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.
Policies issued by The United States Life Insurance Company in the City of New York , a member company of AIG

2. 1 Internal Revenue Code Section 1035 and associated rules are complex in nature. The policy owner may incur surrender charges from the previous policy and be subject to new sales and surrender charges and other limitations with the new policy. It is highly recommended that the policy owner consult a tax advisor prior to exchanging a policy.
2 Depending on the client’s issue age, underwriting and level of planned premium payments.
3 Based on current assumed charges, interest crediting and premium payments.

3. 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.

4. 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.

5. 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%).

6. 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
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%).

7. 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
Let’s take a closer look at all of the options.

8. 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.

9. 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.

10. CSV1 with Unlocked Surrender Charges
Male 45 PNT, $100,000 external 1035 Exchange DB is $1,000,000, 6.86% Guarantee to Age 85 Carrying to Age 121. Benchmark Premium: $6,509
Year
CSV1 with Unlocked Surrender Charges 1
$70,726 2
$79,993 3
$100,000 4
$102,508 5
$113,539 6
$129,638 7
$146,925 8
$166,391 9
$186,339 10
$207,774 11
$232,789 12
$259,548 13
$288,187 14
$318,853
Compare chart with and without unlocked surrender charges.
1 CSV = Cash Surrender Value
Hypothetical representation for illustrative purposes only.
Internal Revenue Code Section 1035 and associated rules are complex in nature. The policy owner may incur surrender charges from the previous policy and be subject to new sales and surrender charges and other limitations with the new policy. It is highly recommended that the policy owner consult a tax advisor prior to exchanging a policy.

11. 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.

12. 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

13. 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)

14. 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.

15. 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 6.86% the results would be as follows:
End of Year 20
At Age 85
Benchmark Cash Value
$65,313
$157,905
Cash Surrender Value
$73,277
$277,171
At 6.86%, 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 6.86%, 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:
$7,964
$50,000
Additional Paid-Up Life Insurance Available
$15,617
$63,150
Paid Up Life Insurance Option Only Available for Standard or Better

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

17. 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
6.86%
Minimum Guarantee
0.25%
Participation Rate Index Account
Current Participation Rate
55%
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!

18. 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.

19. 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:

20. S&P 500 Annual Percent Change
S&P 500 Interest Crediting Strategy with a Cap
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.

21. S&P 500 Interest Crediting Strategy with a Participation Rate
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 S&P 500 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 attractive interest in years where there is an annual point-to-point increase in the value of the S&P 500.

22. S&P 500 Annual Percent Change Apply the Participation Rate
S&P 500 Interest Crediting Strategy with a Participation Rate
In this example, index strategy:
Provides the potential to be credited with an uncapped return with a participation rate of 55% each strategy anniversary
S&P 500 Index Value
S&P 500 Annual Percent Change
Apply the Participation Rate
Interest Credited
Strategy Creation
1,000 -
Anniversary 1
1,083
+8.30%
55%
4.56%
Anniversary 2
1,144
+5.63%
3.10%
Anniversary 3
1,092
-4.55%
0.25%
Hypothetical example assumptions: S&P 500 value at 1,000 on issue date and a 55% 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 55% every year.

23. WinFlex

24. Marketing Materials aig.com/ValueIUL

25. Important Information
Policies issued by American General Life Insurance Company (AGL), Policy Form Numbers ICC , 14779; Rider Form Numbers 13600, 82012, 82410, 88390, , 07620, 14119, 82001, Rev 0914 except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life), Policy Form Numbers 14779N, 14779NU; Rider Form Numbers ADB 79-1E, CI 79-2E.1, N, 14119N, 82001N. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). Products may not be available in all states and product features may vary by state.
©2015 AIG. All rights reserved.
AGLC NY

26. 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.