<PAGE>
The Lincoln National Life Insurance Company
("Lincoln Life")
Lincoln ChoicePlus Variable Annuity Contracts
Lincoln Life Variable Annuity Account N
Supplement dated May 1, 2000 to the Prospectus dated May 1, 2000
This supplement describes certain changes to the Variable Annuity Account
("VAA"), available for allocation of purchase payments under the Lincoln
ChoicePlus Variable Annuity Contracts noted above (the "Contracts"). Please re-
tain this supplement with your Contract prospectus for your reference. Unless
otherwise stated, italicized terms have the same definitions as in the prospec-
tus.
EXAMPLES
(expenses of the subaccounts and the funds)
If you surrender your contract at the end of the time period shown, you would
pay the following expenses on a $1,000 investment, assuming a 5% annual return:
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AFIS Global Small Capitalization Series $95 $127 $161 $279
- --------------------------------------------------------------------------
AFIS Growth Series 91 114 140 237
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AFIS International Series 93 120 150 258
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AFIS Growth & Income Series 90 113 138 232
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AIM V.I. Capital Appreciation Fund 92 117 144 246
- --------------------------------------------------------------------------
AIM VI Growth Fund 92 118 146 249
- --------------------------------------------------------------------------
AIM VI Value Fund 92 118 146 249
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AIM VI International Equity Fund 94 124 156 270
- --------------------------------------------------------------------------
Alliance Premier Growth Portfolio 97 134 172 302
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Alliance Growth and Income Portfolio 94 124 156 270
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Alliance Growth Portfolio 96 128 164 285
- --------------------------------------------------------------------------
Alliance Technology Portfolio 96 131 168 293
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Deutsche VIT Equity 500 Index Fund 87 104 122 201
- --------------------------------------------------------------------------
Delaware Growth and Income 91 116 143 244
- --------------------------------------------------------------------------
Delaware Premium Social Awareness Series 93 120 150 258
- --------------------------------------------------------------------------
Delaware Premium REIT Series 93 120 150 258
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Delaware Premium Small Cap Value Series 93 120 150 258
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Delaware Premium Trend Series 93 119 149 255
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Delaware Premium Emerging Markets Series 99 139 181 319
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Delaware Premium High Yield (Delchester) 92 116 144 245
- --------------------------------------------------------------------------
Delaware Premium Select Growth Series 92 119 148 254
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Fidelity VIP Equity-Income Portfolio 90 112 136 229
- --------------------------------------------------------------------------
Fidelity VIP Growth Portfolio 91 115 141 239
- --------------------------------------------------------------------------
Fidelity VIP Overseas Portfolio 93 122 153 264
- --------------------------------------------------------------------------
Fidelity VIP III Growth Opp Portfolio 91 115 142 242
- --------------------------------------------------------------------------
Franklin Small Cap Securities 95 127 161 280
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Franklin Mutual Shares Securities 95 126 160 277
- --------------------------------------------------------------------------
Templeton Growth--(Global Growth) 96 129 164 286
- --------------------------------------------------------------------------
Templeton International Securities 96 129 164 286
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Liberty Variable Trust Newport Tiger 96 131 168 294
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Lincoln National Bond Fund 90 111 134 225
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Lincoln National Money Market Fund 90 112 137 231
- --------------------------------------------------------------------------
MFS Variable Trust Total Return Series 93 122 153 263
- --------------------------------------------------------------------------
MFS Variable Trust Utilities Series 93 122 153 264
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MFS Variable Trust Emerging Growth Series 93 120 150 257
- --------------------------------------------------------------------------
MFS Variable Trust Research Series 93 121 151 259
- --------------------------------------------------------------------------
</TABLE>
<PAGE>
If you do not surrender your contract, or if you annuitize, you would pay the
following expenses on a $1,000 investment, assuming a 5% annual return.
<TABLE>
<CAPTION>
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AFIS Global Small Capitalization Series $25 $77 $131 $279
- --------------------------------------------------------------------------
AFIS Growth Series 21 64 110 237
- --------------------------------------------------------------------------
AFIS International Series 23 70 120 258
- --------------------------------------------------------------------------
AFIS Growth & Income Series 20 63 108 232
- --------------------------------------------------------------------------
AIM V.I. Capital Appreciation Fund 22 67 114 246
- --------------------------------------------------------------------------
AIM VI Growth Fund 22 68 116 249
- --------------------------------------------------------------------------
AIM VI Value Fund 22 68 116 249
- --------------------------------------------------------------------------
AIM VI International Equity Fund 24 74 126 270
- --------------------------------------------------------------------------
Alliance Premier Growth Portfolio 27 84 142 302
- --------------------------------------------------------------------------
Alliance Growth and Income Portfolio 24 74 126 270
- --------------------------------------------------------------------------
Alliance Growth Portfolio 26 78 134 285
- --------------------------------------------------------------------------
Alliance Technology Portfolio 26 81 138 293
- --------------------------------------------------------------------------
Deutsche VIT Equity 500 Index Fund 17 54 92 201
- --------------------------------------------------------------------------
Delaware Growth and Income 21 66 113 244
- --------------------------------------------------------------------------
Delaware Premium Social Awareness Series 23 70 120 258
- --------------------------------------------------------------------------
Delaware Premium REIT Series 23 70 120 258
- --------------------------------------------------------------------------
Delaware Premium Small Cap Value Series 23 70 120 258
- --------------------------------------------------------------------------
Delaware Premium Trend Series 23 69 119 255
- --------------------------------------------------------------------------
Delaware GRP Emerging Markets Series 29 89 151 319
- --------------------------------------------------------------------------
Delaware Premium High Yield (Delchester) 22 66 114 245
- --------------------------------------------------------------------------
Delaware Premium Select Growth Series 22 69 118 254
- --------------------------------------------------------------------------
Fidelity VIP Equity-Income Portfolio 20 62 106 229
- --------------------------------------------------------------------------
Fidelity VIP Growth Portfolio 21 65 111 239
- --------------------------------------------------------------------------
Fidelity VIP Overseas Portfolio 23 72 123 264
- --------------------------------------------------------------------------
Fidelity VIP III Growth Opp Portfolio 21 65 112 242
- --------------------------------------------------------------------------
Franklin Small Cap Securities 25 77 131 280
- --------------------------------------------------------------------------
Franklin Mutual Shares Securities 25 76 130 277
- --------------------------------------------------------------------------
Templeton Growth (Global Growth) 26 79 134 286
- --------------------------------------------------------------------------
Templeton International Securities 26 79 134 286
- --------------------------------------------------------------------------
Liberty Variable Trust Newport Tiger 26 81 138 294
- --------------------------------------------------------------------------
Lincoln National Bond Fund 20 61 104 225
- --------------------------------------------------------------------------
Lincoln National Money Market Fund 20 62 107 231
- --------------------------------------------------------------------------
MFS Variable Trust Total Return Series 23 72 123 263
- --------------------------------------------------------------------------
MFS Variable Trust Utilities Series 23 72 123 264
- --------------------------------------------------------------------------
MFS Variable Trust Emerging Growth Series 23 70 120 257
- --------------------------------------------------------------------------
MFS Variable Trust Research Series 23 71 121 259
- --------------------------------------------------------------------------
</TABLE>
We provide these examples to help you understand the direct and indirect costs
and expenses of the contract. For more information, see Charges and other de-
ductions in this Prospectus, and in the Prospectuses for the funds. Premium
taxes may also apply, although they do not appear in the examples. These exam-
ples should not be considered a representation of past or future expenses. Ac-
tual expenses may be more or less than those shown.
2
