<PAGE>
LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M
SUPPLEMENT DATED JANUARY 9, 2001 TO THE PROSPECTUS DATED MAY 1, 2000
Please review this supplement carefully and keep it with your Prospectus, for
reference.
The Portfolio Expense Tables on page 23 of the Lincoln VULcv Prospectus and page
7 of the Lincoln VULdb Prospectus are amended, as follows:
The entries in the Table for the Delaware Devon Series Standard Class and the
Delaware High-Yield Series (formerly Delchester) Standard Class are deleted, and
replaced with the following:
<TABLE>
<CAPTION>
TOTAL
ANNUAL TOTAL FUND
FUND OPERATING
OPERATING EXPENSES
EXPENSES TOTAL WITH
WITHOUT WAIVERS WAIVERS
MANAGEMENT 12(b)1 OTHER WAIVERS OR AND AND
FUND FEES(1) FEE EXPENSES REDUCTIONS REDUCTIONS REDUCTIONS
-------------------------------------- ----------- ------- -------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Delaware Devon Series Standard
Class (3a)............................ 0.65% N/A 0.12% 0.77% N/A 0.77%
Delaware High Yield Series (formerly
Delchester) Standard Class (3c)...... 0.65% N/A 0.09% 0.74% N/A 0.74%
</TABLE>
