Lincoln Level Advantage 2 Income^SM provides protected lifetime income and growth strategies designed to help investors spend confidently in retirement

Lincoln Financial (NYSE: LNC) today launched Lincoln Level Advantage 2 Income^SM index-linked annuity, its first registered index-linked annuity (RILA) with a built-in income benefit, marking an expansion of its product suite. Lincoln Level Advantage 2 Income offers investors guaranteed lifetime income and category-first legacy planning with the optional Estate Lock^SM Death Benefit while providing opportunities for upside growth and downside protection.

“As market volatility and uncertainty persists, demand for RILAs continues to rise, driven by their ability to balance growth potential with downside protection,” said Stephen Turer, president of Annuity Solutions at Lincoln Financial. “With Lincoln Level Advantage 2 Income, we’re expanding our RILA suite to help meet evolving customer needs by delivering guaranteed lifetime income and an innovative legacy benefit that empowers investors to spend confidently in retirement without concerns about what they’ll be able to leave behind for loved ones. We’re proud to be the first to offer this benefit in the RILA space.”

Key features include:

• Protected lifetime income: With Lincoln Level Advantage 2 Income and its built-in income benefit, Lincoln ProtectedPay^® Select, investors can convert a portion of their retirement savings into guaranteed lifetime income. Additionally, the longer investors wait to begin income, the higher their protected annual income rate grows.
  
  
  
  
• Innovative legacy protection: With the optional Estate Lock Death Benefit, investors can protect their full investment amount for their beneficiaries with no reduction when they take lifetime income as long as a balance remains in their account.
  
  
  
  
• Flexible investment choices: Investors have the unique ability to choose from a wide range of strategies offering varying levels of market risk protection, crediting methods and index tracking options. All options remain available both before and after income begins.
  
  
  
  
• Ability to capture gains: With the Secure Lock+^® feature, investors can lock in gains and reset protection annually before income starts—helping them stay confident through market fluctuations.

“Retirees are seeking greater confidence in their ability to spend and enjoy retirement without the concern of outliving their assets. Research shows that those with a source of protected lifetime income from an annuity not only feel more financially secure, they actually spend nearly twice as much compared to those relying solely on savings¹,” said Tim Seifert, senior vice president and head of Retirement Solutions Distribution at Lincoln Financial. “Lincoln Level Advantage 2 Income can help shift retirement spending from cautious to confident. It’s essential for financial professionals to engage clients in conversations about how they envision living—and spending—in retirement.”

Lincoln Level Advantage 2 Income is the latest addition to Lincoln’s RILA suite. In May 2024, Lincoln introduced Lincoln Level Advantage 2^® index-linked annuity, the second generation of its flagship Lincoln Level Advantage^® indexed variable annuity that launched in 2018. Lincoln Level Advantage annuities are designed to deliver upside potential with levels of downside protection and provide options for protected lifetime income and legacy planning. Learn more about Lincoln’s RILA solutions here.

Download the Lincoln Level Advantage 2 Income client-friendly guide here.

This material is authorized for use only when preceded or accompanied by a prospectus, which describes investment objectives, risk factors, fees and charges that may apply as well as other important information. Please read the prospectus carefully before you invest or send money. The prospectus can be obtained by calling 888-868-2583.

Important information:

Lincoln Financial^® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.

Lincoln Level Advantage 2 Income^SM index-linked annuity is a long-term investment product designed for retirement purposes. There are no explicit fees associated with the index-linked account options available. Annuities are subject to market risk including loss of principal. Withdrawals are subject to ordinary income tax treatment and, if taken prior to age 59½ in nonqualified contracts, may be subject to an additional 10% federal tax.

Index-linked annuity products are complex insurance and investment vehicles. Please reference the prospectus for information about the levels of protection available and other important product information.

Any distribution or transfer from an indexed account (other than on the term end date) is based on the interim value of each indexed segment. This value is based on a formula and may not correspond to the current performance of the index you selected. Any distribution or transfer during a term will have a negative impact on the value at the end of the term. This reduction could be larger than the dollar amount of the distribution or transfer. See prospectus for details.

The risk of loss occurs each time you move into a new indexed account. If the negative return is in excess of the protection level selected, there is a risk of loss of principal. Protection levels that vary based on the index, term, and crediting strategy selected are subject to change and may not be available with every option.

Lincoln Level Advantage 2 Income^SM index-linked annuities (contract forms 25-50096, 25-50097, ICC25-50096, ICC25-50097 and state variations) are issued 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 contract and rider guarantees, including those for optional benefits, payment from the indexed accounts, or annuity payout rates, are subject to the claims-paying ability of the issuing insurance company. They are not backed by any selling entity other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

There is no additional tax-deferral benefit for an annuity contract purchased in an IRA or other tax-qualified plan.

This product and the components and features contained within are not available in all states or firms.

Not available in New York.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2025, the company had $331 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates.

¹ David Blanchett and Michael Finke, “Retirees Spend Lifetime Income, Not Savings." Retirement Income Institute, April 2025.

LCN-8322252-082525

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