub-Account(s) made available to you or the Fixed Account (if available). Currently, the Fixed Account is only available as an account for Dollar Cost Averaging.

5) you may elect a transfer to or from the Sub-Accounts or the Fixed Account, if available to you.

You are entitled to exercise rights and privileges of your Policy as long as at least one of the Insureds is living. These rights generally include the power to select the Beneficiary, request Policy Loans, make Partial Surrenders, Surrender the Policy entirely, request a Reduction in Specified Amount, name a new Owner, assign the Policy and make transfers. You must inform us of any change in writing. We will record change of Owner and Beneficiary forms to be effective as of the date of the latest signature on the written request. In addition to changes in ownership or Beneficiary designations, you should make certain that our records are up to date with respect to your address and contact information and, to the extent possible, the address and contact information of any Beneficiaries. This will ensure that there are no unnecessary delays in effecting any changes you wish to make, ownership privileges you wish to exercise or payments of proceeds to you or your Beneficiaries. Any payment made or any action taken or allowed by us before we record the change of Beneficiary will be without prejudice to us. Exercising a change in ownership may cause a taxable event. You should consult a tax advisor prior to exercising a change in ownership to determine the tax consequences of such exercise. You may effect a reinstatement.

**Right to Examine Period**

You may return your Policy to us for cancellation within 10 days after you receive it (or a greater number of days if required by your state). This is called the "Right to Examine Period". If the Policy is returned for cancellation within the Right to Examine Period, we will refund to you the following:

If your Policy is issued in a state that provides for return of value, you are subject to the risk of market loss during the Right to Examine Period. Any Net Premium Payments received before the end of the Right to Examine Period will be allocated directly to the Sub-Account available to you or the Fixed Account (for purposes of Dollar Cost Averaging), if applicable, which you designated. If the Policy is returned for cancellation within the Right to Examine Period, we will return to you the sum of (i) the Accumulation Value less any Debt, on the date the returned Policy is received by us, plus (ii) any charges and fees imposed under the Policy's terms.

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If your Policy is issued in a state that requires return of Premium Payments, or you are 60 years old or over and your Policy is issued in California, any Net Premium Payments received by us within 10 days (or a greater number of days if required by your state; 30 days in California) of the date the Policy was issued will be held in the money market Sub-Account. At the end of that period, it will be allocated to the Sub-Account available to you or the Fixed Account (for purposes of Dollar Cost Averaging), if applicable, which you designated. If the Policy is returned for cancellation within the Right to Examine Period, we will return to you the greater of (a) all Premium Payments less any Debt; or (b) the sum of (i) the Accumulation Value less any Debt, on the date the returned Policy is received by us, plus (ii) any charges and fees imposed under the Policy's terms. (Note: For California policies, you may direct us, in writing, to proceed to allocate your Net Premiums before the end of the 30 days.)

If a Premium Payment was made by check, there may be a delay until the check clears.

**Initial Specified Amount**

You will select the Initial Specified Amount of death benefit on the application. This may not be less than $250,000. This amount will determine the initial death benefit. The Initial Specified Amount is shown on the Policy Specifications page.

**Transfers**

You may make transfers among the Sub-Accounts (made available to you) and the Fixed Account (if available), subject to certain provisions. You should carefully consider current market conditions and each Underlying Fund's objective and investment policy before allocating money to the Sub-Accounts. (Note: Prior to moving money into the money market Sub-Account or allowing it to default into the money market Sub-Account as a result of a fund liquidation, refer to your Policy for specific impacts that may apply, if any.) **You must allocate all investment into the Sub-Account made available to you. Currently, the Fixed Account is only available as an account for Dollar Cost Averaging.**

If your Policy offers the Fixed Account, during the first Policy Year, transfers from the Fixed Account to the Sub-Accounts may be made only as provided for in the Dollar Cost Averaging or Automatic Rebalancing program described below. The amount of all transfers from the Fixed Account in any other Policy Year may not exceed the greater of:

1)

25% of the Fixed Account Value as of the immediately preceding Policy Anniversary, or

2)

the total dollar amount transferred from the Fixed Account in the immediately preceding Policy Year.

Due to these limitations, if you want to transfer all of your value from the Fixed Account to one or more Sub-Accounts, it may take several years to do so. We reserve the right to waive these transfer restrictions from the Fixed Account at any time. Transfer restrictions from the Fixed Account will be waived if made in order to comply with allocation restrictions in effect at the time. Please contact your registered representative to determine if a waiver is currently in effect.

Requests for transfers may be made in writing or by telephone, if you have previously authorized telephone transfers in writing, subject to our consent. We will use reasonable procedures, such as requiring identifying information from callers, recording telephone instructions, and providing written confirmation of transactions, in order to confirm instructions are genuine. Any instructions, which we reasonably believe to be genuine, will be your responsibility, including losses arising from any errors in the communication of instructions. As a result of this procedure, you will bear the risk of loss. If we do not use reasonable procedures, as described above, we may be liable for losses due to unauthorized instructions.

Up to 24 transfer requests (a request may involve more than a single transfer) may be made in any Policy Year without charge. Any transfer among the Sub-Accounts or to the Fixed Account will result in the crediting and cancellation of accumulation units. This will be based on the accumulation unit values determined after our

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Administrative Office receives a request in writing or adequately authenticated electronic transfer request. Transfer and financial requests received in Good Order before the close of regular trading on the New York Stock Exchange (generally 4:00 pm Eastern time on a business day) will normally be effective that day. There may be circumstances under which the New York Stock Exchange may close before 4:00 pm. In such circumstances transactions requested after such early closing will be processed using the accumulation unit value computed the following trading day.

Some of the Underlying Funds have reserved the right to temporarily or permanently refuse payments or transfer requests from us if, in the judgment of the Underlying Fund's investment advisor, the Underlying Fund would be unable to invest effectively in accordance with its investment objective or policies, or would otherwise potentially be adversely affected. To the extent permitted by applicable law, we reserve the right to defer or reject a transfer request at any time that we are unable to purchase or redeem shares of any of the Underlying Funds, including any refusal or restriction on purchases or redemptions of the Sub-Account units as a result of the Underlying Funds' own policies and procedures on market timing activities. We may also defer or reject an allocation or transfer request that is subject to a restriction that is imposed by the Underlying Fund at any time. If an Underlying Fund refuses to accept a transfer request we have already processed, we will reverse the transaction within 1-2 business days of the day on which we receive notice of the refusal. We will notify you in writing if we have reversed, restricted or refused any of your transfer requests.

We reserve the right to change the terms and conditions of the "Transfers" section in response to changes in legal or regulatory requirements. Further, we reserve, at our sole discretion, the right to limit or modify transfers in the interest of overall fund management or transfers that may have an adverse effect on other Policy Owners. Transfer rights may be restricted in any manner or terminated until the beginning of the next Policy Year if we determine that your use of the transfer right may disadvantage other Policy Owners.

**Market Timing**

Frequent, large, or short-term transfers among Sub-Accounts made available to you and the Fixed Account (if available), such as those associated with "market timing" transactions, can affect the Underlying Funds and their investment returns. Such transfers may dilute the value of the fund shares, interfere with the efficient management of the Underlying Fund's portfolio, and increase brokerage and administrative costs of the Underlying Funds. As an effort to protect our Owners and the Underlying Funds from potentially harmful trading activity, we utilize certain market timing policies and procedures (the "Market Timing Procedures"). Our Market Timing Procedures are designed to detect and prevent such transfer activity among the Sub-Accounts made available to you and the Fixed Account (if available) that may affect other Owners or shareholders.

In addition, the Underlying Funds may have adopted their own policies and procedures with respect to frequent purchases and redemptions of their respective shares. The prospectuses for the Underlying Funds describe any such policies and procedures, which may be more or less restrictive than the frequent trading policies and procedures of other funds and the Market Timing Procedures we have adopted to discourage frequent transfers among Sub-Accounts. While we reserve the right to enforce these policies and procedures, Owners and other persons with interests under the Policies should be aware that we may not have the contractual authority or the operational capacity to apply the frequent trading policies and procedures of the Underlying Funds. You should note that, these policies and procedures may result in an Underlying Fund deferring or permanently refusing to accept Premium Payments or transfers for the reasons described in "Transfers", above. In such case, our rights and obligations will be as described in "Transfers". Some of the Underlying Funds may also impose Redemption Fees on short-term trading (i.e., redemptions of Underlying Fund shares within a certain number of business days after purchase). We reserve the right to administer and collect any such Redemption Fees on behalf of the Underlying Funds. You should read the prospectuses of the Underlying Funds for more details on their ability to refuse or restrict purchases or redemptions of their shares.

However, under the SEC rules, we are required to: (1) enter into written agreement with each Underlying Fund or its principal underwriter that obligates us to provide to the Underlying Fund promptly upon request certain information

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about the trading activity of individual Owners, and (2) execute instructions from the Underlying Fund to restrict or prohibit further purchases or transfers by specific Owners who violate excessive trading policies established by the Underlying Fund.

You should be aware that the purchase and redemption orders received by Underlying Funds generally are "omnibus" orders from intermediaries such as retirement plans or Separate Accounts to which Premium Payments and policy values of variable insurance policies are allocated. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and/or individual Owners of variable insurance policies. The omnibus nature of these orders may limit the Underlying Funds' ability to apply their respective disruptive trading policies and procedures. We cannot guarantee that the Underlying Funds (and thus our Owners) will not be harmed by transfer activity relating to the retirement plans and/or other insurance companies that may purchase the Underlying Funds. In addition, if an Underlying Fund believes that an omnibus order we submit may reflect one or more transfer requests from Owners engaged in disruptive trading activity, the Underlying Fund may reject the entire omnibus order.

Our Market Timing Procedures detect potential "market timers" by examining the number of transfers made by Owners within given periods of time. In addition, managers of the Underlying Funds might contact us if they believe or suspect that there is market timing. If requested by an Underlying Fund company, we may vary our Market Timing Procedures from Sub-Account to Sub-Account to comply with specific Underlying Fund policies and procedures.

We may increase our monitoring of Owners who we have previously identified as market timers. When applying the parameters used to detect market timers, we will consider multiple policies owned by the same Owner if that Owner has been identified as a market timer. For each Owner, we will investigate the transfer patterns that meet the parameters being used to detect potential market timers. We will also investigate any patterns of trading behavior identified by the Underlying Funds that may not have been captured by our Market Timing Procedures.

Once an Owner has been identified as a "market timer" under our Market Timing Procedures, we will notify the Owner in writing that future transfers (among the Sub-Accounts and/or the Fixed Account) will be temporarily permitted to be made only by original signature sent to us by U.S. mail, standard delivery for the remainder of the Policy Year. Overnight delivery or electronic instructions (which may include telephone, facsimile, or Internet instructions) submitted during this period will not be accepted. If overnight delivery or electronic instructions from or on behalf of an Owner who has been identified as a market timer are inadvertently accepted, we will reverse the transaction within 1 - 2 business days of our discovery of such acceptance. We will impose this "original signature" restriction on that Owner even if we cannot identify, in the particular circumstances, any harmful effect from that Owner's particular transfers.

Owners seeking to engage in frequent, large, or short-term transfer activity may deploy a variety of strategies to avoid detection. Our ability to detect such transfer activity may be limited by operational systems and technological limitations. The identification of Owners determined to be engaged in such transfer activity that may adversely affect other Owners or Underlying Fund shareholders involves judgments that are inherently subjective. We cannot guarantee that our Market Timing Procedures will detect every potential market timer. If we are unable to detect market timers, you may experience dilution in the value of your Underlying Fund shares and increased brokerage and administrative costs in the Underlying Funds. This may result in lower long-term returns for your investments.

Our Market Timing Procedures are applied consistently to all Owners. An exception for any Owner will be made only in the event we are required to do so by a court of law. In addition, certain Underlying Funds available as investment options in your Policy may also be available as investment options for Owners of other, older life insurance policies issued by us.

Some of these older life insurance policies do not provide a contractual basis for us to restrict or refuse transfers which are suspected to be market timing activity. In addition, because other insurance companies and/or retirement plans may invest in the Underlying Funds, we cannot guarantee that the Underlying Funds will not suffer harm from frequent, large, or short-term transfer activity among Sub-Accounts made available to you and the Fixed Account (if

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available) of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

In our sole discretion, we may revise our Market Timing Procedures at any time without prior notice as necessary to better detect and deter frequent, large, or short-term transfer activity, to comply with state or federal regulatory requirements, and/or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). If we modify our Market Timing Procedures, they will be applied uniformly to all Owners or as applicable to all Owners with policy values allocated to Sub-Accounts investing in particular Underlying Funds. We also reserve the right to implement and administer Redemption Fees imposed by one or more of the Underlying Funds in the future.

**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. More information about each rider follows the table.** 

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br> **Optional**<br>| **Brief Description of**<br> **Restrictions/Limitations**<br>|
| &nbsp;&nbsp; Enhanced <br> Surrender Value <br> Rider <br>| Provides an <br> Enhanced Surrender <br> Value free of a <br> Surrender Charge if <br> you fully surrender <br> your Policy during <br> the first five Policy <br> Years.<br>| Optional | •Available at Policy purchase only. |
| &nbsp;&nbsp; Supplemental <br> Survivorship <br> Term Insurance <br> Rider (Estate <br> Protection Rider)<br>| Provides term <br> insurance coverage <br> in the amount you <br> select (the "Term <br> Insurance Benefit <br> Amount") which <br> ends on the fourth <br> anniversary of the <br> Effective Date of the <br> rider. <br>| Optional  | •Available at Policy purchase only. |

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br> **Optional**<br>| **Brief Description of**<br> **Restrictions/Limitations**<br>|
| &nbsp;&nbsp; No-Lapse <br> Enhancement <br> Rider<br>| Prevents lapse if the <br> Policy's Surrender <br> Value is insufficient <br> to cover the Monthly <br> Deductions.<br>| Standard | &nbsp;&nbsp;&nbsp; •Automatically issued at Policy purchase.<br> •You may not allocate Accumulation Value and <br> Premium Payments to the money market Sub-<br> Account except for purposes described in the "Right <br> to Examine Period" section; as an account from which <br> to transfer funds for the Dollar Cost Averaging <br> program as described in the "Optional Sub-Account <br> Allocation Programs" section; and in the event of a <br> fund liquidation described in the "Sub-Account <br> Availability and Substitution of Funds" section.<br> •Terminating Automatic Rebalancing will terminate <br> the No-Lapse Enhancement Rider attached to your <br> Policy. <br> •Maintaining Automatic Rebalancing with the <br> applicable allocation requirements, as described in <br> this prospectus, is required to keep this Rider in <br> force. <br>|
| &nbsp;&nbsp; Overloan <br> Protection Rider<br>| Provides that your <br> Policy will not lapse <br> solely based on Debt <br> exceeding the <br> Surrender Value.<br>| Standard | &nbsp;&nbsp;&nbsp; •Automatically issued at Policy purchase if Guideline <br> Premium Test is chosen. Not available if Cash Value <br> Accumulation Test is chosen. <br> •Once you exercise the benefit, the following changes <br> will be made to your Policy:<br> •We will no longer allow Premium Payments, Partial <br> Surrenders, or changes to the Specified Amount.<br> •All other riders will be terminated.<br> •No additional Monthly Deductions will be taken.<br> •The Separate Account Value will be transferred to the <br> Fixed Account.<br> •The Policy will become paid-up insurance (i.e. no <br> further payment will be required).<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br> **Optional**<br>| **Brief Description of**<br> **Restrictions/Limitations**<br>|
| &nbsp;&nbsp; Premium Reserve <br> Rider<br>| Allows you to pay <br> some Premiums that <br> accumulate in the <br> same manner as if <br> they had been <br> allocated to your <br> Policy without being <br> subject to all Policy <br> charges and <br> expenses. The <br> Premium Reserves, <br> in turn, can be used <br> to prevent the Policy <br> from lapsing.<br>| Optional | &nbsp;&nbsp;&nbsp; •Automatically issued at Policy purchase in states <br> where it is available. <br> •Premiums allocated to the Premium Reserve Rider do <br> not increase the Policy's Accumulation Value and, <br> therefore, will not decrease the Net Amount at Risk. <br> •If the entire Premium Reserve is transferred to <br> prevent a lapse, the rider will terminate, and no future <br> Premium Payments to the rider are permitted.<br>|
| &nbsp;&nbsp; Dollar Cost <br> Averaging<br>| An investment <br> strategy that divides <br> up the total amount <br> to be invested in one <br> or more sub <br> accounts over a <br> specified period of <br> time. This averages <br> the purchase cost of <br> the assets over time <br> and helps to reduce <br> the potential impact <br> of market volatility.<br>| Optional | &nbsp;&nbsp;&nbsp; •Available 1<sup>st</sup> policy year only, at Policy purchase. <br> •Cannot move money to Fixed Account or money <br> market Sub-Account. <br> •Automatically moves to Automatic Rebalancing after <br> 1<sup>st</sup> Policy Anniversary. <br>|
| &nbsp;&nbsp; Automatic <br> Rebalancing<br>| To periodically <br> restore sub account <br> exposure to a pre-<br> determined level <br> selected by the <br> policyholder to <br> reduce potential risk <br> of exposure to <br> market volatility.<br>| Optional | &nbsp;&nbsp;&nbsp; •Is only available if there is more than one Sub-<br> Account.<br> •Occurs on a quarterly, semi-annual, or annual basis, <br> as elected by you.<br> •Must be maintained on product to keep No-Lapse <br> Enhancement rider (see Riders).<br> •Can be terminated; however will terminate No-Lapse <br> Enhancement rider (see Riders).<br>|

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***Enhanced Surrender Value Rider.*** If desired, you must select this rider when you initially apply for insurance. The rider provides an enhanced Surrender Value without imposition of a Surrender Charge if you fully surrender your Policy during the first five Policy Years (the "Enhanced Surrender Value Period"). This rider does not provide for enhanced Surrender Value for Partial Surrenders, loans, or in connection with the exchange of this Policy for any other policy. This rider will terminate at the earliest of the Full Surrender of the Policy for the benefit provided by this rider; the end of the fifth Policy Year; lapse of the Policy; or exchange, replacement, or any termination of the Policy. In Policy Years 2-5, there will be a monthly charge per $1,000 of Initial Specified Amount for this rider.

If the Policy is fully surrendered at any time during the Enhanced Surrender Value Period, the Surrender Value payable on the date your Policy is surrendered will equal:

1)

the Policy's Accumulation Value; minus

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2)

Debt.

The following example demonstrates hypothetical Accumulation Values and Surrender Values with and without the Enhanced Surrender Value Rider during the first five Policy Years of the Policy described below:

Sample Policy

• Insured: Male and Female - Both Standard Non-tobacco, age 55

• Specified Amount: $1,000,000

• Planned annual Premium Payment: $XX for 50 years

• No Debt

• Assumed Investment Return: XX% gross (XX% net)\*

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| | | | | |
|:---|:---|:---|:---|:---|
| **End of Year** | **Accumulation**<br> **Value Without**<br> **ESV Rider**<br>| **Surrender**<br> **Value Without**<br> **ESV Rider** <br>| **Accumulation**<br> **Value With**<br> **ESV Rider**<br>| **Surrender**<br> **Value With**<br> **ESV Rider**<br>|
| 1 | $XX | $XX | $XX | $XX |
| 2 | $XX | $XX | $XX | $XX |
| 3 | $XX | $XX | $XX | $XX |
| 4 | $XX | $XX | $XX | $XX |
| 5 | $XX | $XX | $XX | $XX |

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\*

The Assumed Investment Return shown is illustrative only. Your investment return may be higher or lower than the rate used to create this table. The table is intended to illustrate the effect(s) of the application of the ESV Rider on policy values and is not intended to imply that a purchaser can expect to achieve the values shown.

***Supplemental Survivorship Term Insurance Rider (Estate Protection Rider).*** If desired, you must select this rider when you initially apply for insurance. The rider provides term insurance coverage in the amount you select (the "Term Insurance Benefit Amount") which ends on the fourth anniversary of the Effective Date of the rider. Upon death of the second Insured, we will pay the Term Insurance Benefit Amount in addition to the Death Benefit Proceeds.

There is a monthly Cost of Insurance Charge for this coverage during Policy Years 1-4. This rider uses the same cost of insurance rates as the base Policy and is a charge per $1,000 of death benefit as provided by this rider.

This rider terminates on the earliest of:

1)

the date you request termination of the rider;

2)

when your Policy lapses;

3)

when your Policy is fully surrendered;

4)

on the fourth anniversary of the Effective Date of the rider; or

5)

the second death.

If your Policy is reinstated, this rider will likewise be reinstated. However, sufficient Premium must be paid to cover the Monthly Deduction including monthly rider costs.

***No-Lapse Enhancement Rider***: We will automatically issue this Rider with your Policy and there is no charge for it. This Rider provides you with a limited benefit in the event that your Policy would otherwise lapse. It does not provide any additional death benefit amount or any increase in your policy value and it does not provide any type of market performance guarantee. While this Rider is effective, there are certain requirements and limitations that are imposed which may restrict the allocations you may wish to make. These are described in the "Allocation Requirements" section below.

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*The Rider's benefit*: The Rider consists of the No-Lapse Value provision (the "No-Lapse Value Provision") and the Reset Account Value provision (the "Reset Account Value Provision"). Under this Rider, if the Policy's Surrender Value is insufficient to cover the Monthly Deductions, your Policy will not lapse as long as <u>either</u> the No-Lapse Value <u>or</u> the Reset Account Value, less any Debt, is greater than zero. If <u>both</u> the No-Lapse Value and the Reset Account Value, less any Debt, are zero or less, this Rider will not prevent your Policy from lapsing. The "No-Lapse Value" and "Reset Account Value" are reference values only and are determined as described below using Reference Rates and fees unique to each provision. These Reference Rates and fees are fixed at issue for the life of the Policy and are different from the rates and fees we use to calculate the Accumulation Value of the Policy.

*How long the protection lasts*: The duration of lapse protection provided by this Rider will be determined monthly and may vary based on the amount and timing of Net Premium Payments that are paid, interest credited, the amount of any Partial Surrenders, and rates and fees for the Rider. Payment of Premiums higher than the Planned Premium and interest credited on Net Premiums will increase the duration of lapse protection. Partial Surrenders and the costs of other riders which have their own charges will reduce the duration of lapse protection. Also, the duration of lapse protection provided by this Rider may be impacted by certain factors including:

a. Changes in premium timing, frequency or amount, including those Premium Payments paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. later than the month following the Planned Premium due date, which may shorten the duration of lapse protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. more than a month earlier than the Planned Premium due date, which may lengthen the duration of the lapse protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. more frequently than your scheduled Premium Payments, which may shorten the duration of lapse protection for the same amount of total Premium paid in a year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. less frequently than your scheduled Premium Payments, which may lengthen the duration of lapse protection for the same amount of total Premium paid in a year;

v. in lesser amounts than the Planned Premium, which may shorten the duration of lapse protection; and

vi. paid in greater amounts than the Planned Premium, which may lengthen the duration of lapse protection.

&nbsp;&nbsp;&nbsp;&nbsp;b. Your request(s) to initiate policy changes such as loans, Partial Surrenders, increases in Specified Amount, the addition of Riders, or exercising rider benefits, which may shorten the duration of lapse protection.

&nbsp;&nbsp;&nbsp;&nbsp;c. Your request(s) to initiate policy changes such as decreases in Specified Amount or the removal of Riders, which may lengthen the duration of lapse protection.

All Premiums received between two Monthly Anniversary Days will be credited as if they had been received as of the prior Monthly Anniversary Day in relation to the actual premium receipt date. This means that the Premium will be treated as having been received before the calculation of the No-Lapse Value Monthly Deduction, Reset Account Value Monthly Deduction and interest crediting. This treatment of effective date of Premiums only applies for the purposes of calculating the No-Lapse Value and the Reset Account Value. All Premiums received in the Policy Month prior to a decrease in the No-Lapse Value Premium Load and the Reset Account Value Premium Load will receive the lower No-Lapse Value Premium Load and the Reset Account Value Premium Load, as shown in the Policy Specifications.

To help ensure that any changes you make to your Policy will accomplish your insurance objective, we encourage you to request a personalized policy illustration from your registered representative that shows the impact of such changes to future death benefits, policy values, and the duration of this Rider's lapse protection.

*Impact on Death Benefit Proceeds*: If this Rider is actively preventing the Policy from Lapse, the death benefit payable will be determined as described below. Otherwise, the death benefit payable will be determined per the Death Benefit Proceeds provision of the Policy. (See section headed "Death Benefits" form more information.)

Each provision triggers a different death benefit, which are different from the Death Benefit Proceeds otherwise applicable under the Policy. If the requirements of only one of these provisions are met, the Death Benefit Proceeds

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payable will be calculated under that provision. If the requirements of both of these provisions are met, the Death Benefit Proceeds payable will be the greater of the Death Benefit Proceeds calculated under each provision.

If the second Insured dies while the No-Lapse Provision is maintaining the Policy in force, the Death Benefit Proceeds will be equal to the Guaranteed Minimum Death Benefit plus any Riders or benefits that are payable, less any Debt and Partial Surrenders processed after the second Insured's date of death. Note: While you cannot request an increase in the GMDB, if the current Specified Amount is decreased below the GMDB, the GMDB will automatically be decreased to an amount equal to the reduced Specified Amount.

If the second Insured dies while the Reset Account Value Provision is maintaining the Policy, the Death Benefit Proceeds will be equal to the Reset Death Benefit plus any Riders or benefits that are payable, less any Debt and Partial Surrenders after the second Insured's date of death.

The Reset Death Benefit on the Policy Date equals the Initial Specified Amount shown in the Policy Specifications. If the current Specified Amount is decreased below the Reset Death Benefit, the Reset Death Benefit will automatically be decreased to an amount equal to the new reduced Specified Amount. The Reset Death Benefit decrease will become effective on the same date as the decrease in current Specified Amount. You cannot request an increase in the Reset Death Benefit.

*What happens when the Rider's benefits go into effect*: During any time that this Rider is preventing the Policy from Lapse, the following will occur as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;a. Monthly Deductions will continue to be accumulated, but will not be deducted. The Surrender Value will not be less than zero. Cost of Insurance rates will not be charged on an amount greater than the death benefit at the beginning of the Policy Month. Any Death Benefit Proceeds payable will not be reduced by the accumulated unpaid Monthly Deductions.

&nbsp;&nbsp;&nbsp;&nbsp;b. Loan interest will continue to accrue and will be added to the total amount of Debt.

If the rider is no longer preventing Lapse, or upon termination of the No-Lapse Enhancement Rider, whichever occurs first, any accumulated unpaid Monthly Deductions will need to be repaid in addition to the amount described in the Grace Period provision in order to keep the Policy in force.

*Impact on the Policy's Grace Period*: The Grace Period provision of the Policy will begin on the Monthly Anniversary Day on which the No-Lapse Value, less Debt, and the Reset Account Value, less Debt, are less than or equal to zero and the Policy has met the conditions for entering the Grace Period. You will be notified of the pending Lapse as provided under that provision.

*Allocation Requirements*: While this rider is effective, there are certain allocation constraints and investment requirements that are or may be imposed. This means that you may be restricted in your choice of and/or in how much you can invest in certain Sub-Account(s) and/or the Fixed Account. All of the Policy's Accumulation Value must be invested in the Sub-Accounts made available to you to maintain the No-Lapse Enhancement Rider. The exceptions are described in the "Right to Examine Period", the "Dollar Cost Averaging", and "Sub-Account Availability and Substitution Funds" sections of this prospectus. **If you do not comply with these requirements, the rider will terminate and, if the rider terminates, the Policy will remain in force only if the Surrender Value is sufficient to cover the Monthly Deductions.**

Currently, the following allocation constraints apply:

&nbsp;&nbsp;&nbsp;&nbsp;a. **Automatic Rebalancing will be in effect when the Policy is issued and you must maintain Automatic Rebalancing in order to keep this rider in effect.** If you discontinue Automatic Rebalancing after the Policy is issued, this rider will terminate. (Refer to the section headed "Optional Sub-Account Allocation Programs" for more information about Automatic Rebalancing.)

&nbsp;&nbsp;&nbsp;&nbsp;b. This rider limits the use of the money market Sub-Account to the following: (a) for the purposes described in the "Right to Examine Period" section (b) as an account from which to transfer funds for the Dollar Cost Averaging program as described in the "Optional Sub-Account Allocation Programs" section; and (c) in the event of a fund liquidation as described in the "Sub-Account Availability and Substitution of Funds" section . Please

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note that any balance remaining in the money market Sub-Account upon termination of Dollar Cost Averaging will need to be transferred to other Sub-Account(s) or the Fixed Account (if available), as specified by you. In the event of a fund liquidation, policy value transferred into the money-market Sub-Account must be allocated to the Sub-Account(s) made available to you within 61 days of the liquidation. **Use of the money market Sub-Account other than as described above will result in the Rider terminating.**

Other than as described above, we currently do not impose investment restrictions. However, we may establish investment restrictions in the future. Any future investment restrictions may be in the form of one or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a maximum percentage of the Policy's Accumulation Value to be permitted in certain Sub-Account(s) and/or the Fixed Account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a minimum percentage of the Policy's Accumulation Value to be required in certain Sub-Account(s) and/or the Fixed Account (please review the "Sub-Accounts and Funds" section of this prospectus).

These restrictions may require you to transfer value to or from certain Sub-Accounts or the Fixed Account. You may transfer policy value to or from the Fixed Account without limitation for the purposes of complying with these restrictions.

The decision to impose these investment restrictions will be based on an annual review of the Separate Account and General Account investments of all Owners of this product, their investment concentrations, the general market conditions and the style and investment objectives of the Sub-Account investments. Any investment restrictions will be limited to the extent necessary to respond to the market and investment factors noted above which undermine our ability to preserve the No-Lapse protection provided under the Policy and its rider.

While we currently do not impose such investment restrictions other than the allocation constraints noted above, you will receive a listing of the accounts (i.e. Sub-Accounts, Fixed Account) for which allocations are restricted or to which allocations should be directed. If the decision to implement any of these restrictions is made after the Policy has been delivered to you, you will be notified in writing and advised if it is necessary to reallocate the Policy's Accumulation Value or subsequent Premium Payments among the Sub-Accounts or the Fixed Account. We will not reallocate any of your Policy's Accumulation Value except pursuant to your instructions in writing or by telephone (if you have previously authorized telephone transfers in writing). If you choose not to reallocate the Policy's Accumulation Value to comply with the restrictions, the Rider will terminate.

*How we determine the No-Lapse Value*: The No-Lapse Value is a reference value only (and it may become less than zero). It is not used in determining the Accumulation Value or death benefit provided by the Policy. The No-Lapse Value on the Policy Date will be the initial Premium received, plus the No-Lapse Value Premium Credit as shown in the Policy Specifications, less the No-Lapse Monthly Deduction for the first Policy Month.

On each Monthly Anniversary Day, the No-Lapse Value is calculated taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. The No-Lapse Value on the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;2. Premiums received since the preceding Monthly Anniversary Day (either adding the amount of the No-Lapse Value Premium Credit or subtracting the amount of the No-Lapse Value Premium Load based on Policy Years as shown in the Policy Specifications);

&nbsp;&nbsp;&nbsp;&nbsp;3. Partial Surrenders (i.e. withdrawals) since the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;4. Accumulated No-Lapse Value Credited Interest (interest credited to the No-Lapse Value daily) calculated using the interest rates shown in the table of No-Lapse Value Credited Interest rates shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;5. The No-Lapse Value Monthly Deduction described below for the Policy Month following the Monthly Anniversary Day; and

&nbsp;&nbsp;&nbsp;&nbsp;6. The Surrender Charge, if any, as determined from the Table of Surrender Charges shown in the Policy Specifications for any decrease in Specified Amount on the Monthly Anniversary Day.

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*How we determine the No-Lapse Value Monthly Deduction and the No-Lapse Value Cost of Insurance*: The No-Lapse Value Monthly Deduction for a Policy Month equals the sum of the No-Lapse Value Cost of Insurance as described below, the cost of any additional benefits provided by other rider(s) for the Policy Month and the No-Lapse Value Monthly Policy Fee, and after deducting the No-Lapse Monthly Administrative Fee as shown in the Policy Specifications.

The No-Lapse Value Cost of Insurance will be the result of (1) minus (2), multiplied by (3), and divided by 1,000, where:

&nbsp;&nbsp;&nbsp;&nbsp;(1) is the No-Lapse Death Benefit Value described below at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;(2) is the larger of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the No-Lapse Value at the beginning of the Policy Month after the deduction of the No-Lapse Value Monthly Policy Fee and after the deduction of the No-Lapse Value Monthly Administrative Fee but prior to the deduction for the monthly No-Lapse Value Cost of Insurance; or

ii. zero if the No-Lapse Value is less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;(3) is the applicable No-Lapse Factor described in the Policy Specifications. The No-Lapse Factor may be modified by the Table of Funding Level Threshold Percentages and resulting reduction factor, if applicable, as described in the Policy Specifications.

The Funding Level, mentioned above, is measured by dividing the No-Lapse Value on the Monthly Anniversary Day by the current Guaranteed Minimum Death Benefit. The Funding Level is used in the Table of Funding Level Threshold Percentages shown in the Policy Specifications to determine if the No-Lapse Factor will be modified by a reduction factor. The No-Lapse Factor is used to calculate the No-Lapse Cost of Insurance.

*How we calculate the No-Lapse Death Benefit Value:* The No-Lapse Death Benefit Value is equal to the Guaranteed Minimum Death Benefit plus the amount of any increases in the Specified Amount. The No-Lapse Death Benefit Value is used only to determine the monthly No-Lapse Value Cost of Insurance; it is <u>not</u> used to determine the death benefit provided by the Policy or this Rider.

*How we determine the Reset Account Value*: The Reset Account Value is a reference value (which may become less than zero) and is not used in determining the Accumulation Value or death benefit provided by the Policy. The Reset Account Value on the Policy Date will be the initial Premium received, less the Reset Account Premium Load, as shown in the Policy Specifications, and less the Reset Account Monthly Deduction for the first Policy Month:

On each Monthly Anniversary Day, the Reset Account Value is calculated taking into account the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. the Reset Account Value on the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;2. Premiums received since the preceding Monthly Anniversary Day, subtracting the amount of the Reset Account Value Premium Load;

&nbsp;&nbsp;&nbsp;&nbsp;3. Partial Surrenders (i.e. withdrawals) since the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;4. Accumulated Reset Account Value Credited Interest (interest credited to the Reset Account Value daily) calculated using the Reset Account Value Credited Interest rate shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;5. The Reset Account Value Monthly Deduction described below for the Policy Month following the Monthly Anniversary Day; and

&nbsp;&nbsp;&nbsp;&nbsp;6. the Surrender Charge, if any, as determined from the Table of Surrender Charges shown in the Policy Specifications for any decrease in Specified Amount on the Monthly Anniversary Day.

On each Policy Anniversary, the Reset Account Value may increase to reflect positive investment performance. If the Reset Account Value on that Policy Anniversary is less than the Accumulation Value on that same Policy Anniversary, the Reset Account Value will be reset to equal the Accumulation Value.

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*How we determine the Reset Account Monthly Deduction and the Reset Account Cost of Insurance*: The Reset Account Monthly Deduction for a Policy Month equals the sum of the Reset Account Value Cost of Insurance as described below the cost of any additional benefits provided by other rider(s) for the Policy Month and the Reset Account Monthly Administrative Fee shown in the Policy Specifications.

The Reset Account Value Cost of Insurance will be the result of (1) minus (2), multiplied by (3), and divided by 1,000, where:

&nbsp;&nbsp;&nbsp;&nbsp;(1) is the Reset Account Death Benefit Value at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;(2) is the Reset Account Value at the beginning of the Policy Month after the deduction of the Reset Account Value Monthly Administrative Fee but prior to the deduction for the monthly Reset Account Value Cost of Insurance, or zero if the Reset Account Value is less than zero, and

&nbsp;&nbsp;&nbsp;&nbsp;(3) is the Reset Factor as described in the Policy Specifications.

*How we calculate the Reset Account Death Benefit Value*: The Reset Account Death Benefit Value equal to the Reset Death Benefit plus the amount of any increases in Specified Amount. The Reset Account Death Benefit Value is used only to determine the monthly Reset Account Value Cost of Insurance; it is not used to determine the death benefit provided by the Policy or this Rider.

*When will the rider terminate*: The rider and all rights provided under it will terminate automatically on the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;1. the younger Insured reaches age 121;

&nbsp;&nbsp;&nbsp;&nbsp;2. the surrender or other termination of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;3. you request to terminate Automatic Rebalancing;

&nbsp;&nbsp;&nbsp;&nbsp;4. you use the money market Sub-Account other than as described in the Allocation Requirement above;

&nbsp;&nbsp;&nbsp;&nbsp;5. an allocation restriction, described in the "Allocation Requirements" section above or the "Current Investment Restrictions for Optional Benefits – No-Lapse Enhancement Rider" section below is imposed and you do not take corrective action within 61 days after the date of mailing of the notice that your allocations do not comply; or

&nbsp;&nbsp;&nbsp;&nbsp;6. there is a fund liquidation and policy value moved in to the money market Sub-Account is not allocated to the Sub-Account within 61 days of the liquidation as described in the "Sub-Account and Substitution of Funds" section.

If this Rider terminates due to item (1) above, coverage will continue as described in the Continuation of Coverage section of this prospectus, and the Death Benefit Proceeds available under this rider will continue to apply. If this Rider terminates due to items (3), (4) or (5) above it can result in the need to repay unpaid Monthly Deductions in order to keep your Policy in force and this Rider cannot be reinstated. **However, we reserve the right to delay termination of the Rider under certain circumstances.** You should consider your options carefully when choosing to terminate this Rider under one of these conditions. If the Policy terminates and is reinstated, the Rider will likewise be reinstated unless the Rider had terminated before the Policy terminated.

***Overloan Protection Rider.*** If this rider is issued with your Policy, you meet the requirements as described in the rider (see below) and you choose to take advantage of the benefit it provides, your Policy will not lapse solely based on Debt exceeding the Surrender Value. It is a limited benefit, in that it does not provide any additional death benefit or any increase in Accumulation Value. Also, it does not provide any type of market performance guarantee.

We will automatically issue this rider with your Policy if the death benefit qualification test chosen is the Guideline Premium Test. This rider is not available if you have chosen the Cash Value Accumulation Test as the basis for the Policy qualifying as life insurance under federal tax law and the benefit is not available to you if the Policy is a Modified Endowment Contract. While there is no charge for adding this rider to your Policy, if you choose to

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exercise this benefit, there is a one-time charge shown in the Policy Specifications. (See the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table and Policy Charges and Fees section of this prospectus.)

**In addition to the conditions mentioned above the following must be met at the time the benefit is exercised:**

(1) Policy Debt is larger than the Specified Amount; and

(2) The Policy has been in force for a minimum number of Policy Years ("Minimum Policy Years in Force") as shown in the Policy Specifications; and

(3) At least one of the Insureds identified in the Policy Specifications has attained the age shown as "Minimum Attained Age" in the Policy Specifications; and

(4) The Policy's Accumulation Value less Debt must be enough to cover the charge as shown in the Policy Specifications; and

(5) The ratio of Debt to the Policy's Accumulation Value must be between the Minimum and Maximum Value Threshold Percentages shown in the Policy Specifications; and

(6) Both the guideline single premium and the guideline level premiums calculated under the Guideline Premium Test must be greater than zero (see the "Death Benefit Qualification Test" section of this prospectus) (unless the youngest Insured has attained or would have attained at least age 100)

**Once you exercise the benefit, the following changes will be made to your Policy:**

a. We will no longer allow Premium Payments, Partial Surrenders, or changes to the Specified Amount;

b. All other riders will be terminated;

c. No additional Monthly Deductions will be taken;

d. The Separate Account Value (also referred to the "Variable Account Value" in the rider), if any, will be transferred to the Fixed Account. (This transfer will not be subject to any limitations that may otherwise be in effect and will not be assessed a charge. Also, no further transfers will be allowed, and Automatic Rebalancing will end); and

e. The Policy will become paid-up insurance (i.e. no further payments will be required) and the death benefit will be determined as provided by the Policy but will be no less than the greater of the following amounts, less Debt:

(i) Debt plus $10,000; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) An amount determined by us equal to the amount required to qualify the Policy as life insurance under the Internal Revenue Code.

**You should consult with a qualified tax advisor before exercising this rider, as there may be tax consequences. Also, we will provide you with notice the first time your Policy meets all the conditions and requirements noted above. We strongly recommend that you carefully monitor the performance of your Policy by annually reviewing a projection of the Policy's benefits and values (an "illustration") in order to improve your opportunity of meeting the requirements and conditions of the rider.**

***Premium Reserve Rider***: We will automatically issue this rider with your Policy in states where it is available. The rider allows you to pay Premiums in addition to those you plan to pay for your Policy and to have such amounts accumulate in the same manner as if they had been allocated to your Policy without, as detailed in the rider, being subject to all charges and expenses of your Policy. For example, this rider can be used to fund future Premium Payments if needed while retaining the flexibility to withdraw such funds from the rider without reducing the Policy's Specified Amount (or being subject to Surrender Charges) in the event the funds are not needed due to favorable investment performance. Premiums allocated to the Premium Reserve Rider do not increase the Policy's Accumulation Value and, therefore, will not decrease the Net Amount at Risk. Since the Net Amount at Risk will not be reduced, current Cost of Insurance Charges will not be reduced. However, the Policy's death benefit will be increased by the Premium Reserve Rider Accumulation Value less Debt. The Premium Reserve Rider Accumulation

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Value is the sum of the (i) values of Sub-Accounts created for the rider which, but for having been created specifically for the rider, are in all other respects identical to the Sub-Accounts (the "Premium Reserve Rider Sub-Accounts"), and (ii) values held in the portion of the Fixed Account created specifically for the rider (the "Premium Reserve Rider Fixed Account").

A Premium Load of XX% in all Policy Years (known as the Premium Reserve Rider Premium Load) will be deducted from each amount allocated to this rider. We reserve the right to change this charge but guarantee it will not exceed the maximum rates as shown in the "Periodic Charges Other Than Annual Underlying Fund Fees and Operating Expenses" table of this prospectus.

Net Premium Reserve Rider Premiums will be allocated to the Premium Reserve Rider Sub-Accounts and/or the Premium Reserve Rider Fixed Account using the same Premium allocation instruction that you have provided to us for allocating Premiums which you direct to your Policy.

Calculations of the values of the Premium Reserve Rider Sub-Accounts apply the same monthly Mortality and Expense Risk Charge as would have been deducted if the Premiums had been allocated to your Policy; however, the Monthly Deductions for your Policy, which include charges for the cost of insurance and the Administrative Fee, and charges for riders to your Policy other than this rider will not be reflected.

You may request us to transfer all or part of the Premium Reserve Rider's Accumulation Value to your Policy at any time.

No other policy charges or fees will be deducted from the amount allocated to the Premium Reserve Rider.

In addition, after Policy Year 10, subject to certain limitations (which relate to meeting the requirement that sufficient value remains to maintain the duration of lapse protection provided under the No-Lapse Enhancement Rider until the second Insured reaches age 121 – see section headed "No-Lapse Enhancement Rider"), you may request transfers from the Policy's Sub-Accounts made available to you and Fixed Account (if available) to the Premium Reserve Rider for allocation to the Premium Reserve Rider's Sub-Accounts made available to you and Fixed Account (if available). Transfers between the Policy and the rider will not be counted against the number of free transfers permitted by the Policy.

The rider provides for the automatic transfer of the entire Accumulation Value of the rider to the Policy in the event:

1)

the Surrender Value under your Policy is insufficient to maintain your Policy in force and the No-Lapse Enhancement Rider described above is not at the time preventing your Policy from lapsing; and

2)

you do not pay at least the amount set forth in the Grace Notice and your payment is not received by us before the end of the Grace Period.

If the Premium Reserve Rider Surrender Value on the day the Grace Period ends is insufficient to meet the amount then due, your Policy will lapse without value.

If this rider is in force at the time you request a loan on or Partial Surrender of your Policy, any such loan or Partial Surrender will be made first from any Premium Reserve Rider Accumulation Value and when the Premium Reserve Rider Accumulation Value is reduced to zero, then from the Accumulation Value of your Policy. Loan interest will be charged and credited to any Premium Reserve Rider loans on the same basis as the Policy. Please refer to the section headed "Policy Loans" for a more detailed discussion of Policy Loans, including interest charged on Policy Loans.

In the event of the death of the second Insured while the rider is in force, any Premium Reserve Rider Accumulation Value less Debt on the date of death will be added to the death benefit. If the death benefit is paid pursuant to the No-Lapse Enhancement Rider, the Premium Reserve Rider Accumulation Value less Debt will be added to the death benefit payable under that rider.

The Premium Reserve Rider will terminate at the earlier of the date your Policy terminates; the date the entire Premium Reserve Rider Accumulation Value is automatically transferred to your Policy to maintain your Policy in

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force; or your written request to terminate the rider is received. Once terminated, the rider may not be reinstated, and no further Premium Payments may be allocated to it.

Finally, the amount of Premiums you may pay, whether you direct them to your Policy or to your Premium Reserve Rider, are subject to limits which are discussed in the Tax Issues section of the prospectus.

As with your Policy, you bear the risk that the investment results of the Sub-Accounts you have chosen are adverse or are less favorable than anticipated. Adverse investment results will impact the Accumulation Value of the rider and, therefore, the amount of rider Accumulation Value which may be available to prevent your Policy from lapsing or for providing policy benefits.

The Premium Reserve Rider, as discussed above, can help provide additional protection against lapse of your Policy. The Premium Reserve Rider Accumulation Value generated by the additional Premiums you pay to the rider may be transferred to the Policy either through (i) your voluntarily requesting us to transfer available Premium Reserve Rider Accumulation Value to the Policy in the amount needed to prevent lapse (because, for example, you do not have the funds outside of the Policy to make the Premium Payment required to keep the Policy in force), or (ii) the rider's provision for automatically transferring all available Premium Reserve Rider Accumulation Value to the Policy should those values be needed to prevent lapse of the Policy (because, for example, the payment you do make either is less than the amount requested or is not received by the time set by the terms of the Policy). However, as noted above, if such values are transferred pursuant to the Premium Reserve Rider's automatic transfer provision, the Premium Reserve Rider will terminate, and the Owner will permanently lose the ability to allocate any future Premium Payments to the rider.

As a hypothetical example of how the Premium Reserve Rider might help prevent lapse of your Policy, assume that you have had your Policy for 11 years and that you have allocated additional Premiums to the rider so that your Premium Reserve Rider Accumulation Value at the end of Policy Year 11 is $25,000. Further assume that the No-Lapse Enhancement Rider is no longer preventing your Policy from lapsing, that the Premium required to maintain your Policy in force that is due at the beginning of Policy Year 12 is $15,000, and that you have decided that you wish to minimize your current cash outlays. If you do not pay the $15,000 Premium, you will receive a Grace Notice which will tell you that you need to make a Premium Payment of $15,000 to your Policy. If you wish, you could request (before the end of the Grace Period) that we transfer $15,000 of the Premium Reserve Rider Accumulation Value to the Policy. If you do not so request, we will automatically transfer the entire Premium Reserve Rider Accumulation Value of $25,000 to the Policy (and your Premium Reserve Rider will terminate). In this example, the transfer of $15,000 from your Premium Reserve Rider Accumulation Value to your Policy will avoid lapse of the Policy.

As a further hypothetical example, again assume that you have had your Policy for 11 years but that you have allocated fewer additional Premiums to the rider so that your Premium Reserve Rider Accumulation Value is $10,000. Continuing the assumption that the No-Lapse Enhancement Rider is no longer preventing your Policy from lapsing, that the Premium required to maintain your Policy in force that is due at the beginning of Policy Year 12 is $15,000, and that you wish to minimize your current cash outlays, your Premium Reserve Rider Accumulation Value would provide (either by transfer at your specific request or through automatic transfer) $10,000 towards the Premium due. But in this example, you would have to then pay the balance of the Premium due, that is $5,000, to us from your savings or from another source outside of the Policy to avoid lapse of your Policy.

You should discuss with your registered representative the needs which purchasing the Policy will meet, including the need to provide to beneficiaries a guaranteed death benefit which does not depend upon growth of the Policy's Accumulation Value. Policy illustrations, which the registered representative can prepare, will help determine the amount of Premiums which should be allocated to paying the costs of the Policy for the death benefit you need. Once that need for a guaranteed death benefit is met and Premium requirements determined, the Owner then could consider whether to allocate additional funds to the rider.

You should carefully weigh the balance between allocating Premiums to the Policy and Premiums to the rider. Premiums allocated to the Premium Reserve Rider may be withdrawn without reducing the Specified Amount (which might be the case if those Premiums had been allocated to the Policy). In addition, Premiums allocated to

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the rider are charged with the Premium Reserve Rider Premium Load as detailed above. Premiums allocated to the rider become part of the Premium Reserve Rider Accumulation Value and that value (less any Debt) would be paid upon the death of the second Insured in addition to the death benefit paid.

However, Premiums allocated to the rider do not increase the Policy's Accumulation Value and, therefore, would not reduce the Cost of Insurance Charges. An illustration can show the impact that paying a higher level of Premiums would have on the Policy's cost of insurance: that is as Accumulation Values in the Policy increase (through positive investment results and/or allocating more Premiums to the Policy), the Net Amount at Risk (that is, the difference between the death benefit and the Accumulation Value) will decrease, thereby decreasing the Cost of Insurance Charges. Decreasing policy charges increases the amount of the Policy's Accumulation Value available for allocation to the Sub-Accounts, and thereby increases the amount available for investment, subject to your tolerance for risk.

Your registered representative can prepare illustrations which would reflect the potential impact that different allocations of Premium between the Policy and the Premium Reserve Rider might have, as well as illustrate the impact rates of return selected by you might have on the Policy's benefits and the rider's Accumulation Value.

**Optional Sub-Account Allocation Programs**

You may elect to participate in Dollar Cost Averaging or Automatic Rebalancing as described on an allocation form provided by us. There is currently no charge for these programs. You may participate in only one program at any time.

***Dollar Cost Averaging*** systematically transfers amounts during the first Policy Year from the money market Sub-Account or the Fixed Account (if available). Transfer allocations may be made to one or more of the Sub-Accounts (not the Fixed Account) on a monthly basis. These transfers do not count against the free transfers available. By making allocations on a regularly scheduled basis, instead of on a lump sum basis, you may reduce exposure to market volatility. Dollar Cost Averaging will not assure a profit or protect against a declining market.

If Dollar Cost Averaging is desired, it must be elected at issue.

Dollar Cost Averaging terminates automatically:

1)

if the value in the money market Sub-Account or the Fixed Account (if available) is insufficient to complete the next transfer;

2)

7 calendar days after our Administrative Office receives a request for termination in writing or by telephone, with adequate authentication;

3)

on the first Policy Anniversary; or

4)

if your Policy is surrendered or otherwise terminates.

Upon termination of the Dollar Cost Averaging program, any balance remaining in the money-market Sub-Account or the Fixed Account will be transferred to:

1)

other Sub-Account(s) available and as specified by your Account Allocation Instructions, if there is more than one Sub-Account available; or

2)

the Sub-Account available, if there is only one.

From time to time, we may offer special interest rate programs for Dollar Cost Averaging. Please consult your registered representative to determine the current availability and terms of these programs. We reserve the right to modify, suspend or terminate a Dollar Cost Averaging program. Any changes will not affect Owners currently participating in the Dollar Cost Averaging program.

***Automatic Rebalancing*** if there is more than one Sub-Account available under this Policy, that is eligible to transfer amount to or from, you may participate in this program. Automatic Rebalancing periodically restores to a pre-determined level the percentage of policy value allocated to each Sub-Account. The pre-determined level is the

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allocation initially selected on the allocation form provided by us, until changed by the Owner. Your Policy will be issued with Automatic Rebalancing. When Automatic Rebalancing is in effect, all Net Premium Payments allocated to the Sub-Accounts made available to you and Fixed Account (if available) will be subject to Automatic Rebalancing. Transfers among the Sub-Accounts made available to you and the Fixed Account (if available) as a result of Automatic Rebalancing do not count against the number of free transfers available.

Automatic Rebalancing provides a method for reestablishing fixed proportions among your allocations to your Sub-Account(s) on a systematic basis. Automatic Rebalancing helps to maintain your allocation among market segments, although it entails reducing your policy values allocated to the better performing segments. Therefore, you should carefully consider market conditions and the investment objectives of each Sub-Account and Underlying Fund at the time you make your Premium Payment allocations which will also be used for Automatic Rebalancing.

Automatic Rebalancing will occur on a quarterly, semi-annual or annual basis, as elected by you. If Dollar Cost Averaging is also elected, the first rebalancing will occur after the Dollar Cost Averaging process terminates. Automatic Rebalancing may be terminated, or the allocation may be changed at any time, by contacting our Administrative Office. Terminating Automatic Rebalancing will terminate the No-Lapse Enhancement Rider attached to your Policy. Refer to the "Riders" section of this prospectus for more information.

**Continuation of Coverage**

If at least one of the Insureds is still living when the younger Insured attains, or would have attained, age 121, and the Policy is still in force and has not been surrendered, the Policy will remain in force until policy surrender or death of the second Insured. There are certain changes that will take place:

1)

we will no longer accept Premium Payments;

2)

we will make no further deductions;

3)

policy values held in the Separate Account will be transferred to the Fixed Account;

4)

we will continue to credit interest to the Fixed Account;

5)

we will no longer transfer amounts to the Sub-Accounts; and

6)

we will no longer allow any changes to the Specified Amount.

However, loan interest will continue to accrue. Provisions may vary in certain states.

This provision will not continue any rider attached to this Policy beyond the date for such rider's termination, as provided in the rider.

If this Policy is in the Grace Period at the younger Insured's Attained Age 121, you will need to pay the minimum amount required to remove this Policy from the Grace Period in order to guarantee continuation of this Policy beyond the Insured's Attained Age 121.

**Termination of Coverage**

All policy coverage terminates on the earliest of:

1)

Full Surrender of the Policy;

2)

death of the second Insured; or

3)

failure to pay the necessary amount of Premium to keep your Policy in force.

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**State Regulation**

The state in which your Policy is issued will govern whether or not certain features, riders, charges, restrictions, limitations and fees will be allowed in your Policy. You should refer to your Policy for these state specific features. All material state variations are discussed in this prospectus, however, non-material variations may not be discussed. Please contact the Administrative Office or your registered representative regarding availability.

**PREMIUMS**

You may select and vary the frequency and the amount of Premium Payments and the allocation of Net Premium Payments. After the initial Premium Payment is made there is no minimum Premium required, except to keep the Policy in force. Premium Payments may be required from time to time in order to insure that the Surrender 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 younger Insured attains, or would have attained, 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 Net Premium Payments**

Your "Net Premium Payment" is the portion of a Premium Payment remaining after deduction of the Premium Load. The Net Premium Payment is available for allocation to the Sub-Account(s) made available to you and the Fixed Account (if available), if available to you. Currently, the Fixed Account is only available as an account for Dollar Cost Averaging. You must allocate all Net Premiums into the Sub-Account made available to you. Please refer to your Policy Specifications.

You first designate the allocation of Net Premium Payments among the Sub-Account(s) made available to you and Fixed Account (if available), on a form provided by us for that purpose. Net Premium Payments will be allocated on the same basis as the initial Net Premium Payment unless we are instructed otherwise, in writing. You may change the allocation of Net Premium Payments among the Sub-Accounts made available to you and Fixed Account (if available) at any time.

The amount of Net Premium Payments allocated to the Sub-Account(s) made available to you and Fixed Account (if available), must be in whole percentages and must total 100%. We credit Net Premium Payments to your Policy as of the end of the "Valuation Period" in which it is received in Good Order at our Administrative Office. Premium Payments received from you or your broker-dealer in Good Order at our Administrative Office prior to the close of the New York Stock Exchange (normally 4:00 p.m., Eastern time on a business day), will be processed using the accumulation unit value computed on that Valuation Date. Premium Payments received in Good Order after market close will be processed using the accumulation unit value computed on the next Valuation Date. Premium Payments submitted to your registered representative will generally not be processed by us until they are received from your representative's broker-dealer. Premium Payments placed with your broker-dealer after market close will be processed using the accumulation unit value computed on the next Valuation Date. There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern time). In such instances, Premium Payments received after such early market close will be processed using the accumulation unit value computed on the next Valuation Date.

The Valuation Period is the time between "Valuation Days". A Valuation Day is every day on which the New York Stock Exchange is open and trading is unrestricted. Your policy values are calculated on every Valuation Day.

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**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. These additional payments must be sent directly to our Administrative Office, and will be credited when received by us.

Unless you specifically direct otherwise, any payment received (other than any Premium Payment necessary to prevent, or cure, Policy Lapse) will be applied as Premium and will not repay any outstanding loans. There is no Premium Load on any payment which you specifically direct as repayment of an outstanding loan.

You may increase Planned Premiums, or pay additional Premiums, subject to certain limitations. We reserve the right to limit the amount or frequency of additional Premium Payments. You may decrease Planned Premiums. However, doing so will impact your policy values and may impact how long your Policy remains in force.

We may require evidence of insurability if any payment of additional Premium (including Planned Premium) would increase the difference between the death benefit and the Accumulation Value. If we are unwilling to accept the risk, your increase in Premium will be refunded without interest.

We may decline any additional Premium (including Planned Premium) or a portion of a Premium that would cause total Premium Payments to exceed the limit for life insurance under federal tax laws. Our test for whether or not your Policy exceeds the limit is referred to as the Guideline Premium Test or, if you so elected at the time you applied for the Policy, the Cash Value Accumulation Test. The excess amount of Premium will be returned to you. We may accept alternate instructions from you to prevent your Policy from becoming a MEC. Refer to the section headed "Tax Issues" for more information.

**Policy Values**

Policy value in your variable life insurance policy is also called the Accumulation Value.

***The Accumulation Value*** equals the sum of the Fixed Account Value, Separate Account Value, and Loan Account Value. At any point in time, we adjust the Accumulation Value by:

1) Net Premium Payments made;

2) the amount of any Partial Surrenders;

3) any increases or decreases as a result of market performance of the Sub-Accounts;

4) interest credited to the Fixed Account or the Loan Account;

5) Persistency Bonuses, if any; <br>

6) Monthly Deductions; and

7) all other charges and fees. <br>

Additional Net Premium Payments will become part of the Accumulation Value which is subject to charges and deductions.

***The Separate Account Value***, if any, is the portion of the Accumulation Value attributable to the Separate Account. The value is equal to the sum of the current values of all the Sub-Accounts in which you have invested. The current value of each Sub-Account is determined by multiplying the number of Variable Accumulation Units credited or debited to that Sub-Account with respect to this Policy by the Variable Accumulation Unit Value of that Sub-Account for such Valuation Period.

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The "Variable Accumulation Unit" is a unit of measure used in the calculation of the value of each Sub-Account. It may increase or decrease from one Valuation Period to the next. The Variable Accumulation Unit value for a Sub-Account for a Valuation Period is determined as follows:

1)

the total value of Underlying Fund shares held in the Sub-Account is calculated by multiplying the number of Underlying Fund shares owned by the Sub-Account at the beginning of the Valuation Period by the net asset value per share of the Underlying Fund at the end of the Valuation Period, and adding any dividend or other distribution of the Underlying Fund made during the Valuation Period; minus

2)

the liabilities of the Sub-Account at the end of the Valuation Period. Such liabilities include daily charges imposed on the Sub-Account and may include a charge or credit with respect to any taxes paid or reserved for by Lincoln Life that we determine result from the operations of the Separate Account; and

3)

the result of (1) minus (2) is divided by the number of Variable Accumulation Units for that Sub-Account outstanding at the beginning of the Valuation Period.

In certain circumstances, and when permitted by law, we may use a different standard industry method for this calculation, called the Net Investment Factor method. We will achieve substantially the same result using either method.

The daily charge imposed on a Sub-Account for any Valuation Period is equal to the daily Mortality and Expense Risk Charge, if any, multiplied by the number of calendar days in the Valuation Period.

***The Fixed Account Value***, if any, reflects Net Premium Payments allocated or transferred to the Fixed Account, plus interest credited, any Persistency Bonuses (see below), less transfers from the Fixed Account, and any deductions or Partial Surrenders. Fixed Account principal is not subject to market fluctuation and interest is credited at a daily rate of XX% (equivalent to a compounded annual rate of XX%) or a higher rate determined by the Company. Because the interest we credit to the Fixed Account and as a Persistency Bonus are subject to change, they are considered NGEs as described earlier with respect to some of the Policy's charges and fees. As such, we use a similar approach in making our assessment of whether an adjustment to the interest we credit is to be made. If we make a change to the interest credited under the Fixed Account or Persistency Bonus, we will use Redetermination Classes to make those changes. Such changes can be made in consideration of one or more of the following items which may include but are not limited to: mortality, interest rates, investment earnings, persistency expenses (including reinsurance costs and taxes), policy funding, Net Amount at Risk, loan utilization, capital requirements, and reserve requirements. Any change will apply consistently to all individuals of the same Redetermination Class and will never cause the rate credited to be less than the guaranteed minimums.

***The Loan Account Value***, if any, reflects any outstanding Policy Loans, including any interest charged on the loans. This amount is held in the Company's General Account. We do not guarantee the Loan Account Value. Interest is credited based on the Loan Account Value at an effective annual rate of XX% in Policy Years XX and XX% in Policy Years XX and is allocated to the Policy in accordance with your allocation instructions on file with us at the time the interest is credited.

**Persistency Bonus**

On each Monthly Anniversary Day beginning with the first Monthly Anniversary Day in Policy Year 21, we will credit a Persistency Bonus to the Fixed Account and any of the Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date the credit is applied, at an annual effective rate guaranteed to be not less than 0.01%. In the event that you have allocated Premiums Payments to the Premium Reserve Rider, beginning with the first Monthly Anniversary Day in Policy Year 21, a persistency bonus, calculated as described above, will be credited to the Premium Reserve Rider Fixed Account and any of the Premium Reserve Rider Sub-Account(s) in the in the same proportion as the balances invested in the total of such account(s) as of the date the credit is applied. The persistency bonus is based on reduced costs in later Policy Years that we can pass on to policies that are still in force. Our payment of the persistency bonus will not increase or affect the charges and

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expenses of your Policy or any riders other than by virtue of increasing the Sub-Account values and Accumulation Value upon which certain charges and expenses of the Policy are based.

**Annual Statement**

We will tell you at least annually the Accumulation Value, the number of accumulation units credited to your Policy, current accumulation unit values, Sub-Account values, the Fixed Account Value and the Loan Account Value. We strongly suggest that you review your statements to determine whether additional Premium Payments may be necessary to avoid lapse of your Policy.

**DEATH BENEFITS**

The "Death Benefit Proceeds" is the amount payable to the Beneficiary upon the death of the second Insured. Loans, loan interest, Partial Surrenders, and overdue charges (such as Monthly Deductions), if any, are deducted from the Death Benefit Proceeds prior to payment. We will pay interest on any Death Benefit Proceeds payable only as required by applicable law. Riders, including the No-Lapse Enhancement Rider, Premium Reserve Rider and the Estate Protection Rider may impact the amount payable as Death Benefit Proceeds in your Policy. As discussed in more detail in the "Riders" section of this prospectus, the No-Lapse Enhancement Rider may provide a death benefit which differs from that paid under the Policy. The Premium Reserve Rider Accumulation Value, if any, less any Debt under the Premium Reserve Rider, will be added to the Policy's Death Benefit Proceeds. If the Policy's death benefit is paid pursuant to the terms of the No-Lapse Enhancement Rider, the Premium Reserve Rider Accumulation Value, if any, less any Debt under the Premium Reserve Rider, will be added to the death benefit payable under the terms of that rider. The Estate Protection Rider's Term Insurance Benefit Amount, if any, will be added to the Policy's Death Benefit Proceeds pursuant to the terms of the Estate Protection Rider.

**Death Benefit Proceeds**

The Death Benefit Proceeds payable upon the death of the second Insured will be the greater of:

1)

the Specified Amount on the date of the death of the second Insured, plus any amount payable upon death from Riders or benefits, less any Debt and Partial Surrenders processed after the death of the second Insured; or

2)

an amount equal to the Accumulation Value on the date of the second 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 Riders or benefits, less any Debt and Partial Surrenders processed after the second 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.)

**Changes to the Initial Specified Amount**

Within certain limits, you may decrease (reduce) or, with satisfactory evidence of insurability, increase the Specified Amount. Any increase in Specified Amount may increase the Net Amount at Risk and the Cost of Insurance Charge. (See the "Cost of Insurance Charge" section of this prospectus.) The minimum Specified Amount is currently $250,000.

A Partial Surrender may reduce the Specified Amount. If the Specified Amount is reduced as a result of a Partial Surrender, the death benefit may also be reduced. (See section headed "Policy Surrenders - Partial Surrender" for details as to the impact a Partial Surrender may have on the Specified Amount.)

You must submit all requests for changes in the Specified Amount in writing to our Administrative Office. The minimum increase in Specified Amount currently permitted is $1,000. If you request a change, a supplemental application and evidence of insurability must also be submitted to us.

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If you increase the Specified amount, there will be additional Surrender Charges in the event you request a surrender of the Policy. A Surrender Charge may also apply to a decrease in Specified Amount. Please refer to the Surrender Charges section of this prospectus for more information on conditions that would cause a Surrender Charge to be applied. A table of Surrender Charges is included in each Policy.

Any Reduction in Specified Amount will be made against the Initial Specified Amount and any later increase in the Specified Amount on a last in, first out basis. Any increase in the Specified Amount will increase the amount of the Surrender Charge applicable to your Policy. Changes in Specified Amount do not affect the Premium Load as a percentage of Premium.

We may decline any request for Reduction in Specified Amount if, after the change, the Specified Amount would be less than the minimum Specified Amount. We may also decline such a request if it would reduce the Specified Amount below the level required to maintain the Policy as life insurance for purposes of federal income tax law according to the death benefit qualification test you elected at the time you applied for the Policy.

Also, because the death benefit qualification tests, as discussed below, require certain ratios between Premium and death benefit and between the Policy's Accumulation Value and death benefit, we may increase the Policy's death benefit above the Specified Amount in order to satisfy the test you elected. If the increase in the Policy's death benefit causes an increase in the Net Amount at Risk, charges for the Cost of Insurance Charge will increase as well.

Any change is effective on the first Monthly Anniversary Day on, or after, the date of approval of the request by Lincoln Life, provided that any increase in cost is either included in a Premium Payment by you or the Policy's Accumulation Value is sufficient to cover the increased Monthly Deduction. If the Monthly Deduction amount would increase as a result of the change, the changes will be effective on the first Monthly Anniversary Day on which the Accumulation Value is equal to, or greater than, the Monthly Deduction amount.

**Death Benefit Qualification Test**

You will have the opportunity to choose between the two death benefit qualification tests defined in Section 7702 of the Internal Revenue Code of 1986 as amended ("Code"), the "Cash Value Accumulation Test" and the "Guideline Premium Test". If you do not choose a death benefit qualification test at that time, you will be deemed to have chosen the Guideline Premium Test. Once your Policy has been issued and is in force, the death benefit qualification test cannot be changed.

The Guideline Premium Test calculates the maximum amount of Premium that may be paid to provide the desired amount of insurance for Insureds of a particular age. Because payment of a Premium amount in excess of this amount will disqualify the Policy as life insurance, we will return to you any amount of such excess. The test also applies a prescribed percentage factor, to determine a minimum ratio of death benefit to Accumulation Value. A table of the applicable percentage factors will be included as a part of the Policy Specifications when you receive your Policy.

The Cash Value Accumulation Test requires that the death benefit be sufficient to prevent the Accumulation Value from ever exceeding the "Net Single Premium" required to fund the future benefits under the Policy. (The "Net Single Premium" is calculated in accordance with Section 7702 of the Code and is based on each Insured's age, risk classification and gender.) At any time the Accumulation Value is greater than the Net Single Premium for the proposed death benefit, the death benefit will be automatically increased by multiplying the Accumulation Value by a percentage that is defined as $1,000 divided by the Net Single Premium. A table of the applicable percentage factors will be included as a part of the Policy Specifications when you receive your Policy.

The tests differ as follows:

(1) The Guideline Premium Test expressly limits the amount of Premium that you can pay into your Policy while the Cash Value Accumulation Test does not.

(2) The factors that determine the minimum death benefit relative to the Policy's Accumulation Value are different

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and required increases in the minimum death benefit due to growth in Accumulation Value will generally be greater under the Cash Value Accumulation Test.

(3) If you wish to pay more Premium than is permitted under the Guideline Premium Test, for example to target a funding objective, you should consider the Cash Value Accumulation Test, because it generally permits the payment of higher amounts of Premium. Please note that payment of higher Premiums could also cause your Policy to be deemed a MEC (see Tax Issues, sub-section Policies That Are MEC's in your prospectus).

(4) If your primary objective is to maximize the potential for growth in Accumulation Value, or to conserve Accumulation Value, generally the Guideline Premium Test will better serve this objective.

(5) While application of either test may require an increase in death benefit, any increase in the Cost of Insurance Charges that arises as a result of the increase in the Policy's Net Amount at Risk will generally be less under the Guideline Premium Test than under the Cash Value Accumulation Test. This is because the required adjustment to the death benefit under the Guideline Premium Test is lower than that which would result under the Cash Value Accumulation Test.

You should consult with a qualified tax advisor before choosing the death benefits qualification test.

Please ask your registered representative for illustrations which demonstrate the impact of selection of each test on the particular policy, including any riders, which you are considering.

**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 both Insureds. This notification must include a certified copy of an official death certificate for each Insured, a certified copy of a decree of a court of competent jurisdiction as to the finding of death for each Insured, or any other proof satisfactory to us.

After receipt at our Administrative Office of proof of death of both Insureds and any other necessary claims requirements, 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.

**Payment of Interest on Death Benefit Proceeds**

We will pay interest on any Death Benefit Proceeds payable. Interest shall accrue and will be paid from the date of the Insured's death to the date when Death Benefit Proceeds are paid at a rate equal to the rate applied to Death Benefit Proceeds left on deposit with us.

Additionally, we will pay interest on the Death Benefit Proceeds at an annual rate of ten percent (10.00%) beginning with the date that is 31 days from the latest of a., b., or c. to the date when Death Benefit Proceeds are paid, where:

a)

is the date of our receipt of due proof of death of the Insured;

b)

is the date we receive sufficient information to determine our liability, the extent of our liability, and the appropriate payee legally entitled to the Death Benefit Proceeds; and

c)

is the date the legal impediments to payment of Death Benefit Proceeds that depend on the action of parties other than us are resolved and sufficient evidence of the same is provided to us.

Legal impediments to payment shall include, but are not limited to (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; and (c) the submission of information required to satisfy any state or federal reporting requirements.

Please see your Policy for state variations.

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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.

**POLICY SURRENDERS**

You may surrender your Policy at any time by submitting a written request for surrender. If you surrender your Policy, all coverage will automatically terminate and may not be reinstated. Consult your tax advisor to understand tax consequences of any surrender you are considering.

The Surrender Value of your Policy is the amount you can receive by surrendering the Policy. The Surrender Value is:

(i) the Policy's Accumulation Value less any Debt, less any applicable Surrender Charge, plus

(ii) the Premium Reserve Rider Accumulation Value less any Debt, minus

(iii) any Surrender Charge not covered by the Policy's Accumulation Value (which is not deducted in (i) above).

Policy Debt includes loans under the Policy and Premium Reserve Rider Debt includes loans under the Premium Reserve Rider.

If we receive a surrender or Partial Surrender request in Good Order at our Administrative Office before the close of the New York Stock Exchange (normally 4:00 p.m., Eastern time on a business day), we will process the request using the accumulation unit value computed on that Valuation Date. If we receive a surrender or Partial Surrender request in our Administrative Office after market close, we will process the request using the accumulation unit value computed on the next Valuation Date. There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern time). In such circumstances, surrenders or Partial Surrenders requested after such early market close will be processed using the accumulation unit value computed on the next Valuation Date.

Any surrender results in a withdrawal of values from the Sub-Accounts made available to you and Fixed Account (if available) and from the Premium Reserve Rider Sub-Accounts and Premium Reserve Rider Fixed Account that have values allocated to them. Any surrender from a Sub-Account or from a Premium Reserve Rider Sub-Account will result in the cancellation of Variable Accumulation Units. The cancellation of such units will be based on the Variable Accumulation Unit Value determined at the close of the Valuation Period during which the surrender is effective. Surrender proceeds will generally be paid within seven days of our receipt of your request.

**Partial Surrender**

You may make a Partial Surrender, withdrawing a portion of your policy values. You must request a Partial Surrender in writing. The amount of any Partial Surrender may not exceed 90% of the Policy's Surrender Value as of the date of your request for a Partial Surrender. We may limit Partial Surrenders to the extent necessary to meet the federal tax law requirements. Each Partial Surrender must be at least $500. Partial Surrenders are subject to other limitations as described below. If you wish to make a surrender in excess of 90% of the Surrender Value of your Policy, you must specifically request a Full Surrender of your Policy. Charges for Full Surrenders will apply (see section headed "Surrender Charges" for a discussion of Surrender Charges). Your Policy's Surrender Value

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equals the Policy's Accumulation Value less any Debt, less any applicable Surrender Charges. Policy Loans are Debt under your Policy and will reduce the Surrender Value available to you.

As of the end of the Valuation Day on which there is a Partial Surrender, the Accumulation Value will be reduced by the amount of the Partial Surrender plus any Partial Surrender Fee shown in the Policy Specifications. The amount of the Partial Surrender will be withdrawn first from the Premium Reserve Rider Sub-Accounts and Premium Reserve Rider Fixed Account in proportion to their values, and when such values are reduced to zero then from the Sub-Accounts made available to you and Fixed Account (if available) in proportion to their values. (See discussion in section headed "Riders—Premium Reserve Rider" for further details.)

A Partial Surrender will reduce the Specified Amount by the greater of:

a. zero; or <br> b. an amount equal to the amount of the Partial Surrender minus the result of [(1) minus (2)] divided by (3) where:

&nbsp;&nbsp;&nbsp;&nbsp;(1) is an amount equal to the Accumulation Value on the Valuation Day immediately prior to the Partial Surrender multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications; <br> (2) is the Specified Amount immediately prior to the Partial Surrender; and <br> (3) is the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications.

Partial Surrenders are deducted when the No-Lapse Value and the Reset Account Value of the No-Lapse Enhancement Rider are calculated. (See discussion in section headed "Riders – No-Lapse Enhancement Rider" for a detailed discussion of how benefits of this rider may be impacted by reductions of these values.)

Partial Surrender proceeds will generally be paid within seven days of our receipt of your request.

**POLICY LOANS**

You may borrow against the Surrender Value of your Policy and the Premium Reserve Rider, if you have allocated Premiums to the Premium Reserve Rider. The loan may be for any amount up to 100% of the current Surrender Value. However, we reserve the right to limit the amount of your loan so that total Debt under the Policy (including Premium Reserve Rider, if any, in Policy Years 1-10) will not exceed 90% of an amount equal to the Accumulation Value less Surrender Charge. A loan agreement must be executed and your Policy assigned to us free of any other assignments. Outstanding Policy Loans and accrued interest reduce the Policy's death benefit and Accumulation Value.

The amount of your loan will be withdrawn first from Accumulation Values, if any, of the Premium Reserve Rider Sub-Accounts and Premium Reserve Rider Fixed Account and then from the Policy's Sub-Accounts made available to you and Fixed Account (if available) in proportion to their values. The Loan Account is the account in which Debt (outstanding loans and interest) accrues once it is transferred out of the Sub-Accounts and Fixed Account. Amounts transferred to the Loan Account of both the Policy and the Premium Reserve Rider do not participate in the performance of the Sub-Accounts or the Fixed Account. Loans, therefore, can affect the Policy's death benefit and Accumulation Value whether or not they are repaid. Interest on Policy Loans (from both the Premium Reserve Rider and the Policy) accrues at an effective annual rate of XX% in all years, and is payable once a year in arrears on each Policy Anniversary, or earlier upon Full Surrender or other payment of proceeds of your Policy. Policy values in the Loan Account are part of the Company's General Account.

The amount of your loan, plus any accrued but unpaid interest, is added to your outstanding Policy Loan balance. Unless paid in advance, loan interest due will be transferred proportionately from the Sub-Accounts made available to you and Fixed Account (if available). This amount will be treated as an additional Policy Loan, and added to the Loan Account Value.

Lincoln Life credits interest to the Loan Account Value (of both the Premium Reserve Rider and the Policy) at a rate of XX% in years XX and XX% in years XX so the net cost of your Policy Loan is XX% in years XX and XX% thereafter. Such interest credited is transferred to the Policy in accordance with your Net Premium Payment allocation instructions on file with us at the time the interest is credited.

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Your outstanding loan balance may be repaid at any time as long as at least one of the Insureds is living. The Loan Account will be reduced by the amount of any loan repayment. Any repayment, other than loan interest, will be allocated to the Sub-Accounts made available to you and Fixed Account (if available) in the same proportion in which Net Premium Payments are currently allocated, unless you instruct otherwise. When making a payment to us, we will apply your payment as Premiums and not loan repayments unless you specifically instruct us otherwise. Please note that, if your repayment is less than the full amount of the outstanding loan balance, it must meet the minimum stated in the Policy Specifications as the "Minimum Loan Repayment Amount".

If at any time the total Debt against your Policy, including interest accrued but not due, equals or exceeds the then current Accumulation Value less Surrender Charges, the Policy will terminate subject to the conditions in the Grace Period provision, unless the provisions of the No-Lapse Enhancement Rider are preventing policy termination. If your Policy lapses while a loan is outstanding, the borrowed amount may be taxable to you to the extent your Policy's value exceeds your basis in the Policy.

**<u>Please note that there may be adverse tax consequences in the event that your Policy lapses with an outstanding loan balance.</u>**

**LAPSE AND REINSTATEMENT**

If at any time:

1)

the Surrender Value of the Policy is insufficient to pay the Monthly Deduction, and

2)

the provisions of the No-Lapse Enhancement Rider are not preventing termination of the Policy, then all coverage will terminate. This is referred to as "Policy Lapse".

The Surrender Value may be insufficient:

1)

because it has been exhausted by earlier deductions;

2)

as a result of poor investment performance;

3)

due to Partial Surrenders;

4)

due to Debt for Policy Loans; or

5)

because of a combination of any of these factors.

If we have not received your Premium Payment (or payment of Debt on Policy Loans) necessary so that the Surrender Value of your Policy is sufficient to pay the Monthly Deduction amount on a Monthly Anniversary Day, we will send a Grace Notice to you, or any assignee of record. The Grace Notice will state the amount of the Premium Payment that must be paid to avoid termination of your Policy.

If the amount stated in the Grace 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 Grace Notice was mailed, and (b) 61 days after the Monthly Anniversary Day on which the Monthly Deduction could not be paid. If the second 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.

**No-Lapse Protection**

Your Policy includes the No-Lapse Enhancement Rider. This rider provides you with additional protection to prevent a lapse in your Policy. If you meet the requirements of this rider, your Policy will not lapse, even if the Surrender Value under the Policy is insufficient to cover the accumulated, if any, and current Monthly Deductions. It is a limited benefit in that it does not provide any additional death benefit amount or any increase in your policy value. Also, it does not provide any type of market performance guarantee.

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Your Policy may also include the Overloan Protection Rider. If this rider is issued with your Policy, you meet the requirements as described in this rider and have elected this benefit, your Policy will not lapse solely based on Debt exceeding the Surrender Value.

Finally, your Policy includes the Premium Reserve Rider (in states where available). To the extent you have allocated Premium Payments to this rider, any rider Accumulation Value may prevent lapse of your Policy. If your Policy's Surrender Value is insufficient to cover the Monthly Deductions, and the provisions of the No-Lapse Enhancement Rider are not preventing policy termination, we will send a Grace Notice to you which will state the amount of the Premium Payment (or payment of Debt on Policy Loans) that must be paid to avoid termination of your Policy. If the amount in the Grace Notice is not paid to us within the Grace Period, we will automatically transfer to your Policy any Premium Reserve Rider Accumulation Value on the day the Grace Period ends. If after such transfer, your Policy's Surrender Value is sufficient to cover the Monthly Deductions then due, your Policy will not lapse.

**Reinstatement of a Lapsed Policy**

If your Policy has lapsed and the second death has not occurred, 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 on: (a) both Insureds if the first death has not occurred; or (b) the surviving insured if lapse occurred after the death of one of the Insureds; is furnished to us and we agree to accept the risk for the Insured;

4)

we receive a payment sufficient to keep your Policy and any reinstated rider 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. Surrender Charges will be based on the duration from the original Policy Date as though the Policy never lapsed. Your Accumulation Value at reinstatement will be the Net 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 Net Premium Payment made less all Monthly Deductions due.

**TAX ISSUES**

The federal income tax treatment of your Policy is complex and sometimes uncertain. The federal income tax rules may vary with your particular circumstances. This discussion does not include all the federal income tax rules that may affect you and your Policy and is not intended as tax advice. This discussion also does not address other federal tax consequences, such as estate, gift and generation-skipping transfer taxes, or any state and local income, estate and inheritance tax consequences, associated with the Policy. You should always consult a tax advisor about the application of tax rules to your individual situation.

**Taxation of Life Insurance Contracts in General**

*Tax Status of the Policy.* Section 7702 of the Internal Revenue Code of 1986 as amended ("Code") establishes a statutory definition of life insurance for federal tax purposes. We believe that the Policy will meet the statutory definition of life insurance under the Guideline Premium Test, which provides for a maximum amount of Premium paid depending upon the Insured's age, gender, and risk classification in relation to the death benefit and a minimum amount of death benefit in relation to policy value. As a result, the death benefit payable will generally be excludable from the Beneficiary's gross income, and interest and other income credited will not be taxable unless

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certain withdrawals are made (or are deemed to be made) from the Policy prior to the death of the second Insured, as discussed below. This tax treatment will only apply, however, if (1) the investments of the Separate Account are "adequately diversified" in accordance with U.S. Treasury Department ("Treasury") regulations, and (2) we, rather than you, are considered the Owner of the assets of the Separate Account for federal income tax purposes.

The Code also recognizes a Cash Value Accumulation Test, which does not limit Premiums paid, but requires the Policy to maintain a minimum ratio between the death benefit and the Policy's Accumulation Value, depending on the Insured's age, gender, and risk classification. We will only apply this test to the Policy if you have advised us to do so at the time you applied for the Policy.

You should consult with a qualified tax advisor before choosing the death benefit qualification test.

Please ask your registered representative for illustrations which demonstrate the impact of selection of each test on the particular Policy, including any riders, which you are considering.

*Investments in the Separate Account Must be Diversified.* For your Policy to be treated as a life insurance contract for federal income tax purposes, the investments of the Separate Account must be "adequately diversified." Treasury regulations define standards for determining whether the investments of the Separate Account are adequately diversified. If the Separate Account fails to comply with these diversification standards, you could be required to pay tax currently on the excess of the policy value over the Premium Payments. Although we do not control the investments of the Sub-Accounts, we expect that the Sub-Accounts will comply with the Treasury regulations so that the Separate Account will be considered "adequately diversified."

*Restriction on Investment Options.* Federal income tax law limits your right to choose particular investments for the Policy. Because the IRS has issued little guidance specifying those limits, the limits are uncertain and your right to allocate policy values among the Sub-Accounts may exceed those limits. If so, you would be treated as the Owner of the assets of the Separate Account and thus subject to current taxation on the income and gains from those assets. We do not know what limits may be set by the IRS in any guidance that it may issue and whether any such limits will apply to existing Policies. We reserve the right to modify the Policy without your consent to try to prevent the tax law from considering you as the Owner of the assets of the Separate Account.

*No Guarantees Regarding Tax Treatment.* We make no guarantee regarding the tax treatment of any life insurance policy or of any transaction involving a life insurance policy. However, the remainder of this discussion assumes that your Policy will be treated as a life insurance contract for federal income tax purposes and that the tax law will not impose tax on any increase in your policy value until there is a distribution from your Policy.

*Tax Treatment of Life Insurance Death Benefit Proceeds.* In general, the amount of the death benefit payable from a life insurance policy because of the death of the second Insured is excludable from gross income. Certain transfers of the Policy for valuable consideration, however, may result in a portion of the death benefit being taxable. If the death benefit is not received in a lump sum and is, instead, applied to one of the settlement options, payments generally will be prorated between amounts attributable to the death benefit, which will be excludable from the Beneficiary's income, and amounts attributable to interest (accruing after the Insured's death) which will be includible in the Beneficiary's income.

*Tax Deferral During Accumulation Period.* Under existing provisions of the Code, except as described below, any increase in your policy value is generally not taxable to you unless amounts are received (or are deemed to be received) from the Policy prior to the second Insured's death. If there is a total withdrawal from the Policy, the Surrender Value will be includible in your income to the extent the amount received exceeds the "investment in the contract." (If there is any Debt at the time of a total withdrawal, such Debt will be treated as an amount received by the Owner.) The "investment in the contract" generally is the aggregate amount of Premium Payments and other consideration paid for the Policy, less the aggregate amount received previously to the extent such amounts received were excludable from gross income. Whether Partial Surrenders (or other amounts deemed to be distributed) from the Policy constitute income to you depends, in part, upon whether the Policy is considered a MEC for federal income tax purposes.

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**Policies That Are MECs**

*Characterization of a Policy as a Modified Endowment Contract ("MEC").* A MEC is a life insurance policy that meets the requirements of Section 7702 and fails the "7-Pay Test" of 7702A of the Code. Your Policy will be classified as a MEC if Premiums are paid more rapidly than allowed by the "7-Pay Test," a test that compares actual paid Premium in the first seven years or the seven years following a material change against a pre-determined Premium amount as defined in 7702A of the Code. Your Policy may also be classified as a MEC if it is received in exchange for another policy that is a MEC. In addition, even if your Policy initially is not a MEC, it may in certain circumstances become a MEC. The circumstances under which your Policy may become a MEC include a material change to your Policy (within the meaning of tax law), a Policy Lapse and reinstatement more than 90 days following the lapse, or a withdrawal or a reduction in the death benefit during the first seven Policy Years or in the first seven years following a material change.

*Tax Treatment of Withdrawals, Loans, Assignments and Pledges under MECs.* If your Policy is a MEC, withdrawals and loans from your Policy will be treated first as income and then as a recovery of Premium Payments. Thus, withdrawals will be includible in income to the extent the policy value exceeds the investment in your Policy. The Code treats any amount received as a loan under a policy, and any assignment or pledge (or agreement to assign or pledge) of any portion of your policy value, and any monthly charge for additional benefits that are not qualified additional benefits, as a withdrawal of such amount or portion. The investment in your Policy is increased by the amount includible in income with respect to such assignment, pledge, or loan.

*Additional Taxes Payable on Withdrawals.* A 10% additional tax may be imposed on any withdrawal (or any deemed distribution) from your MEC which you must include in your gross income. The 10% additional tax does not apply if one of several exceptions exists. These exceptions include withdrawals or surrenders that: you receive on or after you reach age 59 1/2, you receive because you became disabled (as defined in the tax law), or you receive as a series of substantially equal periodic payments for your life (or life expectancy). None of the additional tax exceptions apply to a taxpayer who is not an individual.

*Special Rules if You Own More than One MEC.* In certain circumstances, you must combine some or all of the life insurance contracts which are MECs that you own in order to determine the amount of withdrawal (including a deemed withdrawal) that you must include in income. For example, if you purchase two or more MECs from the same life insurance company (or its affiliates) during any calendar year, the Code treats all such policies as one contract. Treating two or more policies as one contract could affect the amount of a withdrawal (or a deemed withdrawal) that you must include in income and the amount that might be subject to the 10% additional tax described above.

**Policies That Are Not MECs**

*Tax Treatment of Withdrawals.* If your Policy is not a MEC, the amount of any withdrawal from the Policy will generally be treated first as a non-taxable recovery of Premium Payments and then as income from the Policy. Thus, a withdrawal from your Policy that is not a MEC will not be includible in income except to the extent it exceeds the investment in the Policy immediately before the withdrawal.

*Certain Distributions Required by the Tax Law in the First 15 Policy Years.* Section 7702 places limitations on the amount of Premium Payments that may be made and the policy values that can accumulate relative to the death benefit. Where cash distributions are required under Section 7702 in connection with a reduction in benefits during the first 15 years after the Policy is issued (or if withdrawals are made in anticipation of a reduction in benefits, within the meaning of the tax law, during this period), some or all of such amounts may be includible in income. A reduction in benefits may occur when the face amount is decreased, withdrawals are made, and in certain other instances.

*Tax Treatment of Loans.* If your Policy is not a MEC, a loan you receive under the Policy is generally treated as your Debt. As a result, no part of any loan constitutes income to you so long as the Policy remains in force. Nevertheless, in those situations where the interest rate credited to the Loan Account equals the interest rate charged to you for the loan, it is possible that some or all of the loan proceeds may be includible in your income. If

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your Policy lapses (or if all policy value is withdrawn or exchanged to a new policy in a tax-free policy exchange) when a loan is outstanding, the amount of the loan outstanding will be treated as withdrawal proceeds for purposes of determining whether any amounts are includible in your income. Before purchasing a Policy that includes the Overloan Protection Rider, you should note that if you elect to exercise the Overloan Protection Rider at any time during your Policy's life, such exercise could be deemed to result in a taxable distribution of the outstanding loan balance. You should consult a tax advisor prior to exercising the Overloan Protection Rider to determine the tax consequences of such exercise.

**Last Survivor Contract**

Although we believe that the Policy, when issued as a last survivor contract, complies with Section 7702 of the Code, the manner in which Section 7702 should be applied to last survivor contracts is not directly addressed by Section 7702. In the absence of final regulations or other guidance issued under Section 7702 regarding this form of contract, there is necessarily some uncertainty whether a last survivor contract will meet the Section 7702 definition of a life insurance contract. As a result, we may need to return a portion of your Premium (with earnings) and impose higher Cost of Insurance Charges in the future.

Due to the coverage of more than one Insured under the Policy, there are special considerations in applying the 7-Pay Test. For example, a reduction in the death benefit at any time, such as may occur upon a Partial Surrender, may cause the Policy to be a MEC. Also and more generally, the manner of applying the 7-Pay Test is somewhat uncertain in the case of policies covering more than one Insured.

**Other Considerations**

*Insured Lives Past Age 121.* If the younger Insured survives beyond the end of the mortality table, which is used to measure charges for the Policy and which ends at age 121, in some circumstances the policy value may equal or exceed the Specified Amount level death benefit. Thus, the policy value may equal the Death Benefit Proceeds. In such a case, we believe your Policy will continue to qualify as life insurance for federal tax purposes. However, there is some uncertainty regarding this treatment, and it is possible that you would be viewed as constructively receiving the Accumulation Value in the year the younger Insured attains age 121.

*Compliance with the Tax Law.* We believe that the maximum amount of Premium Payments we have determined for the Policies will comply with the federal tax definition of life insurance. We will monitor the amount of Premium Payments.

If at any time the Premium paid under this Policy exceeds the amount allowable for such qualification, we will refund the Premium to you with interest within 60 days after the end of the Policy Year in which the Premium was received. The interest rate used on any refund will be the excess Premium's pro rata rate of return on the contract (if greater than zero) until the date we send notice to you that the excess Premium and the earnings on such excess Premium have been removed from this Policy. Any interest may be taxable to you. <br>

The Policy will be allowed to become a MEC under the Code only with your consent. If you pay a Premium that would cause your Policy to become a MEC and you do not consent to MEC status for your Policy, we will refund the excess Premium to you within 60 days of the end of the Policy Year or offer you the opportunity to apply for an increase in Death Benefit. The interest rate used on any refund will be a rate of interest that we declare from time to time. Any interest may be taxable to you.

*Disallowance of Interest Deductions.* Interest on Policy Loan Debt is not deductible.

If an entity (such as a corporation or a trust, not an individual) purchases a policy or is the Beneficiary of a policy issued after June 8, 1997, a portion of the interest on Debt unrelated to the Policy may not be deductible by the entity. However, this rule does not apply to a policy owned by an entity engaged in a trade or business which covers the life of one individual who is either (i) a 20% Owner of the entity, or (ii) an officer, director, or employee of the trade or business, at the time first covered by the Policy. This rule also does not apply to a policy owned by an

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entity engaged in a trade or business which covers the joint lives of the 20% Owner of the entity and the Owner's spouse at the time first covered by the Policy.

*Employer-Owned Contracts.* In the case of an "employer-owned life insurance contract" as defined in the tax law that is issued (or deemed to be issued) after August 17, 2006, the portion of the death benefit excludable from gross income generally will be limited to the premiums paid for the contract. However, this limitation on the death benefit exclusion will not apply if certain notice and consent requirements are satisfied and one of several exceptions is satisfied. These exceptions include circumstances in which the death benefit is payable to certain heirs of the Insured to acquire an ownership interest in a business, or where the contract covers the life of a director or an Insured who is "highly compensated" within the meaning of the tax law. These rules, including the definition of an employer-owned life insurance contract, are complex, and you should consult with your advisors for guidance as to their application.

*Federal Income Tax Withholding.* We will withhold and remit to the IRS a part of the taxable portion of each distribution made under your Policy unless you notify us in writing at or before the time of the distribution that tax is not to be withheld. Regardless of whether you request that no taxes be withheld or whether the Company withholds a sufficient amount of taxes, you will be responsible for the payment of any taxes and early distribution penalties that may be due on the amounts received. You may also be required to pay penalties under the estimated tax rules, if your withholding and estimated tax payments are insufficient to satisfy your total tax liability.

*Unearned Income Medicare Contribution*. Congress enacted the "Unearned Income Medicare Contribution" as a part of the Health Care and Education Reconciliation Act of 2010. This new tax, which affects individuals whose modified adjusted gross income exceeds certain thresholds, is a 3.8% tax on the lesser of (i) the individual's "unearned income," or (ii) the dollar amount by which the individual's modified adjusted gross income exceeds the applicable threshold. Unearned income includes the taxable portion of any annuitized distributions that you take from your Policy, but does not apply to any lump sum distribution, Full Surrender, or other non-annuitized distribution. The tax is effective for tax years beginning after December 31, 2012. Please consult your tax advisor to determine whether any distributions you take from your Policy are subject to this tax.

*Changes in the Policy or Changes in the Law.* Changing the Owner, exchanging your Policy, and other changes under your Policy may have tax consequences (in addition to those discussed herein) depending on the circumstances of such change. The above discussion is based on the Code, IRS regulations, and interpretations existing on the date of this prospectus. However, Congress, the IRS, and the courts may modify these authorities, sometimes retroactively.

*Reportable Policy Sales*. Section 6050Y, added to the Code on December 22, 2017, imposes information reporting requirements on the acquirer and issuer in the case of the acquisition, or notice of the acquisition, of an existing life insurance contract in a reportable policy sale. In addition, there is a new reporting requirement on each person who makes a payment of reportable death benefits. A reportable policy sale means the acquisition of an interest in a life insurance contract, directly or indirectly, where the acquirer has no substantial family, business, or financial relationship with the Insured apart from the acquirer's interest in such life insurance contract. A reportable death benefit means the amount paid by reason of the death of the Insured under a life insurance contract that has been transferred in a reportable policy sale.

The IRS and Treasury issued Final Regulations under section 6050Y in 2019. Under the Regulations, compliance with 6050Y is required for any reportable policy sale that occurred after December 31, 2018, and any reportable death benefits paid after December 31, 2018.

*Statutory Interest Rates under Section 7702 and Section 7702A.* The Consolidated Appropriations Act, 2021 signed by the President on December 27, 2020, contains a provision that changed the statutory interest rate assumptions used in calculating the premium limits under Section 7702 (the "guideline" limit) and Section 7702A (the "7-pay" limit). The Act essentially changes the minimum interest rates from fixed interest rates to dynamic interest rates that can change as often as once per year, with fixed transition rates for 2021. Under the new law, the interest rate

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that applies for CVAT and guideline level calculations is 2%, and the interest rate that applies for the guideline single premium calculation is 4%. In addition, the 2% interest rate will apply for the 7-pay premium calculations under Section 7702A.

The amendment to Section 7702 (and its impact on Section 7702A) are effective for contracts issued on or after January 1, 2021, including contracts issued because of a Section 1035 exchange.

**Fair Market Value of Your Policy**

It is sometimes necessary for tax and other reasons to determine the "value" of your Policy. The value can be measured differently for different purposes. It is not necessarily the same as the Accumulation Value or the Surrender Value. You, as the Owner, should consult with your advisors for guidance as to the appropriate methodology for determining the fair market value of your Policy.

**Tax Status of Lincoln Life**

Under existing federal income tax laws, the Company does not pay tax on investment income and realized capital gains of the Separate Account. However, the Company does expect, to the extent permitted under Federal tax law, to claim the benefit of the foreign tax credit as the Owner of the assets of the Separate Account. Lincoln Life does not expect that it will incur any federal income tax liability on the income and gains earned by the Separate Account. We, therefore, do not impose a charge for federal income taxes. If federal income tax law changes and we must pay tax on some or all of the income and gains earned by the Separate Account, we may impose a charge against the Separate Account to pay the taxes.

**RESTRICTIONS ON FINANCIAL TRANSACTIONS**

In accordance with money laundering laws and federal economic sanction policy, the Company may be required in a given instance to reject a Premium Payment and/or freeze an Owner's account. This means we could refuse to honor requests for transfers, withdrawals, surrenders, loans, assignments, Beneficiary changes or death benefit payments. Once frozen, monies would be moved from the Separate Account to a segregated interest-bearing account maintained for the Owner, and held in that account until instructions are received from the appropriate regulator. We also may be required to provide additional information about an Owner's account to government regulators.

Also, we may postpone payment whenever: (a) the New York Stock Exchange is closed, (b) trading on the New York Stock Exchange is restricted by the SEC, (c) the SEC determines if an emergency exists as a result of which disposal of securities held in the Variable Account is not reasonably practicable or is not reasonably practicable to determine the value of the Variable Account's net assets (d) if, pursuant to SEC rules, an underlying money market fund suspends payment of redemption proceeds in connection with a liquidation of the fund, we may delay payment of any transfer, Partial Surrender, Full Surrender, or death benefit from a money market Sub-Account until the fund is liquidated, or (e) during any other period when the SEC, by order, so permits for the protection of the Owner.

**LEGAL PROCEEDINGS**

In the ordinary course of its business and otherwise, the Company and its subsidiaries or its separate accounts and Principal Underwriter may become or are involved in various pending or threatened regulatory or legal proceedings, including purported class actions, arising from the conduct of its business. In some instances, the proceedings include claims for unspecified or substantial punitive damages and similar types of relief in addition to amounts for alleged contractual liability or requests for equitable relief.

After consultation with legal counsel and a review of available facts, it is management's opinion that the proceedings, after consideration of any reserves and rights to indemnification, ultimately will be resolved without materially affecting the consolidated financial position of the Company and its subsidiaries, or the financial position

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of its separate accounts or Principal Underwriter. However, given the large and indeterminate amounts sought in certain of these proceedings and the inherent difficulty in predicting the outcome of such proceedings, it is reasonably possible that an adverse outcome in certain matters could be material to the Company's operating results for any particular reporting period. Please refer to the Statement of Additional Information for possible additional information regarding legal proceedings.

**FINANCIAL STATEMENTS**

(To Be Filed By Amendment)

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**Appendix A: Funds Available Under the policy**

The following is a list of Underlying Funds currently available under the Policy. Depending on the optional benefits you choose, you may not be able to invest in certain funds. 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup> <br>| **Current Expenses**  | **Average Annual Total**<br> **Returns (as of 12/31/22)** | **Average Annual Total**<br> **Returns (as of 12/31/22)** | **Average Annual Total**<br> **Returns (as of 12/31/22)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| [To be added later by amendment] | [To be added later by <br> amendment]<br>| XX% | XX% | XX% | XX% |
| &nbsp;&nbsp; Current income while (i) maintaining a <br> stable value of your shares (providing <br> stability of net asset value) and (ii) <br> preserving the value of your initial <br> investment preservation of capital).<br>| LVIP Government Money <br> Market Fund (Standard <br> Class)<br>| XX% | XX% | XX% | XX% |

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<sup>1</sup>

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.

**Current Investment Restrictions for Optional Benefits – No-Lapse Enhancement Rider**

We currently impose an investment restriction under the No-Lapse Enhancement Rider. The current Underlying Fund investment restriction(s) applies:

When the No-Lapse Enhancement Rider is in effect, you may only allocate Accumulation Value and Premium Payments to the Lincoln Variable Insurance Products Government Money Market Fund for:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the purposes described in the "Right to Examine Period" section of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;(b) as an account from which you may transfer funds for the Dollar Cost Averaging program as described in the "Optional Sub-Account Allocation Programs" section; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a fund liquidation described in the "Sub-Account and Substitution of Funds" section.

Use of the money market Sub-Account other than as described above will result in the Rider terminating.

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*Additional Information.*

More information about the policy and the **Lincoln Life Flexible Premium Variable Life Account R** (the separate account) is in the current Statement of Additional Information (SAI) for the *Lincoln SVUL*<sup>ONE</sup> *Focus* Flexible Premium Variable Insurance Contract, dated XX XX, 2023, as amended or supplemented from time to time. The SAI is incorporated by reference into this prospectus and is legally part of this prospectus. For a free copy of the SAI, or to request other information about the policy, or to make inquiries about the policy, call toll-free 1-800-487-1485, or write: The Lincoln National Life Insurance Company, PO Box 2348, Fort Wayne, IN 46801-2348. You can also find the SAI and other information about the contract online at www.lfg.com/VULprospectus or by sending an email request to CustServSupportTeam@lfg.com.

Reports and other information about the separate account are also available on the SEC's internet site at ***http://www.sec.gov***. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

SEC File Nos. 333-_____; 811-08579 <br> EDGAR Contract Identifier C_________

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**STATEMENT OF ADDITIONAL INFORMATION (SAI)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Dated XX XX, 2023** <br> **Relating to Prospectus Dated XX XX, 2023 for** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Lincoln SVUL***<sup>ONE</sup> ***Focus* product** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Lincoln Life Flexible Premium Variable Life Account R, Registrant** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **The Lincoln National Life Insurance Company, Depositor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The SAI is not a prospectus. The SAI provides you with additional information about Lincoln Life, the Separate Account and your Policy. It should be read in conjunction with the product prospectus.

A copy of the product prospectus may be obtained without charge by writing to our Administrative Office:

Customer Service Center <br> 100 N. Greene Street <br> Greensboro, NC 27401

or by telephoning (800) 487-1485, and requesting a copy of the *Lincoln SVUL*<sup>ONE</sup> *Focus* product prospectus.

****TABLE OF CONTENTS** OF THE SAI** 

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

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| | |
|:---|:---|
| **Contents** <br>| **Page** |
| [GENERAL INFORMATION](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_1) | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Lincoln Life](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_1) | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Capital Markets](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_1) | 2  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Registration Statement](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_2) | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Changes of Investment Policy](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_2) | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Underwriter](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_2) | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disaster Plan](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_2) | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Advertising & Ratings](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_2) | 3  |
| [SERVICES](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_3) | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Independent Registered Public Accounting](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_3)<br> [Firm](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_3)<br>| 4  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Accounting Services](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_4) | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Checkbook Service for Disbursements](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_4) | 5  |
| [POLICY INFORMATION](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_4) | 5  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Assignment](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_4) | 5  |

---

---

| | |
|:---|:---|
| **Contents** | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfer of Ownership](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_4) | &nbsp;&nbsp;&nbsp; 5  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Beneficiary](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_4) | &nbsp;&nbsp;&nbsp; 5  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Right to Convert Contract](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_5) | &nbsp;&nbsp;&nbsp; 6  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Change of Plan](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_5) | &nbsp;&nbsp;&nbsp; 6  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Settlement Options](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_6) | &nbsp;&nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Deferment of Payments](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_6) | &nbsp;&nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Incontestability](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_6) | &nbsp;&nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Misstatement of Age or Gender](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_6) | &nbsp;&nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Suicide](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_6) | &nbsp;&nbsp;&nbsp; 7  |
| [PERFORMANCE DATA](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_6) | &nbsp;&nbsp;&nbsp; 7  |
| [FINANCIAL STATEMENTS](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_8) | &nbsp;&nbsp;&nbsp; 9  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Separate Account](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_8) | R-1  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Company](#xx_2bbfa742-1605-4e5c-a845-b320d4ab053d_8) | S-1 |

---

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**GENERAL INFORMATION**

**Lincoln Life**

The Lincoln National Life Insurance Company ("Lincoln Life", the "Company", "we", "us", "our") (EIN 35-0472300), organized in 1905, is an Indiana-domiciled insurance company, engaged primarily in the direct issuance of life insurance policies and annuities. Lincoln Life is wholly owned by Lincoln National Corporation (LNC), a publicly held insurance and financial services holding company incorporated in Indiana. Lincoln Life is obligated to pay all amounts promised to Owners under the policies. Death Benefit Proceeds and rider benefits, to the extent those proceeds and benefits exceed the then current Accumulation Value of your Policy, are backed by the claims-paying ability of Lincoln Life.

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. Through its affiliates, Lincoln Financial Group offers annuities, life, group life and disability insurance, 401(k) and 403(b) plans, and comprehensive financial planning and advisory services.

Lincoln Life is subject to the laws of Indiana governing insurance companies and to regulation by the Indiana Department of Insurance ("Insurance Department"). An annual statement in a prescribed form is filed with the Insurance Department each year covering the operation of the Company for the preceding year along with the Company's financial condition as of the end of that year. Regulation by the Insurance Department includes periodic examination to determine our contract liabilities and reserves. Our books and accounts are subject to review by the Insurance Department at all times and a full examination of our operations is conducted periodically by the Insurance Department. Among the laws and regulations applicable to us as an insurance company are those which regulate the investments we can make with assets held in our General Account. In general, those laws and regulations determine the amount and type of investments which we can make with General Account assets. Such regulation does not, however, involve any supervision of management practices or policies, or our investment practices or policies.

On December 2, 1997, the Lincoln Life Flexible Premium Variable Life Account R ("Separate Account") was established as an insurance company separate account under Indiana law. It is registered with the SEC as a unit investment trust under the provisions of the Investment Company Act of 1940 (1940 Act). The Separate Account is a segregated investment account, meaning that its assets may not be charged with liabilities resulting from any other business that we may conduct. Income, gains and losses, whether realized or not, from assets allocated to the Separate Account are, in accordance with the applicable variable life policies, credited to or charged against the Separate Account. They are credited or charged without regard to any other income, gains or losses of Lincoln Life. We are the issuer of the policies and the obligations set forth in the Policy, other than those of the Owner, are ours. The Separate Account satisfies the definition of a separate account under the federal securities laws. We do not guarantee the investment performance of the Separate Account. Any investment gain or loss depends on the investment performance of the funds. **You assume the full investment risk for all amounts allocated to the Separate Account.**

**Capital Markets**

In any particular year, our capital may increase or decrease depending on a variety of factors – the amount of our statutory income or losses (which is sensitive to equity market and credit market conditions), the amount of additional capital we must hold to support business growth, changes in reserving requirements, our inability to secure capital market solutions to provide reserve relief, such as issuing letters of credit to support captive reinsurance structures, changes in equity market levels, the value of certain fixed-income and equity securities in our investment portfolio and changes in interest rates.

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**Registration Statement**

A Registration Statement has been filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, with respect to the policies offered. The Registration Statement, its amendments and exhibits, contain information beyond that found in the prospectus and the SAI. Statements contained in the prospectus and the SAI as to the content of policies and other legal instruments are summaries.

**Changes of Investment Policy**

We may change the investment policy of the Separate Account at any time. If required by the Insurance Commissioner, we will file any such change for approval with the Department of Insurance in our state of domicile, and in any other state or jurisdiction where this Policy is issued.

If an Owner objects, his or her Policy may be converted to a substantially comparable fixed benefit life insurance policy offered by us on the life of the Insured. The Owner has the later of 60 days (6 months in Pennsylvania) from the date of the investment policy change or 60 days (6 months in Pennsylvania) from being informed of such change to make this conversion. We will not require evidence of insurability for this conversion. The new Policy will not be affected by the investment experience of any separate account. The new Policy will be for an amount of insurance equal to or lower than the amount of the death benefit of the current Policy on the date of the conversion.

**Principal Underwriter**

Lincoln Financial Distributors, Inc. ("LFD"), 130 North Radnor Chester Road, Radnor, PA 19087, is the principal underwriter for the policies, which are offered continuously. LFD is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The principal underwriter has overall responsibility for establishing a selling plan for the policies. LFD received $59,012,767 in 2022, $63,425,395 in 2021 and $65,003,603 in 2020 for the sale of policies offered through the Separate Account. LFD retains no underwriting commissions from the sale of the policies. The maximum total compensation we pay to any broker-dealer firm in the form of commission or expense reimbursement allowance, inclusive of any bonus incentives, with respect to policy sales is 140% of the first year Premium and generally 5% of all other Premiums paid.

**Disaster Plan**

Lincoln's business continuity and disaster recovery strategy employs system and telecommunication accessibility, system back-up and recovery, and employee safety and communication. The plan includes documented and tested procedures that will assist in ensuring the availability of critical resources and in maintaining continuity of operations during an emergency situation.

**Advertising & Ratings**

We may include in certain advertisements, endorsements in the form of a list of organizations, individuals or other parties which recommend Lincoln Life or its policies. Furthermore, we may occasionally include in advertisements comparisons of currently taxable and tax deferred investment programs, based on selected tax brackets, or discussions of alternative investment vehicles and general economic conditions.

Our financial strength is ranked and rated by nationally recognized independent rating agencies. The ratings do not imply approval of the Policy and do not refer to the performance of the Policy, or any separate account, including the underlying investment options. Ratings are not recommendations to buy our policies. Each of the rating agencies reviews its ratings periodically. Accordingly, all ratings are subject to revision or withdrawal at any time by the rating agencies, and therefore, no assurance can be given that these ratings will be maintained. The current outlook for the insurance subsidiaries is stable for A.M. Best and Standard & Poor's, and negative for Moody's and Fitch. Our financial strength ratings, which are intended to measure our ability to meet Owners obligations, are an

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important factor affecting public confidence in most of our policies and, as a result, our competitiveness. A downgrade of our financial strength rating could affect our competitive position in the insurance industry by making it more difficult for us to market our policies as potential customers may select companies with higher financial strength ratings and by leading to increased withdrawals by current customers seeking companies with higher financial strength ratings. For more information on ratings, including outlooks, see www.lfg.com/public/aboutus/investorrelations/financialinformation/ratings.

**About the S&P 500 Index.** The S&P 500 Index (hereinafter "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Lincoln Variable Insurance Products Trust and its affiliates (hereinafter "Licensee"). Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices do not make any representation or warranty, express or implied, to the owners of the funds or any member of the public regarding the advisability of investing in securities generally or in the funds particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices only relationship to Licensee with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Licensee or the funds. S&P Dow Jones Indices have no obligation to take the needs of Licensee or the owners of the funds into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the funds or the timing of the issuance or sale of the funds or in the determination or calculation of the equation by which the funds are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the funds. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**SERVICES**

**Independent Registered Public Accounting Firm**

(To Be Filed By Amendment)

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**Accounting Services**

All accounts, books, records and other documents which are required to be maintained for the Separate Account are maintained by us or by third parties responsible to Lincoln Life. We have entered into an agreement with State Street Bank and Trust Company, c/o WeWork, 1100 Main Street, Suite 400, Kansas City, MO 64105, to provide accounting services to the Separate Account. No separate charge against the assets of the Separate Account is made by us for this service.

**Checkbook Service for Disbursements**

We offer a service in which the Death Benefit Proceeds are transferred into an interest-bearing account, in the Beneficiary's name as Owner of the account. Your Beneficiary has quick access to the proceeds and is the only one authorized to transfer proceeds from the account. This service allows the Beneficiary additional time to decide how to manage Death Benefit Proceeds with the balance earning interest from the day the account is opened.

**POLICY INFORMATION**

**Assignment**

While either Insured is living, you may assign your rights in the Policy. The assignment must be in writing, signed by you and received at our Administrative Office. We will not be responsible for any assignment that is not received by us, nor will we be responsible for the sufficiency or validity of any assignment. Any assignment is subject to any Indebtedness owed to Lincoln Life at the time the assignment is received and any interest accrued on such Indebtedness after we have received any assignment.

Once received, the assignment remains effective until released by the assignee in writing. As long as an assignment remains effective, you may need to obtain the consent of the assignee, in writing, for specific actions.

**Transfer of Ownership**

As long as either Insured is living, you may transfer all of your rights in the Policy by submitting a Written Request to our Administrative Office. You may revoke any transfer of Ownership prior to its effective date. The transfer of Ownership, or revocation of transfer, will not take effect until recorded by us. Once we have recorded the transfer or revocation of transfer, it will take effect as of the date of the latest signature on the Written Request.

On the effective date of transfer, the transferee will become the Owner and will have all the rights of the Owner under the Policy. Unless you direct us otherwise, with the consent of any assignee recorded with us, a transfer will not affect the interest of any Beneficiary designated prior to the effective date of transfer.

**Beneficiary**

The Beneficiary is initially designated on a form provided by us for that purpose and is the person who will receive the Death Benefit Proceeds payable. Multiple Beneficiaries will be paid in equal shares, unless otherwise specified to the Company.

You may change the Beneficiary at any time while either Insured is living, except when we have received an agreement not to change the Beneficiary or you have assigned that right. Any request for a change in the Beneficiary must be in writing, signed by you, and recorded at our Administrative Office. If the Owner has specifically requested not to reserve the right to change the Beneficiary, such a request requires the consent of the Beneficiary. The change will not be effective until recorded by us. Once we have recorded the change of Beneficiary, the change will take effect as of the date of latest signature on the Written Request or, if there is no such date, the date recorded. Any payment made or any action taken or allowed by us before we record the change of Beneficiary will be without prejudice to us.

------

If any Beneficiary dies before the death of the second Insured, the Beneficiary's potential interest shall pass to any surviving Beneficiaries in the appropriate Beneficiary class, unless otherwise specified to the Company. If no named Beneficiary survives at the time of the death of the second Insured, any Death Benefit Proceeds will be paid to you, as the Owner, or to your executor, administrator or assignee.

**Right to Convert Contract**

You may at any time transfer 100% of the Policy's Accumulation Value to the Fixed Account (if available) and choose to have all future Premium Payments allocated to the Fixed Account. After you do this, the minimum period the Policy will be in force will be fixed and guaranteed. The minimum period will depend on the amount of Accumulation Value, the Specified Amount, the gender, Attained Age and rating class of the Insureds at the time of transfer. The minimum period will decrease if you choose to surrender the Policy, increase the Specified Amount or add a rider or another additional benefit, make a Partial Surrender or make a Policy Loan. The minimum period will increase if you choose to decrease the Specified Amount, make additional Premium Payments, or we credit a higher interest rate or charge a lower Cost of Insurance Charge than those guaranteed for the Fixed Account. This Policy is convertible prior to the older Insured's Attained Age 80 and subject to the Policy's "Change of Plan" provision.

**Change of Plan**

Your Policy may be exchanged for another Policy issued by the Company only if the Company consents to the exchange and all requirements for the exchange, as determined by the Company, are met. Your request for exchange must be in writing.

You may exchange your Policy for separate single life policies on each of the Insureds under any of the following change of plan events:

(1) The Internal Revenue Code (IRC) is changed resulting in (a) the repeal of the unlimited marital deduction provision; or (b) a reduction of at least 50% of the tax rate in the maximum federal estate bracket in effect on the Policy Date; or

(2) the final annulment or divorce decree dissolving the Insureds' marriage.

An exchange for separate policies is subject to all of the following conditions:

(1) both Insureds are alive and the Policy is in force at the time of the change of plan event;

(2) prior to the older Insured's attained age 80, the request by the Owner to exercise the option must be in writing;

(3) the request by the Owner of the existence of a change of plan event must be received by our Administrative Office on or within 6 months of the change of plan event described in item (1) or within 24 months of the change of plan event described in item (2) above. If there is an assignment on the Policy, the assignee must consent, in writing, to the exchange;

(4) if the change of plan event is the final annulment or legal divorce of the Insureds, the Insureds may not be remarried to each other as of the date the new Policy takes effect, and the Policy split may not become effective on or within 24 months following the final annulment or legal divorce. In the event of divorce, you must provide a certified copy of the final divorce decree and any other documents we may require;

(5) each proposed Owner must have an insurable interest in the lives of the Insureds on his or her Policy;

(6) the Specified Amount and the Surrender Value of this Policy will be split equally and allocated to each individual Policy. One half of any outstanding loan will apply to each new Policy;

(7) the new Policies' initial Premiums are due on or before the Policy Date of each new Policy;

(8) any riders attached to your Policy will terminate upon exercise of this change of plan provision; and

(9) any other requirements as determined by the Company are met.

------

The new Policy will not take effect until the date all such requirements are met. When the new Policies are effective, this Policy will terminate. The Premium for each new Policy is determined according to the Company's rates in effect at that time for that Policy based on each Insureds' attained age, sex and premium class, if that premium class is available on a single-life basis. If either Insureds' premium class is not available on a single-life basis, the new Policy for that insured cannot be issued unless satisfactory evidence of insurability is provided for a premium class that is available. If either Insured's premium class is not available, we will determine an appropriate and reasonably equivalent premium class for each Insured based on using the premium class structure applicable to each new policy and using underwriting criteria consistent with those used when this Policy was issued. If we determine that the premium class of an Insured is higher than the highest premium class available under a new Policy, the split of the survivorship Policy will not be allowed. For the converted coverage, the respective time periods of the "Suicide" and "Incontestability" provisions of the new policies shall be computed from the date of issue of this survivorship Policy. Splitting this Policy may create tax consequences. Please consult with a tax advisor concerning any tax consequences.

The Company may not make an offer to you to exchange your Policy without obtaining required regulatory approvals.

**Settlement Options**

Proceeds will be paid in a lump sum unless you choose a settlement option we make available.

**Deferment of Payments**

Amounts payable as a result of Policy Loans, Surrenders or Partial Surrenders will be paid within seven calendar days upon receipt of documents required to complete the transaction. We may defer payment or transfer from the Fixed Account up to six months at our option. If we exercise our right to defer any payment from the Fixed Account, interest will accrue and be paid (as required by law) from the date you would otherwise have been entitled to receive the payment. We will not defer any payment used to pay Premiums on policies with us.

**Incontestability**

The Company will not contest your Policy or payment of the Death Benefit Proceeds based on the Initial Specified Amount, or an increase in the Specified Amount requiring evidence of insurability, after your Policy or increase has been in force for two years from Date of Issue or increase (in accordance with state law).

**Misstatement of Age or Gender**

If the age or gender of either Insured has been misstated, benefits will be those which would have been purchased at the correct age and gender.

**Suicide**

If the second Insured dies by suicide, while sane or insane, within two years from the Date of Issue, the Company will pay a death benefit of no more than the sum of the Premiums paid, less any Indebtedness and the amount of any Partial Surrenders. If the second Insured dies by suicide, while sane or insane, within two years from the date any increase in the Specified Amount, the Company will pay a death benefit of no more than the monthly charges paid for the cost of the increased amount. This time period could be less depending on the state of issue.

**PERFORMANCE DATA**

Performance data may appear in sales literature or reports to Owners or prospective buyers.

------

Past performance cannot guarantee comparable future results. Performance data reflects the time period shown on a rolling monthly basis.

Data reflects:

• an annual reduction for fund management fees and expenses, but

• no deductions for additional policy expenses (i.e., Premium Loads, Mortality and Expense Charges, Administrative Fees, and Cost of Insurance Charges), which, if included, would have resulted in lower performance.

These charges and deductions can have a significant effect on policy values and benefits. Ask your financial representative for a personalized illustration reflecting these costs.

Sub-Account performance figures are historical and include change in share price, reinvestment of dividends and capital gains and are net of the asset management expenses that can be levied against the Sub-Account.

The Average Annual Returns in the table below are calculated in two ways, one for Money Market Sub-Account, one for all other Sub-Accounts. Both are according to methods prescribed by the SEC.

Money Market Sub-Account:

The Average Annual Return is the income generated by an investment in the Money Market Sub-Account over a seven-day period, annualized. The process of annualizing results when the amount of income generated by the investment during that week is assumed to be generated each week over a 52-week period and is shown as a percentage of the investment.

The Money Market Sub-Account's return is determined by:

a)

calculating the change in unit value for the base period (the 7-day period ended December 31, of the previous year); then

b)

dividing this figure by the unit value at the beginning of the period; then

c)

annualizing this result by the factor of 365/7.

Other Sub-Accounts:

The Average Annual Return for each period is determined by finding the average annual compounded rate of return over each period that would equate the initial amount invested to the ending redeemable value for that period, according to the following formula:

P(1 + T)n = ERV

---

| | |
|:---|:---|
| Where:  | P = a hypothetical initial purchase payment of $1,000 |
|  | T = average annual total return for the period in question |
|  | n = number of years |
|  | ERV = ending redeemable value (as of the end of the period in question) of a hypothetical $1,000 purchase <br> payment made at the beginning of the 1-year, 3-year, 5-year, or 10-year period in question (or fractional period <br> thereof)<br>|

---

The formula assumes that:

(1) all recurring fees have been charged to the Owner's accounts; and

(2) there will be a complete redemption upon the anniversary of the 1-year, 3-year, 5-year, or 10-year period in question.

In accordance with SEC guidelines, we report Sub-Account performance back to the first date that the fund became available, which could pre-date its inclusion in this product. Where the length of the performance reporting period exceeds the period for which the fund was available, Sub-Account performance will show an "N/A".

------

**FINANCIAL STATEMENTS**

(To Be Filed By Amendment.)

------

------

PART C - OTHER INFORMATION

**Item 30. EXHIBITS**

(a) [Resolution of the Board of Directors of The Lincoln National Life Insurance Company and related documents authorizing establishment](http://www.sec.gov/Archives/edgar/data/1051932/0001047469-97-008715.txt)[of the Account incorporated by reference to Registrant's Registration Statement on Form S-6 (File No. 333-43107) filed](http://www.sec.gov/Archives/edgar/data/1051932/0001047469-97-008715.txt)[on December 23, 1997.](http://www.sec.gov/Archives/edgar/data/1051932/0001047469-97-008715.txt)

(b) Not applicable.

(c) &nbsp;&nbsp;&nbsp;&nbsp;(1) [Selling Agreement between The Lincoln National Life Insurance Company and Lincoln Financial Distributors, Inc. incorporated](http://www.sec.gov/Archives/edgar/data/1048606/000072686507000801/exhibit3i.txt)[by reference to Post-Effective Amendment No. 24 on Form N-4 (File No. 333-61554) filed on December 18, 2007.](http://www.sec.gov/Archives/edgar/data/1048606/000072686507000801/exhibit3i.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amendment Selling Group Agreement for Lincoln Financial Advisors incorporated herein by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/353894/0001047469-99-015874.txt)[Amendment No. 16 (File No. 033-25990) filed on April 22, 1999.](http://www.sec.gov/Archives/edgar/data/353894/0001047469-99-015874.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amendment dated November 22, 1999 to Selling Group Agreement incorporated herein by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/353894/000091205700017799/0000912057-00-017799.txt)[Amendment No. 18 (File No. 033-25990) filed on April 13, 2000.](http://www.sec.gov/Archives/edgar/data/353894/000091205700017799/0000912057-00-017799.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Amendment dated February 14, 2000 to Selling Group Agreement incorporated herein by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/353894/000091205700017799/0000912057-00-017799.txt)[Amendment No. 18 (File No. 033-25990) filed on April 13, 2000.](http://www.sec.gov/Archives/edgar/data/353894/000091205700017799/0000912057-00-017799.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Amended and Restated Principal Underwriting Agreement dated May 1, 2007 between The Lincoln National Life Insurance](http://www.sec.gov/Archives/edgar/data/1048606/000072686507000801/exhibit3i.txt)[Company and Lincoln Financial Distributors, Inc. incorporated herein by reference to Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/1048606/000072686507000801/exhibit3i.txt)[No. 24 (File No. 333-61554) filed on December 18, 2007.](http://www.sec.gov/Archives/edgar/data/1048606/000072686507000801/exhibit3i.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Form of Broker-Dealer Selling Agreement among The Lincoln National Life Insurance Company, Lincoln Life & Annuity](http://www.sec.gov/Archives/edgar/data/1048606/000072686518000121/ex3a.htm)[Company of New York and Lincoln Financial Distributors, Inc. incorporated herein by reference to Registration Statement](http://www.sec.gov/Archives/edgar/data/1048606/000072686518000121/ex3a.htm)[on Form N-4 (File No. 333-222786) filed on January 30, 2018.](http://www.sec.gov/Archives/edgar/data/1048606/000072686518000121/ex3a.htm)

(d) &nbsp;&nbsp;&nbsp;&nbsp;(1) [Policy Form 23-SVUL623 (SVULONE Focus Policy) (Filed Herein).](policy.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Policy Form 23-SVUL623-1 (SVULONE Focus Spec Pages) (Filed Herein).](policyspecs.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [No-Lapse Enhancement Rider–Form 23NLER-623 (Filed Herein).](rider.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Enhanced Surrender Value Rider—Form LR541 incorporated by reference to Pre-Effective Amendment No. 1 on Form N-6](http://www.sec.gov/Archives/edgar/data/1048607/000104746907005940/a2178822zex-99_b4d.txt)[(File No. 333-139960) filed on July 31, 2007.](http://www.sec.gov/Archives/edgar/data/1048607/000104746907005940/a2178822zex-99_b4d.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Supplemental Survivorship Term Insurance Rider (Estate Protection Rider)—Form LR628 incorporated by reference to Registration](http://www.sec.gov/Archives/edgar/data/1051932/000072686513000551/estateprotectionrider.htm)[Statement on Form N-6 (File No. 333-188891) filed on May 28, 2013.](http://www.sec.gov/Archives/edgar/data/1051932/000072686513000551/estateprotectionrider.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Premium Reserve Rider—Form LR543 incorporated by reference to Pre-Effective Amendment No. 1 on Form N-6 (File No.](http://www.sec.gov/Archives/edgar/data/1048607/000104746907005940/a2178822zex-99_b4h.txt)[333-139960) filed on July 31, 2007.](http://www.sec.gov/Archives/edgar/data/1048607/000104746907005940/a2178822zex-99_b4h.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Overloan Protection Rider—Form LR616 incorporated by reference to Registration Statement on Form N-6 (File No. 333-](http://www.sec.gov/Archives/edgar/data/1051932/000072686515000558/overloan.htm)[207968) filed on November 12, 2015.](http://www.sec.gov/Archives/edgar/data/1051932/000072686515000558/overloan.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Survivorship ONE Rider—Form 20NLER-622 incorporated herein by reference to Registration Statement on Form N-6 (File](http://www.sec.gov/Archives/edgar/data/1051932/000072686520000529/onerider.htm)[No. 333-249920).](http://www.sec.gov/Archives/edgar/data/1051932/000072686520000529/onerider.htm)

(e) [Application—Form ICC15LFF10800 incorporated herein by reference to Registration Statement on Form N-6 (File No. 333-](http://www.sec.gov/Archives/edgar/data/1048607/000104860719000003/application.htm)[229198) filed on January 11, 2019.](http://www.sec.gov/Archives/edgar/data/1048607/000104860719000003/application.htm)

(f) &nbsp;&nbsp;&nbsp;&nbsp;(1) [Articles of Incorporation of The National Lincoln Life Insurance Company incorporated by reference to Registration Statement](http://www.sec.gov/Archives/edgar/data/1015343/000091205796021106/0000912057-96-021106.txt)[on Form N-4 (File No. 333-04999) filed on September 25, 1996.](http://www.sec.gov/Archives/edgar/data/1015343/000091205796021106/0000912057-96-021106.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Bylaws of The National Lincoln Life Insurance Company incorporated by reference to Post-Effective Amendment No. 3 on](http://www.sec.gov/Archives/edgar/data/1048607/000104746907002620/a2176929zex-99_b266b.txt)[Form N-6 (File No. 333-118478) filed on April 5, 2007.](http://www.sec.gov/Archives/edgar/data/1048607/000104746907002620/a2176929zex-99_b266b.txt)

(g) [Reinsurance Contracts incorporated by reference to Post-Effective Amendment No. 1 on Form N-6 (File No. 333-139960) filed on](http://www.sec.gov/Archives/edgar/data/1048607/000104746908003934/a2183147zex-99_b7.txt)[April 1, 2008.](http://www.sec.gov/Archives/edgar/data/1048607/000104746908003934/a2183147zex-99_b7.txt)

(h) Fund Participation Agreements, and amendments thereto, between The Lincoln National Life Insurance Company and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Lincoln Variable Insurance Products Trust incorporated by reference to Post-Effective Amendment No. 24 on Form N-6 (File](http://www.sec.gov/Archives/edgar/data/1048607/000110465916109301/a16-3839_1ex99dbh15.htm)[No. 333-146507) filed on April 1, 2016.](http://www.sec.gov/Archives/edgar/data/1048607/000110465916109301/a16-3839_1ex99dbh15.htm)

(i) [Accounting and Financial Administration Services Agreement dated January 1, 2019 among State Street Bank and Trust Company,](http://www.sec.gov/Archives/edgar/data/1080299/000110465919021053/a19-3437_1ex99dbi1.htm)[The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York incorporated by reference](http://www.sec.gov/Archives/edgar/data/1080299/000110465919021053/a19-3437_1ex99dbi1.htm)[to Post-Effective Amendment No. 36 on Form N-6 (File No. 333-125790) filed on April 12, 2019.](http://www.sec.gov/Archives/edgar/data/1080299/000110465919021053/a19-3437_1ex99dbi1.htm)

------

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

(j) Not applicable.

(k) [Opinion and Consent of Jassmin McIver-Jones, Esquire (Filed Herein)](opinionltr.htm)

(l) Not applicable.

(m) Not applicable.

(n) &nbsp;&nbsp;&nbsp;&nbsp;(1) Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm (To Be Filed by Amendment)

(2) [Power of Attorney – Principal Officers and Directors of The Lincoln National Life Insurance Company (Filed Herein)](poa.htm)

(o) Not applicable.

(p) Not applicable.

(q) [Compliance Procedures incorporated by reference to Post-Effective Amendment No. 40 on Form N-6 (File No. 333-125790) filed](https://www.sec.gov/Archives/edgar/data/1080299/000110465922043547/a22-2874_1ex99dbq.htm)[on April 7, 2022.](https://www.sec.gov/Archives/edgar/data/1080299/000110465922043547/a22-2874_1ex99dbq.htm)

(r) [Form of ISP (Filed Herein).](isp.htm)

**Item 31. Directors and Officers of the Depositor** 

---

| | |
|:---|:---|
| Name | Positions and Offices with Depositor |
| Craig T. Beazer\* | Executive Vice President, General Counsel and Director |
| Jayson R. Bronchetti\* | Executive Vice President, Chief Investment Officer and Director |
| Adam M. Cohen\* | Senior Vice President and Chief Accounting Officer |
| Ellen G. Cooper\*  | President and Director  |
| Stephen B. Harris\* | Senior Vice President and Chief Ethics and Compliance Officer |
| Shantanu Mishra\*\* | Senior Vice President and Treasurer |
| Christopher M. Neczypor\* | Executive Vice President, Chief Financial Officer and Director |
| Nancy A. Smith\* | Senior Vice President and Secretary |
| Joseph D. Spada\*\*\* | Vice President and Chief Compliance Officer for Separate Accounts |
| Eric B. Wilmer\*\* | Assistant Vice President and Director |

---

\*Principal business address is 150 N. Radnor-Chester Road, Radnor, PA 19087

\*\*Principal business address is 1301 South Harrison Street, Fort Wayne, IN 46802

\*\*\*Principal business address is 350 Church Street, Hartford, CT 06103

**Item 32. Persons Controlled by or Under Common Control with the Depositor or the Registrant**

[Lincoln National Corporation Organizational Chart (incorporated by reference to Post-Effective Amendment No. 49 on Form N-4](https://www.sec.gov/Archives/edgar/data/847552/000072686521000504/orgchart.htm)[(File No. 333-135219) filed on October 6, 2021.)](https://www.sec.gov/Archives/edgar/data/847552/000072686521000504/orgchart.htm)

**Item 33. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Brief description of indemnification provisions:

In general, Article VII of the By-Laws of The Lincoln National Life Insurance Company (Lincoln Life) provides that Lincoln Life will indemnify certain persons against expenses, judgments and certain other specified costs incurred by any such person if he/she is made a party or is threatened to be made a party to a suit or proceeding because he/she was a director, officer, or employee of Lincoln Life, as long as he/she acted in good faith and in a manner he/she reasonably believed to be in the best interests of, or not opposed to the best interests of, Lincoln Life. Certain additional conditions apply to indemnification in criminal proceedings.

In particular, separate conditions govern indemnification of directors, officers, and employees of Lincoln Life in connection with suits by, or in the right of, Lincoln Life.

Please refer to Article VII of the By-Laws of Lincoln Life (Exhibit No. 6(b) hereto) for the full text of the indemnification provisions. Indemnification is permitted by, and is subject to the requirements of, Indiana law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Undertaking pursuant to Rule 484 of Regulation C under the Securities Act of 1933:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 28(a) above or otherwise, the Registrant

------

has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 34. Principal Underwriter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Lincoln Financial Distributors, Inc. ("LFD") currently serves as Principal Underwriter for: Lincoln National Variable Annuity Account C; Lincoln National Flexible Premium Variable Life Account D; Lincoln National Variable Annuity Account E; Lincoln National Flexible Premium Variable Life Account F; Lincoln National Flexible Premium Variable Life Account G; Lincoln National Variable Annuity Account H; Lincoln Life & Annuity Variable Annuity Account H; Lincoln Life Flexible Premium Variable Life Account J; Lincoln Life Flexible Premium Variable Life Account K; Lincoln National Variable Annuity Account L; Lincoln Life & Annuity Variable Annuity Account L; Lincoln Life Flexible Premium Variable Life Account M; Lincoln Life & Annuity Flexible Premium Variable Life Account M; Lincoln Life Variable Annuity Account N; Lincoln New York Account N for Variable Annuities; Lincoln Life Variable Annuity Account Q; Lincoln Life Flexible Premium Variable Life Account R; LLANY Separate Account R for Flexible Premium Variable Life Insurance; Lincoln Life Flexible Premium Variable Life Account S; LLANY Separate Account S for Flexible Premium Variable Life Insurance; Lincoln Life Variable Annuity Account T; Lincoln Life Variable Annuity Account W; and Lincoln Life Flexible Premium Variable Life Account Y and Lincoln Life & Annuity Flexible Premium Variable Life Account Y; Lincoln Life Variable Annuity Account JF-H; Lincoln Life Variable Annuity Account JF-I; Lincoln Life Flexible Premium Variable Life Account JF-A; Lincoln Life Flexible Premium Variable Life Account JF-C; Lincoln Life Variable Annuity Account JL-A; Lincoln Life & Annuity Flexible Premium Variable Life Account JA-B; Lincoln Variable Insurance Products Trust; Lincoln Advisors Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Officers and Directors of Lincoln Financial Distributors, Inc.:

---

| | |
|:---|:---|
| Name | Positions and Offices with Underwriter |
| Andrew J. Bucklee\*  | Senior Vice President and Director |
| Claire H. Hanna\* | Secretary |
| John C. Kennedy\* | President, Chief Executive Officer and Director |
| Shantanu Mishra\* | Senior Vice President and Treasurer  |
| William A. Nash\*\* | Senior Vice President and Director |
| Thomas P. O'Neill\* | &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, Chief Operating Officer and Head of Financial <br> Institutions Group<br>|
| Timothy J. Seifert Sr\* | Senior Vice President and Director |
| Vacant | Chief Compliance Officer |

---

\*Principal Business address is 150 N. Radnor-Chester Road, Radnor, PA 19087

\*\*Principal Business address is 3108 Rhett Butler Place, Charlotte, NC 28270

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

**Item 35. Location of Accounts and Records**

This information is provided in the Registrant's most recent report on Form N-CEN.

**Item 36. Management Services**

Not Applicable.

**Item 37. Fee Representation**

Lincoln Life represents that the fees and charges deducted under the policies, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Lincoln Life.

------

------

#### SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Lincoln Life Flexible Premium Variable Life Account R, has duly caused this Initial Registration Statement on Form N-6 (File No. 811-08579; CIK: 0001051932) to be signed on its behalf by the undersigned duly authorized, in the City of Hartford and State of Connecticut on the 28th day of February, 2023 at 1:31 pm.

#### Lincoln Life Flexible Premium Variable Life Account M
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)

/s/Joshua R. Durand

By _________________________________

Joshua R. Durand

Vice President, Product Development Mgt.

The Lincoln National Life Insurance Company

#### The Lincoln National Life Insurance Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depositor)

/s/Joshua R. Durand

By _________________________________

Joshua R. Durand

Vice President, Product Development Mgt.

------

Pursuant to the requirements of the Securities Act of 1933, this Initial Registration Statement on Form N-6 (File No. 811-08579; CIK: 0001051932) has been signed below on February 28, 2023 at 11:46 am, by the following persons, as officers and directors of the Depositor, in the capacities indicated:

**<u>Signature</u> <u>Title</u>**

\*/s/Ellen G. Cooper

______________________________ President and Director

Ellen G. Cooper

______________________________ Executive Vice President; Chief Financial Officer,

Christopher Neczypor Chief Strategy Officer and Director

\*/s/Craig T. Beazer

______________________________ Executive Vice President, General Counsel and Director

Craig T. Beazer

\*/s/Jayson R. Bronchetti

______________________________ Executive Vice President, Chief Investment Officer

Jayson R. Bronchetti and Director

\*/s/Adam M. Cohen

______________________________ Senior Vice President and Chief Accounting Officer

Adam M. Cohen

______________________________ Assistant Vice President and Director

Eric B. Wilmer

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

/s/Jassmin McIver-Jones

\* By <u>___________________________________</u>____

Jassmin McIver-Jones

Attorney-in-Fact, pursuant to a Power-

of-Attorney filed with this Registration Statement

## Exhibit 4.1

## [ ]

### The Lincoln National Life Insurance Company
(the "Company")

#### A Stock Company
**Home Office Location:** [**Fort Wayne, Indiana**]

**Administrator Mailing Address:** The Lincoln National Life Insurance Company

[100 North Greene Street

P.O. Box 21008

Greensboro, NC 27420-21008]

The Lincoln National Life Insurance Company agrees to: (a) pay the Death Benefit Proceeds to the Beneficiary after receipt of Due Proof of Death of each named Insured reflecting that the deaths of both Insureds occurred while this Policy is In Force; and (b) to provide the other rights and benefits according to the terms of this Policy.

#### Read this Policy Carefully
This is a legal contract between you and us. The application for coverage is accepted and this Policy is issued and accepted subject to the terms set forth on the following pages, which are made a part of this Policy. In consideration of the application and the payment of premiums as provided, this Policy is executed by us as of the Policy Date at the Administrator Mailing Address shown above. Pay particular attention to the Policy Specifications as they are specific to you and may contain important terms and conditions.

#### Right to Examine this Policy
You may return this Policy for any reason to the insurance agent through whom it was purchased, to any other insurance agent of the Company or to us at the Administrator Mailing Address listed above within [ten (10)] days after its receipt ([thirty (30)] days after its receipt if this Policy is issued in replacement of other insurance). During this period (the "Right to Examine Period"), any Net Premium Payment received by us will be placed in the [money market Sub-Account] as designated by us. If returned, this Policy will be considered void from the Policy Date and we will refund, as of the date the returned Policy is received by us, the greater of total premium paid less Debt and partial surrenders or the Accumulation Value less Debt plus any charges and fees taken under the Policy's terms. If this Policy is not returned, the premium payment will be processed as directed by you after the "Right to Examine Period" expires.

**ANY BENEFITS, INCLUDING DEATH BENEFITS, AND VALUES PROVIDED BY THIS POLICY MAY INCREASE OR DECREASE DAILY DEPENDING ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.**

**The Death Benefit Proceeds on the Policy Date will be at least equal to the Initial Specified Amount of this Policy if there are no outstanding loans. Thereafter, the Death Benefit Proceeds may vary under the conditions described in the "Insurance Coverage and Death Benefit Provisions" of this Policy.**

[![](image1.jpg)] [![](image2.jpg)]

[President] [Secretary]

Insureds: [INSURED NAME] [INSURED NAME] <br> Policy Number: [SPECIMEN]

#### INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE SURVIVORSHIP LIFE INSURANCE POLICY
Death Benefit Proceeds are payable if the deaths of both Insureds occurred while this Policy is In Force. Investment results are reflected in Policy benefits. The Surrender Value is payable upon surrender of this Policy. Flexible premiums are payable to the earlier of the younger Insured's Attained Age 121 or the Second Death. Planned Premium payments and additional Riders and/or benefits are shown in the Policy Specifications. This Policy is non-participating; it is not eligible for dividends. This Policy is convertible prior to the older Insured's Attained Age 80 and subject to the Policy's "Change of Plan" provision.

#### For information or assistance regarding this Policy call: [800-487-1485]

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### **Table of Contents**

#### Provision Page\*
**Summary of Policy Features**...............................................................................................................................................2a

Individual Flexible Premium Variable Adjustable Survivorship Life Insurance; Coverage Duration; Accumulation Value; Interest; Separate Account Performance; No-Lapse Enhancement Rider; Monitoring Your Policy's Performance

**Policy Specifications**...........................................................................................................................................................3

Summarizes benefits that you purchased including charges and expenses.

**Riders and Benefits Charges**.....................................................................................................................................3a

**Table of Surrender Charges**........................................................................................................................................ 3b

Surrender Charge as of Beginning of Policy Year; Calculation of Surrender Charge for Decrease in Specified Amount

**Table of Expense Charges and Fees**.......................................................................................................................... 3c

Guaranteed Maximum Premium Load; Cost of Insurance; Guaranteed Maximum Monthly Administrative Fee; Guaranteed Maximum Mortality and Expense Risk ("M&E") Charge Rate; Transfer Fee

**Table of Guaranteed Maximum Cost of Insurance Rates**......................................................................................... 3d

**Corridor Percentages Table**........................................................................................................................................ 3e

Death Benefit Qualification Test

**Definitions**............................................................................................................................................................................. 5

**The Contract**..........................................................................................................................................................................7

Entire Contract; Changes to Contract Terms; Non-Participating; Misstatement of Age or Sex; Incontestability

**Ownership**............................................................................................................................................................................. 8

Rights of Owner; Transfer of Ownership; Assignment; Some Important Things You Should Do

**Beneficiary**............................................................................................................................................................................ 9

Beneficiary; Change of Beneficiary

**Insurance Coverage and Death Benefit Provisions**..........................................................................................................9

Date of Coverage; Termination of Coverage; Death Benefit Proceeds; Simultaneous Death; Notice of First Death; Notice of Claim; Income Tax on Death Benefits; Suicide; Method of Payment; Interest on Death Benefit; Continuation of Coverage After Younger Insured's Attained Age 121

**Changes in Insurance Coverage**....................................................................................................................................... 11

Increases in Specified Amount; Decreases in Specified Amount; Premium Class Changes; Rider and/or Benefit Additions; Change of Plan

**Premium and Allocation Provisions**................................................................................................................................. 12

Payment of Premiums; Planned Premiums; Additional Premiums; Premium Refund at Second Death; Account Allocation Instructions; Sub-Account for Limited Use; Optional Sub-Account Allocation Programs

**Grace Period, Continuation of Insurance and Reinstatement Provisions**....................................................................13

Grace Period; Continuation of Insurance; Reinstatement

**Policy Values Provisions**................................................................................................................................................... 14

Accumulation Value; Fixed Account Value; Separate Account Value; Variable Accumulation Unit Value; Loan Account Value; Interest Credited Under Fixed Account; Interest Credited Under Loan Account; M&E Charge; Fees Associated with the Underlying Funds; Persistency Bonus; Persistency Bonus Rate; Monthly Deduction; Cost of Insurance; Cost of Insurance Rates; Basis of Values; Changes to Non-Guaranteed Elements (NGEs)

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**Separate Account Provisions............................................................................................................................................**16

Separate Account; Sub-Accounts; Investments of the Sub-Accounts; Investment Risk; Underlying Fund Withdrawal and Substituted Securities

**Transfer Privilege Provisions............................................................................................................................................**17

Transfer Privilege; Transfer Fees; Transfers From a Sub-Account; Change of Terms and Conditions

**Surrender Provisions.........................................................................................................................................................** 18

Surrender; Surrender Charges; Charge for Decrease in Specified Amount; Surrender Charge for Full Surrender; Partial Surrender (i.e. Withdrawal); Effect of Partial Surrenders on Accumulation Value and Specified Amount

**Loan Provisions..................................................................................................................................................................** 19

Loans; Loan Account; Interest Rate Charged on Loan Account; Loan Repayment; Debt

**General Provisions.............................................................................................................................................................** 20

Annual Report; Compliance with the Internal Revenue Code; Deferment of Payments; Modified Endowment; Payment of Proceeds; Projection of Benefits and Values

**Effect of Policy on Riders Provisions...............................................................................................................................**21

**Effect of Riders on Policy Provisions...............................................................................................................................** 21

**Settlement Options.............................................................................................................................................................** 22

**\***Page 4 is intentionally blank.

Amendments, Endorsements, or Riders, if any, and a copy of the application follow Page 22.

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### Summary of Policy Features
This summary is an overview of the important features and operations of your Policy. It is meant to give you a basic understanding of your Policy. Specific details regarding these features are only provided in the Policy provisions and cannot fully be described in a summary. This summary is not a substitute for reading the entire Policy carefully.

**Individual Flexible Premium Variable Adjustable Survivorship Life Insurance** This title is our generic name for variable universal life insurance based on the lives of two insureds. "Flexible premium" means that you may pay premiums by any method agreeable to us, and in any amount in accordance with this Policy, at any time prior to the younger Insured's Attained Age 121 or the Second Death. It is important to pay sufficient premium in order to keep your Policy In Force. "Adjustable life insurance" means that you, with our agreement, can change the death benefit to meet your changing needs.

The Policy allows you to allocate premium payments to a Separate Account. If there is more than one (1) Sub-Account available to allocate premium payments to, we will direct any Net Premium Payment into the Sub-Account(s) according to the premium allocation instructions you provide.

The Fixed Account is part of the Company's General Account and is not part of the Separate Account. **The Fixed Account is only available to you if required by the terms of any Rider or benefit attached to this Policy (refer to any Riders or benefits attached to this Policy) and after the Younger Insured's Attained Age 121 (refer to this Policy's "Continuation of Coverage After Younger Insured's Attained Age 121" provision).** The Fixed Account Value will not increase or decrease due to market fluctuations. We will credit interest, subject to a minimum rate, to the amount in the Fixed Account.

The investment performance of Separate Account assets is kept separate from the Company's General Account and will fluctuate due to the performance of the Sub-Account(s) you invest in. Please see the "Separate Account Provisions" and Policy Specifications for more details.

**Coverage Duration** The duration of coverage will vary based upon changes in the amount, timing and frequency of your premium payments, changes to the coverage under your Policy and any Riders attached to your Policy, and the other items described in the following sections.

The length of time your Policy remains In Force will vary in accordance with changes in the following items, which may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency, timing, and amount of any premium payment(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policy changes such as loans, partial surrenders, increases or decreases in Specified Amount and the addition or removal of Riders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to your Accumulation Value from the Fixed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Separate Account performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monthly Deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the No-Lapse Enhancement Rider is attached to your Policy.

**Accumulation Value** The Accumulation Value is a key component of your Policy. The Accumulation Value is the total of the Fixed Account, Separate Account, and the Loan Account.

On a monthly basis, we deduct a charge called the Cost of Insurance charge (see the "Cost of Insurance" provision) and charges for any additional benefits and/or Riders and administrative charges. We will also deduct a monthly Mortality and Expense Risk ("M&E") Charge, if any, from each Sub-Account. The sum of these charges is known as the "Monthly Deduction" and is subtracted from the Accumulation Value as explained in the "Monthly Deduction" provision.

Subject to the guaranteed maximums and guaranteed minimums shown in the Policy, we can change these charges and/or rates used to calculate the components of the Monthly Deduction in accordance with this Policy. We can also change the interest rates credited to this Policy and Persistency Bonus Rates at any time in accordance with this Policy.

Simply put, additions consisting of Net Premium Payments, interest additions, and positive Separate Account performance increase the Accumulation Value. Deductions, including charges described above and negative Separate Account performance, decrease the Accumulation Value. If additions exceed deductions, your Accumulation Value increases; if deductions exceed additions, your Accumulation Value decreases. If the Surrender Value (Accumulation Value, less surrender charge, less Debt) becomes so small that we cannot subtract an entire Monthly Deduction, your Policy may terminate; see, however, the "Grace Period" provision and the No-Lapse Enhancement Rider.

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**Interest** While we guarantee to credit a minimum interest rate on amounts in the Fixed Account, do not assume that interest rates will remain constant for any extended period of time. We may change interest rates on the Fixed Account and Persistency Bonus Rates at any time in accordance with this Policy subject to a guaranteed minimum rate shown in the Policy Specifications.

**Separate Account Performance** Separate Account performance can vary greatly, may increase or decrease on a daily basis, and is not guaranteed. You are able to select, monitor, and change Sub-Account choices according to investments we make available, your objectives, and investment conditions.

**No-Lapse Enhancement Rider** Your Policy has been issued with a No-Lapse Enhancement Rider which can ensure that your Policy will continue even if the Surrender Value is insufficient to cover the Monthly Deductions. This Policy will not Lapse as long as the Rider is In Force and all the requirements of either the "No-Lapse Value" provision or the "Reset Account Value" provision are met. The No-Lapse Value and Reset Account Value are reference values only, meaning that they are calculations used for the purpose of testing whether the No-Lapse Enhancement Rider is preventing the Lapse of this Policy, and are not used to determine the Accumulation Value or the death benefit of your Policy. The No-Lapse Value and Reset Account Value are not values available as a cash payment for surrender, partial surrender, or loans.

Note that the length of time the No-Lapse Enhancement Rider will keep your Policy In Force may vary according to the items described in the "Accumulation Value" section of this Summary. While the Rider is actively preventing the Policy from Lapse, sufficient premiums must be paid to meet all requirements of either the "No-Lapse Value" provision or the "Reset Account Value" provision.

Please review the No-Lapse Enhancement Rider attached to your Policy for specific details.

**Monitoring Your Policy's Performance** We will send you an Annual Report (Statement of Account) of your Policy to help you monitor your Policy values and compare it to your objectives when you purchased your Policy. Ask your life insurance agent to explain anything you do not understand. You may need to adjust your premiums to achieve your insurance objectives. While your Policy is In Force, you may submit a Request to us for an In Force projection of future death benefits and Policy values. We encourage you to submit a Request to us for an In Force projection at least once each Policy Year, subject to the terms of the "Projection of Benefits and Values" provision of this Policy. We are also available to answer your questions and assist you in making changes to your Policy.

This Policy contains Non-Guaranteed Elements (NGEs). We may make changes to each of these NGEs as described in this Policy. A change to one or more of these NGEs can affect your Policy's performance, including coverage duration, premiums required to keep your Policy In Force, and Surrender Value.

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#### (This Page Left Intentionally Blank)

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### Definitions
**Accumulation Value** The sum of (1) the Fixed Account Value plus (2) the Separate Account Value plus (3) the Loan Account Value under this Policy, as described in the "Policy Values Provisions".

**Administrator Mailing Address** The Administrator Mailing Address for this Policy is shown on the front cover.

**Attained Age (Age)** An Insured's Issue Age plus the number of completed Policy Years that have elapsed since the Policy Date. For the purposes of determining dates and values under this Policy, the Attained Age of the first Insured to die will continue to increase each year after death. For purposes of this Policy, each Insured's Attained Age increase will always occur on the Policy Anniversary regardless of when that Insured's actual birthday occurs. "Younger Insured's Attained Age 121" occurs on the Policy Anniversary when the number of completed Policy Years plus the younger Insured's Issue Age equals 121.

**Beneficiary** The person(s) or entity(ies) named in the application for this Policy, unless later changed as provided for by this Policy, to whom we will pay the Death Benefit Proceeds upon the Second Death.

**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: Specified Amount, Policy Date, Policy Duration, premiums paid, source of premium, Policy ownership structure, sales distribution method, the Insureds' Ages, sexes, and Premium Classes, increases in Specified Amount, issue state, policy form, and the presence and attributes of Policy features and benefits and optional Riders.

**Cost of Insurance** The monthly charge associated with the amount of death benefit provided under this Policy as defined on Page 16.

**Date of Issue** The date from which Suicide and Incontestability periods are measured. The Date of Issue is shown in the Policy Specifications.

**Death Benefit Proceeds** The amount payable upon the Second Death as described in the "Death Benefit Proceeds" provision.

**Debt** The total of any outstanding loans against this Policy, including loan interest accrued but not yet charged. May also be referred to as "Indebtedness".

**Due Proof of Death** 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 of death satisfactory to us.

**Evidence of Insurability** Evidence satisfactory to us related to the health, lifestyle, and financial and other circumstances that may impact the insurability of the Insureds.

**Fixed Account** The Fixed Account is a part of the Company's General Account. The Fixed Account is only available to you if required by the terms of any Rider or benefit attached to this Policy (refer to any Riders or benefits attached to this Policy), as an Account(s) available from which to transfer funds for Dollar Cost Averaging if shown in the Policy Specifications, and upon the Younger Insured's Attained Age 121 (refer to this Policy's "Continuation of Coverage After Younger Insured's Attained Age 121" provision). The value of the Fixed Account will not increase or decrease due to market fluctuation. Rather, as described in the "Fixed Account Value" provision, a portion of the Fixed Account Value consists of interest credited at a rate not less than the Guaranteed Minimum Fixed Account Interest Rate as shown in the Policy Specifications.

**General Account** An account consisting of all assets owned by us other than those assets in segregated investment accounts.

**In Force** Not terminated for any reason.

**In Writing** This term means a written form of communication satisfactory to us and received at our Administrator Mailing Address. We retain the right to agree in advance to accept communication by telephone or some other form of transmission, in a manner we prescribe, and doing so does not waive our right to require that future communications be in written form. Before we receive your communication at our Administrator Mailing Address, we will not be responsible for any action we take or allow that conflicts with your communication. With respect to any written communication from us to you or any other person, this term means a written form of communication by ordinary mail to such person at the most recent address in our records. If agreed to in advance by you, we may also send communication to you by some other form of transmission. Any notice, election or request required or permitted under the terms of this Policy stated as "Notice", "Request" or "Election" are communications required to be In Writing as provided by this definition.

**Insured** Each person whose life is insured under this Policy.

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**Irrevocable Beneficiary** A Beneficiary who is named by you as irrevocable which you cannot change or remove from the Policy without their consent. Any Beneficiary that you designate as irrevocable must provide consent for you to exercise ownership rights which might adversely affect the Beneficiary's interest.

**Issue Age** An Insured's age nearest birthday on the Policy Date.

**Lapse** Terminate without value.

**Loan Account** The account in which amounts equal to amounts loaned under this Policy, including charged loan interest, accrue once transferred out of the Fixed Account and Sub-Account(s), as applicable. The Loan Account is part of our General Account.

**Monthly Anniversary Day** The same day in each month shown in the Policy Specifications when we deduct the Monthly Deduction, or the next Valuation Day if the Monthly Anniversary Day is not a Valuation Day.

**Monthly Deduction** The amount deducted on each Monthly Anniversary Day from the Accumulation Value for certain charges, fees, and the Cost of Insurance for the current Policy Month, as described in the "Monthly Deduction" provision.

**Net Premium Payment** The portion of a premium payment, after deduction of an amount not to exceed the Guaranteed Maximum Premium Load shown in the Table of Expense Charges and Fees in the Policy Specifications, available for allocation to the Sub- Account(s) and to the Fixed Account as may be required by the terms of any Rider or benefit attached to this Policy.

**1940 Act** The Investment Company Act of 1940, as amended.

**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 Rate, Premium Load, Monthly Administrative Fee, interest rate used to credit the Fixed Account, Persistency Bonus Rate, and interest rate credited to the Loan Account.

**Owner** The person(s) or entity(ies) shown in the Policy Specifications who may exercise rights under this Policy, unless later changed as provided for by this Policy. If no Owner is designated, the Insureds will be the Owners.

**Policy Anniversary** The same month and day as the Policy Date for each succeeding year this Policy remains In Force, or the next Valuation Day if the Policy Anniversary is not a Valuation Day.

**Policy Date** The date on which life insurance coverage begins if the necessary premium has been paid. This is also the date from which Monthly Anniversary Days, Policy Anniversaries, Policy Months, Policy Years, and Planned Premium due dates are determined.

**Policy Duration** The number of full or partial Policy Years that have elapsed since the Policy Date.

**Policy Month** The period from one Monthly Anniversary Day up to, but not including, the next Monthly Anniversary Day.

**Policy Specifications** The pages of this Policy which show your benefits, premium, costs, and other Policy information.

**Policy Year(s)** The one year period beginning on the Policy Date and ending one day before the Policy Anniversary and each subsequent one year period beginning on a Policy Anniversary.

**Premium Class** Each Insured's underwriting classification under this Policy, determined by our underwriting assignment, as shown in the Policy Specifications. Premium Class is not the same as "Class" or "Redetermination Class".

**Redetermination Class(es)** Group(s) of policies that are considered together for the purpose of adjusting (also known as redetermining) each NGE. Redetermination Classes will be determined by us, and may be different than the Class or Classes used when the NGEs were initially determined for this Policy. Different Redetermination Classes may be used when adjusting each NGE or when adjusting an NGE at different points in time. Redetermination Classes will consist of policies with similar characteristics, which may include one or more characteristics but are not limited to: Specified Amount, Policy Date, Policy Duration, premiums paid, source of premium, Policy ownership structure, sales distribution method, the Insureds' Ages, Sexes, and Premium Classes, increases in Specified Amount, issue state, policy form, and the presence and attributes of Policy features and benefits and optional Riders.

**SEC** The Securities and Exchange Commission.

**Second Death** The death of the Surviving Insured.

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**Separate Account** A segregated account including the Sub-Account(s) thereunder, to which Net Premium Payments are, or have been allocated, or amounts may be transferred. Separate Account assets are not charged with the general liabilities of the Company. The investment performance of Separate Account assets is kept separate from the Company's General Account.

**Separate Account Value** The value of the portfolio shares reported to us, as of the end of each Valuation Day, by the investment company(ies) in whose shares the Separate Account invest.

**Specified Amount** The amount you chose which is used to determine the amount of death benefit and the amount of Rider benefits, if any. The Minimum Specified Amount allowable under this Policy and the Specified Amount at issue ("Initial Specified Amount") are shown in the Policy Specifications. The Specified Amount may be increased or decreased as described in this Policy.

**Surrender Value** The Accumulation Value, less any Debt, and less any applicable surrender charge shown in the Table of Surrender Charges in the Policy Specifications.

**Surviving Insured** The latter of the Insureds to die.

**Underlying Fund(s)** The Underlying Funds are the investments within the Sub-Account(s) to which the Net Premium Payments may be allocated. See "Investments of the Sub-Accounts" provision for additional details.

**Valuation Day** Any day on which the New York Stock Exchange is open for business, except a day during which trading on the New York Stock Exchange is restricted or on which an SEC-determined emergency exists or on which the valuation or disposal of securities is not reasonably practicable, as determined under applicable law.

**Valuation Period** The period beginning immediately after the close of business on a Valuation Day and ending at the close of business on the next Valuation Day.

**Variable Accumulation Unit** A unit of measure used to calculate the value of a Sub-Account as described in the "Variable Accumulation Unit Value" provision.

**We, our, us** The Company.

**You, your** The Owner(s) of this Policy.

### The Contract
**Entire Contract** This Policy, the application for this Policy, and any Amendment(s), Endorsement(s), Rider(s), and supplemental application(s) that may be attached are the entire contract between you and us. All statements made in the application will, in the absence of fraud, be deemed representations and not warranties. We will not use any statement to contest this Policy unless it is contained in an application and a copy of the application is attached to this Policy.

**Changes to Contract Terms** Only an authorized Officer of the Company may make or modify the terms of the Policy or any of its Amendments, Endorsements or Riders. Any such changes must be provided in a Notice in order to be effective.

We reserve the right to make changes in this Policy or to make distributions from this Policy to the extent we deem necessary, in our sole discretion, to continue to qualify this Policy as life insurance. You will be given advance Notice of such changes.

Upon Notice to you, we may, at any time, modify this Policy to conform with any law or regulation issued by any government agency to which this Policy or we (the Company) are subject.

**Non-Participating** This Policy is not entitled to share in surplus distribution.

**Misstatement of Age or Sex** If the date of birth or sex of either Insured is misstated, we will adjust the Death Benefit Proceeds to the amounts that would have been purchased by the most recent Cost of Insurance deduction at the correct Issue Age(s) and sex(es). No adjustment will be made to the Accumulation Value of the Policy.

**Incontestability** Except for nonpayment of premium, this Policy will be incontestable after it has been In Force during the lifetime of both Insureds or the Surviving Insured, as applicable, for two (2) years from the Date of Issue shown in the Policy Specifications. This means that we will not use any material misstatement in the application to challenge a claim or contest liability after that time.

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Any increase in the Specified Amount effective after the Date of Issue will be incontestable only after such increase has been In Force for two (2) years. The basis for contesting an increase in Specified Amount will be limited to material misstatements made in the supplemental application for the increase.

If this Policy is reinstated, the basis for contesting after reinstatement will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. limited to the remainder of the original contestable period, if any, for material misstatements made in the original application; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. limited to a period of two (2) years from the date of reinstatement for material misstatements made in the reinstatement application.

### Ownership
**Rights of Owner** Except as provided below and subject to any applicable state law, you may exercise all rights under this Policy while at least one Insured is living including, but not limited to, the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. return this Policy under the "Right to Examine this Policy" provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. surrender this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. agree with us to any change in or amendment to this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. transfer all your rights to another person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. change the Beneficiary (unless you specifically submit a Request to not to reserve this right);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. assign this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. effect a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. effect a transfer to or from the Sub-Account(s) if there is more than one (1) Sub-Account under this Policy that is eligible to transfer value to or from;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. make premium payments that are to be allocated to the Sub-Account(s) or be allocated to the Fixed Account as may be required by the terms of any Rider or benefit attached to this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. effect a partial surrender (i.e. withdrawal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. effect a reinstatement.

Except for the right to change the Beneficiary, you must have the consent of any assignee recorded with us to exercise all other rights under this Policy. You may exercise your rights subject to the consent of any Irrevocable Beneficiary, subject to any applicable law.

Unless provided otherwise, if you are not one of the Insureds and you die before the Second Death, all of your rights under this Policy will transfer and vest in your executors, administrators or assigns.

If there is more than one Owner, ownership shall be shared jointly, unless specifically stated otherwise, and the consent of all joint Owners will be necessary to exercise any right. Upon the death of a joint Owner, the remaining Owner or joint Owners shall succeed to the rights and privileges of the deceased joint Owner. Upon the death of the Owner or all joint Owners, any contingent Owner or Owners designated shall become the Owner or Owners. If no contingent Owner is designated, the estate of the Owner or the estate of the last joint Owner to die will succeed to all the rights and privileges of ownership.

**Transfer of Ownership** You may transfer all of your rights under this Policy by submitting a Request. The Request does not need to be signed by the Beneficiary unless you have designated an Irrevocable Beneficiary. You may revoke any transfer prior to it being recorded by us by submitting a Request. A transfer of ownership, or a revocation of transfer, will not take effect until recorded by us. Once we have recorded the transfer or revocation of transfer, unless a future date is specified by you, it will take effect as of the date of the latest signature on the Request. Any payment made or any action taken or allowed by us before we record the transfer or revocation of transfer will be without prejudice to us.

On the effective date of transfer, the transferee will become the Owner and will have all the rights and be subject to the limitations of the Owner as described under the "Rights of Owner" provision of this Policy. Unless you direct us otherwise, a transfer will not affect the interest of any Beneficiary designated prior to the effective date of transfer.

**Assignment** Assignment of this Policy must be submitted by Request and, unless a future date is specified by you, will take effect as of the date the assignment is signed. We will not be responsible for any action we take or allow before we receive your Request at our Administrator Mailing Address. We will not be responsible for the validity or sufficiency of any assignment. While an assignment is in effect, to the extent provided under the terms of the assignment, an assignment will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. transfer the interest of any designated transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. transfer the interest of any Beneficiary, unless an Irrevocable Beneficiary has been designated.

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#### Some Important Things You Should Do
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide us with any change in your mailing address in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pay sufficient premiums on time to keep your Policy In Force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notify us of any change in Beneficiary.

### Beneficiary
**Beneficiary** You may designate one Beneficiary or more than one Beneficiary. If you designate more than one Beneficiary, any Death Benefit Proceeds payable will be paid in equal shares to the survivors in the appropriate Beneficiary designation (primary, contingent, and second contingent), unless you submit a Request otherwise. If no Beneficiary is alive when the Death Benefit Proceeds become payable or in the absence of any Beneficiary designation, the Death Benefit Proceeds will transfer and vest in you or in your executors, administrators or assigns.

**Change of Beneficiary** While an Insured is alive, you may change the Beneficiary by submitting a Request. Unless a future date is specified by you, any change will take effect as of the date the Request is signed by you subject to any payments we make or other actions we take before we receive it. The Insureds need not be living when the requested change is recorded by us, however the requested change must be delivered to us prior to the Second Death. The Beneficiary does not have to sign the Request unless you have designated an Irrevocable Beneficiary. Any payment made or any action taken or allowed by us before we record the change of Beneficiary will be without prejudice to us.

### Insurance Coverage and Death Benefit Provisions
**Dates of Coverage** The dates of coverage under this Policy will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For all coverages provided in the original application, the effective date of coverage will be the Policy Date provided the first premium has been paid and the Policy has been accepted by you (1) while both Insureds are living and (2) prior to any change in health of either Insured or any other characteristic affecting the Insureds' insurability as represented in the application for this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For any increase, decrease, or addition to coverage, the effective date of coverage will be the Monthly Anniversary Day on or next following the day we approve the application for the increase, decrease, or addition to coverage, and the first month's Cost of Insurance for the increase, if applicable, is deducted as described in the "Increases in Specified Amount" provision, provided both Insureds are living on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. For any insurance that has been reinstated, the effective date of coverage will be the date as described in the "Reinstatement" provision.

**Termination of Coverage** All coverage under this Policy terminates on the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a full surrender of this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Second Death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. failure to pay the amount of premium necessary to avoid termination before the end of any applicable grace period.

No action by us after this Policy has terminated, including any Monthly Deduction made effective after termination of coverage, will constitute a reinstatement of this Policy or waiver of the termination. Any such deduction will be refunded.

**Death Benefit Proceeds** If the deaths of both Insureds occur while this Policy is In Force and upon Notice of Claim, we will pay Death Benefit Proceeds equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Specified Amount on the date of the Second Death, plus any amount payable upon Second Death from In Force Riders or benefits, less any Debt and partial surrenders (i.e. withdrawals) processed after the Second Death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. an amount equal to the Accumulation Value on the date of the Second Death multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications, plus any amount payable upon Second Death from In Force Riders or benefits, less any Debt and partial surrenders (i.e. withdrawals) processed after the Second Death.

**Simultaneous Death** When the Insureds die within a period of one hundred twenty (120) hours of each other, and the order of death is unknown, the amount determined to be payable as a result of their deaths will be divided equally between both Insureds' Beneficiaries. When the Surviving Insured and a named Beneficiary die within a period of one hundred twenty (120) hours of each other, and the order of death is unknown, we shall assume that the Beneficiary died before the Surviving Insured.

**Notice of First Death** You or someone on your behalf should provide us with Notice of Due Proof of Death of the first Insured to die as soon as reasonably possible after the death occurs.

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**Notice of Claim** You or someone on your behalf should provide us with Notice of Due Proof of Death within thirty (30) days or as soon as reasonably possible after the Second Death.

**Income Tax on Death Benefits** This Policy is intended to qualify as life insurance under the Internal Revenue Code so that the Death Benefit Proceeds, not including interest from the date of the Second Death, will not be taxable as income to the Beneficiary(ies). To do so, this Policy must qualify under one of two tests, the Cash Value Accumulation Test or the Guideline Premium Test as defined in the Internal Revenue Code Section 7702. The Death Benefit Qualification Test for this Policy is shown in the Policy Specifications and cannot be changed. Unless you make an Election otherwise when applying for this Policy, the Death Benefit Qualification Test is the Guideline Premium Test.

**Suicide** If both Insureds or the last Insured to die commits suicide, whether sane or insane, within two (2) years from the Date of Issue, the Death Benefit Proceeds will be limited to an amount equal to the premiums paid less any Debt and any partial surrenders.

If both Insureds or the last Insured to die commits suicide, whether sane or insane, within two (2) years from the date of any increase in the Specified Amount, the Death Benefit Proceeds with respect to such increase will be limited to an amount equal to the monthly charges paid for the cost of the increase in the Specified Amount.

**Method of Payment** Upon the Second Death while this Policy is In Force, Death Benefit Proceeds may be paid in a lump sum or left with us for payment under a settlement option that we make available.

**Interest on Death Benefit** We will pay interest on any Death Benefit Proceeds payable only as required by applicable law.

**Continuation of Coverage After Younger Insured's Attained Age 121** Unless otherwise agreed to by you and us, if this Policy is In Force at the younger Insured's Attained Age 121 (but not in the grace period), the Separate Account Value, if any, will be transferred to the Fixed Account on the next Policy Anniversary Day after the younger Insured's Attained Age 121. No further premium payments will be allowed and we will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. continue to credit interest to the Fixed Account as described in the "Interest Credited Under Fixed Account" provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. no longer charge Monthly Deductions under this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. not allow any changes to the Specified Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. allow loans and partial surrenders to be taken. Loan interest rates will apply as shown in the Policy Specifications and loan repayments can continue to be made. You may repay all or part of a loan at any time while this Policy is In Force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. continue this Policy In Force until it is surrendered or the Death Benefit Proceeds become payable.

This provision will not continue any Rider attached to this Policy beyond the date for such Rider's termination, as provided in the Rider.

If this Policy is in the grace period at the younger Insured's Attained Age 121, you will need to pay the minimum amount required to remove this Policy from the grace period in order to guarantee continuation of this Policy beyond the younger Insured's Attained Age 121.

**There is some uncertainty whether this Policy would continue to qualify as life insurance in the year the younger Insured reaches Attained Age 121. There is also some uncertainty whether you would be viewed as constructively receiving the Accumulation Value at any time when this Policy's Accumulation Value is equal to the death benefit. You should consult a tax advisor concerning these issues.**

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### Changes in Insurance Coverage
Upon your Request, the insurance coverage may be changed as described in this section.

Changes in insurance coverage will be effective on the Monthly Anniversary Day on or next following the date we approve your Request for the change, unless another date acceptable to us is requested.

**Increases in Specified Amount** Upon your Request while both Insureds are living and subject to you providing us with Evidence of Insurability, the Specified Amount may be increased. The Minimum Specified Amount Increase, the Maximum Number of Specified Amount Increases per Policy Year, and the Maximum Attained Age for a Specified Amount Increase are shown on the Policy Specifications. If you increase the Specified Amount, there will be additional surrender charges in the event you request a surrender of this Policy. Please refer to the "Surrender Charge for Full Surrender" provision of this Policy. Other charges, such as the Cost of Insurance and other charges that are calculated using the Policy's Specified Amount will also be increased.

**Decreases in Specified Amount** Upon your Request and prior to the younger Insured's Attained Age 121, the Specified Amount may be decreased subject to the Minimum Specified Amount Decrease and Maximum Number of Specified Amount Decreases per Policy Year as shown in the Policy Specifications. The Specified Amount may not be decreased below the Minimum Specified Amount shown in the Policy Specifications. Any decrease in Specified Amount will be deducted in the following order: (a) from the most recent Specified Amount increase, if any; (b) successively from the next most recent Specified Amount increase, if any; and (c) from the initial Policy Specified Amount. At least twelve (12) months must elapse after an increase before a decrease in Specified Amount can be made. If you choose to decrease the Specified Amount, a surrender charge, calculated using the Table of Surrender Charges shown in the Policy Specifications, will be applied as described in the "Surrender Provisions" under the "Charge for Decrease in Specified Amount" provision. Please note that we will not allow a decrease in Specified Amount below the minimum Specified Amount required to maintain the qualification of this Policy as life insurance under the Internal Revenue Code.

**Premium Class Changes** Premium Class changes (such as a change in Tobacco User status) may occur upon your Request at any time after the first Policy Year, subject to you providing us with Evidence of Insurability, and before the younger Insured's Attained Age 121.

**Rider and/or Benefit Additions** If available, and subject to any underwriting guidelines and Evidence of Insurability requirements, you may submit a Request that Rider(s) and/or Benefits be added to this Policy after the Policy Date.

**Change of Plan** With our consent and in accordance with this provision, you may split this Policy into two individual permanent life insurance policies then being issued by us, one on the life of each Insured, upon occurrence of any of the following Change of Plan Events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Internal Revenue Code is changed resulting in (a) the repeal of the unlimited marital deduction provision; or (b) a reduction of at least fifty percent (50)% of the tax rate in the maximum federal estate bracket in effect on the Policy Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The final annulment or divorce decree dissolving the Insureds' marriage.

A policy split does not require Evidence of Insurability. Such policy split is subject to all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Both Insureds are living and this Policy is In Force at the time of the Change of Plan Event noted above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prior to the older Insured's Attained Age 80, the submission of a Request by all Owners to exercise this option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The existence of a Change of Plan Event must be received at the Administrator Mailing Address on or within six (6) months of Change of Plan Event item 1. described above or on or within twenty-four (24) months of Change of Plan Event item 2. described above. You must have the consent of any assignee recorded with us to exercise this option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Under Change of Plan Event item 2. described above, the Insureds may not be remarried to each other as of the date the new policies takes effect, and the policy split may not become effective on or within twenty-four (24) months following final annulment or legal divorce. In the event of divorce, you must provide a certified copy of the final divorce decree and any other documents we may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Each proposed Owner must have an insurable interest in the lives of the Insureds on his or her policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Specified Amount and the Surrender Value of this Policy will be split equally and allocated to each individual policy. One half of any outstanding loan will apply to each new policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The new policies' initial premiums are due on or before the Policy Date of each new policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Any Riders attached to this Policy will terminate upon exercise of this provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any other requirements as determined by us are met.

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The new policies will not take effect until the date all such requirements are met. When the new policies are effective, this Policy shall terminate. The rates and/or charges for each new policy are determined according to our rates and/or charges then in effect for that policy for each Insured's then Attained Age, sex and Premium Class, if available. If either Insured's Premium Class is not available, we will determine an appropriate and reasonably equivalent Premium Class for each Insured using the Premium Class structure applicable to each new policy and using underwriting criteria consistent with those used when this Policy was issued. If we determine that the Premium Class of an Insured is higher than the highest Premium Class available under a new policy, the split of this survivorship Policy will not be allowed. For the converted coverage, the respective time periods of the "Suicide" and "Incontestability" provisions of the new policies shall be computed from the Date of Issue of this survivorship Policy. Splitting this Policy may create tax consequences. Please consult with a tax advisor concerning any tax consequences.

### Premium and Allocation Provisions
**Payment of Premiums** The first premium payment is due on the Policy Date and is payable on or before delivery of this Policy. All subsequent premium payments may be made at any time before the younger Insured's Attained Age 121 and in any amount, subject to the following provisions, unless we agree by Notice. However, sufficient premium must be paid to keep this Policy In Force. Your premiums are payable in United States currency. Upon your Request, we will provide a premium receipt signed by an officer of the Company as required by the laws of the state in which this Policy is delivered. Please see "Planned Premiums" provision below.

Premium payments, after the first, can be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. through prearranged withdrawals from a checking account or other designated account by contacting us at the Administrator Mailing Address; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. sent to any premium address designated by us.

Sufficient premium payments must be paid in order to keep this Policy In Force. A change in the frequency, timing and amount of any premium payment(s) may decrease or increase the length of time this Policy will remain In Force and additional premium payments may be required.

**Planned Premiums** You choose how much premium you will pay and the frequency of such payments (the "Planned Premiums"). The Planned Premium you elected is shown in the Policy Specifications. You may change the amount and frequency of premium payments. Changes in the amounts or frequency of such payments are subject to our approval. Any change in the Planned Premiums may impact the Policy values and benefits. We will send premium reminder notices for the amounts and frequency of payments you establish.

**Additional Premiums** You may make additional premium payments in an amount no less than the Minimum Additional Premium Payment Amount as shown on the Policy Specifications at any time before the younger Insured's Attained Age 121. We reserve the right to limit the amount or frequency of any such additional premium payments in accordance with the "Compliance with the Internal Revenue Code" and "Modified Endowment" provisions. We also reserve the right to require Evidence of Insurability for any premium payment that would result in an immediate increase in the difference between the death benefit and the Accumulation Value. If Evidence of Insurability is not received, the premium, or any portion of the premium, may be returned. Any additional payment we receive will be applied as premium and not to repay any outstanding loans, unless you submit a Request otherwise.

**Premium Refund at Second Death** Any premium paid after the Second Death will be refunded as part of the Death Benefit Proceeds, unless you submit a Request otherwise prior to our payment.

**Account Allocation Instructions** If there is more than one (1) Sub-Account available to allocate premium payments to, you must provide us with Notice of your account allocation instructions to give further direction for allocating Separate Account Net Premiums among the Sub- Account(s). These allocations must be made in whole percentages, and each set of allocations must total one hundred percent. Your allocations may be changed at any time.

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**Sub-Account for Limited Use** The Sub-Account for Limited Use, as shown in the Policy Specifications, may only be used as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. during the Right to Examine Period, any Net Premium Payment will be placed in the Sub-Account as described in the "Right to Examine Period" provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. as an account from which specified dollar amounts will automatically be transferred pursuant to the Dollar Cost Averaging program described in the "Dollar Cost Averaging" provision below. Any balance remaining in this Sub-Account upon termination of Dollar Cost Averaging will be transferred to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. other Sub-Account(s) available and as specified by your Account Allocation Instructions if there is more than one (1) Sub-Account available; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Sub-Account available if there is only one (1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. upon the liquidation of another Sub-Account, as the account to which the value of the liquidated Sub-Account will be temporarily transferred until you provide new account allocation instructions. New account allocation instructions may be required under the No-Lapse Enhancement Rider's "Allocation Requirements Provisions".

#### Optional Sub-Account Allocation Programs
**Program Participation** You may elect to participate in program providing for Dollar Cost Averaging or Automatic Rebalancing, but you may participate in only one program at a time. Transfers made in conjunction with either of these programs do not count against the free transfers available.

We reserve the right to modify the terms and conditions of, or suspend, these programs upon ninety (90) days advance Notice to you.

**Dollar Cost Averaging** During the first Policy Year, Dollar Cost Averaging systematically transfers dollar amounts specified by you from an Account specified by you. The Account(s) available from which to transfer funds for Dollar Cost Averaging are shown in the Policy Specifications. Transfer allocations may be made to 1 or more of the other Sub-Account(s) on a monthly basis or quarterly basis. Allocations may not be made to the same account from which amounts are to be transferred. Dollar Cost Averaging terminates automatically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. if the value in the account specified by you is insufficient to complete the next transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. seven (7) calendar days after we receive your Request for termination of Dollar Cost Averaging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. on the first Policy Anniversary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. if this Policy is terminated.

**Automatic Rebalancing** If there is more than one (1) Sub-Account available under this Policy that is eligible to transfer amounts to or from, you may participate in this program.

Automatic Rebalancing periodically restores the percentage of Accumulation Value allocated to each Sub-Account to a level pre-determined by you. The pre-determined level is the allocation initially elected at the time of application, until changed by you. If Automatic Rebalancing is elected, all Net Premium Payments allocated to the Sub-Accounts will be subject to Automatic Rebalancing. Automatic Rebalancing will occur on a quarterly, semi-annual or annual basis, as elected by you. If Dollar Cost Averaging is also elected, the first rebalancing will occur after the Dollar Cost Averaging process terminates.

### Grace Period, Continuation of Insurance and Reinstatement Provisions
**Grace Period** This Policy will enter the grace period if on any Monthly Anniversary Day the Surrender Value is less than the Monthly Deduction for the current Policy Month.

We allow a grace period of sixty-one (61) days, beginning on the Monthly Anniversary Day this Policy enters the grace period, for payment of Net Premium Payment sufficient to maintain coverage for three (3) Policy Months from the date this Policy enters the grace period (this would include the cost of Monthly Deductions due and unpaid during the grace period plus an amount sufficient to restore the Surrender Value to cover the cost of the Monthly Deduction due on the Monthly Anniversary Day immediately following the end of the grace period).

If the total amount paid to us during the grace period is not sufficient, all coverage under this Policy will Lapse. However a greater amount will be accepted, as additional premium will be due after the end of this period to maintain coverage for additional Policy Months.

We will send a Notice to your last known address and to the last known address of any assignee of record at least thirty-one (31) days before the end of the grace period. The Notice will state the amount of premium as noted above. All coverage under this Policy will Lapse if you do not pay this amount on or before sixty-one (61) days beginning on the date this Policy enters the grace period. If the Second Death occurs within the grace period, we will deduct any overdue Monthly Deductions from the Death Benefit Proceeds.

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As described in the "Loan Provisions", Debt reduces the Surrender Value. Any increase in Debt, including loan interest due but not yet charged, may reduce the Surrender Value, and cause this Policy to enter the grace period.

**Continuation of Insurance** If premiums are discontinued on any date, the Surrender Value on that date will be used to provide insurance under this provision. This Policy and all Amendments, Endorsements, and Riders will continue In Force according to their terms for as long as the Surrender Value is sufficient to cover the Monthly Deduction. If the Surrender Value is insufficient, this Policy will terminate according to the "Grace Period" provision.

**Reinstatement** If this Policy has Lapsed as described in the "Grace Period" provision, you may reinstate this Policy within five (5) years from the date of Lapse provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. this Policy has not been surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Second Death has not occurred since the date of Lapse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. you submit an application for reinstatement while at least one (1) Insured is living;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. you submit Evidence of Insurability for (i) both Insureds if the Lapse occurred while both Insureds were alive; or (ii) the Surviving Insured if Lapse occurred after the death of one of the Insureds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. you pay Net Premium equal to the Monthly Deductions due and unpaid during the grace period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. you pay Net Premium sufficient to keep this Policy and any reinstated Riders In Force for at least two (2) Policy Months after the date of reinstatement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any loan interest accrued during the grace period is paid, and any remaining Debt is either paid or reinstated.

In addition to the minimum required payment to keep this Policy In Force as stated in e. and f. above, we recommend that you resume your Planned Premium to provide coverage beyond the initial period following the date of reinstatement. Please contact us if you need assistance in determining an updated Planned Premium.

The reinstated Policy will be effective as of the Monthly Anniversary Day on or next following the date on which items a. through g. above are satisfied and we approve the application for reinstatement. At the time of reinstatement, the surrender charge will be calculated using the Policy Duration as though this Policy had never Lapsed. The period for which benefits are limited due to suicide is described in the "Suicide" provision and reinstatement of this Policy will not cause the period to re-commence.

### Policy Values Provisions
This Policy provides Policy values which may be available to you for partial surrender, loans or full surrender. They are also used to calculate your Death Benefit Proceeds. The following provisions describe how these values are calculated.

**Accumulation Value** The Accumulation Value on the Policy Date will be equal to all Net Premium Payments made for this Policy as of the Policy Date, minus the Monthly Deduction for the first Policy Month. The Accumulation Value of this Policy is the sum of the Fixed Account Value, Separate Account Value, and Loan Account Value. Each of these is defined below.

At any point in time, we adjust the Accumulation Value by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. adding the amount of Net Premium Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. subtracting the amount of any partial surrenders and partial surrender charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. adding any increases or subtracting any decreases as a result of market performance in the Sub-Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. adding interest credited to the Fixed Account and Loan Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. adding any Persistency Bonus(es) credited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. subtracting Monthly Deductions and any Transfer Fee(s).

**Fixed Account Value** At any point in time, we adjust the Fixed Account Value by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. adding the amount of the Net Premium Payments allocated to the Fixed Account as may be required by the terms of any Rider or benefit attached to this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. adding amounts transferred to the Fixed Account as may be required by the terms of any Rider or benefit attached to this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. subtracting the amount of any transfer(s) from the Fixed Account as may be required by the terms of any Rider or benefit attached to this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. subtracting any portion of Monthly Deductions deducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. subtracting any portion of any partial surrenders and partial surrender charges deducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. adding any portion of loan interest credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. adding any portion of any Persistency Bonus(es) credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. adding daily interest credited as explained in the "Interest Credited Under Fixed Account" provision.

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**Separate Account Value** The Separate Account Value, if any, for any Valuation Period is equal to the sum of the then stated values of all Sub-Account(s) under this Policy. The stated value of each Sub-Account is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the number of Variable Accumulation Units, if any, credited or debited to such Sub-Account with respect to this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. multiplied by the Variable Accumulation Unit Value of the particular Sub-Account for such Valuation Period.

**Variable Accumulation Unit Value** Net Premium Payments, or any portion of Net Premium Payments, allocated, or amounts transferred, to each Sub-Account are converted into Variable Accumulation Units by dividing the amount allocated or transferred by the unit value of the applicable Sub-Account on the date of the conversion.

The Variable Accumulation Unit Value for a Sub-Account for any Valuation Period after the inception of the Sub-Account is equal to i. minus ii., divided by iii., where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. is the total value of Underlying Fund shares held in the Sub-Account, (calculated as (a) the number of Underlying Fund shares owned by the Sub-Account at the beginning of the Valuation Period multiplied by (b) the Underlying Fund's value per share at the end of the Valuation Period, plus (c) any dividend or other distribution of the Underlying Fund made during the Valuation Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. is the liabilities of the Sub-Account at the end of the Valuation Period. Such liabilities may include a charge imposed on the Sub-Account, if any, with respect to any taxes paid or reserved for by the Company that we determine result from the operations of the Separate Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. is the number of Variable Accumulation Units for that Sub-Account outstanding at the beginning of the Valuation Period.

The Variable Accumulation Unit value may increase or decrease from Valuation Period to Valuation Period.

**Loan Account Value** The Loan Account Value, if any, with respect to this Policy, is the amount of any outstanding loan(s), including any interest charged on the loan(s), less any amounts as described under the "Loan Repayment" provision taking into account the amounts described in the "Interest Credited Under Loan Account" provision.

**Interest Credited Under Fixed Account** We will credit interest to the Fixed Account daily. The interest rate applied to the Fixed Account will never be less than the Guaranteed Minimum Fixed Account Interest Rate shown in the Policy Specifications. Interest in excess of the guaranteed rate may be applied. Such interest is referred to in this Policy as excess interest and is not guaranteed. Interest will begin to accumulate as of the date the Net Premium Payment or any value is directed to the Fixed Account.

**Interest Credited Under Loan Account** We will credit interest to the Loan Account daily. The interest rate applied to the Loan Account will never be less than the Guaranteed Minimum Loan Account Credited Interest Rate shown in the Policy Specifications. Interest in excess of the guaranteed rate may be applied. Such interest is referred to in this Policy as excess interest and is not guaranteed. Such loan interest amount will be transferred on each Monthly Anniversary Day on the same basis as the most recent Net Premium Payment allocations.

**M&E Charge** We will subtract a monthly M&E charge, if any, on a pro rata basis from each Sub-Account as part of the Monthly Deduction. This charge will not exceed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the applicable Monthly Guaranteed Maximum M&E Charge Rate shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. multiplied by the value of each Sub-Account.

The rate used to calculate this charge is determined by us and guaranteed not to exceed the Guaranteed Maximum M&E Charge Rate shown in the Table of Expense Charges and Fees in the Policy Specifications. M&E charges are guaranteed not to reduce the Specified Amount you have chosen.

**Fees Associated with the Underlying Funds** Underlying Fund operating expenses may be deducted by each Underlying Fund as set forth in its prospectus.

**Persistency Bonus** Beginning with the Policy Year shown in the Policy Specifications and on each Monthly Anniversary Day thereafter, we will credit a Persistency Bonus to the Fixed Account and any of the Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date the credit is applied. The Persistency Bonus for a Policy Month is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Persistency Bonus Rate as described in the "Persistency Bonus Rate" provision below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. multiplied by the Fixed Account Value plus the Separate Account Value.

**Persistency Bonus Rate** The monthly Persistency Bonus Rate is determined by us. The Persistency Bonus Rate will be no less than the monthly Guaranteed Minimum Persistency Bonus Rate Credited to Fixed Account and Sub-Account(s) shown in the Policy Specifications. We may use rates higher than the guaranteed minimum rates.

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**Monthly Deduction** Each Policy Month, beginning with the Policy Date and on each Monthly Anniversary Day thereafter, we will subtract the Monthly Deduction from the Accumulation Value. The Monthly Deduction will be subtracted from the following portions of the Accumulation Value: from the Fixed Account and any Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date on which the deduction is made. If the Surrender Value is less than the Monthly Deduction for the current Policy Month, this Policy may enter the Grace Period as described in the "Grace Period" provision.

The Monthly Deduction for a Policy Month equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Monthly Administrative Fee not to exceed the Guaranteed Maximum Monthly Administrative Fee as described in the Table of Expense Charges and Fees in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. plus the M&E Charge as described in the M&E Charge provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. plus the Cost of Insurance as described in the "Cost of Insurance" provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. plus the monthly cost of any Riders and optional benefits.

**Cost of Insurance** This Policy's monthly Cost of Insurance will be equal to (a) multiplied by the result of (b) minus (c), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is the applicable Cost of Insurance Rate as described in the "Cost of Insurance Rates" provision below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is the death benefit at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications, divided by 1,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is the Accumulation Value at the beginning of the Policy Month after the deduction of the Monthly Administrative Fee and the M&E Charge but prior to the deduction for the monthly Cost of Insurance, divided by 1,000.

**Cost of Insurance Rates** The monthly Cost of Insurance Rates are determined by us by Class and Redetermination Class. The Cost of Insurance Rates will not exceed the rates described in the Policy Specifications. We may use rates lower than the guaranteed maximum rates.

**Basis of Values** Minimum Policy values are based on the guaranteed minimum and maximum rates/amounts shown in the Policy Specifications. The values of this Policy are at least equal to the minimum required by law. If required, a detailed statement of the method used to determine Policy values and reserves has been filed with the state in which this Policy is delivered.

**Changes to Non-Guaranteed Elements (NGEs)** Subject to the guaranteed maximums and guaranteed minimums shown in this Policy, we may change (also known as redetermine) the NGEs that apply to your Policy. We will not make any changes to these NGEs in order to distribute past gains or recoup past losses. We have no obligation to adjust the NGEs although in our discretion we may choose to do so.

If we make a change to the Cost of Insurance Rate(s), M&E Charge(s), Premium Load(s), or Monthly Administrative Fee(s), we will use Redetermination Classes to make those changes. Such changes can be made in consideration of one or more future anticipated or emerging experience factors which may include, but are not limited to: mortality, interest rates, investment earnings, persistency, expenses (including reinsurance costs and taxes), policy funding, net amount at risk, loan utilization, capital requirements, and reserve requirements. Any change will apply consistently to all policies of the same Redetermination Class.

If we make a change to the interest rate used to credit the Fixed Account, Persistency Bonus Rate, or interest rate credited to the Loan Account, we will use Redetermination Classes to make those changes. Such changes can be made in consideration of one or more items which may include, but are not limited to: mortality, interest rates, investment earnings, persistency, expenses (including reinsurance costs and taxes), policy funding, net amount at risk, loan utilization, capital requirements, and reserve requirements. Any change will apply consistently to all policies of the same Redetermination Class.

### Separate Account Provisions
**Separate Account** You may allocate your Net Premium Payments and Accumulation Value (except for Loan Account Value) to the Sub-Account(s), which are divisions of the Separate Account shown in the Policy Specifications. The Separate Account was established by a resolution of our Board of Directors as a "separate account" under the insurance law of our state of domicile. The Separate Account, under which there is one or more Sub-Accounts, is registered as a unit investment trust under the 1940 Act. The assets of the Separate Account (except assets in excess of the reserves and other contract liabilities of the Separate Account) will not be chargeable with liabilities arising out of any other business conducted by us. The income, gains or losses from the Separate Account's assets will be credited or charged against the Separate Account without regard to the income, gains or losses of the Company. Separate Account assets are owned and controlled exclusively by us, and we are not a trustee with respect to such assets.

We may change the investment policy of the Separate Account at any time. If required by the Insurance Commissioner, we will file any such change for approval with the Department of Insurance in our state of domicile, and in any other state or jurisdiction where this Policy is delivered.

------

**Sub-Account(s)** The Separate Account is divided into one or more Sub-Account(s). The assets of each Sub-Account will be invested fully and exclusively in shares of the appropriate Underlying Fund for such Sub-Account. The investment performance of each Sub-Account will reflect the investment performance of the appropriate Underlying Fund. For each Sub-Account, we will maintain Variable Accumulation Units as a measure of the investment performance of the Underlying Fund shares held in such Sub-Account. We may add or delete Sub-Accounts at any time.

**Investments of the Sub-Accounts** All amounts allocated or transferred to a Sub-Account will be used to purchase shares of the appropriate Underlying Fund. Each Underlying Fund will at all times be registered under the 1940 Act as an open-end management investment company. After due consideration of appropriate factors, we may eliminate or substitute Underlying Funds in accordance with the "Underlying Fund Withdrawal and Substituted Securities" provision. Any and all distributions made by an Underlying Fund will be reinvested in additional shares of that Underlying Fund at the Underlying Fund's value per share. Deductions by us from a Sub-Account will be made by redeeming a number of Underlying Fund shares at the Underlying Fund's value per share equal in total value to the amount to be deducted.

**Investment Risk** Underlying Fund share values fluctuate, reflecting the risks of changing economic conditions and the ability of an Underlying Fund's investment adviser or sub-adviser to manage that Underlying Fund and anticipate changes in economic conditions. You bear the entire investment risk of gain or loss of the Separate Account assets under this Policy.

**Underlying Fund Withdrawal and Substituted Securities** If a particular Underlying Fund ceases to be available for investment, or if we determine that further investment in a particular Underlying Fund is not appropriate in view of the purposes of the Separate Account (including without limitation that it is not appropriate in light of legal, regulatory or federal income tax considerations), we may withdraw that particular Underlying Fund as a possible investment under the Separate Account and may substitute shares of a new or different Underlying Fund for shares of the withdrawn Underlying Fund. We will obtain any necessary regulatory or other approvals prior to taking this action. We may make appropriate Endorsements to this Policy to the extent reasonably required to reflect any withdrawal or substitution.

### Transfer Privilege Provisions
**Transfer Privilege** At any time while this Policy is In Force other than during the Right to Examine Period and if there is more than one (1) Sub-Account available under this Policy that is eligible to transfer amounts to or from, you have the right to transfer amounts among the Sub-Account(s) subject to the "Rights of Owner" provision. All transfers are subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transfers may be made by Request, subject to our consent. Our consent is revocable upon Notice to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transfer Requests must be received in a form acceptable to us at the Administrator Mailing Address prior to the time of day set forth in the prospectus and on a Valuation Day in order to be processed on the date the request is received; otherwise, the transfer will be processed on the next Valuation Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. We will not be responsible for (1) any liability for acting in good faith upon any transfer instructions given by internet or telephone, or (2) the authenticity of such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A single transfer Request may consist of multiple transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The amount being transferred may not exceed the maximum transfer amount limit, if any then in effect as established by an Underlying Fund to which you have premium allocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The amount being transferred may not be less than the Minimum Transfer Amount shown in the Policy Specifications unless the entire value of the Sub-Account is being transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any value remaining in a Sub-Account following a transfer may not be less than the Minimum Remaining Value of any Sub-Account After a Transfer as shown in the Policy Specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Transfers involving Sub-Account(s) will reflect the purchase or cancellation of Variable Accumulation Units having an aggregate value equal to the dollar amount being transferred to or from a particular Sub-Account. The purchase or cancellation of such units will be made using Variable Accumulation Unit Values of the applicable Sub-Account for the Valuation Period during which the transfer is effective. Transfers involving Sub-Accounts will be subject to such additional terms and conditions as may be imposed by the corresponding Underlying Funds.

**Transfer Fees** We reserve the right to charge a fee for each transfer request in excess of the Policy Year's maximum number of transfers as shown in Policy Specifications. The Transfer Fee will not exceed the Transfer Fee shown in the Table of Expense Charges and Fees of the Policy Specifications. Transfer fees may be deducted on a pro-rata basis from the Sub-Account(s) from which the transfer is being made.

**Transfers From a Sub-Account** Transfers which request that amounts be transferred from one or more Sub-Account(s) may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. refused if the Underlying Fund refuses a transfer request from us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. restricted or prohibited, based upon instructions received from the Underlying Fund as a result of the review of information about your trading activity which we have provided to the Underlying Fund.

------

**Change of Terms and Conditions** We reserve the right to limit or modify transfers that may have an adverse effect on other Policy Owners. Transfer rights may be restricted in any manner or terminated until the beginning of the next Policy Year if we determine that your use of the transfer right may disadvantage other Policy Owners.

### Surrender Provisions
**Surrender** Upon Request, you may surrender this Policy for its Surrender Value while this Policy is In Force and at least one of the Insureds is living. Surrender of this Policy is effective on the Valuation Day we receive both this Policy and your Request for surrender. All coverage under this Policy will terminate upon surrender for its Surrender Value.

The Surrender Value will be paid in a lump sum unless you choose a settlement option we make available. Any deferment of payments will be subject to the "Deferment of Payments" provision.

**Surrender Charges** If you submit a Request for either a full surrender of this Policy or a decrease in Specified Amount, a charge will be assessed using the Table of Surrender Charges shown in the Policy Specifications, subject to the conditions described in the provisions below.

**Charge for Decrease in Specified Amount** For decreases in Specified Amount, excluding full surrender of this Policy, the surrender charge, if any, will be calculated as described in the Table of Surrender Charges in the Policy Specifications.

The amount of any charge for a decrease in Specified Amount will be deducted from the Fixed Account and any Sub- Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date on which the deduction is made.

We may limit your Requests for decreases in Specified Amount to the extent there is insufficient Surrender Value to cover the necessary charges.

**Surrender Charge for Full Surrender** Upon full surrender of this Policy, the surrender charge equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the entire amount shown in the Table of Surrender Charges in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. multiplied by one minus the percentage of Initial Specified Amount for which a surrender charge was previously assessed, if any.

In no event will the charge assessed upon a full surrender exceed the then current Accumulation Value less any Debt.

A new schedule of surrender charges will apply with respect to each increase in Specified Amount. For purposes of calculating charges for full surrenders of, or decreases in, such Specified Amount increases, the amount of the increase will be considered a new "Initial Specified Amount".

**Partial Surrender (i.e. Withdrawal)** Upon Request and subject to our consent, you may make a partial surrender from this Policy on any Valuation Day while this Policy is In Force. Our consent is revocable upon Notice to you. Any deferment of payment of a partial surrender will be subject to the "Deferment of Payments" provision.

The amount of the partial surrender requested is subject to the Amount of Partial Surrenders as shown in the Policy Specifications.

The Specified Amount remaining after the partial surrender must be greater than the Minimum Specified Amount shown in the Policy Specifications. The amount of the partial surrender will be withdrawn from the Fixed Account and/or Sub- Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date on which the deduction is made.

Any surrender from Sub-Account(s) will result in the cancellation of Variable Accumulation Units which have an aggregate value on the date of the surrender equal to the total amount by which each Sub-Account is reduced. The cancellation of such units will be calculated using the Variable Accumulation Unit Value of each Sub-Account determined at the close of the Valuation Period during which the surrender is effective.

**Effect of Partial Surrenders on Accumulation Value and Specified Amount** As of the end of the Valuation Day on which there is a partial surrender, the Accumulation Value will be reduced by the amount of the partial surrender plus any Partial Surrender Fee shown in the Policy Specifications.

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The Death Benefit Proceeds will be reduced. The Specified Amount may also be reduced. The amount of the reduction will be equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. zero; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. an amount equal to the amount of the partial surrender minus the greater of i) zero or ii) the result of {(1) minus (2)} divided by (3), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is an amount equal to the Accumulation Value on the Valuation Day immediately prior to the partial surrender multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is the Specified Amount immediately prior to the partial surrender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications.

### Loan Provisions
**Loans** If this Policy has Surrender Value available, we will grant a loan against the Policy provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a loan agreement is properly executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. you make a satisfactory assignment of this Policy to us. The Surrender Value of this Policy serves as the sole security for the loan.

A loan may be for any amount up to the then current Surrender Value. We reserve the right to limit the amount on any loan to 90% of the current Surrender Value. The amount borrowed will be paid within 7 calendar days of our receipt of your loan Request, except as specified in the "Deferment of Payments" provision.

Surrender Value enhancements provided under any Rider that may be attached to your Policy are not included in the amounts available for a loan.

The Minimum Loan Amount is shown in the Policy Specifications.

We will withdraw such loan from the Fixed Account and/or the Sub-Account(s) in the same proportion as the balances invested in the total of such account(s). Such amounts will become part of the Loan Account. The outstanding loan balance at any time includes accrued interest.

**Loan Account** An amount equal to the amount of any loan will be transferred out of the Fixed Account and/or Sub-Account(s), as described above, and into the Loan Account. Interest will be credited to the Loan Account as described in the "Interest Credited Under Loan Account" provision. Please refer to the "Loan Account Value" provision.

**Interest Rate Charged on Loan Account** Interest charged on the Loan Account will be at an annual rate as shown in the Policy Specifications, payable in arrears. Interest charged on the Loan Account accrues daily and is payable on each Policy Anniversary. If you do not pay the interest when it is due, the loan interest amount will be transferred out of the Fixed Account and any Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) and into the Loan Account.

**Loan Repayment** Debt may be repaid at any time while this Policy is In Force. Any loan repayment must be equal to or greater than the lesser of (a) the Minimum Loan Repayment Amount shown in the Policy Specifications; or (b) the amount of the outstanding Debt. Every payment to us on this Policy will be considered a premium payment unless clearly marked for loan repayment or for payment of loan interest. Loan repayments are not subject to the Premium Load as shown in the Policy Specifications.

The Debt and the Loan Account Value will be reduced by the amount of any loan repayment. Any repayment of Debt, other than loan interest, will be allocated to the Fixed Account and/or Sub-Account(s) in the same proportion in which Net Premium Payments are currently allocated.

**Debt** A loan against this Policy, unless repaid, will have an effect on the Surrender Value. A loan reduces the then Surrender Value while repayment of a loan increases the Surrender Value. Any Debt at time of settlement will reduce the Death Benefit Proceeds payable under this Policy.

If at any time the total Debt against this Policy, including interest accrued but not due, equals or exceeds the then current Accumulation Value less any applicable surrender charge, this Policy will enter the grace period as described in the "Grace Period" provision.

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### General Provisions
**Annual Report** We will send you a report at least once a year without charge showing the activity of this Policy for the past Policy Year. The report will show:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Accumulation Value as of the reporting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. premiums paid, interest and amount credited to the Accumulation Value since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the current death benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the current Policy values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. any Premium Load, Administrative Fees, Monthly Deductions, Cost of Insurance, and partial surrenders deducted since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. outstanding Debt.

This report will also include any other information required under the laws and regulations of the state in which this Policy is delivered.

**Compliance with the Internal Revenue Code** This Policy is intended to qualify as life insurance under the Internal Revenue Code. The Death Benefit Proceeds provided by this Policy are intended to qualify for the tax treatment accorded to life insurance under federal law. If at any time the premium paid under this Policy exceeds the amount allowable for such qualification, we will refund the premium to you with interest within 60 days after the end of the Policy Year in which the premium was received. The interest rate used on any refund will be the excess premium's pro rata rate of return on the contract (if greater than zero) until the date we send Notice to you that the excess premium and the earnings on such excess premium have been removed from this Policy. Any interest may be taxable to you.

We reserve the right to increase the death benefit (which may result in larger charges under this Policy) or to take any other action deemed necessary to maintain this Policy's compliance with the federal tax definition of life insurance. We also reserve the right to refuse to make any change in the Specified Amount or any other change if such change would cause this Policy to fail to qualify as life insurance under the Internal Revenue Code.

**Deferment of Payments** Any amounts payable as a result of loans, full surrender, or partial surrenders (i.e. withdrawals) will be paid within 7 calendar days after we receive your Request. However, payment of amounts from the Sub-Account(s) may be postponed until the next Valuation Day. Additionally, we reserve the right to defer the payment of such amounts from the Fixed Account for up to 6 months from the date we receive your Request. During any such deferred period, the amount payable will bear interest as required by law. However, a loan or partial surrender for payment of premium to us will not be deferred.

**Modified Endowment** Only with your Election, provided at the time of application or a later date, will this Policy be allowed to become a modified endowment contract under the Internal Revenue Code. Otherwise, if at any time the premiums paid under this Policy exceed the limit for avoiding modified endowment contract status, we will refund the excess premium to you with interest within sixty days after the end of the Policy Year in which the premium was received. The interest rate used on any refund will be a rate of interest that we declare from time to time. Any interest may be taxable to you.

**Payment of Proceeds** "Proceeds" mean the amount payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. upon the full surrender of this Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. upon the Second Death.

Upon the Second Death, while this Policy is still In Force, the Proceeds payable will be the Death Benefit Proceeds. Such Death Benefit Proceeds are payable subject to our receipt of Due Proof of Death of the Insureds. If the Second Death occurs within the grace period, we will deduct any overdue Monthly Deductions from the Death Benefit Proceeds plus interest, if applicable.

If this Policy is surrendered before the Second Death, the Proceeds payable upon full surrender will be the Surrender Value.

------

The Proceeds payable under this Policy are subject to the adjustments described in the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Misstatement of Age or Sex";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Incontestability";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Suicide";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "Effect of Partial Surrenders on Accumulation Value and Specified Amount";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "Grace Period";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "Debt"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "Premium Refund at Second Death".

We may require return of this Policy when Death Benefit Proceeds are paid. Proceeds will be paid in a lump sum unless you choose a settlement option we make available.

**Projection of Benefits and Values** Upon your Request, we will provide a projection of illustrative future Death Benefit Proceeds and Policy values once a year without charge. Additional projections are available at any time upon your Request. If you submit a Request for more than one projection in a year, we reserve the right to charge a reasonable fee for each additional projection.

### Effect of Policy on Riders Provisions
**Effect of Policy on Riders** Any reference to the following terms contained in any Rider attached to this Policy will be modified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "Variable Account" will mean "Separate Account" as defined in this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Date of Issue" will mean "Policy Date" as defined in this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Continuation of Coverage" provision refers to this Policy's "Continuation of Coverage After Younger Insured's Attained Age 121" provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "Schedule 1" will mean "Table of Surrender Charges shown in the Policy Specifications"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "Schedule 4" will mean "Corridor Percentages Table shown in the Policy Specifications".

If any of the following Riders or Endorsements are attached to this Policy, the Riders and Endorsements will be amended as follows:

**Enhanced Surrender Value Rider:** "Death Benefit Option" (which may also be referred to as "Death Benefit Option 1 (Level)") will mean the Specified Amount on the date of the Second Death, less any Debt.

**Premium Reserve Rider:** "Net Accumulation Value" will mean "Surrender Value" as defined in this Policy. In the "Death Benefit Options" provision, Death Benefit Option 1 (Level) will apply to this Policy.

### Effect of Riders on Policy Provisions
**Effect of Riders on Policy Provisions** If any Riders are attached to and made part of this Policy, Policy provisions and definitions may be impacted, including those concerning premiums, Policy values, and termination of coverage. READ YOUR POLICY AND RIDERS CAREFULLY.

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### Settlement Options
**Payment** When the Second Death occurs while this Policy is In Force, the Death Benefit Proceeds may be paid in a lump sum or left with us for payment under a settlement option that we make available.

You may make, change or revoke an Election at any time prior to the Second death. Following the Second Death, a Beneficiary may elect an option if you have not elected one or if Death Benefit Proceeds are payable in one sum. A Beneficiary will always have the option to receive a lump sum payment, but otherwise may make a change in payment under a settlement option you elect only if you provided for it in your Election.

A change of Beneficiary automatically cancels a previous Election of a settlement option.

If this Policy is assigned, the assignee's portion of Death Benefit Proceeds will be paid in one sum. Any balance of Death Benefit Proceeds may be applied under a settlement option.

The amount applied under an option for the benefit of any Beneficiary must be at least $2,500.00. The amount of each payment under an option must be at least $25.00.

If Death Benefit Proceeds are payable to an executor, administrator, trustee, corporation, partnership or association, payment will be in one sum unless we agree to payment under a settlement option.

**Claims of Creditors** The Death Benefit Proceeds and any income payments under this Policy will be exempt from the claims of creditors to the extent permitted by law.

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### The Lincoln National Life Insurance Company

#### INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE SURVIVORSHIP LIFE INSURANCE POLICY
Death Benefit Proceeds are payable if the deaths of both Insureds occurred while this Policy is In Force. Investment results are reflected in Policy benefits. The Surrender Value is payable upon surrender of this Policy. Flexible premiums are payable to the earlier of the younger Insureds' Attained Age 121 or the Second Death. Planned Premium payments and additional Riders and/or benefits are shown in the Policy Specifications. This Policy is non-participating; it is not eligible for dividends. This Policy is convertible prior to the older Insured's Attained Age 80 and subject to the Policy's "Change of Plan" provision.

## Exhibit 4.2

### Policy Specifications

Policy Number [SPECIMEN]

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Insured:** | [JOHN DOE] | [JOHN DOE] | **Issue Age and Sex:** | **Issue Age and Sex:** | [35] [MALE] |
| **Premium Class:** | [STANDARD TOBACCO] | [STANDARD TOBACCO] | [STANDARD TOBACCO] | [STANDARD TOBACCO] | [STANDARD TOBACCO] |
| **Insured:** | [JANE DOE] | [JANE DOE] | **Issue Age and Sex:** | **Issue Age and Sex:** | [35] [FEMALE] |
| **Premium Class:** | [STANDARD TOBACCO] | [STANDARD TOBACCO] | [STANDARD TOBACCO] | [STANDARD TOBACCO] | [STANDARD TOBACCO] |
| **Death Benefit Qualification Test:** | [Guideline Premium Test] | [Guideline Premium Test] | [Guideline Premium Test] | [Guideline Premium Test] | [Guideline Premium Test] |
| **Owner:** | [JOHN DOE] | [JOHN DOE] | [JOHN DOE] | [JOHN DOE] | [JOHN DOE] |
| **Initial Specified Amount:** | **Initial Specified Amount:** | $[250,000] | **Policy Date:** | [MAY 1, 2023] | [MAY 1, 2023] |
| **Minimum Specified Amount:** | **Minimum Specified Amount:** | $[250,000] | **Date of Issue:** | [MAY 1, 2023] | [MAY 1, 2023] |
| **Monthly Anniversary Day:** | **Monthly Anniversary Day:** | [01] |  |  |  |
| **Plan of Insurance:** | **Plan of Insurance:** | **INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE SURVIVORSHIP LIFE INSURANCE** | **INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE SURVIVORSHIP LIFE INSURANCE** | **INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE SURVIVORSHIP LIFE INSURANCE** | **INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE SURVIVORSHIP LIFE INSURANCE** |
| **Separate Account:** | **Separate Account:** | [Lincoln Life Flexible Premium Variable Life Account R] | [Lincoln Life Flexible Premium Variable Life Account R] | [Lincoln Life Flexible Premium Variable Life Account R] | [Lincoln Life Flexible Premium Variable Life Account R] |

---

---

| | |
|:---|:---|
| **NOTE:** | **This Policy provides life insurance coverage to the Second Death if sufficient premiums are paid. The duration of coverage will depend on the amount, timing, and frequency of premium payments, Premium Loads, interest credited, Cost of Insurance, Administrative Fees, investment performance of the Separate Account, any loans or partial surrenders and the cost of additional benefits. The Planned Premium may need to be increased to keep this Policy and the coverage In Force.** |

---

---

| | |
|:---|:---|
| **Premium Payments:** | Planned Premium: $[2,381.89] |
|  | Premiums payable until the younger Insured's Attained Age [121].<br> Additional premium payments may vary by frequency or amount. |
| **Payment Mode:** | [ANNUALLY] |
| **Minimum Additional Premium Payment Amount:** | No premium payment may be less than $[200.00] Annually or $[15.00] if paid by electronic funds transfer. |

---

---

| | |
|:---|:---|
| **Beneficiary:** | [As named in the application for this Policy, unless later changed.] |

---

---

| | |
|:---|:---|
| **Guaranteed Minimum Fixed Account Interest Rate:** | [1.00]% annual effective rate ([0.00272616]% daily) |
| **Guaranteed Minimum Persistency Bonus Rate Credited to Fixed Account and each Sub-Account:** | [0.01]% annual effective rate ([0. 00083330]% monthly) in Policy Year(s) [21 and thereafter]. |

---

------

Policy Number [SPECIMEN]

---

| | |
|:---|:---|
| **Minimum Specified Amount Increase:** | $[1,000] |
| **Maximum Attained Age for a Specified Amount Increase:** | Increases in Specified Amount not allowed after the older Insured reaches Attained Age [85]. |
| **Maximum Number of Specified Amount Increases per Policy Year:** | [Increases not allowed] in Policy Year(s) [1]; and<br> [1] in Policy Year(s) [2 and thereafter]. |
| **Minimum Specified Amount Decrease:** | $[1,000] |
| **Maximum Number of Specified Amount**<br> **Decreases per Policy Year:** | [Decreases not allowed] in Policy Year(s) [1]; and<br> [1] in Policy Year(s) [2 and thereafter]. |

---

---

| | |
|:---|:---|
| **Loan Information** | |
| **Minimum Loan Amount:** | $[500.00] |
| **Minimum Loan Repayment Amount:** | $[25.00] |

---

---

| | |
|:---|:---|
| **Loans** | |
| **Loan Interest Rate Charged:** | [6.00]% annual effective rate in Policy Year(s) [1 and thereafter]. |
| **Guaranteed Minimum Loan Account Credited Interest Rate:** | [5.00]% annual effective rate ([0.01336806]% daily) in Policy Year(s) [1 and thereafter]. |
| **Partial Surrenders** |  |
| **Amount of Partial Surrenders:** | Must be at least $500.00; and/or not more than 90.00% of the Surrender Value of this policy as of the end of the Valuation Period ending on the Valuation Day on which the request is received in a form acceptable to us. |
| **Partial Surrender Fee:** | Not to exceed $[35.00] |
| **Transfers** |  |
| **Minimum Transfer Amount:** | $[50.00] or the entire value of the Sub-Account being transferred, whichever is less. |
| **Minimum Remaining Value of any Sub-Account After a Transfer:** | $100.00 unless the entire value of the Sub-Account is being transferred. |
| **Sub-Account for Limited Use:** | [money market Sub-Account] |
| **Account(s) available from which to transfer funds for Dollar Cost Averaging:** | [money market Sub-Account]<br> Fixed Account (may be elected at policy issue only)] |

---

------

Policy Number [SPECIMEN]

#### Riders and Benefits Charges

#### No-Lapse Enhancement Rider

**[ Guaranteed Minimum Death Benefit Option (GMDB Option):** Option 2

The Initial Specified Amount less any decreases in the Specified Amount.]

**The credits, charges and expenses below are used only to determine the reference No-Lapse Value under the No-Lapse Enhancement Rider, and are not used to determine the Accumulation Value or death benefit provided by the Policy.**

#### [ No-Lapse Value Premium Credit
We will apply a credit as a percentage of each premium payment received as shown below. After the younger Insured's Attained Age 121, no further premium payments may be made.

[9.00]% in Policy Year(s) [11 and thereafter]. ]<br>

#### No-Lapse Value Premium Load
We will deduct a No-Lapse Value Premium Load from each premium payment. The No-Lapse Value Premium Load is calculated by multiplying each premium payment by the applicable percentage shown below. After the younger Insured's Attained Age 121, no further premium payments may be made.

[17.00]% in Policy Year(s) [1-3];<br> [26.50]% in Policy Year(s) [4-10].<br>

#### No-Lapse Value Monthly Policy Fee
We will deduct a fee of $[10.00] per month during each Policy Year until the younger Insured's Attained Age [105].

#### No-Lapse Value Monthly Administrative Fee
We will deduct a monthly charge of $[0.40500] per $1,000 of the greater of the Initial Specified Amount or the current Specified Amount for the first [120] Policy Months from the Policy Date. The rate used to calculate the monthly charge varies by each Insured's Sex (if applicable), Premium Class, and Issue Age.

#### No-Lapse Value Credited Interest:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Policy Year</u>** | **<u>Daily Rate</u>** | **Annual**<br> **<u>Effective Rate</u>** | **<u>Policy Year</u>** | **<u>Daily Rate</u>** | **Annual**<br> **<u>Effective Rate</u>** |
| [1 | 0.005694% | 2.10% | 10 | 0.012060% | 4.50% |
| 2-7 | 0.003403% | 1.25% | 11 | 0.015965% | 6.00%] |
| 8-9 | 0.008099% | 3.00% | and later |  |  |

---

------

### Policy Specifications

Policy Number [SPECIMEN]

#### No-Lapse Enhancement Rider

#### Table of No-Lapse Factors for No-Lapse Value Provision

The monthly No-Lapse Factors below vary by each Insured's sex (if applicable), Issue Age, Premium Class, Policy Year, and are calculated using an actuarial formula that reflects one-alive and both-alive probabilities. The No-Lapse Factors reflect the amount(s) of the No-Lapse Value Provision Risk Factor, if any, and the Annual Flat Extra amount(s), if any, shown in the Policy Specifications divided by 12.

The No-Lapse Factors are used only to determine the reference No-Lapse Value Cost of Insurance, and are not used in calculating the Accumulation Value or death benefit provided by the Policy.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** | **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** | **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** |
| [1 | 0.025459 | 26 | 2.020687 | 51 | 28.714054 |
| 2 | 0.026824 | 27 | 2.331387 | 52 | 30.620605 |
| 3 | 0.028992 | 28 | 2.695869 | 53 | 33.307248 |
| 4 | 0.032198 | 29 | 3.097159 | 54 | 35.962051 |
| 5 | 0.036701 | 30 | 3.528727 | 55 | 38.591357 |
| 6 | 0.042899 | 31 | 3.987663 | 56 | 40.680604 |
| 7 | 0.050903 | 32 | 4.477736 | 57 | 40.964785 |
| 8 | 0.061237 | 33 | 4.999765 | 58 | 42.684032 |
| 9 | 0.074675 | 34 | 5.564870 | 59 | 45.730542 |
| 10 | 0.092184 | 35 | 6.161996 | 60 | 49.836489 |
| 11 | 0.115254 | 36 | 6.841097 | 61 | 56.303220 |
| 12 | 0.145474 | 37 | 7.597083 | 62 | 62.343352 |
| 13 | 0.184225 | 38 | 8.496077 | 63 | 68.515221 |
| 14 | 0.231532 | 39 | 9.441581 | 64 | 68.807925 |
| 15 | 0.286910 | 40 | 10.444324 | 65 | 71.857314 |
| 16 | 0.351441 | 41 | 11.516564 | 66 | 77.144168 |
| 17 | 0.428253 | 42 | 12.663774 | 67 | 82.847781 |
| 18 | 0.523772 | 43 | 13.920234 | 68 | 83.333333 |
| 19 | 0.634437 | 44 | 15.294416 | 69 | 83.333333 |
| 20 | 0.766636 | 45 | 16.784578 | 70 | 83.333333 |
| 21 | 0.917865 | 46 | 18.346468 | 71 | 0.000000] |
| 22 | 1.096507 | 47 | 20.302450 | and later |  |
| 23 | 1.291703 | 48 | 22.349025 |  |  |
| 24 | 1.494893 | 49 | 24.364062 |  |  |
| 25 | 1.717436 | 50 | 26.502718 |  |  |

---

------

### Policy Specifications

Policy Number [SPECIMEN]

#### No-Lapse Enhancement Rider

#### Table of Funding Level Threshold Percentages for the No-Lapse Value Provision

On each Monthly Anniversary Day, the monthly No-Lapse Factor is multiplied by a reduction factor of [0.300], if at each Policy Year the current Funding Level described in the No-Lapse Enhancement Rider exceeds the applicable Funding Level Threshold Percentage.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Policy**<br> **<u>Year</u>** | **Threshold**<br> **<u>Percentage</u>** | **Policy**<br> **<u>Year</u>** | **Threshold**<br> **<u>Percentage</u>** | **Policy**<br> **<u>Year</u>** | **Threshold**<br> **<u>Percentage</u>** |
| [1 | 0.00% | 26 | 17.99% | 51 | 49.57% |
| 2 | 0.38% | 27 | 19.28% | 52 | 50.44% |
| 3 | 0.56% | 28 | 20.59% | 53 | 51.22% |
| 4 | 0.68% | 29 | 21.91% | 54 | 51.92% |
| 5 | 0.80% | 30 | 23.24% | 55 | 52.52% |
| 6 | 0.92% | 31 | 24.58% | 56 | 53.07% |
| 7 | 1.04% | 32 | 25.93% | 57 | 53.73% |
| 8 | 1.18% | 33 | 27.30% | 58 | 54.39% |
| 9 | 1.32% | 34 | 28.67% | 59 | 54.97% |
| 10 | 1.49% | 35 | 30.05% | 60 | 55.37% |
| 11 | 2.24% | 36 | 31.44% | 61 | 55.38% |
| 12 | 3.04% | 37 | 32.82% | 62 | 54.91% |
| 13 | 3.87% | 38 | 34.19% | 63 | 53.77% |
| 14 | 4.74% | 39 | 35.54% | 64 | 52.21% |
| 15 | 5.65% | 40 | 36.88% | 65 | 49.80% |
| 16 | 6.60% | 41 | 38.21% | 66 | 45.91% |
| 17 | 7.58% | 42 | 39.51% | 67 | 39.74% |
| 18 | 8.61% | 43 | 40.80% | 68 | 30.87% |
| 19 | 9.67% | 44 | 42.06% | 69 | 18.23% |
| 20 | 10.77% | 45 | 43.29% | 70 and | 0.00%] |
| 21 | 11.89% | 46 | 44.49% | later |  |
| 22 | 13.05% | 47 | 45.62% |  |  |
| 23 | 14.24% | 48 | 46.70% |  |  |
| 24 | 15.46% | 49 | 47.71% |  |  |
| 25 | 16.72% | 50 | 48.67% |  |  |

---

------

### Policy Specifications

Policy Number [SPECIMEN]

#### No-Lapse Enhancement Rider

**The charges and expenses below are used only to determine the reference Reset Account Value under the No-Lapse Enhancement Rider, and are not used to determine the Accumulation Value or death benefit provided by the Policy.**

#### Reset Account Value Premium Load
We will deduct a Reset Account Value Premium Load from each premium payment. The Reset Account Value Premium Load is calculated by multiplying each premium payment by the applicable percentage shown below. After the younger Insured's Attained Age 121, no further premium payments may be made.

[7.00]% in Policy Year(s) [1-20];<br> [4.00]% in Policy Year(s) [21 and thereafter].<br>

#### Reset Account Value Monthly Administrative Fee
The Reset Account Value Monthly Administrative Fee is a monthly charge of $[0.14667] per $1,000 of the greater of the Initial Specified Amount or the current Specified Amount for the first [120] Policy Months from the Policy Date. The rate used to calculate the monthly charge varies by each Insured's sex (if applicable), Premium Class, and Issue Age.

---

| | |
|:---|:---|
| **Reset Account Value Credited Interest Rate:** | [0.002726%]% daily ([1.00]% annual effective rate) for Policy Year(s) [1 and thereafter]. |

---

------

### Policy Specifications

Policy Number [SPECIMEN]

#### No-Lapse Enhancement Rider

#### Table of Reset Factors for Reset Account Value Provision

The monthly Reset Factors below vary by each Insured's sex (if applicable), Issue Age, Premium Class, Policy Year, and are calculated using an actuarial formula that reflects one-alive and both-alive probabilities. The Reset Factors reflect the amount(s) of the Reset Account Value Provision Risk Factor, if any, and the Annual Flat Extra amount(s), if any, shown in the Policy Specifications divided by 12.

The Reset Factors are used only to determine the reference Reset Account Value Cost of Insurance, and are not used in calculating the Accumulation Value or death benefit provided by the Policy.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** | **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** | **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** | **Policy**<br> **<u>Year</u>** | **Monthly**<br> **<u>Rate</u>** |
| [1 | 0.200085 | 26 | 0.493397 | 51 | 8.953301 | 76 | 51.272081 |
| 2 | 0.200219 | 27 | 0.549110 | 52 | 9.821394 | 77 | 54.436619 |
| 3 | 0.200434 | 28 | 0.616621 | 53 | 10.911035 | 78 | 57.543368 |
| 4 | 0.200756 | 29 | 0.694330 | 54 | 12.026142 | 79 | 60.421220 |
| 5 | 0.201211 | 30 | 0.781974 | 55 | 13.155643 | 80 | 64.423427 |
| 6 | 0.201848 | 31 | 0.879775 | 56 | 14.168223 | 81 | 68.207067 |
| 7 | 0.202680 | 32 | 0.986825 | 57 | 14.720967 | 82 | 72.166478 |
| 8 | 0.203772 | 33 | 1.105370 | 58 | 15.552928 | 83 | 76.532802 |
| 9 | 0.205210 | 34 | 1.238286 | 59 | 16.641732 | 84 | 80.632958 |
| 10 | 0.207116 | 35 | 1.384050 | 60 | 17.941599 | 85 | 83.333333 |
| 11 | 0.209665 | 36 | 1.553700 | 61 | 19.804440 | 86 | 83.333333 |
| 12 | 0.213065 | 37 | 1.747724 | 62 | 21.523822 | 87 and | 0.000000] |
| 13 | 0.217516 | 38 | 1.982868 | 63 | 23.291298 | later |  |
| 14 | 0.223076 | 39 | 2.240764 | 64 | 23.624055 |  |  |
| 15 | 0.229767 | 40 | 2.524496 | 65 | 24.591297 |  |  |
| 16 | 0.237760 | 41 | 2.840080 | 66 | 26.107444 |  |  |
| 17 | 0.247540 | 42 | 3.189494 | 67 | 27.662327 |  |  |
| 18 | 0.259996 | 43 | 3.584460 | 68 | 29.407755 |  |  |
| 19 | 0.274881 | 44 | 4.031169 | 69 | 31.316117 |  |  |
| 20 | 0.293210 | 45 | 4.533557 | 70 | 33.420359 |  |  |
| 21 | 0.314908 | 46 | 5.082546 | 71 | 36.131910 |  |  |
| 22 | 0.341379 | 47 | 5.758490 | 72 | 38.955623 |  |  |
| 23 | 0.371509 | 48 | 6.486891 | 73 | 41.889344 |  |  |
| 24 | 0.404439 | 49 | 7.241659 | 74 | 44.879227 |  |  |
| 25 | 0.441855 | 50 | 8.062428 | 75 | 48.023660 |  |  |

---

------

### Policy Specifications

Policy Number [SPECIMEN]

#### Table of Surrender Charges

See Surrender Provisions for an explanation of when this table will be used.

---

| | |
|:---|:---|
| **Policy Year** | **Surrender Charge as of Beginning of Policy Year** |
| [1 | [$6,612.50 |
| 2 | $6517.50 |
| 3 | $6420.00 |
| 4 | $6322.50 |
| 5 | $6225.00 |
| 6 | $6127.50 |
| 7 | $6027.50 |
| 8 | $5925.00 |
| 9 | $5825.00 |
| 10 | $5722.50 |
| 11 | $5617.50 |
| 12 | $4500.00 |
| 13 | $3310.00 |
| 14 | $2162.50 |
| 15 | $1060.00 |
| 16 and thereafter] | $0.00] |

---

#### Calculation of Surrender Charge for Decrease in Specified Amount
For decreases in Specified Amount, excluding full surrender of this Policy, the charge will be calculated as (1) divided by (2), then multiplied by (3), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is the amount of the decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is the Initial Specified Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is the then applicable surrender charge from the Table of Surrender Charges shown above.

However, no charge will be applied where the decrease is caused by a partial surrender.

------

### Policy Specifications

Policy Number [SPECIMEN]

#### Table of Expense Charges and Fees

The following expenses and fees are charged under this Policy:

#### Guaranteed Maximum Premium Load
We will deduct a Premium Load from each premium payment. The Premium Load is calculated by multiplying each premium payment by the applicable percentage, which will not exceed the amount(s) shown below. After the younger Insured's Attained Age 121, no further premium payments may be made.

---

| | |
|:---|:---|
| [25.00]% | for Policy Year(s) [1 and thereafter]. |

---

#### Cost of Insurance
See the "Cost of Insurance" provision. The Net Amount at Risk Discount Factor used in that provision is [1.00082954].

#### Guaranteed Maximum Monthly Administrative Fee
The Monthly Administrative Fee equals (1) plus (2) plus (3), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is a monthly fee of $[10.00] for [86] Policy Years;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is a monthly charge of $[0.09026] per $1,000 of Initial Specified Amount until the younger Insured's Attained Age [121];<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is a monthly charge per $1,000 for any increase in Specified Amount until the younger Insured's Attained Age [121] following the date of increase.<br> The rate used to calculate the charges described in (2) and (3) above varies by each Insured's sex, Premium Class, age (Issue Age for the charges in (2) or Attained Age on the date of the increase for the charges in (3)).<br>

#### Guaranteed Maximum Mortality and Expense Risk ("M&E") Charge Rate
[1.15]% annually ([0.095833]% monthly) in Policy Year(s) [1-10];<br> [0.45]% annually ([0.037500]% monthly) in Policy Year(s) [11 and thereafter].<br>

#### Transfer Fee
$[25.00] per transfer request for each transfer request in excess of [24] during any Policy Year.

------

### Policy Specifications

Policy Number [SPECIMEN]

#### Table of Guaranteed Maximum Cost of Insurance Rates

The monthly Cost of Insurance rates per $1,000 of net amount at risk vary by each Insured's sex, Premium Class, Attained Age, and the Policy Year but will not exceed the rates shown in the table below in accordance with the [Ultimate 2017 CSO Male/Female, Unismoke, age nearest birthday] mortality table. The monthly Cost of Insurance rates are determined under an actuarial formula, on file with the insurance supervisory official of the jurisdiction in which this Policy is delivered, that reflects one-alive and both-alive probabilities. The Guaranteed Maximum Cost of Insurance Rates shown in the table below reflect the applicable Risk Factor(s) and/or Flat Extra Monthly Insurance Cost(s), if any, shown in the Policy Specifications as described in the "Cost of Insurance Rates" provision.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Policy**<br> **Year** | **Monthly**<br> **Rate** | **Policy**<br> **Year** | **Monthly**<br> **Rate** | **Policy**<br> **Year** | **Monthly**<br> **Rate** |
| [1 | 0.000082 | 31 | 0.136777 | 61 | 18.192375 |
| 2 | 0.000283 | 32 | 0.164400 | 62 | 20.051783 |
| 3 | 0.000545 | 33 | 0.197065 | 63 | 22.050870 |
| 4 | 0.000874 | 34 | 0.235864 | 64 | 24.203624 |
| 5 | 0.001269 | 35 | 0.282073 | 65 | 26.472369 |
| 6 | 0.001730 | 36 | 0.337752 | 66 | 28.820305 |
| 7 | 0.002258 | 37 | 0.404769 | 67 | 31.037480 |
| 8 | 0.002823 | 38 | 0.485619 | 68 | 33.232875 |
| 9 | 0.003393 | 39 | 0.582821 | 69 | 35.369693 |
| 10 | 0.004027 | 40 | 0.699091 | 70 | 37.413802 |
| 11 | 0.004710 | 41 | 0.837234 | 71 | 39.329536 |
| 12 | 0.005565 | 42 | 0.999752 | 72 | 41.082979 |
| 13 | 0.006497 | 43 | 1.191311 | 73 | 43.438065 |
| 14 | 0.007579 | 44 | 1.415480 | 74 | 45.930688 |
| 15 | 0.008796 | 45 | 1.680426 | 75 | 48.571851 |
| 16 | 0.010241 | 46 | 1.993829 | 76 | 51.371786 |
| 17 | 0.011974 | 47 | 2.374578 | 77 | 54.341236 |
| 18 | 0.014028 | 48 | 2.821255 | 78 | 57.491551 |
| 19 | 0.016458 | 49 | 3.362279 | 79 | 60.835494 |
| 20 | 0.019322 | 50 | 4.007181 | 80 | 64.385676 |
| 21 | 0.022783 | 51 | 4.770574 | 81 | 68.157240 |
| 22 | 0.026918 | 52 | 5.671703 | 82 | 72.164025 |
| 23 | 0.031867 | 53 | 6.700436 | 83 | 76.423643 |
| 24 | 0.037816 | 54 | 7.869010 | 84 | 80.955207 |
| 25 | 0.045100 | 55 | 9.162354 | 85 | 83.333333 |
| 26 | 0.053982 | 56 | 10.565866 | 86 | 83.333333 |
| 27 | 0.064876 | 57 | 12.037219 | 87 and | 0.000000] |
| 28 | 0.078045 | 58 | 13.568325 | later |  |
| 29 | 0.094125 | 59 | 15.145889 |  |  |
| 30 | 0.113557 | 60 | 16.674591 |  |  |

---

------

### Policy Specifications

Policy Number [SPECIMEN]

#### Corridor Percentages Table

#### Death Benefit Qualification Test: [Guideline Premium Test]

See the "Death Benefit Proceeds" provision and "Income Tax on Death Benefits" provision for an explanation of how this table will be used.

---

| | | | |
|:---|:---|:---|:---|
| **Younger Insured's Attained**<br> **Age** | **Corridor**<br> **Percentage** | **Younger Insured's Attained**<br> **Age** | **Corridor**<br> **Percentage** |
| [35-40 | 250% | 60 | 130% |
| 41 | 243% | 61 | 128% |
| 42 | 236% | 62 | 126% |
| 43 | 229% | 63 | 124% |
| 44 | 222% | 64 | 122% |
| 45 | 215% | 65 | 120% |
| 46 | 209% | 66 | 119% |
| 47 | 203% | 67 | 118% |
| 48 | 197% | 68 | 117% |
| 49 | 191% | 69 | 116% |
| 50 | 185% | 70 | 115% |
| 51 | 178% | 71 | 113% |
| 52 | 171% | 72 | 111% |
| 53 | 164% | 73 | 109% |
| 54 | 157% | 74 | 107% |
| 55 | 150% | 75-90 | 105% |
| 56 | 146% | 91 | 104% |
| 57 | 142% | 92 | 103% |
| 58 | 138% | 93 | 102% |
| 59 | 134% | 94 | 101% |
|  |  | 95 | 100%] |
|  |  | and later |  |

---

------

#### (This Page Left Blank Intentionally)

## Exhibit 4.3

### The Lincoln National Life Insurance Company

### No-Lapse Enhancement Rider
This Rider is a part of the policy (the "Policy") to which it is attached. Except as provided below, this Rider is subject to all the terms and conditions of the Policy. This Rider becomes effective as of the Policy Date shown in the Policy Specifications. There is no separate charge for this Rider.

### Summary of Rider Benefits
This Rider can ensure that your Policy will continue even if the Surrender Value is insufficient to cover the Monthly Deductions. This Rider consists of the No-Lapse Value Provision and the Reset Account Value Provision. The Policy will not Lapse as long as this Rider is In Force and all the requirements of at least one of these provisions are met.

If the requirements of only one of these provisions are met, the Death Benefit Proceeds payable will be calculated under that provision. If the requirements of both of these provisions are met, the Death Benefit Proceeds payable will be the greater of the Death Benefit Proceeds calculated under each provision.

The No-Lapse Value and the Reset Account Value described in the following provisions are reference values only, meaning that they are calculations used for the purpose of testing whether this Rider is preventing the Lapse of the Policy, and are not used in determining the Accumulation Value or death benefit provided by the Policy. Likewise, the Rider's monthly deductions, credited interest, credit(s), charges and expenses described in each provision, if applicable, are used only to determine the No-Lapse Value and the Reset Account Value. The No-Lapse Value and Reset Account Value are not values available as a cash payment for surrender, partial surrender, or loans.

At the time of application for the Policy and this Rider, you elected a Guaranteed Minimum Death Benefit (GMDB) Option that best suited your insurance needs. **The GMDB Option that you elected is shown in the Policy Specifications and cannot be changed.** The GMDB Option is used to determine the Guaranteed Minimum Death Benefit (see the "Guaranteed Minimum Death Benefit' provision below) and the factors used to calculate the No-Lapse Value (See the "No-Lapse Value" provision below).

While this Rider is actively preventing the Policy from entering the grace period and Lapse, the following will occur as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Monthly Deductions will continue to be accumulated, but will not be deducted. The Surrender Value will not be less than zero. Cost of Insurance Rates will not be charged on an amount greater than the death benefit at the beginning of each Policy Month. Any Death Benefit Proceeds payable will not be reduced by the accumulated unpaid Monthly Deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Loan interest will continue to accrue and will be added to the total amount of Debt.

The Policy will enter the grace period if on a Monthly Anniversary Day the No-Lapse Value, less Debt, and the Reset Account Value, less Debt, are less than or equal to zero and the Policy has met the conditions for entering the grace period as described in the Policy's "Grace Period" provision. You will be notified of the pending Lapse as provided under that provision. At such time that this Rider is no longer preventing the Policy from entering the grace period, any accumulated unpaid Monthly Deductions will need to be repaid in addition to the amount described in the Policy's "Grace Period "provision in order to keep the Policy In Force.

Upon termination of this Rider under the conditions described in items c., d. and e. of the "Termination" provision, any accumulated unpaid Monthly Deductions will need to be repaid in addition to the amount described in the Policy's "Grace Period "provision in order to keep the Policy In Force.

The duration of the Lapse Protection provided by this Rider may be impacted by certain items. Please note that this Rider contains a "premium relief feature" (see the "Treatment of the Effective Date of Premiums" provisions of the No-Lapse Value Provision and the Reset Account Value Provision) which minimizes the impact of premium payments, that are received within a month before or after their due date, to the duration of this Rider's Lapse Protection. Otherwise, the duration of this Rider's Lapse Protection may vary in accordance with changes to the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The GMDB Option you elected at the time of application for the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Changes in premium timing, frequency or amount, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. premium payments paid later than the month following the Planned Premium due date or more than a month earlier than the Planned Premium due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. premium payments paid more or less frequently than the Payment Mode; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. premium payments in lesser or greater amounts than the Planned Premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. You initiate policy changes such as loans, partial surrenders, increases or decreases in Specified Amount, the addition or removal of Riders, or exercising Rider benefits.

To help ensure that any changes will accomplish your insurance objective, we encourage you to submit a Request for an In Force projection that shows the impact of any such changes to future death benefits, Policy Values, and the duration of this Rider's Lapse Protection.

### **Table of Contents**

#### Provision Page

#### No-Lapse Value Provision 3

#### Lapse Protection 3

#### No-Lapse Value Death Benefit Proceeds 3

#### Guaranteed Minimum Death Benefit 3

#### No-Lapse Value 3

#### Treatment of the Effective Date of Premiums 3

#### Treatment of Premium Received in Policy Month Prior to a Decrease in the No-Lapse Premium Load 3

#### No-Lapse Value Monthly Deduction 3

#### No-Lapse Value Credited Interest 3

#### No-Lapse Value Cost of Insurance 4

#### Funding Level 4

#### No-Lapse Death Benefit Value 4

#### Reset Account Value Provision 4

#### Lapse Protection 4

#### Reset Account Value Death Benefit Proceeds 4

#### Reset Death Benefit 4

#### Reset Account Value 4

#### Treatment of the Effective Date of Premiums 5

#### Treatment of Premium Received in Policy Month Prior to a Decrease in the Reset Account Value Premium Load 5

#### Policy Anniversary Reset 5

#### Reset Account Value Monthly Deduction 5

#### Reset Account Value Credited Interest 5

#### Reset Account Value Cost of Insurance 5

#### Reset Account Death Benefit Value 5

#### Allocation Requirements Provisions 5

#### Automatic Rebalancing 5

#### General Provisions 6

#### Reinstatement 6

#### Termination 6

------

### No-Lapse Value Provision
**Lapse Protection** The Policy will not Lapse as long as the No-Lapse Value described below, less Debt, is greater than zero. The No-Lapse Value on the Policy Date will be the initial premium received, either increased by the No-Lapse Value Premium Credit, if any, or decreased by the No-Lapse Value Premium Load, as shown in the Policy Specifications, less the No-Lapse Value Monthly Deduction for the first Policy Month.

**No-Lapse Value Death Benefit Proceeds** If the No-Lapse Value, less Debt, is greater than zero and the Policy would otherwise have met the conditions for entering the grace period as described in the Policy's "Grace Period" provision, the No-Lapse Value Death Benefit Proceeds will be equal to the Guaranteed Minimum Death Benefit described below, plus any Riders or benefits that are payable, less any Debt and partial surrenders (i.e. withdrawals) processed after the date of the Second Death.

**Guaranteed Minimum Death Benefit** The Guaranteed Minimum Death Benefit ("GMDB") is determined by the GMDB Option that you elected and is shown in the Policy Specifications. If the current Specified Amount is decreased below the GMDB, the GMDB will automatically be decreased to an amount equal to the reduced Specified Amount. The GMDB decrease will become effective on the same date as the decrease in current Specified Amount. You cannot request an increase in the GMDB.

**No-Lapse Value** The No-Lapse Value is a reference value and is not used in determining the Accumulation Value or death benefit provided by the Policy. On each Monthly Anniversary Day, the No-Lapse Value equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the No-Lapse Value on the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) adding all premiums received since the preceding Monthly Anniversary Day and either add the amount of the No-Lapse Value Premium Credit, if any, or subtract the amount of the No-Lapse Value Premium Load corresponding to the applicable Policy Years as shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) subtracting the amount of any partial surrenders (i.e. withdrawals) since the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) adding accumulated interest as described in the "No-Lapse Value Credited Interest" provision below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) subtracting the No-Lapse Value Monthly Deduction described below for the Policy Month following the Monthly Anniversary Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) subtracting the surrender charge, if any, as determined from the Table of Surrender Charges shown in the Policy Specifications for any decrease in Specified Amount on the Monthly Anniversary Day.

On any day other than a Monthly Anniversary Day, the No-Lapse Value will be the total of (1), (2), (3), and (4).

The No-Lapse Value may become less than zero.

**Treatment of the Effective Date of Premiums** All premiums received between two Monthly Anniversary Days will be credited as if they had been received as of the prior Monthly Anniversary Day in relation to the actual premium receipt date. This means that the premium will be treated as having been received before the calculation of the No-Lapse Value Monthly Deduction and interest crediting. This treatment of effective date of premiums only applies for the purposes of calculating the No-Lapse Value.

**Treatment of Premium Received in Policy Month Prior to a Decrease in the No-Lapse Premium Load** All premiums received in the Policy Month prior to a decrease in the No-Lapse Value Premium Load will receive the lower No-Lapse Value Premium Load, as shown in the Policy Specifications.

**No-Lapse Value Monthly Deduction** The No-Lapse Value Monthly Deduction for a Policy Month equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the No-Lapse Value Cost of Insurance as described in the "No-Lapse Value Cost of Insurance" provision below, plus the cost of any additional benefits provided by other Rider(s) for the Policy Month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. adding the No-Lapse Value Monthly Policy Fee shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. adding the No-Lapse Value Monthly Administrative Fee as shown in the Policy Specifications.

For purposes of the above calculation, if the Rider providing additional benefits is the Supplemental Survivorship Term Insurance Rider (EPR), its cost will be determined using the applicable No-Lapse Factor as described in the Policy Specifications and may be modified by the Table of Funding Level Threshold Percentages, as applicable, as described in the Policy Specifications.

**No-Lapse Value Credited Interest** We will credit interest to the No-Lapse Value daily. The interest rate applied to loaned and unloaned No-Lapse Value is shown in the Policy Specifications.

------

**No-Lapse Value Cost of Insurance** This Rider's monthly No-Lapse Value Cost of Insurance will be the result of (1) minus (2), multiplied by (3), and divided by 1,000, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is the No-Lapse Death Benefit Value described below at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is the larger of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the No-Lapse Value at the beginning of the Policy Month after the deduction of the No-Lapse Value Monthly Policy Fee, and after the deduction of the No-Lapse Value Monthly Administrative Fee, but prior to the deduction for the monthly No-Lapse Value Cost of Insurance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. zero if the No-Lapse Value is less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is the applicable No-Lapse Factor described in the Policy Specifications. The No-Lapse Factor may be modified by the Table of Funding Level Threshold Percentages and resulting reduction factor, if applicable, as described in the Policy Specifications.

**Funding Level** Funding Level is measured by dividing the No-Lapse Value on the Monthly Anniversary Day by the current Guaranteed Minimum Death Benefit. The Funding Level is used with the Table of Funding Level Threshold Percentages to determine if the No-Lapse Factor will be modified by a reduction factor, as described in the Policy Specifications. The No-Lapse Factor is used to calculate the No-Lapse Value Cost of Insurance.

**No-Lapse Death Benefit Value** The No-Lapse Death Benefit Value is equal to the Guaranteed Minimum Death Benefit plus the amount of any increases in the Specified Amount. The No-Lapse Death Benefit Value is used only to determine the monthly No-Lapse Value Cost of Insurance; it is not used to determine the death benefit provided by the Policy or this Rider.

### Reset Account Value Provision
**Lapse Protection** The Policy will not Lapse as long as the Reset Account Value described below, less Debt, is greater than zero. The Reset Account Value on the Policy Date will be the initial premium received, less the Reset Account Value Premium Load, less the Reset Account Value Monthly Deduction for the first Policy Month.

**Reset Account Value Death Benefit Proceeds** If the Reset Account Value, less Debt, is greater than zero and the Policy would otherwise have met the conditions for entering the grace period as described in the Policy's "Grace Period" provision, the Reset Account Value Death Benefit Proceeds will be equal to the Reset Death Benefit described below, plus any Riders or benefits that are payable, less any Debt and partial surrenders (i.e. withdrawals) processed after the date of the Second Death.

**Reset Death Benefit** The Reset Death Benefit on the Policy Date equals the Initial Specified Amount shown in the Policy Specifications. If the current Specified Amount is decreased below the Reset Death Benefit, the Reset Death Benefit will automatically be decreased to an amount equal to the new reduced Specified Amount. The Reset Death Benefit decrease will become effective on the same date as the decrease in current Specified Amount. You cannot request an increase in the Reset Death Benefit.

**Reset Account Value** The Reset Account Value is a reference value and is not used in determining the Accumulation Value or death benefit provided by the Policy. On each Monthly Anniversary Day, the Reset Account Value equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Reset Account Value on the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) adding all premiums received since the preceding Monthly Anniversary Day, subtracting the amount of the Reset Account Value Premium Load shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) subtracting the amount of any partial surrenders (i.e. withdrawals) since the preceding Monthly Anniversary Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) adding accumulated interest as described in the "Reset Account Value Interest Credited" provision below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) subtracting the Reset Account Value Monthly Deduction described below for the Policy Month following the Monthly Anniversary Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) subtracting the surrender charge, if any, as determined from the Table of Surrender Charges shown in the Policy Specifications for any decrease in Specified Amount on the Monthly Anniversary Day.

------

On any day other than a Monthly Anniversary Day, the Reset Account Value will be the total of (1), (2), (3), and (4).

The Reset Account Value on the Policy Date will be the initial premium received, less the amount of the Reset Account Value Premium Load, less the Reset Account Value Monthly Deduction for the first Policy Month.

The Reset Account Value may become less than zero.

**Treatment of the Effective Date of Premiums** All premiums received between two Monthly Anniversary Days will be credited as if they had been received as of the prior Monthly Anniversary Day in relation to the actual premium receipt date. This means that the premium will be treated as having been received before the calculation of the Reset Account Value Monthly Deduction and interest crediting. This treatment of effective date of premiums only applies for the purposes of calculating the Reset Account Value.

#### Treatment of Premium Received in Policy Month Prior to a Decrease in the Reset Account Value Premium Load
All premiums received in the Policy Month prior to a decrease in the Reset Account Value Premium Load will receive the lower Reset Account Value Premium Load, as shown in the Policy Specifications.

**Policy Anniversary Reset** On each Policy Anniversary, if the Reset Account Value on that Policy Anniversary is less than the Accumulation Value on that same Policy Anniversary, the Reset Account Value will be reset to equal the Accumulation Value.

**Reset Account Value Monthly Deduction** The Reset Account Value Monthly Deduction for a Policy Month equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Reset Account Value Cost of Insurance as described in the "Reset Account Value Cost of Insurance" provision below, plus the cost of any additional benefits provided by other Rider(s) for the Policy Month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. adding the Reset Account Value Monthly Administrative Fee shown in the Policy Specifications.

For purposes of the above calculation, if the Rider providing additional benefits is the Supplemental Survivorship Term Insurance Rider (EPR), its cost will be determined using the applicable Reset Account Factor as described in the Policy Specifications.

**Reset Account Value Credited Interest** We will credit interest to the Reset Account Value daily. The interest rate applied to loaned and unloaned Reset Account Value is shown in the Policy Specifications.

**Reset Account Value Cost of Insurance** This Rider's monthly Reset Account Value Cost of Insurance will be the result of (1) minus (2), multiplied by (3), and divided by 1,000, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is the Reset Account Death Benefit Value at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is the Reset Account Value at the beginning of the Policy Month after the deduction of the Reset Account Value Monthly Administrative Fee but prior to the deduction for the monthly Reset Account Value Cost of Insurance, or zero if the Reset Account Value is less than zero, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) is the Reset Factor as described in the Policy Specifications.

**Reset Account Death Benefit Value** The Reset Account Death Benefit Value is equal to the Reset Death Benefit plus the amount of any increases in Specified Amount. The Reset Account Death Benefit Value is used only to determine the monthly Reset Account Value Cost of Insurance; it is not used to determine the death benefit provided by the Policy or this Rider.

### Allocation Requirements Provisions
In order to keep this Rider in effect, we reserve the right to establish:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a maximum percentage of the Accumulation Value to be permitted in certain Sub-Account(s) and/or the Fixed Account; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a minimum percentage of the Accumulation Value to be required in certain Sub-Account(s) and/or Fixed Account.

Should we choose to enforce or modify these restrictions, we will provide advance Notice to you. Such Notice will identify the restriction percentages to be applied and the Sub-Account(s) and/or Fixed Account impacted. We will evaluate the imposition of these restrictions on an annual basis.

These restrictions may require you to transfer value to or from certain Sub-Account(s) or the Fixed Account. You will be able to transfer value to or from the Fixed Account for the purposes of complying with these restrictions.

------

**Automatic Rebalancing** While this Rider is In Force, and if there is more than one (1) Sub-Account available under this Policy that is eligible to transfer amounts to or from, the Automatic Rebalancing program as described in the Policy's "Automatic Rebalancing" provision must be maintained.

If we suspend the Automatic Rebalancing program, this requirement will not apply to this Rider.

### General Provisions
**Reinstatement** If the Policy terminates and is reinstated, this Rider will likewise be reinstated unless this Rider terminated before the Policy terminated.

**Termination** This Rider and all rights provided under it will terminate automatically on the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the younger Insured reaches or would have reached Attained Age 121;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. surrender or other termination of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date we receive your Request to terminate Automatic Rebalancing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Sub-Account(s) and or Fixed Account limit(s) as described in this Rider's "Allocation Requirements Provisions" above is imposed and you do not take corrective action within 61 days after the date of mailing of the Notice of such requirement.

If this Rider terminates due to item a. above, coverage will continue as provided under the Policy's "Continuation of Coverage" provision, and this Rider's "No-Lapse Value Death Benefit Proceeds" and "Reset Account Value Death Benefit Proceeds" provisions will continue to apply.

[![](image0.jpg)]

[President]

## Exhibit 99.4

![](image00003.jpg)

#### Jassmin McIver-Jones

#### Counsel

#### The Lincoln National Life Insurance Company

#### 100 N. Greene Street

#### Greensboro, North Carolina 27401

#### Telephone: (336)691-3892

#### Jassmin.McIver-Jones@LFG.com

#### VIA EDGAR

March 9, 2023

U.S. Securities and Exchange Commission

100 F Street, N. E.

Washington, DC 20549-0506

Re: Lincoln Life Flexible Premium Variable Life Account R

&nbsp;&nbsp;&nbsp;&nbsp; The Lincoln National Life Insurance Company

File No. 811-08579; CIK No.: 0001051932

Initial Registration Statement on Form N-6

&nbsp;&nbsp;&nbsp;&nbsp; Lincoln SVUL<sup>ONE</sup> Focus

Dear Sir or Madam:

As Assistant Vice President of The Lincoln National Life Insurance Company ("Company"), I am familiar with the actions of the Board of Directors of the Company establishing the Account and its method of operation and authorizing the filing of a Registration Statement under the Securities Act of 1933 (and amendments thereto) for the securities to be issued by the Account and the Investment Company Act of 1940 for the Account itself.

In the course of preparing this opinion, I have reviewed the Certificate of Incorporation and the By-Laws of the Company, the Board actions with respect to the Account, and such other matters as I deemed necessary or appropriate. Based on such review, I am of the opinion that the variable life insurance policies (and interests therein) which are the subject of the Registration Statement under the Securities Act of 1933, as amended, for the Account will, when issued, be legally issued and will represent binding obligations of the Company, the depositor for the Account.

I further consent to the use of this opinion as an Exhibit to this Initial Registration Statement and to the reference to me under the heading "Experts" in said Registration Statement, as amended.

Very truly yours,

/s/Jassmin McIver-Jones

Jassmin McIver-Jones

Counsel

## Exhibit 99.16

Exhibit l(2)

#### POWER OF ATTORNEY

We, the undersigned directors and/or officers of The Lincoln National Life Insurance Company, hereby constitute and appoint Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Michelle Grindle, Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur, Rachel C. Fischer, Nadine Rosin and John D. Weber, individually, our true and lawful attorneys-in-fact, with full power to each of them to sign for us, in our names and in the capacities indicated below, any Registration Statements and any and all amendments to Registration Statements; including exhibits, or other documents filed on Forms N-6, N-4 or S-3 or any successors or amendments to these Forms, filed with the Securities and Exchange Commission, under the Securities Act of 1933 and/or Securities Act of 1940, on behalf of the Company in its own name or in the name of one of its Separate Accounts, hereby ratifying and confirming our signatures as they may be signed by any of our attorneys-in-fact to any such amendments to said Registration Statements as follows:

#### Variable Life Insurance Separate Accounts:

------

---

| | |
|:---|:---|
| **Account** | **Product name** |
| Lincoln Life Flexible Premium Variable Life Account D (811-04592) | Variable Universal Life Leadership Series |
| Lincoln Life Flexible Premium Variable Life Account F (811-05164) | American Legacy Life<br> American Legacy Estate Builder |
| Lincoln Life Flexible Premium Variable Life Account G (811-05585) | VUL-III |
| Lincoln Life Flexible Premium Variable Life Account J (811-08410) | American Legacy Variable Life |
| Lincoln Life Flexible Premium Variable Life Account K (811-08412) | Multi Fund Variable Life |
| Lincoln Life Flexible Premium Variable Life Account M (811-08557) | VULdb / VULdb ES<br> VULdb-II ES<br> VUL-I / VULcv<br> VULcv-II / VULcvII ES / VUL Flex<br> VULcv-III ES<br> MoneyGuard VUL<br> VULone ES / VULone 2005 ES<br> Momentum VULone / Momentum VULone 2005<br> VULcv-IV ES<br> VULdb-IV ES<br> Momentum VULone 2007<br> VULone 2007<br> AssetEdge VUL<br> AssetEdge VUL2015/AssetEdge Exec VUL 2015<br> VULone2012<br> VULone2014<br> InReach VULone2014<br> VULone2019<br> AssetEdge VUL2019/AssetEdge Exec VUL 2019<br> AssetEdge VUL2019-2/AssetEdge Exec VUL 2019-2<br> AssetEdge VUL2020/AssetEdge Exec VUL 202<br> AssetEdge VUL 2022/AssetEdge VUL 2022-2<br> MoneyGuard Market Advantage<br> VULone2021<br> LifeGoals VUL |
| Lincoln Life Flexible Premium Variable Life Account R (811-08579) | SVUL / SVUL-I<br> SVUL-II / SVUL-II ES<br> SVUL-III ES<br> SVUL-IV ES / PreservationEdge SVUL<br> SVULone ES<br> Momentum SVULone<br> SVULone 2007 ES<br> Momentum SVULone 2007<br> SVULone2013<br> SVULone2016<br> SVULone2019<br> SVULone2021 |
| Lincoln Life Flexible Premium Variable Life Account S (811-09241) | CVUL / CVUL Series III / CVUL Series III ES<br> LCV4 ES<br> LCV5 ES / LCC VUL<br> Lincoln Corporate Executive VUL |
| Lincoln Life Flexible Premium Variable Life Account Y (811-21028) | American Legacy VULcv-III<br> American Legacy VULdb-II<br> American Legacy SVUL-II<br> American Legacy SVUL-III<br> American Legacy VULcv-IV<br> American Legacy VULdb-IV<br> American Legacy SVUL-IV/PreservationEdge SVUL<br> American Legacy AssetEdge |
| Lincoln Life Flexible Premium Variable Life Account JF-A | Ensemble II<br> Ensemble III<br> Ensemble Exec 2006<br> Ensemble Exec<br> Ensemble 1<br> Ensemble Accumulator<br> Ensemble Protector |
| Lincoln Life Flexible Premium Variable Life Account JF-C | Ensemble SL<br> Ensemble SVUL |

---

#### Variable Annuity Separate Accounts:

---

| | |
|:---|:---|
| **Account** | **Product name** |
| Lincoln National Variable Annuity Account C (811-03214) | Multi-Fund<br> Multi-Fund Select<br> Multi-Fund 5 Retirement Annuity<br> Lincoln PathBuilder Income® IRA |
| Lincoln National Variable Annuity Account E (811-04882) | The American Legacy |
| Lincoln National Variable Annuity Account H (811-05721) | American Legacy II<br> American Legacy III<br> American Legacy III B Class<br> American Legacy III C Share<br> American Legacy III Plus<br> American Legacy III View<br> American Legacy Design<br> American Legacy Signature<br> American Legacy Fusion<br> American Legacy Series<br> American Legacy Advisory<br> American Legacy Target Date Income B Share<br> American Legacy Target Date Income Advisory<br> Shareholder's Advantage<br> Shareholder's Advantage A Class<br> Shareholder's Advantage purchased on and after May 21, 2018 |
| Lincoln National Variable Annuity Account L (811-07645) | Group Variable Annuity<br> Lincoln PathBuilder Income Version 1<br> Lincoln PathBuilder Income Version 2<br> Lincoln PathBuilder Income Version 3<br> Lincoln PathBuilder Income Version 4<br> Retirement Income Rollover Version 1<br> Retirement Income Rollover Version 2<br> Retirement Income Rollover Version 3<br> Retirement Income Rollover Version 4 |
| Lincoln Life Variable Annuity Account N (811-08517) | ChoicePlus Assurance (A Share)<br> ChoicePlus Assurance (A Class)<br> ChoicePlus Assurance (B Share)<br> ChoicePlus Assurance (B Class)<br> ChoicePlus Assurance (C Share)<br> ChoicePlus Assurance (L Share)<br> ChoicePlus Assurance (Bonus)<br> Choice Plus<br> Choice Plus II<br> ChoicePlus Access<br> ChoicePlus II Access<br> ChoicePlus Bonus<br> ChoicePlus II Bonus |
|  | ChoicePlus II Advance<br> ChoicePlus Design<br> ChoicePlus Signature<br> ChoicePlus Rollover<br> ChoicePlus Fusion<br> ChoicePlus Series<br> ChoicePlus Prime<br> ChoicePlus Advisory<br> ChoicePlus Select B-Share<br> InvestmentSolutions<br> InvestmentSolutions RIA<br> Lincoln Investor Advantage<br> Lincoln Invester Advantage 2018<br> Lincoln Invester Advantage Pro<br> Lincoln Investor Advantage Fee-Based<br> Lincoln Investor Advantage RIA<br> Lincoln Investor Advantage Advisory<br> Lincoln Investor Advantage Pro Advisory<br> Lincoln Investor Advantage RIA Class<br> Lincoln Investor Advantage Advisory Choice<br> Lincoln Investor Advantage Advisory Pro Choice<br> Lincoln Level Advantage B Share Indexed Variable Annuity<br> Lincoln Level Advantage Advisory Indexed Variable Annuity<br> Lincoln Level Advantage B Class Indexed Variable Annuity<br> Lincoln Level Advantage Advisory Class Indexed Variable Annuity<br> Lincoln Level Advantage Fee-Based Indexed Variable Annuity<br> Lincoln Level Advantage Select B-Share Indexed Variable Annuity<br> Lincoln Level Advantage Design B-Share Indexed Variable Annuity<br> Lincoln Level Advantage Design Advisory Indexed Variable Annuity<br> Lincoln Level Advantage Access Indexed Variable Annuity<br> Core Income |
| Lincoln Life Variable Annuity Account Q (811-08569) | Multi-Fund Group |
| Lincoln Life S-3 Registration Statement | Lincoln Level Advantage B Share Indexed Variable Annuity<br> Lincoln Level Advantage Advisory Indexed Variable Annuity<br> Lincoln Level Advantage B Class Indexed Variable Annuity<br> Lincoln Level Advantage Advisory Class Indexed Variable Annuity<br> Lincoln Level Advantage Fee-Based Indexed Variable Annuity<br> Lincoln Level Advantage Select B Share Indexed Variable Annuity<br> Lincoln Level Advantage Design B-Share Indexed Variable Annuity<br> Lincoln Level Advantage Design Advisory Indexed Variable Annuity<br> Lincoln Level Advantage Access Indexed Variable Annuity<br> Lincoln Level Advantage 2 B Share Indexed-Linked Annuity<br> Lincoln Level Advantage 2 Advisory Indexed-Linked Annuity<br> Lincoln Level Advantage 2 B Class Indexed-Linked Annuity<br> Lincoln Level Advantage 2 Advisory Class Indexed-Linked Annuity<br> Lincoln Level Advantage 2 Select B Share Indexed-Linked Annuity<br> Lincoln Level Advantage 2 Access Indexed-Linked Annuity |

---

Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in whole or in part any power-of-attorney that each person whose signature appears below has previously executed. This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute, unless such subsequent power specifically refers to this power-of-attorney or specifically states that the instrument is intended to revoke all prior general powers-of-attorney or all prior powers-of-attorney.

This Power-of-Attorney may be executed in separate counterparts each of which when executed and delivered shall be an original; but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies, each signed by less than all, but together signed by all, of the undersigned.

---

| | |
|:---|:---|
| Signature | Title |
| /s/Ellen G. Cooper<br> Ellen G. Cooper<br>| President and Director |
| /s/Randal J. Freitag<br> Randal J. Freitag<br>| Executive Vice President, Chief Financial Officer and Director |
| /s/Craig T. Beazer<br> Craig T. Beazer<br>| Executive Vice President, General Counsel and Director |
| /s/Keith J. Ryan<br> Keith J. Ryan<br>| Vice President and Director |
| /s/Jayson R. Bronchetti<br> Jayson R. Bronchetti<br>| Executive Vice President, Chief Investment Officer and Director |
| /s/Adam M. Cohen<br> Adam M. Cohen | Senior Vice President and Chief Accounting Officer |

---

We, Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Michelle Grindle, Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur, Rachel C. Fischer, Nadine Rosin and John D. Weber, have read the foregoing Power of Attorney. We are the person(s) identified therein as agent(s) for the principal named therein. We acknowledge our legal responsibilities.

---

| | |
|:---|:---|
| /s/Delson R. Campbell<br> Delson R. Campbell | /s/Scott C. Durocher<br> Scott C. Durocher<br>|
| /s/Kimberly A. Genovese<br> Kimberly A. Genovese | /s/Daniel P. Herr<br> Daniel P. Herr<br>|
| /s/Nadine Rosin<br> Nadine Rosin | /s/Michelle Grindle<br> Michelle Grindle<br>|
| /s/Jeffrey L. Smith<br> Jeffrey L. Smith | /s/John D. Weber<br> John D. Weber<br>|
| /s/Jassmin McIver-Jones<br> Jassmin McIver-Jones<br>| /s/Carolyn Augur<br> Carolyn Augur |
| /s/Rachel C. Fischer<br> Rachel C. Fischer |  |

---

Version dated: October 2022

## Ex-99.R

***Lincoln SVUL***<sup>ONE</sup> ***Focus***

**Summary Prospectus for New Investors**

**XX XX, 2023**

**The Lincoln National Life Insurance Company**

------

**Lincoln Life Flexible Premium Variable Life Account R**

------

This summary prospectus summarizes key features of the *Lincoln SVUL*<sup>ONE</sup> *Focus* Flexible Premium Variable Life Policy issued by us, The Lincoln National Life Insurance Company.

Before you invest, you should review the prospectus, which contains more information about the Policy's features, benefits, and risks. You can find the prospectus and other information about the Policy online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling 1-800-487-1485 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. All prospectuses and other shareholder reports will be made available on www.lfg.com/VULprospectus. If you wish to receive future shareholder reports in paper, free of charge, please call us at 1-800-487-1485, send an email request to CustServSupportTeam@lfg.com, or contact your registered representative. Your election to receive reports in paper will apply to all funds available under your Policy.

**\* \* \* \* \* \* \* \* \* \* \* \***

**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.

**\* \* \* \* \* \* \* \* \* \* \* \***

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.**

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**Table of Contents**

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

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| | |
|:---|:---|
| **Contents** | **Page** |
| [SPECIAL TERMS](#xx_8242fbab-a807-45f1-8905-e68eb6c24037_1) | 3  |
| &nbsp;&nbsp; [Important Information You Should Consider](#xx_f3581602-dfae-4689-94d6-91fefff24265_1)<br> [About the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_1)<br>| 5  |
| [Overview of the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_4) | 8  |
| &nbsp;&nbsp;&nbsp;&nbsp; [What is the purpose of the Policy?](#xx_f3581602-dfae-4689-94d6-91fefff24265_4) | 8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [When do I have to pay Premiums and how do](#xx_f3581602-dfae-4689-94d6-91fefff24265_4)<br> [they get invested?](#xx_f3581602-dfae-4689-94d6-91fefff24265_4)<br>| 8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [What are the primary features and options](#xx_f3581602-dfae-4689-94d6-91fefff24265_5)<br> [that the Policy Offers?](#xx_f3581602-dfae-4689-94d6-91fefff24265_5)<br>| 9  |
| [Standard DEATH BENEFITS](#xx_f3581602-dfae-4689-94d6-91fefff24265_5) | 9  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death Benefit Proceeds](#xx_f3581602-dfae-4689-94d6-91fefff24265_6) | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death Benefit Qualification Test](#xx_f3581602-dfae-4689-94d6-91fefff24265_6) | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payment of Death Benefit Proceeds](#xx_f3581602-dfae-4689-94d6-91fefff24265_7) | 11  |

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| | |
|:---|:---|
| **Contents** | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other Benefits Available Under the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_8) | 12  |
| [Buying the Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_10) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Premiums](#xx_f3581602-dfae-4689-94d6-91fefff24265_10) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Allocation of Net Premium Payments](#xx_f3581602-dfae-4689-94d6-91fefff24265_10) | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Planned Premiums; Additional Premiums](#xx_f3581602-dfae-4689-94d6-91fefff24265_11) | 15  |
| [How your policy can lapse](#xx_f3581602-dfae-4689-94d6-91fefff24265_11) | 15  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reinstatement of a Lapsed Policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_12) | 16  |
| &nbsp;&nbsp; [Making withdrawals: accessing the money in](#xx_f3581602-dfae-4689-94d6-91fefff24265_12)<br> [your policy](#xx_f3581602-dfae-4689-94d6-91fefff24265_12)<br>| 16  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Partial Surrender](#xx_f3581602-dfae-4689-94d6-91fefff24265_13) | 17  |
| [Additional information about fees](#xx_f3581602-dfae-4689-94d6-91fefff24265_13) | 17  |
| [Appendix A: Funds Available Under the policy](#xx_51e72719-91a4-4d1a-888b-8bfe3309ba6f_1) | A-1 |

---

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**SPECIAL TERMS**

**The following terms may appear in your prospectus and are defined below:**

**Accumulation Value (Total Account Value)**—An amount equal to the sum of the Fixed Account Value, the Separate Account Value, and the Loan Account Value.

**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 Accumulation Test**—A provision of the Code that requires that the death benefit be sufficient to prevent the Accumulation Value from ever exceeding the net single Premium required to fund the future benefits under the Policy.

**Cost of Insurance Charge**—This charge is the portion of the Monthly Deduction designed to compensate the Company for the anticipated cost of paying death benefits in excess of the policy value. It is determined by multiplying the Policy's Net Amount at Risk by the Cost of Insurance rate.

**Death Benefit Proceeds**—The amount payable to the Beneficiary upon the death of the second Insured. Loans, loan interest, Partial Surrenders, and overdue charges, if any, are deducted prior to payment of the Death Benefit Proceeds. Riders may impact the amount payable as Death Benefit Proceeds in your Policy.

**Debt**—The sum of all outstanding loans and accrued interest. May also be referred to as Indebtedness in your Policy.

**Fixed Account**—A part of our General Account to which we credit a guaranteed minimum interest rate. The account may be available as an allocation option under the Policy by the terms of the Policy or Riders. We may impose restrictions on the use of the Fixed Account.

**Fixed Account Value**—An amount equal to the value of amounts allocated or transferred to the Fixed Account, plus interest credited, and less any deductions including Partial Surrenders.

**Full Surrender**—The withdrawal of all applicable policy values.

**Good Order**—The actual receipt of the requested transaction in writing (or other form subject to our consent) along with all information and supporting legal documentation necessary to effect the transaction.

**Grace Period**—The period during which you may make Premium Payments (or repay Debt) to prevent Policy Lapse. That period is the later of (a) 31 days after the Grace Notice was mailed, and (b) 61 days after the Monthly Anniversary Day on which the Policy enters the Grace Period.

**Guideline Premium Test**—A provision of the Code under which the maximum amount of Premium paid in relation to the death benefit and a minimum amount of death benefit in relation to policy value is determined.

**Insured**—The person on whose life the Policy is issued.

**Loan Account (Loan Collateral Account)**—The account in which policy Debt accrues once it is transferred out of the Sub-Accounts and/or the Fixed Account. The Loan Account is part of our General Account. <br>

**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 and loans from your Policy will be treated first as income and then as a recovery of Premium Payments.

**Monthly Anniversary Day**—The Policy Date and the same day of each month thereafter. If the day that would otherwise be a Monthly Anniversary Day is non-existent for that month, or is not a Valuation Day, then the Monthly Anniversary Day is the next Valuation Day. The Monthly Deductions are made on the Monthly Anniversary Day.

**Monthly Deduction**—The amount of the monthly charges for the Cost of Insurance Charge, the Administrative Fee, and charges for riders to your Policy.

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**Net Amount at Risk**—The death benefit minus the greater of zero or the Accumulation Value. The Net Amount at Risk may vary with investment performance, Premium Payment patterns, and charges.

**Net Premium Payment**—An amount equal to the Premium Payment, minus the Premium Load.

**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, Persistency Bonus Rate, and interest credited to the Loan Account.

**Owner**—The person or entity designated as Owner in the Policy Specifications unless a new Owner is thereafter named, and we receive written notification of such change.

**Partial Surrender**—A withdrawal of a portion of your policy values.

**Planned Premium**—The amount of periodic Premium (as shown in the Policy Specifications) you have chosen to pay the Company on a scheduled basis. This is the amount for which we send a Premium reminder notice.

**Policy Anniversary**—The same date (month and day) each Policy Year equal to the Policy Date, or the next Valuation Day if the Policy Anniversary is not a Valuation Day or is nonexistent for the year.

**Policy Date**—The date (shown on the Policy Specification pages) on which life insurance begins if the necessary Premium has been paid. <br>

**Policy Lapse**—The day on which coverage under the Policy ends as described in the Grace Period.

**Policy Loan**—The amount you have borrowed against the Surrender Value of your Policy.

**Policy Loan Interest**—The charge made by the Company to cover the cost of your borrowing against your Policy.

**Policy Specifications**—The pages of the Policy which show your benefits, Premium, costs, and other policy information.

**Policy Year**—Twelve month period(s) beginning on the Policy Date and extending up to but not including the next Policy Anniversary.

**Premium (Premium Payment)**—The amount paid to us for a life insurance policy.

**Premium Load**—A deduction from each Premium Payment which covers certain policy-related state and federal tax liabilities as well as a portion of the sales expenses incurred by the Company.

**Reduction in Specified Amount**—A decrease in the Specified Amount of your Policy.

**Right to Examine Period**—The period during which the Policy may be returned to us for cancellation.

**Specified Amount (Initial Specified Amount)**—The amount chosen by you which is used to determine the amount of death benefit and the amount of rider benefits, if any. The Specified Amount chosen at the time of issue is the "Initial Specified Amount". The Specified Amount may be increased or decreased after issue if allowed by and described in the Policy.

**Surrender Charge**—The charge we may make if you request a Full Surrender of your Policy or request a Reduction in Specified Amount. The Surrender Charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. A schedule of Surrender Charges is included in each Policy.

**Surrender Value**—An amount equal to the Accumulation Value less any applicable Surrender Charge, less Debt.

**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.

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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.

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|:---|:---|:---|:---|:---|
|  | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Charges for** <br> **Early** <br> **Withdrawals**<br>| &nbsp;&nbsp; For a Full Surrender or Reduction in Specified Amount, for up to XX <br> years from the date of the Policy and up to XX years from each increase <br> in Specified Amount, you could pay a Surrender Charge of up to $XX <br> (XX%) per $1,000 of the Specified Amount.<br>For example, if your Policy has a face amount of $100,000 and you <br> surrender your Policy or take an early withdrawal, you could be assessed <br> a charge of up to $XX. | &nbsp;&nbsp; For a Full Surrender or Reduction in Specified Amount, for up to XX <br> years from the date of the Policy and up to XX years from each increase <br> in Specified Amount, you could pay a Surrender Charge of up to $XX <br> (XX%) per $1,000 of the Specified Amount.<br>For example, if your Policy has a face amount of $100,000 and you <br> surrender your Policy or take an early withdrawal, you could be assessed <br> a charge of up to $XX. | &nbsp;&nbsp; For a Full Surrender or Reduction in Specified Amount, for up to XX <br> years from the date of the Policy and up to XX years from each increase <br> in Specified Amount, you could pay a Surrender Charge of up to $XX <br> (XX%) per $1,000 of the Specified Amount.<br>For example, if your Policy has a face amount of $100,000 and you <br> surrender your Policy or take an early withdrawal, you could be assessed <br> a charge of up to $XX. | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees**<br>|
| **Transaction** <br> **Charges** <br>| &nbsp;&nbsp; In addition to Surrender Charges, you may also be charged for other <br> transactions, such as when you make a Premium Payment, transfer <br> Policy Value between Sub-Accounts or exercise certain benefits. | &nbsp;&nbsp; In addition to Surrender Charges, you may also be charged for other <br> transactions, such as when you make a Premium Payment, transfer <br> Policy Value between Sub-Accounts or exercise certain benefits. | &nbsp;&nbsp; In addition to Surrender Charges, you may also be charged for other <br> transactions, such as when you make a Premium Payment, transfer <br> Policy Value between Sub-Accounts or exercise certain benefits. | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees**<br>|
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | &nbsp;&nbsp;&nbsp; •In addition to Surrender Charges and transaction charges, there are <br> certain ongoing fees and expenses that are charged annually, monthly <br> or daily.<br> •These fees include the Cost of Insurance Charge under the Policy, <br> optional benefit charges, Administrative Fees, mortality and expense <br> risk charges and Policy Loan interest.<br> •Certain fees are set based on characteristics of the Insured (e.g., age, <br> gender, and rating classification). You should review your Policy <br> Specifications page for rates applicable to you.<br> •Owners will also bear expenses associated with the Underlying Funds <br> under the Policy, as shown in the following table: | &nbsp;&nbsp;&nbsp; •In addition to Surrender Charges and transaction charges, there are <br> certain ongoing fees and expenses that are charged annually, monthly <br> or daily.<br> •These fees include the Cost of Insurance Charge under the Policy, <br> optional benefit charges, Administrative Fees, mortality and expense <br> risk charges and Policy Loan interest.<br> •Certain fees are set based on characteristics of the Insured (e.g., age, <br> gender, and rating classification). You should review your Policy <br> Specifications page for rates applicable to you.<br> •Owners will also bear expenses associated with the Underlying Funds <br> under the Policy, as shown in the following table: | &nbsp;&nbsp;&nbsp; •In addition to Surrender Charges and transaction charges, there are <br> certain ongoing fees and expenses that are charged annually, monthly <br> or daily.<br> •These fees include the Cost of Insurance Charge under the Policy, <br> optional benefit charges, Administrative Fees, mortality and expense <br> risk charges and Policy Loan interest.<br> •Certain fees are set based on characteristics of the Insured (e.g., age, <br> gender, and rating classification). You should review your Policy <br> Specifications page for rates applicable to you.<br> •Owners will also bear expenses associated with the Underlying Funds <br> under the Policy, as shown in the following table: | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | **Annual Fee** | **Minimum** | **Maximum** | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | Underlying Fund Fees and Expenses\* | XX% | XX% | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
| **Ongoing Fees** <br> **and Expenses** <br> **(annual** <br> **charges)** | \*As a percentage of Underlying Fund assets. | \*As a percentage of Underlying Fund assets. | \*As a percentage of Underlying Fund assets. | &nbsp;&nbsp; **•Policy** <br> **Charges and** <br> **Fees** |
|  | **RISKS** | **RISKS** | **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Risk of Loss** | &nbsp;&nbsp; You can lose money by investing in the Policy, including loss of <br> principal. | &nbsp;&nbsp; You can lose money by investing in the Policy, including loss of <br> principal. | &nbsp;&nbsp; You can lose money by investing in the Policy, including loss of <br> principal. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br>|

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|:---|:---|:---|
|  | **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Not a Short-**<br> **Term Investment**<br>| &nbsp;&nbsp;&nbsp; •This Policy is not a short-term investment vehicle and is not <br> appropriate for an investor who needs ready access to cash.<br>•Surrender Charges apply for XX years from the Policy Date and XX <br> years from the date of any increase in your Specified Amount.<br>•Charges may reduce the value of your Policy and death benefit.<br> •Tax deferral is more beneficial to investors with a long-time horizon. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy** <br> **•Policy** <br> **Charges and** <br> **Fees**<br>|
| **Risks** <br> **Associated with** <br> **Investment** <br> **Options**<br>| &nbsp;&nbsp;&nbsp; •An investment in the Policy is subject to the risk of poor investment <br> performance of the Underlying Funds.<br> •Each Underlying Fund (including a Fixed Account investment option) <br> has its own unique risks. You should review each Underlying Fund's <br> prospectus before making an investment decision. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br>|
| **Insurance** <br> **Company Risks**<br>| &nbsp;&nbsp;&nbsp; •Any obligations, guarantees, and benefits of the contract are subject to <br> the claims-paying ability of Lincoln Life. If Lincoln Life experiences <br> financial distress, it may not be able to meet its obligations to you. <br> More information about Lincoln Life, including its financial strength <br> ratings, is available upon request from Lincoln Life or by visiting <br> https://www.lfg.com/public/aboutus/investorrelations/<br> financialinformation. <br> •You may obtain our audited statutory financial statements, any <br> unaudited statutory financial statements that may be available as well <br> as ratings information by visiting our website at www.lfg.com/<br> VULprospectus.  | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br> **•Lincoln Life,** <br> **the Separate** <br> **Account and** <br> **the General** <br> **Account**<br>|
| **Policy Lapse** | &nbsp;&nbsp;&nbsp; •Sufficient Premiums must be paid to keep your Policy in force. There <br> is a risk of lapse if Premiums are too small in relation to the insurance <br> amount and if investment results of the Sub-Accounts you have <br> chosen are adverse or are less favorable than anticipated.<br> •Outstanding Policy Loans (plus interest) and Partial Surrenders will <br> increase the risk of lapse. The death benefit will not be paid if the <br> Policy Lapsed. | &nbsp;&nbsp; **•Principal** <br> **Risks of** <br> **Investing in** <br> **the Policy**<br> **•Lapse and** <br> **Reinstatement**<br>|

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| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Investments** | &nbsp;&nbsp;&nbsp; •We reserve the right to charge for each transfer between Sub-<br> Accounts in excess of 24 transfers per year.<br> •We reserve the right to add, remove, or substitute Sub-Accounts as <br> investment options under the Policy, subject to state or federal laws <br> and regulations. An Underlying Fund may be merged into another <br> Underlying Fund. An Underlying Fund may discontinue offering their <br> shares to the Sub-Accounts. <br> •When the No-Lapse Enhancement rider is in effect, we reserve the <br> right to restrict certain Sub-Account allocations.<br> •You must allocate investments to the Sub-Accounts made available to <br> you.<br> •Currently, the Fixed Account is only available as an account for Dollar <br> Cost Averaging. | &nbsp;&nbsp; **•Sub-Accounts** <br> **and Funds**<br> **•Transfers**<br> **•Transfer Fee**<br> **•Sub-Account** <br> **Availability** <br> **and** <br> **Substitution of** <br> **Funds**<br> **•No-Lapse** <br> **Enhancement** <br> **Rider**<br> **•Allocation of** <br> **Net Premium** <br> **Payments**<br>|
| **Optional** <br> **Benefits**<br>| &nbsp;&nbsp;&nbsp; •Riders may alter the benefits or charges in your Policy. Rider <br> availability and benefits may vary by state of issue or selling broker-<br> dealer and their election may have tax consequences. Riders may have <br> restrictions or limitations, and we may modify or terminate a rider, as <br> allowed. If you elect a particular rider, it may restrict or enhance the <br> terms of your policy, or restrict the availability or terms of other riders <br> or Policy features. | **•Riders** |
|  | **TAXES** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Tax Implications** | &nbsp;&nbsp;&nbsp; •You should always consult with a tax professional to determine the tax <br> implications of an investment in and payments received under the <br> Policy.<br> •Withdrawals will be subject to ordinary income tax, and may be <br> subject to tax penalties.<br> •There is no additional tax benefit to you if the Policy is purchased <br> through a tax-qualified plan or individual retirement account (IRA). | **•Tax Issues** |

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| | | |
|:---|:---|:---|
|  | **CONFLICTS OF INTEREST** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|
| **Investment** <br> **Professional** <br> **Compensation**<br>| &nbsp;&nbsp;&nbsp; •Investment professionals typically receive compensation for selling the <br> Policy to investors.<br> •Registered representatives may have a financial incentive to offer or <br> recommend the Policy over another investment for which the <br> investment professional is not compensated (or compensated less).<br> •Registered representatives may be eligible for certain cash and non-<br> cash benefits. Cash compensation includes bonuses and allowances <br> based on factors such as sales, productivity and persistency. Non-<br> cash compensation includes various recognition items such as prizes <br> and awards as well as attendance at, and payment of the costs <br> associated with attendance at, conferences, seminars and recognition <br> trips, and also includes contributions to certain individual plans such <br> as pension and medical plans. | &nbsp;&nbsp; **•Distribution of** <br> **the Policies** <br> **and** <br> **Compensation**<br>|
| **Exchanges** | &nbsp;&nbsp; Some investment professionals may have a financial incentive to offer <br> you a new contract in place of the one you already own. You should only <br> exchange your Policy if you determine, after comparing the features, <br> fees, and risks of both policies, that it is preferable for you to purchase <br> the new policy rather than continue to own the existing policy. | &nbsp;&nbsp; **Change of Plan** <br> **(located in the** <br> **SAI)**<br>|

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**Overview of the Policy**

**What is the purpose of the Policy?**

*Lincoln SVUL*<sup>ONE</sup> *Focus* 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 second 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 minimum Premium Payment is made, there is no minimum Premium required except to keep the Policy in force. You may generally select and vary the frequency and the amount of any Premium Payments up to the younger Insured's Attained Age of 121.

After we deduct the Premium Load from your Premium Payment, we allocate your Net Premium Payment at your direction among the Policy's Sub-Account(s) and/or Fixed Account, (if available). Please see Principal Risks of Investing in the Policy in the prospectus for more information. For monies allocated to the Sub-Account, we use your Premium Payments to purchase shares of funds that follow investment objectives similar to the investment objectives of the corresponding Sub-Account. We refer to these funds as "Underlying Funds," and they are collectively known as the Elite Series. More information about the Underlying Funds is provided in an Appendix. **Please see Appendix A: Funds Available Under the Policy.** Comprehensive information on the funds may be found in the funds' prospectuses which are available online at www.lfg.com/VULprospectus. You can also obtain this

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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 the Policy's Surrender Value is sufficient to pay the Monthly Deductions. If a Premium Payment is not made, the Policy will lapse.

**What are the primary features and options that the Policy Offers?**

**Death Benefit Protection.** Upon the death of the second Insured, we will pay your designated Beneficiary a death benefit while this Policy remains in force. See the Death Benefit section of this prospectus for more information.

**Access to Policy Values through Surrenders and Withdrawals.** You may request a Full Surrender of your Policy, and we will pay you its Surrender Value. You may also request a Partial Surrender, which is a portion of the Surrender Value. You may incur a Surrender Charge if you request a Full Surrender or request a Partial Surrender.

**Loans.** You may take a loan on the Policy, which is subject to interest. See the Policy Loan section of this prospectus for more information.

**Transfers.** Generally, you may transfer funds among the Sub-Account(s) made available to you and the Fixed Account (if available). **Currently, the Fixed Account is only available as an account for Dollar Cost Averaging.** We also offer automated transfer programs: Dollar Cost Averaging and Automatic Rebalancing. You may incur an additional fee for transfers in excess of 24 transfers in any policy year.

**Tax Treatment.** Variable life insurance policies have significant tax advantages under current tax law. Policy values accumulate on a tax-deferred basis until withdrawn, and transfers from one Sub-Account to another or to the Fixed Account generate no current taxable gain or loss. There may be adverse tax consequences (i.e. a 10% penalty) in the event of a Surrender or Partial Surrender if the Owner is under the age of 59½.

**Additional Benefits.** There are several additional benefits you may add to your Policy by way of riders, including benefits that accelerate the payment of your death benefit under certain circumstances or help manage the risk of Policy Lapse. For example, with respect to Policy Lapse, the Policy offers (a) the **No-Lapse Enhancement Rider** which is automatically issued with your Policy and may prevent a Policy from Lapsing where the Surrender Value under the Policy is insufficient to cover the Monthly Deductions if the requirements of the rider, including requirements as to timing and amount of Premium Payments, are met and (b) the **Premium Reserve Rider** which is automatically issued with your Policy (in an inactive status until Premium is allocated to it) and allows you to pay Premiums in addition to those you plan to pay for the base Policy, and to have such amounts accumulate in the same manner as if they had been allocated to your Policy but without being subject to all charges and expenses of your Policy. An additional charge may apply if you elect a rider. The riders available with this Policy are listed in the Riders section of this prospectus.

**Standard DEATH BENEFITS**

The "Death Benefit Proceeds" is the amount payable to the Beneficiary upon the death of the second Insured. Loans, loan interest, Partial Surrenders, and overdue charges (such as Monthly Deductions), if any, are deducted from the Death Benefit Proceeds prior to payment. We will pay interest on any Death Benefit Proceeds payable only as required by applicable law. Riders, including the No-Lapse Enhancement Rider, Premium Reserve Rider and the Estate Protection Rider may impact the amount payable as Death Benefit Proceeds in your Policy. As discussed in more detail in the "Riders" section of this prospectus, the No-Lapse Enhancement Rider may provide a death benefit which differs from that paid under the Policy. The Premium Reserve Rider Accumulation Value, if any, less any Debt under the Premium Reserve Rider, will be added to the Policy's Death Benefit Proceeds. If the Policy's death benefit is paid pursuant to the terms of the No-Lapse Enhancement Rider, the Premium Reserve Rider Accumulation Value, if any, less any Debt under the Premium Reserve Rider, will be added to the death benefit

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payable under the terms of that rider. The Estate Protection Rider's Term Insurance Benefit Amount, if any, will be added to the Policy's Death Benefit Proceeds pursuant to the terms of the Estate Protection Rider.

**Death Benefit Proceeds**

The Death Benefit Proceeds payable upon the death of the second Insured will be the greater of:

1)

the Specified Amount on the date of the death of the second Insured, plus any amount payable upon death from Riders or benefits, less any Debt and Partial Surrenders processed after the death of the second Insured; or

2)

an amount equal to the Accumulation Value on the date of the second 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 Riders or benefits, less any Debt and Partial Surrenders processed after the second 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 Qualification Test**

You will have the opportunity to choose between the two death benefit qualification tests defined in Section 7702 of the Internal Revenue Code of 1986 as amended ("Code"), the "Cash Value Accumulation Test" and the "Guideline Premium Test". If you do not choose a death benefit qualification test at that time, you will be deemed to have chosen the Guideline Premium Test. Once your Policy has been issued and is in force, the death benefit qualification test cannot be changed.

The Guideline Premium Test calculates the maximum amount of Premium that may be paid to provide the desired amount of insurance for Insureds of a particular age. Because payment of a Premium amount in excess of this amount will disqualify the Policy as life insurance, we will return to you any amount of such excess. The test also applies a prescribed percentage factor, to determine a minimum ratio of death benefit to Accumulation Value. A table of the applicable percentage factors will be included as a part of the Policy Specifications when you receive your Policy.

The Cash Value Accumulation Test requires that the death benefit be sufficient to prevent the Accumulation Value from ever exceeding the "Net Single Premium" required to fund the future benefits under the Policy. (The "Net Single Premium" is calculated in accordance with Section 7702 of the Code and is based on each Insured's age, risk classification and gender.) At any time the Accumulation Value is greater than the Net Single Premium for the proposed death benefit, the death benefit will be automatically increased by multiplying the Accumulation Value by a percentage that is defined as $1,000 divided by the Net Single Premium. A table of the applicable percentage factors will be included as a part of the Policy Specifications when you receive your Policy.

The tests differ as follows:

(1) The Guideline Premium Test expressly limits the amount of Premium that you can pay into your Policy while the Cash Value Accumulation Test does not.

(2) The factors that determine the minimum death benefit relative to the Policy's Accumulation Value are different and required increases in the minimum death benefit due to growth in Accumulation Value will generally be greater under the Cash Value Accumulation Test.

(3) If you wish to pay more Premium than is permitted under the Guideline Premium Test, for example to target a funding objective, you should consider the Cash Value Accumulation Test, because it generally permits the payment of higher amounts of Premium. Please note that payment of higher Premiums could also cause your Policy to be deemed a MEC (see Tax Issues, sub-section Policies That Are MEC's in your prospectus).

(4) If your primary objective is to maximize the potential for growth in Accumulation Value, or to conserve Accumulation Value, generally the Guideline Premium Test will better serve this objective.

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

(5) While application of either test may require an increase in death benefit, any increase in the Cost of Insurance Charges that arises as a result of the increase in the Policy's Net Amount at Risk will generally be less under the Guideline Premium Test than under the Cash Value Accumulation Test. This is because the required adjustment to the death benefit under the Guideline Premium Test is lower than that which would result under the Cash Value Accumulation Test.

You should consult with a qualified tax advisor before choosing the death benefits qualification test.

Please ask your registered representative for illustrations which demonstrate the impact of selection of each test on the particular policy, including any riders, which you are considering.

**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 both Insureds. This notification must include a certified copy of an official death certificate for each Insured, a certified copy of a decree of a court of competent jurisdiction as to the finding of death for each Insured, or any other proof satisfactory to us.

After receipt at our Administrative Office of proof of death of both Insureds and any other necessary claims requirements, 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.

**Payment of Interest on Death Benefit Proceeds**

We will pay interest on any Death Benefit Proceeds payable. Interest shall accrue and will be paid from the date of the Insured's death to the date when Death Benefit Proceeds are paid at a rate equal to the rate applied to Death Benefit Proceeds left on deposit with us.

Additionally, we will pay interest on the Death Benefit Proceeds at an annual rate of ten percent (10.00%) beginning with the date that is 31 days from the latest of a., b., or c. to the date when Death Benefit Proceeds are paid, where:

a)

is the date of our receipt of due proof of death of the Insured;

b)

is the date we receive sufficient information to determine our liability, the extent of our liability, and the appropriate payee legally entitled to the Death Benefit Proceeds; and

c)

is the date the legal impediments to payment of Death Benefit Proceeds that depend on the action of parties other than us are resolved and sufficient evidence of the same is provided to us.

Legal impediments to payment shall include, but are not limited to (a) the establishment of guardianships and conservatorships; (b) the appointment and qualification of trustees, executors and administrators; and (c) the submission of information required to satisfy any state or federal reporting requirements.

Please see your Policy for state variations.

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.

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**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.** 

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br> **Optional**<br>| **Brief Description of**<br> **Restrictions/Limitations**<br>|
| &nbsp;&nbsp; Enhanced <br> Surrender Value <br> Rider <br>| Provides an <br> Enhanced Surrender <br> Value free of a <br> Surrender Charge if <br> you fully surrender <br> your Policy during <br> the first five Policy <br> Years.<br>| Optional | •Available at Policy purchase only. |
| &nbsp;&nbsp; Supplemental <br> Survivorship <br> Term Insurance <br> Rider (Estate <br> Protection Rider)<br>| Provides term <br> insurance coverage <br> in the amount you <br> select (the "Term <br> Insurance Benefit <br> Amount") which <br> ends on the fourth <br> anniversary of the <br> Effective Date of the <br> rider. <br>| Optional  | •Available at Policy purchase only. |
| &nbsp;&nbsp; No-Lapse <br> Enhancement <br> Rider<br>| Prevents lapse if the <br> Policy's Surrender <br> Value is insufficient <br> to cover the Monthly <br> Deductions.<br>| Standard | &nbsp;&nbsp;&nbsp; •Automatically issued at Policy purchase.<br> •You may not allocate Accumulation Value and <br> Premium Payments to the money market Sub-<br> Account except for purposes described in the "Right <br> to Examine Period" section; as an account from which <br> to transfer funds for the Dollar Cost Averaging <br> program as described in the "Optional Sub-Account <br> Allocation Programs" section; and in the event of a <br> fund liquidation described in the "Sub-Account <br> Availability and Substitution of Funds" section.<br> •Terminating Automatic Rebalancing will terminate <br> the No-Lapse Enhancement Rider attached to your <br> Policy. <br> •Maintaining Automatic Rebalancing with the <br> applicable allocation requirements, as described in <br> this prospectus, is required to keep this Rider in <br> force. <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br> **Optional**<br>| **Brief Description of**<br> **Restrictions/Limitations**<br>|
| &nbsp;&nbsp; Overloan <br> Protection Rider<br>| Provides that your <br> Policy will not lapse <br> solely based on Debt <br> exceeding the <br> Surrender Value.<br>| Standard | &nbsp;&nbsp;&nbsp; •Automatically issued at Policy purchase if Guideline <br> Premium Test is chosen. Not available if Cash Value <br> Accumulation Test is chosen. <br> •Once you exercise the benefit, the following changes <br> will be made to your Policy:<br> •We will no longer allow Premium Payments, Partial <br> Surrenders, or changes to the Specified Amount.<br> •All other riders will be terminated.<br> •No additional Monthly Deductions will be taken.<br> •The Separate Account Value will be transferred to the <br> Fixed Account.<br> •The Policy will become paid-up insurance (i.e. no <br> further payment will be required).<br>|
| &nbsp;&nbsp; Premium Reserve <br> Rider<br>| Allows you to pay <br> some Premiums that <br> accumulate in the <br> same manner as if <br> they had been <br> allocated to your <br> Policy without being <br> subject to all Policy <br> charges and <br> expenses. The <br> Premium Reserves, <br> in turn, can be used <br> to prevent the Policy <br> from lapsing.<br>| Optional | &nbsp;&nbsp;&nbsp; •Automatically issued at Policy purchase in states <br> where it is available. <br> •Premiums allocated to the Premium Reserve Rider do <br> not increase the Policy's Accumulation Value and, <br> therefore, will not decrease the Net Amount at Risk. <br> •If the entire Premium Reserve is transferred to <br> prevent a lapse, the rider will terminate, and no future <br> Premium Payments to the rider are permitted.<br>|
| &nbsp;&nbsp; Dollar Cost <br> Averaging<br>| An investment <br> strategy that divides <br> up the total amount <br> to be invested in one <br> or more sub <br> accounts over a <br> specified period of <br> time. This averages <br> the purchase cost of <br> the assets over time <br> and helps to reduce <br> the potential impact <br> of market volatility.<br>| Optional | &nbsp;&nbsp;&nbsp; •Available 1<sup>st</sup> policy year only, at Policy purchase. <br> •Cannot move money to Fixed Account or money <br> market Sub-Account. <br> •Automatically moves to Automatic Rebalancing after <br> 1<sup>st</sup> Policy Anniversary. <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or**<br> **Optional**<br>| **Brief Description of**<br> **Restrictions/Limitations**<br>|
| &nbsp;&nbsp; Automatic <br> Rebalancing<br>| To periodically <br> restore sub account <br> exposure to a pre-<br> determined level <br> selected by the <br> policyholder to <br> reduce potential risk <br> of exposure to <br> market volatility.<br>| Optional | &nbsp;&nbsp;&nbsp; •Is only available if there is more than one Sub-<br> Account.<br> •Occurs on a quarterly, semi-annual, or annual basis, <br> as elected by you.<br> •Must be maintained on product to keep No-Lapse <br> Enhancement rider (see Riders).<br> •Can be terminated; however will terminate No-Lapse <br> Enhancement rider (see Riders).<br>|

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**Buying the Policy**

**Premiums**

You may select and vary the frequency and the amount of Premium Payments and the allocation of Net Premium Payments. After the initial Premium Payment is made there is no minimum Premium required, except to keep the Policy in force. Premium Payments may be required from time to time in order to insure that the Surrender 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 younger Insured attains, or would have attained, 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 Net Premium Payments**

Your "Net Premium Payment" is the portion of a Premium Payment remaining after deduction of the Premium Load. The Net Premium Payment is available for allocation to the Sub-Account(s) made available to you and the Fixed Account (if available), if available to you. Currently, the Fixed Account is only available as an account for Dollar Cost Averaging. You must allocate all Net Premiums into the Sub-Account made available to you. Please refer to your Policy Specifications.

You first designate the allocation of Net Premium Payments among the Sub-Account(s) made available to you and Fixed Account (if available), on a form provided by us for that purpose. Net Premium Payments will be allocated on the same basis as the initial Net Premium Payment unless we are instructed otherwise, in writing. You may change the allocation of Net Premium Payments among the Sub-Accounts made available to you and Fixed Account (if available) at any time.

The amount of Net Premium Payments allocated to the Sub-Account(s) made available to you and Fixed Account (if available), must be in whole percentages and must total 100%. We credit Net Premium Payments to your Policy as of the end of the "Valuation Period" in which it is received in Good Order at our Administrative Office. Premium Payments received from you or your broker-dealer in Good Order at our Administrative Office prior to the close of the New York Stock Exchange (normally 4:00 p.m., Eastern time on a business day), will be processed using the accumulation unit value computed on that Valuation Date. Premium Payments received in Good Order after market close will be processed using the accumulation unit value computed on the next Valuation Date. Premium Payments submitted to your registered representative will generally not be processed by us until they are received from your representative's broker-dealer. Premium Payments placed with your broker-dealer after market close will be processed using the accumulation unit value computed on the next Valuation Date. There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern time). In such instances,

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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. These additional payments must be sent directly to our Administrative Office, and will be credited when received by us.

Unless you specifically direct otherwise, any payment received (other than any Premium Payment necessary to prevent, or cure, Policy Lapse) will be applied as Premium and will not repay any outstanding loans. There is no Premium Load on any payment which you specifically direct as repayment of an outstanding loan.

You may increase Planned Premiums, or pay additional Premiums, subject to certain limitations. We reserve the right to limit the amount or frequency of additional Premium Payments. You may decrease Planned Premiums. However, doing so will impact your policy values and may impact how long your Policy remains in force.

We may require evidence of insurability if any payment of additional Premium (including Planned Premium) would increase the difference between the death benefit and the Accumulation Value. If we are unwilling to accept the risk, your increase in Premium will be refunded without interest.

We may decline any additional Premium (including Planned Premium) or a portion of a Premium that would cause total Premium Payments to exceed the limit for life insurance under federal tax laws. Our test for whether or not your Policy exceeds the limit is referred to as the Guideline Premium Test or, if you so elected at the time you applied for the Policy, the Cash Value Accumulation Test. The excess amount of Premium will be returned to you. We may accept alternate instructions from you to prevent your Policy from becoming a MEC. Refer to the section headed "Tax Issues" for more information.

**How your policy can lapse**

If at any time:

1)

the Surrender Value of the Policy is insufficient to pay the Monthly Deduction, and

2)

the provisions of the No-Lapse Enhancement Rider are not preventing termination of the Policy, then all coverage will terminate. This is referred to as "Policy Lapse".

The Surrender Value may be insufficient:

1)

because it has been exhausted by earlier deductions;

2)

as a result of poor investment performance;

3)

due to Partial Surrenders;

4)

due to Debt for Policy Loans; or

5)

because of a combination of any of these factors.

If we have not received your Premium Payment (or payment of Debt on Policy Loans) necessary so that the Surrender Value of your Policy is sufficient to pay the Monthly Deduction amount on a Monthly Anniversary Day, we

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will send a Grace Notice to you, or any assignee of record. The Grace Notice will state the amount of the Premium Payment that must be paid to avoid termination of your Policy.

If the amount stated in the Grace 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 Grace Notice was mailed, and (b) 61 days after the Monthly Anniversary Day on which the Monthly Deduction could not be paid. If the second 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 second death has not occurred, 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 on: (a) both Insureds if the first death has not occurred; or (b) the surviving insured if lapse occurred after the death of one of the Insureds; is furnished to us and we agree to accept the risk for the Insured;

4)

we receive a payment sufficient to keep your Policy and any reinstated rider 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. Surrender Charges will be based on the duration from the original Policy Date as though the Policy never lapsed. Your Accumulation Value at reinstatement will be the Net 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 Net Premium Payment made less all Monthly Deductions due.

**Making withdrawals: accessing the money in your policy**

You may surrender your Policy at any time by submitting a written request for surrender. If you surrender your Policy, all coverage will automatically terminate and may not be reinstated. Consult your tax advisor to understand tax consequences of any surrender you are considering.

The Surrender Value of your Policy is the amount you can receive by surrendering the Policy. The Surrender Value is:

(i) the Policy's Accumulation Value less any Debt, less any applicable Surrender Charge, plus

(ii) the Premium Reserve Rider Accumulation Value less any Debt, minus

(iii) any Surrender Charge not covered by the Policy's Accumulation Value (which is not deducted in (i) above).

Policy Debt includes loans under the Policy and Premium Reserve Rider Debt includes loans under the Premium Reserve Rider.

If we receive a surrender or Partial Surrender request in Good Order at our Administrative Office before the close of the New York Stock Exchange (normally 4:00 p.m., Eastern time on a business day), we will process the request using the accumulation unit value computed on that Valuation Date. If we receive a surrender or Partial Surrender request in our Administrative Office after market close, we will process the request using the accumulation unit value computed on the next Valuation Date. There may be circumstances under which the New York Stock

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Exchange may close early (prior to 4:00 p.m., Eastern time). In such circumstances, surrenders or Partial Surrenders requested after such early market close will be processed using the accumulation unit value computed on the next Valuation Date.

Any surrender results in a withdrawal of values from the Sub-Accounts made available to you and Fixed Account (if available) and from the Premium Reserve Rider Sub-Accounts and Premium Reserve Rider Fixed Account that have values allocated to them. Any surrender from a Sub-Account or from a Premium Reserve Rider Sub-Account will result in the cancellation of Variable Accumulation Units. The cancellation of such units will be based on the Variable Accumulation Unit Value determined at the close of the Valuation Period during which the surrender is effective. Surrender proceeds will generally be paid within seven days of our receipt of your request.

**Partial Surrender**

You may make a Partial Surrender, withdrawing a portion of your policy values. You must request a Partial Surrender in writing. The amount of any Partial Surrender may not exceed 90% of the Policy's Surrender Value as of the date of your request for a Partial Surrender. We may limit Partial Surrenders to the extent necessary to meet the federal tax law requirements. Each Partial Surrender must be at least $500. Partial Surrenders are subject to other limitations as described below. If you wish to make a surrender in excess of 90% of the Surrender Value of your Policy, you must specifically request a Full Surrender of your Policy. Charges for Full Surrenders will apply (see section headed "Surrender Charges" for a discussion of Surrender Charges). Your Policy's Surrender Value equals the Policy's Accumulation Value less any Debt, less any applicable Surrender Charges. Policy Loans are Debt under your Policy and will reduce the Surrender Value available to you.

As of the end of the Valuation Day on which there is a Partial Surrender, the Accumulation Value will be reduced by the amount of the Partial Surrender plus any Partial Surrender Fee shown in the Policy Specifications. The amount of the Partial Surrender will be withdrawn first from the Premium Reserve Rider Sub-Accounts and Premium Reserve Rider Fixed Account in proportion to their values, and when such values are reduced to zero then from the Sub-Accounts made available to you and Fixed Account (if available) in proportion to their values. (See discussion in section headed "Riders—Premium Reserve Rider" for further details.)

A Partial Surrender will reduce the Specified Amount by the greater of:

a. zero; or <br> b. an amount equal to the amount of the Partial Surrender minus the result of [(1) minus (2)] divided by (3) where:

&nbsp;&nbsp;&nbsp;&nbsp;(1) is an amount equal to the Accumulation Value on the Valuation Day immediately prior to the Partial Surrender multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications; <br> (2) is the Specified Amount immediately prior to the Partial Surrender; and <br> (3) is the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications.

Partial Surrenders are deducted when the No-Lapse Value and the Reset Account Value of the No-Lapse Enhancement Rider are calculated. (See discussion in section headed "Riders – No-Lapse Enhancement Rider" for a detailed discussion of how benefits of this rider may be impacted by reductions of these values.)

Partial Surrender 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 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.** 

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| | | |
|:---|:---|:---|
| **Charge** | &nbsp;&nbsp; **When Charge**<br> **is Deducted**<br>| &nbsp;&nbsp; **Amount**<br> **Deducted**<br>|
| &nbsp;&nbsp; Maximum Sales Charge <br> Imposed on Premiums <br> (Load) | When you pay a Premium | &nbsp;&nbsp; As a percentage of the Premium <br> Payment paid:<br>|
| &nbsp;&nbsp; Maximum Sales Charge <br> Imposed on Premiums <br> (Load) | When you pay a Premium | •XX% in all Policy Years |
| Premium Tax | When you pay a Premium | &nbsp;&nbsp; Up to XX% charge included in the <br> Sales Charges included in the Premium <br> (Load)<sup>1</sup> <br>|
| &nbsp;&nbsp; Maximum Deferred Sales <br> Charge (Load)\* | &nbsp;&nbsp; When you take a Full Surrender or <br> reduce the Specified Amount<sup>2,3</sup>  | &nbsp;&nbsp;&nbsp; •Maximum Charge: $XX per $1,000 of <br> Specified Amount <br>|
| &nbsp;&nbsp; Maximum Deferred Sales <br> Charge (Load)\* | &nbsp;&nbsp; When you take a Full Surrender or <br> reduce the Specified Amount<sup>2,3</sup>  | &nbsp;&nbsp;&nbsp; •Maximum Charge for a <br> Representative Insured (male and <br> female, age 55, standard non-<br> tobacco, in year one): $XX per <br> $1,000 of Specified Amount<br>|
| Transfer Fee | &nbsp;&nbsp; Applied to any transfer request in <br> excess of 24 made during any Policy <br> Year<br>| $XX for each additional transfer |

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\*

Charge varies based on individual characteristics of the Insured. The charges and costs shown in the table may not be representative of the charges and costs that a particular Owner will pay. You may obtain more information about the particular charges that would apply to you by requesting a personalized policy illustration from your registered representative.

<sup>1</sup>

The Maximum Sales Charge Imposed on Premiums is anticipated to cover the Company's costs for sales expenses and any policy-related state and federal tax liabilities. Policy-related taxes imposed by states range from 0% to 5%. In considering policy-related state taxes components of the sales charge, the Company considers the average of the taxes imposed by the states rather than any taxes specifically imposed by the state in which the Owner resides. We use an average of 3% to account for state and federal tax obligations.

<sup>2</sup>

During the life of the Policy, you may request one or more Partial Surrenders, each of which may not exceed 90% of your Policy's Surrender Value as of the date of your request. If you wish to surrender more than 90% of your Policy's Surrender Value, you must request a Full Surrender of your Policy, which is subject to the Surrender Charge reflected in the table above. (See section headed "Partial Surrenders" for a discussion of Partial Surrenders of your Policy.)

<sup>3</sup>

For up to XX years from the Policy Date and up to XX years from the effective date of each increase in Specified Amount, a Surrender Charge will be deducted at the time you effect a Full Surrender of your Policy. For up to XX years from the Policy Date or up to XX years form the effective date of each increase in Specified Amount, a Surrender Charge may be deducted at the time you effect a Reduction in Specified Amount.

***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.** 

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| | | |
|:---|:---|:---|
| **Charge** | **When Charge is Deducted** | **Amount Deducted** |
| **Base Contract Charges** | **Base Contract Charges** | **Base Contract Charges** |
| Cost of Insurance\* | Monthly | &nbsp;&nbsp; As a dollar amount per $1,000 of Net <br> Amount at Risk<sup>1</sup>:<br>|
| Cost of Insurance\* | Monthly | •Maximum: $XX per $1,000 |
| Cost of Insurance\* | Monthly | •Minimum: $XX per $1,000 |
| Cost of Insurance\* | Monthly | &nbsp;&nbsp;&nbsp; •Maximum Charge for Representative <br> Insureds (male and female, both age <br> 55, standard non-tobacco, in year <br> one): $XX per $1,000<br>|
| &nbsp;&nbsp; Mortality and Expense Risk <br> Charge ("M&E")<br>| Monthly | &nbsp;&nbsp; Maximum of XX%, effective annual <br> rate, as a percentage of Separate <br> Account value, calculated monthly<sup>2</sup> <br>|
| Administrative Fee\* | Monthly | &nbsp;&nbsp; $XX, plus an additional amount up to a <br> maximum of $XX per $1,000 of Initial <br> Specified Amount or increase in <br> Specified Amount<sup>3</sup> <br>|
| Policy Loan Interest | Annually | &nbsp;&nbsp; As an annualized percentage of amount <br> held in the Loan Account<sup>4</sup> <br>|
| Policy Loan Interest | Annually | XX% |
| Overloan Protection Rider | Upon use of the benefit | &nbsp;&nbsp; One-time charge subject to a maximum <br> of XX%, as a percentage of current <br> Accumulation Value<br>|
| **Optional Benefit Charges** | **Optional Benefit Charges** | **Optional Benefit Charges** |
| &nbsp;&nbsp; Enhanced Surrender Value <br> Rider<br>| Monthly (in Policy Years 2-5 only) | &nbsp;&nbsp; $XX per $1,000 of Initial Specified <br> Amount<br>|
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | &nbsp;&nbsp; A dollar amount per $1,000 of Death <br> Benefit.<sup>5</sup> <br>|
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | •Maximum: $XX per $1,000 |
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | •Minimum: $XX per $1,000 |
| Estate Protection Rider\* | Monthly (in Policy Years 1-4 only) | &nbsp;&nbsp;&nbsp; •Maximum Charge for Representative <br> Insureds (male and female, both age <br> 55, standard non-tobacco, in year <br> one): $XX per $1,000<br>|
| Premium Reserve Rider | &nbsp;&nbsp; When you allocate a Premium Payment <br> to this rider | &nbsp;&nbsp; As a percentage of the Premium <br> Payment allocated to this rider<sup>6</sup>:<br>|
| Premium Reserve Rider | &nbsp;&nbsp; When you allocate a Premium Payment <br> to this rider | •XX% in all Policy Years |

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\*

Charges and costs vary based on individual characteristics of the Insured. The charges and costs shown in the table may not be representative of the charges and costs that a particular Owner will pay. You may obtain more information about the particular charges that would apply to you by requesting a personalized policy illustration from your registered representative.

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<sup>1</sup>

Individuals with a higher mortality risk than standard issue individuals can be charged from 125% to 5,000% of the standard rate. However, under no circumstances would the charge be higher than the maximum amount shown in the table above.

<sup>2</sup>

Guaranteed at an effective annual rate of XX% in Policy Years XX and XX% in Policy Years XX.

<sup>3</sup>

The additional amount applies until the younger Insured's Attained Age of 121 or any increase in Specified Amount. The additional amount varies based on individual characteristics. Per $1,000 of Initial Specified Amount or increase in Specified Amount, the maximum additional amount is $XX per $1,000, the minimum amount is $XX per $1,000, and the maximum charge for representative Insureds (male and female, both age 55, standard non-tobacco) is $XX per $1,000.

<sup>4</sup>

Although deducted annually, interest accrues daily. As described in the section headed "Policy Loans", when you request a Policy Loan, amounts equal to the amount of the loan you request are withdrawn from the Sub-Accounts and the Fixed Account (if available) 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 XX% in Policy Years XX and XX% in Policy Years XX.

<sup>5</sup>

Individuals with a higher mortality risk than standard issue individuals can be charged from 125% to 5,000% of the standard rate. However, under no circumstances would the charge be higher than the maximum amount shown in the table above.

<sup>6</sup>

Allocations of Premium Payments to the rider are at your discretion. Allocations of Premium Payments to the rider are subject to the charge shown in the "Periodic Charges Other Than Underlying Fund Fees and Operating Expenses" table and are not subject to the "Maximum Sales Charge Imposed on Premiums" shown in "Transaction Fees" table. This charge is called the Premium Reserve Rider Premium Load. Rider Accumulation Value allocated to the Separate Account is subject to the Mortality and Expense Risk Charge (which does not exceed XX% in Policy Years XX and XX% for Policy Years XX).

**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.** 

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| | | |
|:---|:---|:---|
| **Annual Fund Expenses** | **Minimum** | **Maximum** |
| &nbsp;&nbsp; (expenses are deducted from fund assets, including management fees, distribution, <br> and/or 12b-1 fees, and other expenses)<br>| XX% | XX%\* |

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\*

The Total Annual Operating Expenses shown in the table do not reflect waivers and reductions. Underlying Funds may offer waivers and reductions to lower their fees. Currently such waivers and reductions range from XX% to XX%. These waivers and reductions generally extend through April 30, 2024 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.

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**Appendix A: Funds Available Under the policy**

The following is a list of Underlying Funds currently available under the Policy. Depending on the optional benefits you choose, you may not be able to invest in certain funds. 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup> <br>| **Current Expenses**  | **Average Annual Total**<br> **Returns (as of 12/31/22)** | **Average Annual Total**<br> **Returns (as of 12/31/22)** | **Average Annual Total**<br> **Returns (as of 12/31/22)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| [To be added later by amendment] | [To be added later by <br> amendment]<br>| XX% | XX% | XX% | XX% |
| &nbsp;&nbsp; Current income while (i) maintaining a <br> stable value of your shares (providing <br> stability of net asset value) and (ii) <br> preserving the value of your initial <br> investment preservation of capital).<br>| LVIP Government Money <br> Market Fund (Standard <br> Class)<br>| XX% | XX% | XX% | XX% |

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<sup>1</sup>

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.

**Current Investment Restrictions for Optional Benefits – No-Lapse Enhancement Rider**

We currently impose an investment restriction under the No-Lapse Enhancement Rider. The current Underlying Fund investment restriction(s) applies:

When the No-Lapse Enhancement Rider is in effect, you may only allocate Accumulation Value and Premium Payments to the Lincoln Variable Insurance Products Government Money Market Fund for:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the purposes described in the "Right to Examine Period" section of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;(b) as an account from which you may transfer funds for the Dollar Cost Averaging program as described in the "Optional Sub-Account Allocation Programs" section; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a fund liquidation described in the "Sub-Account and Substitution of Funds" section.

Use of the money market Sub-Account other than as described above will result in the Rider terminating.

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This initial summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the policy, both dated XX XX, 2023, 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-_____; 811-08579 <br> EDGAR Contract Identifier C_________

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