A sleeve for a lip seal assembly includes a rigid portion with a tubular section having an inner surface defining a bore for receiving a shaft and an outer surface providing a seal engagement surface, and a radial flange extending from an axial end of the tubular section. An elastomeric portion attached to the rigid portion has a tubular section disposed within the rigid portion bore and a lip extending axially outwardly from one axial end of the tubular section so as to be disposed externally of the rigid portion bore and having a sealing surface engageable with the shaft outer surface, and may have another lip extending axially from the opposing axial end. The axial lip(s) reduce installation forces, retain lubricant within the sleeve bore during shipping, handling, test shaft and plug installation and removal, and final shaft assembly, and the air side lip prevents leakage of assembly lubricant.