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You re in control of your destination Life insurance offering broad investment options with cash value growth potential and protection LIFE SOLUTIONS Lincoln AssetEdge VUL* 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 Client Guide Insurance products issued by: The Lincoln National Life Insurance Company Lincoln Life & Annuity Company of New York 1182514

Give your financial future an edge with Lincoln AssetEdge VUL* You ve worked hard to get to where you are in life and have big plans for the future. Protect your wealth today and be ready for tomorrow. Variable universal life (VUL) insurance is a great way to provide financial protection for your family s well-being along with tax-efficient growth opportunity. And with tax rates reaching their highest levels in more than 30 years, minimizing your tax exposure has never been more important. 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. *Lincoln AssetEdge VUL (2015). 2

Lincoln AssetEdge VUL is a variable universal life insurance policy offering income tax-free death benefit protection that can serve as a potential supplemental financial resource. Invest the way you want for tax-efficient growth potential No contribution or income limits 1 You have freedom to pursue market-driven tax-efficient growth potential from more than 80 variable investment options, plus a Fixed Account and indexed account options Complete ownership and control of your variable investment options Be prepared for future needs with a tax-efficient financial resource An income tax-free death benefit to help you protect your family now and later Potential cash flow through policy loans or withdrawals including indexed account participating loans with guaranteed downside protection 2 Optional rider that can provide a source of supplemental, tax-advantaged funds in the event of permanent chronic or terminal illness 3 Get added security with a no-lapse provision for up to 20 years. 4 Aim to achieve your wealth protection goals with Lincoln AssetEdge VUL Tax-efficient growth potential combined with opportunity to help you address whatever is in your future. Supplemental retirement assets College tuition Chronic illness protection Protect your legacy Whatever s important to you 1 Face amount restrictions may apply and are subject to underwriting guidelines. 2 Loans and withdrawals will reduce the policy s cash value and death benefit. Loans are not considered income and are not taxable while withdrawals are tax-free up to the policy s cost basis, provided the policy is not a modified endowment contract (MEC). If amounts are withdrawn from the indexed accounts prior to the end of the term, any interest earned for that term will be forfeited. 3 Available at issue at an additional cost where available. 4 If the no-lapse benefit expires or terminates, the account value must be sufficient to keep the policy in-force or additional premium will be required to avoid a policy lapse. Paying only the premium required to satisfy the no-lapse guarantee may lessen the buildup of the policy s account value. 3

Invest the way you want with tax-efficient growth How does my money grow? You ll have the freedom to choose from a wide range of allocation options for growth opportunities. You and your advisor can craft your asset allocation to help meet your objectives. Choose the options that may work best for you: More than 80 market-driven variable investment options Maximum growth potential 1 The Lincoln Elite Series of Funds covers every major asset class Well-known investment managers Check-the-box asset allocation funds Multiple risk management strategies designed to stabilize volatility in all market environments through a combination of asset allocation and ongoing volatility management Three 1-year point-to-point indexed account options tied to the S&P 500 Index 2 Moderate growth potential with guaranteed downside protection Options cover a wide range of S&P 500 Index returns Offers opportunity to reduce investment risk at retirement by moving policy value to the indexed account, where values are protected by a guaranteed floor, yet still experience moderate growth potential Access to participating loans borrowed value continues to have indexed growth potential with guaranteed downside protection Guaranteed minimum 1% interest rate 3 A Fixed Account that offers predictable growth Conservative growth potential Not subject to market volatility Competitive current interest rate Guaranteed minimum 1% interest rate 3 The flexibility to change throughout all of life s phases As your life and your financial goals change, you have the ability to adjust your investment allocations to keep them aligned with your risk tolerance and investment objectives. 4 1 Policy values will fluctuate and are subject to market risk and to possible loss of principal. 2 Excluding dividends. 3 Guarantees are subject to the claims-paying ability of the issuing company. Policy charges remain in effect and could reduce your policy value. Caps and participation rates may apply and are declared for each indexed account segment at the beginning of the segment year. Subsequent rates may differ but will never be less than the guaranteed minimum.

VARIABLE INVESTMENT OPTIONS Maximum growth potential with market-driven variable investment options More than 80 variable investment options to choose from in our Lincoln Elite Series of Funds Variety of check-the-box asset allocations and fund-of-funds options The Lincoln Risk Managed Strategies designed to stabilize volatility in all market environments through a combination of asset allocation and ongoing volatility management Dollar cost averaging and auto-rebalancing to further ensure that your asset allocation strategy remains aligned with your risk tolerance and investment objectives 4 With Lincoln, you re not limited in your variable fund selection. Our investment partners represent some of the industry s most respected managers, and our menu includes a diverse selection of traditional and alternative investment options. Select one fund or diversify with a blend of funds to help meet your objectives. 5 You and your advisor can craft your asset allocation using names you know to help meet your objectives. SM 4 Neither dollar cost averaging (DCA) nor portfolio auto-rebalancing assures a profit or protects against loss in declining markets. Because dollar cost averaging involves continuous investment regardless of changing price levels, clients should consider their ability to continue purchasing through periods of all price levels. 5 Diversification does not assure a profit or protect against loss. 5

VARIABLE INVESTMENT OPTIONS Help maximize future accumulation with The Lincoln Risk Managed Strategies Diversification and risk management in a single fund Choosing the right investments is an important part of your strategy to potentially build your life insurance policy s cash value. And if you re like most people, you ll want to protect your assets from market volatility. What do you mean by volatility management? Volatility management seeks to limit the variation in the return of a fund. Volatility The variation in the return of a fund or security over time, usually measured by standard deviation. Standard deviation is a measure of the variation of returns from the average. } Volatility management The attempt to limit the variation in the return of a fund. The Lincoln Risk Managed Strategies are designed to help you minimize the impact in a down market. The LVIP Managed Volatility Funds and LVIP Managed Risk Funds are strategically diversified allocation funds that seek to deliver long-term appreciation while stabilizing volatility. Risk management features Equity exposure is lowered when volatility increases to potentially reduce losses and increased when volatility decreases to potentially participate in gains. Volatility management is achieved through use of exchange-traded futures contracts without adjusting the actual portfolio allocation. The LVIP Managed Risk Funds offer an additional layer of risk management (not directly linked to the volatility management overlay) that provides the potential for greater protection during bear markets. Lincoln Investment Advisors Corporation (LIAC), is the investment advisor for the LVIP Managed Volatility Funds and LVIP Managed Risk Funds. The risk management strategies are not guaranteed, may not perform as expected, and shareholders may experience loss. 6

INDEXED ACCOUNT OPTIONS Moderate growth potential with guaranteed downside protection Three 1-year point-to-point indexed accounts tied to S&P 500 Index performance to cover a wide range of returns. A guaranteed minimum 1% interest crediting rate to give you protection against losses and reduced volatility on policy assets.* Gains are locked in. Since the indexed accounts never earn a negative interest rate, you never have to recover from S&P 500 Index losses before seeing positive interest credited. Select from one account or diversify with a blend of accounts to help meet your objectives. Indexed accounts are eligible for interest linked to the percentage change in the S&P 500 for the segment year, also known as the 1-year point-to-point. Your credited interest is locked in at the end of each one-year-segment period, so gains are never lost due to poor market performance. High Participation 1-Year Point-to-Point Indexed Account Earns the percentage change increased by a participation rate up to a cap Designed to offer better returns through higher participation when the S&P 500 returns are lower Capped 1-Year Point-to-Point Indexed Account Earns the full percentage change up to a cap Designed to offer better returns when S&P 500 returns are moderate Uncapped 1-Year Point-to-Point Indexed Account Earns a portion of the percentage change based on a participation rate with no cap Designed to offer better returns when S&P 500 returns are higher Building and protecting your wealth by reducing market risk Guaranteed minimum 1% return* When the index percentage change is less than 1%, your account is still credited 1%. Growth potential When the index percentage change is positive for the 1-year indexed period, your account is credited a positive rate. Gains locked in Since the indexed accounts never earn a negative interest rate, you never have to recover from S&P 500 Index losses before seeing positive interest credited. * Policy charges remain in effect and could reduce your policy value. Caps and participation rates may apply and are declared for each indexed account segment at the beginning of the segment year. Subsequent rates may differ but will never be less than the guaranteed minimum. If the indexed account fails to provide adequate returns, premium payments may need to be increased in order to keep the policy from lapsing. 7

Be prepared for future needs with a tax-efficient financial resource Wherever you are in life, Lincoln AssetEdge VUL is one solution for protection, accumulation and cash value. Get the convenience of one policy with the options to help you achieve your goals throughout life. INVESTMENT OBJECTIVE: REDUCE MARKET RISK WHEN ACCESSING YOUR CASH VALUE Maximum growth potential* Moderate growth potential with guaranteed downside protection When you want to be more aggressive towards accumulating wealth Over 80 variable investment options covering every major asset class and risk tolerance Risk-managed strategies for volatility management DCA and automatic rebalancing programs Accumulation phase Take advantage of investment freedom and the flexibility to change your investment mix based on risk tolerance. When you are ready to access your cash value and want to be reduce your exposure to market risk Three indexed account options each covering a range of S&P 500 Index returns 1% minimum interest crediting rate Participating loans Retirement phase Take advantage of the indexed account participating loan option. Reduce investment risk at retirement by moving policy value to the Index Account where values are protected by a guaranteed floor, yet still experience moderate growth potential. *Policy values will fluctuate and are subject to market risk and to possible loss of principal. And no matter when you retire, you have flexibility to take policy loans and withdrawals without affecting your: Income tax bracket Capital gains Medicare premiums Modified adjusted gross income Social Security benefits 8

How do I access the cash value in my Lincoln AssetEdge VUL policy? Withdrawals Minimum = $500 Maximum = 90% of cash surrender value Withdrawal cannot decrease the specified amount below the minimum required specified amount. What are my borrowing options? With Lincoln AssetEdge VUL, you have the freedom to choose from a fixed loan or indexed account participating loan. Fixed loan More predictable tax-efficient policy loans If you prefer the predictability of knowing exactly where you stand, consider the fixed loan. The amount you borrow from the policy value is transferred to a loan account and has a guaranteed charged and credited rate. Guaranteed annual interest rate charged: 4% 3% in years 1 10 in years 11+ Guaranteed interest credited: 3% all years Zero net cost in policy years 11+ Indexed account participating loan Tax-efficient policy loan potential with downside protection With a participating loan, all of the money you borrow from your policy s indexed account(s) value continues to work for you. That means all of your borrowed policy value continues to have indexed growth potential with downside protection, as if it were never taken out. Guaranteed annual interest rate charged: 6% 5% for policy years 1 10 in year 11 to attained age 121 Interest credited: Tied to indexed account performance Guaranteed minimum interest rate: 1% Strengthen your policy with overloan protection Ask your advisor about the Overloan Protection Rider. 1 If eligible, it can guarantee that your heavily funded and heavily loaned policy will not lapse or incur adverse tax consequences in the event of a market downturn. Distributions are taken through loans and withdrawals, which reduce a policy s cash value and death benefit and may cause the policy to lapse. Loans are not considered income and are tax free. Withdrawals and surrenders are tax-free up to your cost basis, provided your policy is not a modified endowment contract (MEC). A MEC policy is one in which the life insurance limits exceed certain high levels of premium or the cumulative premium payments exceed certain amounts specified under the Internal Revenue Code. For policies that are MECs, distributions during the life of the insured, including loans, are first treated as taxable to the extent of income in the contract, and an additional 10% federal income tax may apply for withdrawals made prior to age 59½. 1 The Overloan Protection Rider is automatically included with your policy and can be activated subject to the conditions of the rider. There is a charge once the rider is exercised. Only available on policies with a Death Benefit Qualification Test = Guideline Premium Test (GPT). 9

The flexibility you need if the unexpected happens Lincoln LifeEnhance Accelerated Benefits Rider Now there s a way to turn your policy s death benefit into a living benefit when it s needed most! The Lincoln LifeEnhance Accelerated Benefits Rider provides a source of supplemental, tax-advantaged funds to use for any purpose if you develop a permanent chronic or terminal illness. 1 This policy enhancement is available at policy issue for an additional cost. 2 Advantages you can feel good about Funds for anything you choose including family-given care Benefits start at day one no waiting period 3 No receipts required Choice of a monthly or lump-sum chronic illness benefit 4 Policy is protected from lapsing without additional premiums once your death benefit is accelerated 5 80% of those who need long-term care services More than 80% of those who need long-term care receive services at home. 6 You can use Lincoln LifeEnhance accelerated benefits to help fund what traditional long-term care and Medicare plans don t cover home care, home remodeling, and transportation needs. You can even help relieve the physical, emotional and financial burdens of family members who may provide care. Or use the funds to help cover professional nonfamily care services in your home. 10 1 Subject to certain requirements. 2 The Lincoln LifeEnhance Accelerated Benefits Rider is available for an additional cost at policy issue for ages 20 80 if you qualify. Accelerated death benefits may be taxable and may affect public assistance eligibility. Other account values are reduced proportionately with each acceleration payment. 3 Once all eligibility conditions are met. 4 Lump-sum chronic illness benefit is not available in New York. 5 If the no-lapse benefit expires or terminates, the account value must be sufficient to keep the policy in-force or additional premiums will be required to avoid the policy lapse. Paying only the premium required to satisfy the no-lapse guarantee may lessen the potential for build-up of the policy s account value. 6 Long-Term Care Commission, A Comprehensive Approach to Long-Term Services and Supports, http://www.aapd.com/resources/press-room/ltss-alternative-report.pdf, September 23, 2013.

The Lincoln AssetEdge VUL advantage upside potential with options for downside protection The benefit of a traditional VUL is financial protection for your loved ones along with greater upside potential from market-driven variable investment options. This opportunity is subject to market volatility and the possibility for loss. However, with Lincoln AssetEdge VUL, you have the advantage of a variety of investment options, including indexed accounts that provide the downside protection of a 1% floor. Keep in mind that indexed accounts may have caps and/or participation rates, which will limit gains. For today s needs Death benefit protection for your family Tax-efficient cash value growth potential Freedom of choice in your investment selections Complete ownership and control of your variable investment options Potential for reduced volatility through variable risk-managed strategies Added security with a no-lapse provision for up to 20 years For tomorrow s dreams Flexibility to change your investment allocations as your needs change Access to a tax-efficient financial resource to do the things you want in life Downside protection through indexed account options Optional rider that can provide a source of supplemental, tax-advantaged funds in the event of a permanent chronic or terminal illness 11

Discover how Lincoln Wealth Protection Expertise can help protect your hard-earned assets from the challenges of today s changing financial landscape. Talk with your advisor today. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ( SPDJI ), and has been licensed for use by The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York. The Lincoln National Life Insurance Company s and Lincoln Life & Annuity Company of New York s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. Important information: 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 2016 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-1182514-042415 POD 9/16 Z05 Order code: AE-2015-BRC001 16-001610 THE LVIP MANAGED VOLATILITY FUNDS AND LVIP MANAGED RISK FUNDS ARE NOT GUARANTEED OR INSURED BY LINCOLN OR ANY OTHER INSURANCE COMPANY OR ENTITY, AND SHAREHOLDERS MAY EXPERIENCE LOSSES. THE STRATEGIES USED BY THESE FUNDS ARE SEPARATE AND DISTINCT FROM ANY ANNUITY OR INSURANCE CONTRACT RIDER OR FEATURES. Lincoln Financial Group affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Please consult an independent advisor as to any tax, accounting or legal statements made herein. Loans and withdrawals Distributions are taken through loans and withdrawals, which reduce a policy s cash value and death benefit and may cause the policy to lapse. Loans are not considered income and are tax free. Withdrawals and surrenders are tax free up to your cost basis, provided your policy is not a modified endowment contract (MEC). A MEC policy is one in which the life insurance limits exceed certain high levels of premium, or the cumulative premium payments exceed certain amounts specified under the Internal Revenue Code. For policies that are MECs, distributions during the life of the insured, including loans, are first treated as taxable to the extent of income in the contract, and an additional 10% federal income tax may apply for withdrawals made prior to age 59½. The Lincoln LifeEnhance Accelerated Benefits Rider is not longterm care insurance nor is it intended to replace the need for long-term care insurance. The benefits are supplementary to the primary need for death benefit protection. The rider may not cover all of the costs associated with the chronic illness of the insured. The benefits of the rider are limited by the policy s death benefit at the time of claim; long-term care insurance does not typically contain this limitation. Tax qualification The benefits paid under this rider are intended to be treated as accelerated death benefits under section 101(g)(1) of the Internal Revenue Code of 1986, as amended (the Code ). The Company considers the benefits paid under this rider that do not exceed the maximum Per Diem Limit as prescribed by law to be eligible for exclusion from income under section 101(a) of the Code to the extent that all applicable qualification requirements under the code are met. If benefits are paid in excess of the applicable Per Diem Limit, or if benefits are paid and all applicable qualification requirements are not met, the benefits may constitute taxable income to the recipient. This rider is not intended to be a qualified long-term care insurance contract under section 7702(b) of the Code. The tax treatment of the accelerated death benefits may change, and you should always consult and rely on the advice of a qualified tax advisor. Lincoln AssetEdge VUL (2015) is issued on policy form LN683, with optional rider form number LR631, and state variations by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a brokerdealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Policies sold in New York are issued on policy form LN683 with optional rider form number LR631 by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. 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.