<PAGE>
LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT S
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 Fund Expense Tables on page 6 of the Lincoln CVUL Prospectus and page 7 of
the Lincoln CVUL Series III Prospectus are amended, as follows:
The entries in the Table for the Delaware Devon Standard Class, the Delaware
High-Yield Standard Class (formerly Delchester) and Delaware International
Equity 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 Standard
Class (3a) 0.65 N/A 0.12 0.77 N/A 0.77
Delaware High Yield
Standard Class (3b)
(formerly Delchester) 0.65 N/A 0.09 0.74 N/A 0.74
Delaware International
Equity (3c)
Standard Class 0.85 N/A 0.12 0.97 (0.02) 0.95
</TABLE>
