1. Value+ IUL Presented by… You asked for it – and we delivered.
Strong, flexible life protection at a market-leading price
-- plus Optionality!
Presented by…
Value+ IUL is our brand new protection-focused product with ultimate flexibility. It combines many of the advantages of guaranteed universal life with special features and crediting strategies that help significantly reduce costs while delivering maximum value. Better yet, it comes with Optionality – a variety of options for accessing excess cash value in the policy while clients are living, without harming the base policy.
While most insurance policies lock-in cash, Value+ IUL includes two completely unique provisions for accessing excess cash value in the policy without reducing your initial death benefit. Accessed cash value can be used to purchase additional, paid-up life insurance without further underwriting, or for any purpose, including supplemental retirement income.
All of this plus Accelerated Access Solution - which allows clients to accelerate their death benefit in the case of a qualifying chronic illness.
Policies issued by American General Life Insurance Company, a member company of AIG

2. What is the Value+ IUL?
Value+ Index Universal Life insurance is a unique and flexible new protection-focused product designed to serve your clients’ long- term needs for personal and business financial security. It combines many of the advantages of guaranteed universal life insurance with special features and crediting strategies that help significantly reduce costs, while delivering maximum value.
What is the Value+ IUL?
Value+ Index Universal Life insurance is a unique and flexible new protection-focused product designed to serve your clients’ long-term needs for personal and business financial security. It combines many of the advantages of guaranteed universal life insurance with special features and crediting strategies that help significantly reduce costs, while delivering maximum value.

3. Key Selling Points Market–leading price for protection focused IUL.
Innovative chronic illness rider with an inflation protection payout option plus waiver of monthly deductions for entire policy while eligible for benefits.
Two completely unique options to access cash value without impacting death benefit.1, 2
Ability to participate in the upside of the market.
Guaranteed floor of 0.25% on index accounts and guaranteed account value enhancement of 0.75% on unloaned account value beginning in year 6.
Several crediting strategies available including our new proprietary volatility control index – ML Strategic Balanced IndexTM.
Key selling points.
Market–leading price for protection focused IUL.
Innovative chronic illness rider with an inflation protection payout option plus waiver of monthly deductions for entire policy while eligible for benefits.
Two completely unique options to access cash value without impacting death benefit.
Ability to participate in the upside of the market.
Guaranteed floor of 0.25% on index accounts and guaranteed account value enhancement of 0.75% on unloaned account value beginning in year 6.
Several crediting strategies available including our new proprietary volatility control index – ML Strategic Balanced Index.
1. Under current federal tax law, partial withdrawals are reportable to the policy owner, and may be taxable.
2. Limitations apply.

4. Clients are looking for lower prices
Clients are looking for lower prices. With market-leading pricing – premiums on a current assumption basis as much as 10 percent below most GUL policies (but on a guaranteed basis) -- Value+ IUL is well positioned to serve your clients. It’s low-cost design, combined with the advantages of Optionality, will help you serve more clients and win more cases in all rate classes.
Clients are looking for lower prices. With market-leading pricing -- as much as 10 percent below most GUL policies -- Value+ IUL is well positioned to serve your clients. Its low-cost design, combined with the advantages of Optionality, will help you serve more clients and win more cases in all rate classes.

5. Clients want the security of strong, dependable life protection
Clients want the security of strong, dependable life protection. And Value+ IUL delivers. The death benefit can be guaranteed all the way to age 85, depending on the client’s age, underwriting and payment of required premiums. After the guarantee period, the policy can continue on a non-guaranteed basis for the client’s lifetime, based on current assumed charges, interest crediting and premium payments.
Clients want the security of strong, dependable life protection. And Value+ IUL delivers. The death benefit can be guaranteed all the way to age 85, depending on the client’s age, underwriting and payment of required premiums. After the guarantee period, the policy can continue on a non-guaranteed basis for the client’s lifetime, based on current assumed charges, interest crediting and premium payments.

6. Value+ IUL Competitive Premium
Male, PPNT, $1M Level DB, Carry/Guarantee to Age % Illustrated Rate for IULs.
GUL: Guarantee to Age 105
IUL: Carry to Age 105 (6%)
UL:
Carry to Age 105
Age
AIG’s
Protective
Prudential
Nationwide
Lincoln
John
Hancock
John Hancock
Value+ IUL
(Carry to A105) 
Custom
Choice UL
UL Protector 
YourLife
NLG UL 
LifeGuarantee UL
Protection
IUL
Index
Choice UL 
UL  45
$5,681
$6,052
$6,847
$6,032
$7,677
$6,242
$6,181
$5,974
(+7%)
(+21%)
(+6%)
(+35%)
(+10%)
(+9%)
(+5%) 55
$9,544
$10,288
$11,250
$10,317
$11,838
$10,506
$10,865
$10,095
(+8%)
(+18%)
(+24%)
(+14%) 65
$17,650
$18,179
$19,785
$19,185
$18,821
$19,206
$19,828
$18,157
(+3%)
(+12%)
Level pay premiums to carry generally #1 or #2 for most ages, especially for carrying to Age 105
Current premiums are generally ~10% lower than most GULs
Ideal for 1035 exchange scenarios with its unique “Cash Access With Unlocked Surrender Charge” feature
Guaranteed persistency bonus of 0.75% starting from year 6
45 guarantee to age 82
55 guarantee to age 82
65 guarantee to age 82
Hypothetical representation for illustrative purposes only.
These comparisons cannot be used with the public. Complete personalized policy illustrations for each company product must be presented or discussed with your client regarding guaranteed and nonguaranteed elements of the policy, including surrender values, accumulation values, loans, withdrawals, death benefits and other important information.
Rates as of 12/18/2014. Illustrated for the state of Colorado. These carriers are peer group competitors of American General Life Insurance Company. Value+ IUL (6%), Protective Custom Choice UL (policy form # UL-22, 2%), Prudential PruLife® Universal Protector (policy form # ULNLG-2013; 2.50%), Nationwide YourLife® No-Lapse Guarantee UL (policy form #NWLA0444-CO: 3%); Lincoln LifeGuarantee UL (2013) (policy form #UL6000, 2%) , John Hancock Protection IUL (policy form #13PIUL, 6%), Protective Index Choices UL (policy form # ICC13-UL23; 6.00%), John Hancock Protection UL (policy form #13PROUL, 5.05%).

7. Value+ IUL Competitive Premium
Male, 45, PPNT, $1M Level DB, Carry/Guarantee to Age % Illustrated Rate for IULs.
GUL: Guarantee to Age 105
IUL: Carry to Age 105 (6%)
UL:
Carry to Age 105
Age
AIG’s
Protective
Prudential
Nationwide
Lincoln
John
Hancock
John Hancock
Value+ IUL
(Carry to A105) 
Custom
Choice UL
UL Protector 
YourLife
NLG UL 
LifeGuarantee UL
Protection
IUL
Index
Choice UL 
UL 
Level
$5,681
$6,052
$6,847
$6,032
$7,677
$6,242
$6,181
$5,974
(+7%)
(+21%)
(+6%)
(+35%)
(+10%)
(+9%)
(+5%)
10-pay
$11,467
$18,225
$14,576
$15,692
$22,173
$12,464
$13,209
$11,638
(+59%)
(+27%)
(+37%)
(+93%)
(+15%)
(+1%)
1-Pay
$90,391
$176,249
$137,726
$150,750
$197,733
$102,127
$102,649
$94,615
(+95%)
(+52%)
(+67%)
(+119%)
(+13%)
(+14%)
Extremely competitive short-pay and single pay premiums
Even more premium savings against GULs in single and short pays – current premiums generally ~30% lower or more
One-of-a-kind liquidity options allows more flexibility in accessing cash value built in the policy
Accelerated Access Solution® rider available at additional cost to provide living benefits in case of a chronic illness
Level pay guarantee to age 82
10 pay guarantee to age 75
1 pay guarantee to age 73
Hypothetical representation for illustrative purposes only.
These comparisons cannot be used with the public. Complete personalized policy illustrations for each company product must be presented or discussed with your client regarding guaranteed and nonguaranteed elements of the policy, including surrender values, accumulation values, loans, withdrawals, death benefits and other important information.
Rates as of 12/18/2014. Illustrated for the state of Colorado. These carriers are peer group competitors of American General Life Insurance Company. Value+ IUL (6%), Protective Custom Choice UL (policy form # UL-22, 2%), Prudential PruLife® Universal Protector (policy form # ULNLG-2013; 2.50%), Nationwide YourLife® No-Lapse Guarantee UL (policy form #NWLA0444-CO: 3%); Lincoln LifeGuarantee UL (2013) (policy form #UL6000, 2%) , John Hancock Protection IUL (policy form #13PIUL, 6%), Protective Index Choices UL (policy form # ICC13-UL23; 6.00%), John Hancock Protection UL (policy form #13PROUL, 5.05%).

8. With many insurance policies, it’s difficult or costly to access your cash. We know liquidity is important to clients, and Value+ IUL delivers. It’s low-cost life insurance protection is wrapped with a unique set of options to access cash.
The Value+ IUL offers cash access options including:
Unlocked Surrender Charges
Strong Performance
Excess Funding
Chronic Illness
Let’s take a closer look at all of the options.

9. Key Terminology
Benchmark Premium: The Benchmark Premium is a level annual premium which is intended to carry your policy to or close to maturity on a current (non-guaranteed) assumption basis assuming 1) a 6% illustrated rate and 2) that premiums have been paid on time at the beginning of each policy year. Benchmark Cash Value: The Minimum Benchmark Cash Value is based on paying the Benchmark Premium for the lifetime of the contract, and is set at a level where, continuing to fund the policy at the Benchmark Premium level after the option date, the policy will in all likelihood remain in force on a reasonable current assumption basis.
Benchmark Premium:
The Benchmark Premium is a level annual premium which is intended to carry your policy to or close to maturity on a current (non-guaranteed) assumption basis assuming 1) a 6% illustrated rate and 2) that premiums have been paid on time at the beginning of each policy year.
Benchmark Cash Value:
The Minimum Benchmark Cash Value is based on paying the Benchmark Premium for the lifetime of the contract, and is set at a level where, continuing to fund the policy at the Benchmark Premium level after the option date, the policy will in all likelihood remain in force on a reasonable current assumption basis.

10. Value+ Cash Access
If the policy is funded early (either through a single-pay premium or the transfer of a policy from another company or ), the client may withdraw funds above the cumulative benchmark premiums in years 3 through 14 with no surrender charges, to the extent that Accumulation Value is available.1 The funds are not locked in.2, 3
The policyholder has Value+ Cash Access with Unlocked Surrender Charges.
If the policy is funded early (either through a single-pay premium or the transfer of a policy from another company), the client may withdraw funds above the cumulative benchmark premiums in years 3 through 14 with no surrender charges, to the extent that Accumulation Value is available. The funds are not locked in.
Activating Unlocked Surrender Charges cancels all other cash access features.
1. The Benchmark Premium is a level annual premium which is intended to carry the policy to or close to maturity on a current (non-guaranteed) assumption basis assuming 1) a 6% illustrated rate and 2) that premiums have been paid on time at the beginning of each policy year.
2. Under current federal tax law, partial withdrawals are reportable to the policy owner, and may be taxable.
3. Limitations apply.

11. CSV1 No Unlocked Surrender Charges
Female 58 PPNT, $100,000 external 1035 Exchange DB is $1,000,000, 6% carrying to age 105. Premium: $2,849 Benchmark Premium: $12,150
Year
CSV1 No Unlocked Surrender Charges
CSV1 with Unlocked Surrender Charges 1
$48,738 2
$51,583 3
$54,543
$78,172 4
$57,624
$70,895 5
$60,835
$63,619 6
$69,319
$71,347 7
$78,327
$80,044 8
$87,895
$89,316 9
$98,064
$99,203 10
$108,874
$109,746 11
$126,206
$126,705 12
$142,978
$143,219 13
$161,185
$161,250 14
$178,718
Compare chart with and without unlocked surrender charges.
1 CSV = Cash Surrender Value

12. Value+ Cash Access
If clients pay extra premium into their policy to achieve additional tax advantaged growth, they can use this unique liquidity option to withdraw excess premiums in policy year 20 with no decrease in their initial death benefit,1 if there is available cash surrender value in the policy.2, 3
The policyholder has Value+ Cash Access from Excess Funding.
If clients pay extra premium into their policy to achieve additional tax advantaged growth, they can use this unique liquidity option to withdraw excess premiums in policy year 20 with no decrease in their initial death benefit, if there is available cash surrender value in the policy.
1. Option election dates are at the end of the 20th policy for issue ages 0-64 or the later of age 85 or the end of the 5th policy year for issue ages
2. Under current federal tax law, partial withdrawals are reportable to the policy owner, and may be taxable.
3. Limitations apply.

13. Cumulative Premiums End of Policy Year 20
Assume the policyowner funds the policy at $2,000 above the Benchmark Premium of $6,955 for 20 years, then they withdraw the additional funds in year 20 and pay only Benchmark Premium in future years: The policy earns a 6% hypothetical crediting rate:
Annual Premium
Cumulative Premiums End of Policy Year 20
Benchmark Premium
$6,955
$139,100
Hypothetical Premium – Additional $2,000/Year for 20 years
$8,955
$179,100
Funding Access Available
$40,000
Now let’s take a look at an example of the Value+ cash access from excess funding option. Here we assume the policyowner funds the policy at $2,000 above the benchmark premium which is $6,955 for 20 years, then they withdraw the additional funds in year 20 and pay only the benchmark premium in future years. The policy earns a hypothetical crediting rate of 6%.
(review chart)
Male 50 Preferred Non-Tobacco $750,000 DB
6.00% Illustrated Rate

14. With Additional Funding After Withdrawal
What happens if the Policyowner exercises the Cash Access from Excess Funding feature?
No Additional Funding
With Additional Funding After Withdrawal
Death Benefit
$750,000
Cash Value Year 20
$148,266
$189,186
At 6.00% Hypothetical Crediting Rate
Premiums Years 1-20
$6,995
$8,995
Premiums at Years 21+
Policy Guarantees Death Benefit To
Age 85
Death Benefit Age 85
Policy Stays Inforce To
Age 121
Cash Value at Age 100
$741,268
$1,383,365
Death Benefit Age 100
So what happens if the policyowner exercises the cash access from excess funding feature. (review chart compare and contract differences in values between before withdrawal and after withdrawal)

15. Value+ Cash Access
If values in the policy exceed benchmark assumptions due to strong index performance, this one-of-a-kind liquidity option allows clients to withdraw the excess cash value, either in policy year 20 or at age 85 – with no decrease in the initial death benefit or length of death benefit guarantee.1 The cash can be used as desired, or to buy additional paid-up life insurance without further underwriting.2
The policyholder has Value+ Cash Access if Strong Index Performance.
If values in the policy exceed benchmark assumptions due to strong index performance, this one-of-a-kind liquidity option allows clients to withdraw the excess cash value, either in policy year 20 or at age 85 – with no decrease in the initial death benefit or length of death benefit guarantee. The cash can be used as desired, or to buy additional paid-up life insurance without further underwriting.
1. Option election dates are at the end of the 20th policy year (for issue ages 0-64) and the later of age 85 or the end of the 5th policy year (for all issue ages).
2. Under current federal tax law, partial withdrawals are reportable to the policy owner and may be taxable. Limitations apply.

16. End of Year 20 At Age 85 End of Year 20 At Age 85
Male 45 PNT, $500,000 DB Assume the policyowner pays a premium of $3,395 which will guarantee the policy to age 81 at a 6% rate of return: If the policy actually earned 6.78% the results would be as follows:
End of Year 20
At Age 85
Benchmark Cash Value
$65,313
$157,905
Cash Surrender Value
$72,655
$267,279
At 6.78%, the policy would have additional Accumulation Value above the Benchmark Cash Value that could either be withdrawn or used to purchase additional paid-up life insurance:
Here we assume the policyowner pays a premium of $3,395 which will guarantee the policy to age 81 at a 6% rate of return. If the policy actually earned 6.78% the results would be as follows: (Review Chart) At 6.78%, the policy would have additional accumulation value above the benchmark cash value that could either be withdrawn or used to purchase additional paid-up life insurance. (Review Chart)
Calculated premium solve cv target $1,000 age 105 (6% ROR)
Benchmark Premium $3,671
Min Paid Up Amount $5,000
Max Paid Up Amount $250,000
$500,000 DB M 45 PNT
End of Year 20
At Age 85
Cash Access from Strong Index Performance Available:
$7,342
$50,000
Additional Paid-Up Life Insurance Available
$14,397
$63,150
Paid Up Life Insurance Option Only Available for Standard or Better

17. Value+ Accelerated Access
We are a leading innovator in living benefits. For an additional fee, clients can select the Accelerated Access Solution® rider, which allows clients to accelerate their death benefit should they suffer a qualifying chronic illness. The benefit can be used to cover medical expenses, supplement income or for any other purpose.1
The policyholder has Value+ Accelerated Access in case of Chronic Illness.
We are a leading innovator in living benefits. For an additional fee, clients can select the Accelerated Access Solution® rider, which allows clients to accelerate their death benefit should they suffer a qualifying chronic illness. The benefit can be used to cover medical expenses, supplement income or for any other purpose.
1. IRS caps the maximum daily rate each year. The 2015 maximum per diem is $330/day or $9,900/month. Subsequent years may be higher.

18. Indemnity Benefit 101(g) No LTC license necessary
2-out-of-6 ADLs; or Severe Cognitive Impairment
Deemed to be Permanent
Indemnity Benefit
No Receipts
Spend benefits on anything
Let’s look at some of the benefits of the Accelerated Access Solution.
Accelerated Access was filed as a rider under IRC section 101(g). That primarily means that:
No LTC license is required for you to be able to sell the Accelerated Access Solution as part of an AG Secure Lifetime GUL II policy. Your Life Insurance and Accident & Health licensing is all that’s necessary from a licensing standpoint.
It also means that the primary triggers for Chronic Illness benefits are either (1) inability to perform 2-out-of-6 Activities of Daily Living (ADL’s); or (2) severe cognitive impairment.
Regardless of which of the two triggers applies, the benefit will only be available if the impairment is deemed to be permanent.
The benefit was filed as an Indemnity benefit. That’s completely different than the alternative – the Reimbursement benefit. With Reimbursement, you must file a claim and provide copies of all invoices. Your claim is reviewed and, eventually, you receive a reimbursement in an amount the insurance company deems appropriate based on your receipts. With American General Life’s Indemnity version, you don’t need to provide an receipts or file any claims regarding your treatments. American General Life will send your benefit checks every month, regardless of whether you’ve incurred any costs at all, and regardless of what those costs were. You meet the criteria for ADLs or severe cognitive impairment, file your claim and satisfy the 90-day waiting period, and American General Life begins sending the checks.
Then you have two decisions to make: your aggregate benefit and your monthly benefit.
Aggregate Benefit:
Your aggregate benefit must be at least $50,000, and cannot be less than half of your total Death Benefit. So, for a $100,000 death benefit, your Accelerated Access benefit must be at least $50,000. For a $500,000 policy, the Accelerated Access benefit must be at least $250,000.
Your aggregate benefit can also be no greater than your death benefit, and is subject to a maximum Accelerated Access benefit of $1,500,000. So, if your death benefit is $900,000, your maximum Accelerated Access Solution benefit is $900,000. If your death benefit is $1,800,000, your maximum aggregate Accelerated Access Solution benefit is limited to $1,500,000.
Flexible Benefit Base
Benefit = 50% up to 100% of Death Benefit
$50,000 minimum up to $1,500,000 maximum
Full waiver of monthly deductions 18

19. Flexible Monthly Benefit
IRS Per Diem capped at 2% per month
IRS Per Diem capped at 4% per month
IRS Per Diem with No Cap!
Max. Monthly Benefit = Total Benefit ÷ 12
Monthly benefit: American General Life will always pay up to the maximum IRS monthly Per Diem benefit, but you have a choice of three different caps on the maximum monthly benefit American General Life will pay.
2% of the AAS Benefit Base. With this option, if you had an Accelerated Access Solution aggregate benefit of $500,000, your monthly maximum benefit would be the lesser of: (a) the IRS monthly Per Diem; or (b) $10,000 per month.
4% of the AAS Benefit Base. With this option, if you had an Accelerated Access Solution aggregate benefit of $500,000, your monthly maximum benefit would be the lesser of: (a) the IRS monthly Per Diem; or (b) $20,000 per month.
If you don’t choose to cap your monthly benefit at 2% or 4%, and assuming the same aggregate $500,000 Accelerated Access Solution benefit, the maximum monthly benefit will be the lesser of: (a) the IRS monthly Per Diem; or (b) $500,000 divided by 12 months = $41,666 per month.
So, choose your aggregate benefit, and your monthly cap, and you’ll be ready to go!
IRS caps the maximum daily rate each year. The 2015 maximum is $330/day or $9,900/month. Subsequent years may be higher. 19

20. Inflation hedge against future costs
Purchase more than today’s Per Diem limit
Many products won’t allow it
Provides inflation protection with a maximum monthly benefit cap
4% Cap – example:
4% of $300,000 = $12,000 per month
Go on-claim in 2014: Collect $9,900 per month
Go on-claim in the future when Per Diem = $15,000 per month: Collect $12,000 per month
Per Diem – example:
$300,000 AAS benefit
Maximum monthly benefit: $300,000 = $15,000 per month
For clarification, here are a few more examples.
With Accelerated Access Solution you can actually purchase more than today’s Per Diem limit.
There are products on the market that won’t let you purchase a benefit in excess of the current year’s Per Diem limit, which means your benefit will never go up, regardless of an increasing, inflation adjusted Per Diem.
Because AIG allows you to purchase an aggregate amount and a monthly benefit amount in excess of the current Per Diem, the outcome is very simple. At lower Per Diem amounts you get less per month, but for more months. At higher Per Diem amounts you get more per month, but for fewer months.
Let’s look at another example using a 4% cap. If you purchased a $300,000 Accelerated Access Solution benefit, your maximum monthly benefit would be $12,000. Accelerating $12,000 per month would be able to continue for 25 months ($300,000 ÷ 12 = $25)
If you went on-claim in 2014 you’ wouldn’t receive the entire $12,000 per month. The IRS Per Diem would limit you to $9,900 per month, which would last for 30 months.
And, if you went on claim when the IRS Per Diem was $15,000, American General would limit your monthly benefit to your capped amount of $12,000 per month.
Lastly, if you did not choose a 2% or 4% cap, then your maximum monthly benefit is your total benefit divided by 12. In this example, $300,000 ÷ 12 = $25,000 per month.
Naturally, if the Per Diem amount is less than $25,000 per month, you’ll receive the Per Diem in effect when you began your claim. 20

21. Effect of Riders: Important Information About Cash Access Options
Exercising any Accelerated Benefit Rider (Chronic or Terminal Illness) will result in forfeiting the liquidity options and the one time, surrender charge free, partial surrender feature. All other riders will not affect liquidity options beyond their impact on the actual cash surrender value.
Note the policyholder still has the option of activating the Accelerated Access Solution (Chronic Care) rider after activating any of the cash access options.
Important Information About Cash Access Options
Effect of Riders:
Exercising any Accelerated Benefit Rider (Chronic or Terminal Illness) will result in forfeiting the liquidity options and the one time, surrender charge free, partial surrender feature. All other riders will not affect liquidity options beyond their impact on the actual cash surrender value.
Note the policyholder still has the option of activating the Accelerated Access Solution (Chronic Care) rider after activating any of the cash access options.

22. Restrictions Restrictions
Important Information About Cash Access Options
Restrictions
If the policy has been reinstated, all the options are forfeited.
Exercising a death benefit option change will forfeit all options.
Exercising a face increase or decrease on the policy will forfeit all options.
Adding or dropping a benefit rider will forfeit all options.
Exercising anything that results in a face increase or decrease, would also forfeit all options
If there is a partial withdrawal
If there is a loan balance as of the exercise date of the options
Accelerated Benefit Riders, Terminal Illness, Chronic Illness
Important Information About Cash Access Options
Restrictions
If the policy has been reinstated, all the options are forfeited.
Exercising a death benefit option change will forfeit all options.
Exercising a face increase or decrease on the policy will forfeit all options.
Adding or dropping a benefit rider will forfeit all options.
Exercising anything that results in a face increase or decrease, would also forfeit all options
If there is a partial withdrawal
If there is a loan balance as of the exercise date of the options
Accelerated Benefit Riders, Terminal Illness, Chronic Illness

23. Restrictions Important Information About Cash Access Options
The total cash withdrawal benefit for all combined Value+ cash access if strong performance and Value+ cash access with excess funding liquidity options will be limited to the lesser of $100,000 and 10% of the Specified Amount. This limit does not apply to the one time Value+ cash access with unlocked surrender charges option.
Exercising a liquidity option or the one time Value+ cash access with unlocked surrender charges option will forfeit all future options
Any partial withdrawal under death benefit option 2 will be limited such that the total death benefit remaining is greater than or equal to $100,000.
Important Information About Cash Access Options
Restrictions
The total cash withdrawal benefit for all combined Value+ cash access if strong performance and Value+ cash access with excess funding liquidity options will be limited to the lesser of $100,000 and 10% of the Specified Amount. This limit does not apply to the one time Value+ cash access with unlocked surrender charges option.
Exercising a liquidity option or the one time Value+ cash access with unlocked surrender charges option will forfeit all future options
Any partial withdrawal under death benefit option 2 will be limited such that the total death benefit remaining is greater than or equal to $100,000.

24. Index Strategy Options
The Value+ IUL has multiple interest crediting options. Let’s take a moment and review them.

25. Guaranteed Account Value Enhancement of 0.75% Beginning Year 6!
Current Rates
Declared Interest Account
Current Rate
2.25%
Minimum Guarantee
2.00%
Cap Rate Index Account
Current Cap Rate
10.00%
Illustrated Rate
6.78%
Minimum Guarantee
0.25%
Participation Rate Index Account
Current Participation Rate
115%
Illustrated Rate
7.25%
Minimum Guarantee
0.25%
Review current rates, caps, and participation rates. We will cover in detail how these index strategies work on the coming slides.
Guaranteed Account Value Enhancement
of 0.75% Beginning Year 6!

26. S&P 500 Interest Crediting Strategy
Account Option
How It Works
Potential Advantages
Annual Point-to-Point Index Interest Account
Interest earned is based in part on the annual change in the S&P 500 (excluding dividends) from one strategy anniversary to the next, subject to the annual index rate cap.
If the index is up at then end of the term, interest would be credited to the account.
If the index is flat or down at the end of the term the minimum guarantee of 0.25% would be credited.
Can provide attractive interest in years where there is an annual point-to-point increase in the value of the S&P 500.
The first strategy we will review is the S&P 500 interest crediting strategy which uses an annual point-to-point index interest account method to calculate the potential index return. Here’s how it works….
Interest earned is based on the annual change in the S&P 500 (excluding dividends) from one strategy anniversary to the next, subject to the annual index rate cap.
If the index is up at then end of the term, interest would be credited to the account.
If the index is flat or down at the end of the term the minimum guarantee would be credited.
It can provide attractive interest in years where there is an annual point-to-point increase in the value of the S&P 500.

27. Just Measuring The Difference Between Two Points In Time
Indexed UL Basics
S&P 500 Interest Crediting Strategy
Just Measuring The Difference Between Two Points In Time
With a one year point to point index strategy all we are doing is measuring the difference between two points in time on a percentage basis…..let’s take a look at an example.
Source:

28. S&P 500 Annual Percent Change
S&P 500 Interest Crediting Strategy
In this example, index strategy:
Provides the potential to be credited with up to 10.00% interest each strategy anniversary
Guarantees that the annual interest earned will never be less than 0.25%
S&P 500 Index Value
S&P 500 Annual Percent Change
Interest Credited
Strategy Creation
1,000 -
Anniversary 1
1,112
+10.61%
10.00%
Anniversary 2
1,180
+5.93%
5.93%
Anniversary 3
1,053
-11.37%
0.25%
Let’s look at an example. Here the index strategy provides the potential to be credited with up to 10.00% interest each strategy anniversary. This is referred to as the cap rate. The guarantee in this example will never be less than 0.25%.
(review chart)
Hypothetical example assumptions: S&P 500 value at 1,000 on issue date and a 10.00% annual index rate cap.
Note: The index cap is set at contract issue and subject to change. The example assumes the cap is reset at 10.00% every year.

29. ML Strategic Balanced Index Dynamically Blending Equity and Fixed Income Indices to Provide Stability with Upside Growth Potential
What You Should Know About the S&P 500 and ML Strategic Balanced Index
The S&P 500® Index includes 500 of the largest companies in the U.S. market. It is widely regarded as the standard for measuring U.S. stock market performance. The Merrill Lynch 10-Year Treasury Futures (Total Return) Index tracks the performance of a portfolio of near maturity 10-year U.S. Treasury futures contracts. It is representative of the fixed income market.
The ML Strategic Balanced Index is a hybrid index that diversifies across multiple asset classes. It seeks growth and volatility control by dynamically allocating to equity, fixed income and cash. Account options that use the ML Strategic Balanced Index may benefit from a higher, more consistent level of earned interest.

30. ML Strategic Balanced Index Interest Crediting Strategy
Account Option
How It Works
Potential Advantages
Annual Point-to-Point Index Interest Account
Interest earned is based on the one year change in the ML Strategic Balanced Index from one strategy anniversary to the next.
If the result is positive, interest would be credited to the policy. There is no cap on the annual interest.
If the result is zero or negative, the minimum guarantee of 0.25% would be credited.
Can provide enhanced earnings linked to an index with a lower target volatility and may produce more stable interest over time.1
The second strategy we will review is the ML Strategic Balanced Index Interest Crediting Strategy which uses an annual point-to-point index interest account method to calculate the potential index return. Here’s how it works….
Interest earned is based on the one year change in the ML Strategic Balanced Index from one strategy anniversary to the next.
If the result is positive, interest would be credited to the policy. There is no cap on the annual interest.
If the result is zero or negative, the minimum guarantee would be credited.
It can provide enhanced earnings linked to an index with a lower target volatility and may produce more stable interest over time.
1.Volatility Control measures seek to provide smoother results and mitigate sharp market fluctuations. While this type of strategy can lessen the impact of market downturns, it is important to note that it will also lessen the impact of market upturns, therefore limiting upside potential.

31. ML Strategic Balanced Index Interest Crediting Strategy
In this example, index strategy:
Provides the potential to be credited with an uncapped return with a participation rate of 115% each strategy anniversary
Uses a multi-asset class index to help generate upside potential while maintaining volatility at a target level
ML Strategic Balanced Index Value
ML Strategic Balanced Annual Percent Change
Apply the Participation Rate
Interest Credited
Strategy Creation
1,000 -
Anniversary 1
1,083
+8.30%
115%
9.55%
Anniversary 2
1,144
+5.63%
6.47%
Anniversary 3
1,092
-4.55%
0.25%
Let’s look at an example of the ML Strategic Balanced Index Interest Crediting Strategy. Here the index strategy provides the potential to be credited with an uncapped return with a participation rate of 115% each strategy anniversary. The guarantee in this example will never be less than 0.25%. This strategy uses a multi-asset class index to help generate upside potential while maintaining volatility at a target level. Which we will go into in more detail shortly. But lets take a look at how the participation rate would work.
(review chart)
Hypothetical example assumptions: S&P 500 value at 1,000 on issue date and a 115% annual index participation rate.
Note: The index participation rate is set at contract issue and subject to change. The example assumes the cap is reset at 115% every year.

32. 3 Key Features
The ML Strategic Balanced Index is a blend of the S&P 500 Index and the Merrill Lynch 10-Year Treasury Futures (Total Return) Index. It offers:
Rules-Based Indexing—a non-discretionary process is used to adjust exposures between equity and fixed income indices. Weightings are derived from quantitative rules, allowing allocations to be made systematically without being impacted by biases or emotions.
Volatility Control—the Index employs two layers of volatility management to help reduce risk. Equity and fixed income are rebalanced semiannually. Cash positions are adjusted on a daily basis.1
Dynamic Allocation—to help enhance growth potential, the Index has the flexibility to increase equity and fixed income exposure up to 150%.
By combining these key features, the Index offers the potential to deliver Stable Returns over time.
The ML Strategic Balanced Index is a blend of the S&P 500 Index and the Merrill Lynch 10-Year Treasury Futures (Total Return) Index. It offers:
Rules-Based Indexing—a non-discretionary process is used to adjust exposures between equity and fixed income indices. Weightings are derived from quantitative rules, allowing allocations to be made systematically without being impacted by biases or emotions.
Volatility Control—the Index employs two layers of volatility management to help reduce risk. Equity and fixed income are rebalanced semiannually. Cash positions are adjusted on a daily basis.
Dynamic Allocation—to help enhance growth potential, the Index has the flexibility to increase equity and fixed income exposure up to 150%.
By combining these key features, the Index offers the potential to deliver Stable Returns over time.
1. Volatility control measures seek to provide smoother results and mitigate sharp market fluctuations. While this type of strategy can lessen the impact of market downturns, it will also lessen the impact of market upturns, therefore limiting upside potential.

33. 1. Rules-Based Indexing
The ML Strategic Balanced Index® employs quantitative rules based on market volatility to adjust exposures between the S&P 500® Index (without dividends) and the Merrill Lynch 10-Year Treasury Futures (Total Return) Index. This rules-based process eliminates the negative impact that emotions may have on allocation decisions, making the process objective and transparent.
Equity and fixed income allocations are rebalanced semiannually based on the historical volatility of the underlying indices. Volatility is also monitored on a daily basis, and allocations may be shifted to cash when short-term volatility rises above 6%. The Index seeks to maintain volatility at this level to help balance risk and return.
1. Volatility Control measures seek to provide smoother results and mitigate sharp market fluctuations. While this type of strategy can lessen the impact of market downturns, it is important to note that it will also lessen the impact of market upturns, therefore limiting upside potential.

34. Consistent in how it pursues its objectives.
Potential Benefits of the Rules-Based Approach
The ML Strategic Balanced Index allocation rules are preset and do not change in response to market or economic conditions. The rules-based approach allows the Index to be:
Consistent in how it pursues its objectives.
Unbiased in determining when and how to adjust the weightings of the underlying indices.
Transparent in how the allocation process works.
The ML Strategic Balanced Index allocation rules are preset and do not change in response to market or
economic conditions. The rules-based approach allows the Index to be:
Consistent in how it pursues its objectives.
Unbiased in determining when and how to adjust the weightings of the underlying indices.
Transparent in how the allocation process works.

35. 2. Volatility Control
To help manage volatility risk, weightings between the S&P 500 Index (without dividends) and the Merrill Lynch 10-Year Treasury Futures (Total Return) Index are adjusted using a three-step rules-based process:
1. Analyze the recent historical volatility of the underlying indices.
2. Determine the index weightings based on this volatility data. Generally, the greater the volatility of an underlying index, the lower the exposure to that index.
3. Review the weightings of the underlying indices after six months and reallocate, if necessary.

36. Daily Volatility Management
As an additional measure of risk control, the Index’s combined equity and fixed income weighting may be shifted to and from cash on a daily basis. Generally, cash positions are increased, when volatility rises above the 6% threshold for the Index. During highly volatile markets, up to 100% of the underlying indices may be allocated to cash to help protect against market downturns.
The cash component of the Index is represented by the 3-Month LIBOR Rate. LIBOR stands for the London Interbank Offered Rate. It is the rate of interest that banks in London charge when they lend money to each other. It is also a standard measure of cash returns in the U.S. and international financial markets.

37. 3. Dynamic Allocation Blending Equity and Fixed Income Indices
The ML Strategic Balanced Index® adjusts exposure between the equity and fixed income indices to help smooth out returns. Historically, equities and fixed income have low correlation, which means that they tend to produce differing returns under similar market conditions. When blended together, the mix of equities and fixed income may help stabilize performance, since positive returns from one constituent of the Index may help neutralize negative returns from the other.
The following chart shows the allocation mix between the S&P 500® and the Merrill Lynch 10-Year U.S. Treasury Futures (Total Return) Index, if the ML Strategic Balanced Index had been available over the last 20 years.
Past performance is not indicative of future results. The illustrative example above is hypothetical and
illustrates how the ML Strategic Balanced Index would have responded to market conditions over the specified
time period had it existed. This chart does not represent the current allocations of the ML Strategic Balanced Index.
It is only provided as an example of how the allocations would have worked in certain market environments.

38. Flexibility to Overweight Equity and Fixed Income Indices
to Access Market Trends
As part of the daily volatility control mechanism, the ML Strategic Balanced Index has the flexibility to increase weightings of the equity and fixed income indices from 0% to as high as 150%. While this overweighting process may increase risk, it may also allow the Index to participate in market opportunities and potentially enhance returns. Here’s how it works:
Index values for the ML Strategic Balanced Index are calculated using a formulaic process based on the weightings of the equity, fixed income and cash components. Total weightings in the Index must add up to 100%. For example, in mid-2011, the Index would have shifted its equity and fixed income exposure to a maximum of 150% to help take advantage of rising market opportunities. In order to maintain this overweighted position in equities and fixed income, cash would have had a negative weighting of -50% (150% minus 50% equals 100%).
Past performance is not indicative of future results. The illustrative example above is hypothetical and does not represent the current allocations of the ML Strategic Balanced Index. It is only provided as an example of how the allocations would have worked in certain market environments during the specified timeframe.

39. The Value of a Dynamic Rules-Based Approach
By diversifying across equity, fixed income and cash and systematically managing these exposures, the ML Strategic Balanced Index may generate consistent returns over time.
The following hypothetical bar chart shows the hypothetical returns of the ML Strategic Balanced Index versus the performance of the S&P 500 Index over the last 20 years ending December 31, 2013.
During this period, the Index would have generated solid returns with less volatility than the S&P 500.
Note: Past performance is not a guarantee of future results. The ML Strategic Balanced Index was created on August 12,
2014. Levels for the Index before August 12, 2014 represent hypothetical data determined by retroactive application of a back tested model, itself designed with the benefit of hindsight. The above hypothetical chart only reflects the performance of the ML Strategic Balanced Index. It does not reflect the amount of interest credited to an index annuity or index life product during this time. Actual results for a specific insurance contract would depend on the crediting strategy chosen and the spread or participation rate for the time period(s) shown.

40. Potential for Steady Growth
As you can see from the graph below, if the ML Strategic Balanced Index had existed, it would have provided positive returns through 20 years of up and down markets.
Note: Past performance is not a guarantee of future results. The ML Strategic Balanced Index was created on August 12, Levels for the Index before August 12, 2014 represent hypothetical data determined by retroactive application of a back-tested model, itself designed with the benefit of hindsight. The above hypothetical chart is intended only to show the hypothetical growth of the ML Strategic Balanced Index over the last 20 years, assuming a base index value of 1000 on 12/31/93. It does not reflect the amount of interest credited to an index annuity or index life product during this time. Actual results for a specific insurance contract would depend on the crediting strategy chosen and the spread or participation rate for the time period(s) shown.

41. ML Index Return with 115% Par
Strategy Return Comparison
Hypothetical information presented as an example.
Year
S&P Return
S&P Return with 10% Cap
ML return
ML Index Return with 115% Par
1994
-1.54%
0.25%
-2.51%
1995
34.11%
10.00%
30.19%
34.72%
1996
20.26%
8.18%
9.41%
1997
31.01%
13.91%
16.00%
1998
26.67%
14.28%
16.42%
1999
19.53%
-0.44%
2000
-10.14%
10.69%
12.29%
2001
-13.04%
2.07%
2.38%
2002
-23.37%
6.00%
6.90%
2003
26.38%
9.89%
11.37%
2004
8.99%
7.32%
8.42%
2005
3.00%
1.74%
2.00%
2006
13.62%
6.81%
7.83%
2007
3.53%
10.57%
12.16%
2008
-38.49%
-0.36%
2009
23.45%
2.92%
3.35%
2010
12.78%
13.39%
15.40%
2011
0.00%
10.17%
11.70%
2012
13.41%
7.82%
9.00%
2013
29.60%
2.68%
3.08%
2014
11.39%
10.52%
12.09%
20 year average
9.10%
6.52%
7.90%
9.30%
Here we are comparing historical returns of the S&P 500 to the ML Index Return along with the cap rate index account and the participation rate index account.
July 2014 strategy creation date.
These hypothetical numbers are intended to demonstrate how credited interest rates would have been calculated based upon certain assumptions and historical index returns. The annual values presented above are based on the values of the S&P 500 without dividends at the end of that year.

42. WinFlex

43. Marketing Materials www.aig.com/valueiul

44. Currently available for sale in all states except for NY, CA, and VT
State Approvals
Currently available for sale in all states except for NY, CA, and VT

45. Important Information
Policies issued by: American General Life Insurance Company (AGL), Policy Form Numbers 13460, ICC , ICC , 14779; Rider Form Numbers 13600, ICC , 13601, Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). AGL does not solicit business in the state of New York. Products may not be available in all states and product features may vary by state. Guarantees are backed by the claims-paying ability of the issuing insurance company. These product specifications are not intended to be all-inclusive of product information. State variations may apply. Please refer to the policy for complete details.
©2015 AIG. All rights reserved.
AGLC108354

46. Index Disclosure for the S&P 500
The S&P 500 (the “Index”) is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by American General Life Insurance Company (AGL). Standard & Poor’s®, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by AGL.
The life insurance products underwritten and issued by AGL are not sponsored, endorsed, sold or promoted by SPDJI, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of AGL’s or any member of the public regarding the advisability of investing in securities generally or in AGL’s products particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices’ only relationship to AGL with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to AGL or its products. S&P Dow Jones Indices has no obligation to take the needs of AGL or the owners of its products into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of AGL’s products or the timing of the issuance or sale of AGL’s products or in the determination or calculation of the equation by which AGL’s products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of AGL’s products. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE Index OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY AGL, OWNERS OF AGL’S PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE Index OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND AGL, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES LLC.

47. Index Disclosure for the ML Strategic Balanced Index
The ML Strategic Balanced IndexSM provides systematic, rules-based access to the blended performance of two underlying indices—the S&P 500 (without dividends), which serves to represent equity performance, and the Merrill Lynch 10-year U.S. Treasury Futures Total Return Index, which serves to represent fixed income performance. To help manage overall return volatility, the Index may also systematically utilize Cash performance in addition to the performance of the two underlying indices.
Important Note: The ML Strategic Balanced Index embeds an annual index cost in the calculations of the change in Index Value over the Index Term. This “embedded index cost” will reduce any change in Index Value over the Index Term that would otherwise have been used in the calculation of index interest, and it funds certain operational and licensing costs for the index. It is not a fee paid by you or received by the Company. The Company’s licensing relationship with Merrill Lynch, Pierce, Fenner & Smith Incorporated for use of the ML Strategic Balanced Index and for use of certain service marks includes the Company’s purchase of financial instruments for purposes of meeting its interest crediting obligations. Some portion of those instruments will, or may be, purchased from Merrill Lynch, Pierce, Fenner & Smith Incorporated or its Affiliates.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofA Merrill Lynch”) indices and related information, the name “BofA Merrill Lynch”, and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch’s prior written approval. The products of licensee American General Life Insurance Company have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO ANY INDEX, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, ITS QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).
The ML Strategic Balanced Index (the “Index”) is the property of Merrill Lynch, Pierce, Fenner & Smith Incorporated, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Index. The Index is not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Merrill Lynch, Pierce, Fenner & Smith Incorporated.

48. American International Group, Inc
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries.. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at | YouTube: | | LinkedIn:
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.