L IFE SOLUTIONS

Insurance products issued by: The Lincoln National Life Insurance Company

Not a deposit Not FDIC-insured May go down in value

Not insured by any federal government agency

Not guaranteed by any bank or savings association

791695

Client Guide

Lincoln VULONE Suite

A lifetime guaranteed death benefit with the freedom to pursue growth potential

Guaranteed protection for life

Guaranteed lifetime protection with flexibility for the future Variable universal life insurance (VUL) provides protection for your family’s financial well-being and serves as a potential supplemental financial resource for you.

Why choose from the Lincoln VULONE Suite*?You want the assurance of a death benefit that’s guaranteed for life,

without sacrificing the potential for market-driven returns. Regardless of

market conditions, your loved ones or beneficiaries will receive a guaranteed

legacy that transfers income tax-free and possibly estate tax-free.1 Plus,

you can choose options that further enhance the policy’s flexibility to

respond to your future liquidity needs.

Choose the policy that works for you

*Lincoln VULONE (2014) and Lincoln SVULONE (2013).1 Assumes the policy is funded as specified. Requires proper planning under current tax law. Life insurance death benefit proceeds are typically excluded from income taxes. There may be exceptions, such as when a life insurance policy is transferred for valuable consideration.

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Choose Lincoln VULONE to insure one life.

It pays an income tax-free guaranteed death benefit.

Choose Lincoln SVULONE to insure two lives.

It pays an income tax-free guaranteed death benefit at the end of the second life.

Enjoy all of these features in one policy

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A lifetime guaranteed death benefit regardless of market performanceOur Optimal No-Lapse Enhancement (ONE) Rider guarantees your death benefit for life — no matter what the market does or what investment options you choose. This assumes you fund your policy as specified.2

Freedom to pursue growth potential •You can have access to tax-advantaged cash in the future for your unexpected needs.

•You can feel confident knowing you and your advisor have the flexibility to pursue the policy investment options you want for growth potential, which do not impact your guaranteed protection.

•Choose diverse investment options from our Lincoln Elite Series of Funds — there are no restrictions. You have the freedom to make the investment choices that align with your goals and risk tolerance.

Positive investment option performance could provide additional flexibility.3

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Guarantees are subject to the claims-paying ability of the issuing company.2 To maintain the guaranteed death benefit protection, automatic rebalancing is required and the use of the money market investment option is limited to the right-to-examine period, or as an account from which to transfer funds for the dollar cost averaging (DCA) program.

3 With any VUL product, certain fees and costs are involved, including monthly cost of insurance, administrative expense and premium load charges, as well as daily charges on assets invested in the variable subaccounts for mortality and expense risk, and asset management fees. Please consult the prospectus or ask your financial advisor for more detailed information. Positive investment option performance is not guaranteed.

With the Lincoln VULONE Suite, you have the solid combination of guaranteed protection and flexibility to help you achieve your goals.

Here’s how Lincoln VULONE and SVULONE work

The financial flexibility you need

You

A guaranteed

death benefit

for life

Cash value growth

potential

Pass on

an income

tax-free legacy

Choose to stop paying premiums1

and/ or

and/ or

1Assuming your policy has been designed with ongoing premiums.2Assuming your policy was not designed with a lifetime guarantee.3 Our Premium Reserve Rider gives you access to any potential cash value, above a predetermined threshold, without impacting your guaranteed death benefit. The Premium Reserve Rider is included where applicable and is subject to certain fees and account credits if premiums are directed to this rider.

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Permanent rewards for strong performance If you have positive investment option performance and as a result of your cash value

growth reaching a predetermined threshold, you permanently gain the ability to:

Extend the guarantee

duration2

Access the excess policy cash

value growth3

What the Lincoln VULONE Suite can provide for you

SecurityYou can feel confident with a death benefit that’s guaranteed for life — regardless of investment choices.

Flexibility

Experience tax-efficient cash value growth potential to help meet your financial goals.

Access the potential cash value in the future to do the things you want in life.4

Help enhance your estate. Know that you can prepare for future tax uncertainty and preserve wealth.

Convenience

You and your advisor can adapt your policy to help meet your needs. For example, the Lincoln LifeEnhance® Accelerated Benefits Rider (ABR) can make the death benefit work for you in the event of an unexpected permanent chronic or terminal illness. Not available on Lincoln SVULONE.5

Talk to your advisor about the options that may be right for you.

4 Loans and withdrawals reduce the account value and death benefit, may cause the policy to lapse, and may have tax implications.5 Available on Lincoln VULONE at an additional cost, subject to requirements. Benefits and availability may vary by state. Accelerated death benefits may be taxable and may affect public assistance eligibility. Please see the prospectus for additional information. Not available on Lincoln SVULONE.

You’re in charge Your life changes. Customize your policy to help you achieve your objectives or respond to future liquidity needs.

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Freedom of choice!Craft your policy portfolio to match your investment styleChoose diverse investment options from our Lincoln Elite Series of Funds. You and your advisor can craft your asset allocation with names you know — Fidelity, American Funds, Franklin Templeton, and more. There are more than 70 investment choices.

With Lincoln, you are not limited in your fund selection. You’re free to pick individual options or to select a managed asset allocation portfolio. If you don’t want to worry about trying to “time the market,” consider the LVIP Managed Risk Profile Funds, which are structured to offer multiple levels of diversification for your investments.1 Go with the approach that’s easiest and works best for you.

Take advantage of dollar cost averaging2 and automatic rebalancing3 to further ensure that your asset allocation strategy remains aligned with your risk tolerance and investment objectives.

1 Diversification does not assure a profit or protect against loss.2 Dollar cost averaging is an optional program that enables you to systematically reallocate specified dollar amounts from the fixed or money market accounts to the variable accounts on a monthly basis, up until the first policy anniversary while the ONE Rider is in effect. By allocating funds on a regular basis as opposed to a one-time allocation, you may reduce the average cost per unit over time. Neither dollar cost averaging (DCA) nor portfolio rebalancing assures a profit or protects against loss in declining markets. Because dollar cost averaging involves continuous investment in securities, regardless of fluctuating price levels. You need to consider if you’ll be in a position to continue purchasing through periods of low price levels.

3 Quarterly automatic rebalancing is required with the Optimal No-Lapse Enhancement (ONE) Rider and will begin at the end of the first quarter following the first policy anniversary, when dollar cost averaging is selected. Automatic rebalancing ensures that the original allocation is maintained regardless of the performance of your investment options. Please note: If automatic rebalancing is terminated, the ONE Rider and its protection will likewise be terminated and cannot be reinstated.

Fidelity Investments and Pyramid Design logo is a registered service mark of FMR LLC. Used with permission.

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Investments

Feel confident that you can pursue the policy investment options you want for growth potential without impacting your guaranteed death benefit.

Feel good about life with thefinancial protection you deserve.

Ask your advisor about the Lincoln VULONE Suite of products today!

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Not a deposit

Not FDIC-insured

Not insured by any federal government agency

Not guaranteed by any bank or savings association

May go down in value

©2014 Lincoln National Corporation

LincolnFinancial.com

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.

Affiliates are separately responsible for their own financial and contractual obligations.

LCN-791695-010714 POD 1/14 Z02 Order code: SV1-SUIT-BRC001

Important disclosures:

THE LVIP MAnAgEd RIsk PRofILE fUnds ARE noT gUARAnTEEd oR InsUREd BY LInCoLn oR AnY oTHER InsURAnCE CoMPAnY oR EnTITY, And sHAREHoLdERs MAY EXPERIEnCE LossEs. THE PRoTECTIon sTRATEgY UsEd BY THEsE fUnds Is sEPARATE And dIsTInCT fRoM AnY AnnUITY oR InsURAnCE ConTRACT RIdER oR fEATUREs.

This material was prepared to support the promotion and marketing of investment and insurance products. Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used for the purpose of avoiding U.S. federal, state, or local tax penalties. Please consult your own independent advisor as to any tax, accounting, or legal statements made herein.

Lincoln VULONE (2014) is issued on policy form LN696, with optional rider form number LR630, and state variations, and Lincoln SVULONE (2013)is issued on policy form LN697 and state variations by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.

All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

Lincoln variable universal life insurance is sold by prospectus. Carefully consider the investment objectives, risks, and charges and expenses of the policy and its underlying investment options. This and other important information can be found in the prospectus for the variable universal life policy and the prospectus for the underlying investment options. Prospectuses are available upon request and should be read carefully before investing or sending money. For a current prospectus, please call 800-444-2363 or go to www.LincolnFinancial.com.

Policy values will fluctuate and are subject to market risk and to possible loss of principal. Products, riders and features are subject to state availability. Limitations and exclusions may apply. Not for use in the state of New York.

Lincoln Investment Advisors Corporation (LIAC) serves as the investment advisor to the LVIP Managed Risk Profile Funds and LVIP RPM Funds. LIAC is the subsidiary of The Lincoln National Life Insurance Company responsible for analyzing and reviewing the investment options within Lincoln variable products and providing recommendations regarding these options to Lincoln senior management.