VARIABLE ANNUITY POLARIS - American International · PDF filePolaris Select Investor VARIABLE...

POLARIS FOR THOSE WHO WANT MORE®

Polaris Select Investor

VARIABLE ANNUITY

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WHEN YOUR GOALS ARE

Accumulation

Tax-advantaged investing

Professionally managed investments

Variable annuities are long-term investments designed for retirement purposes. Variable annuities work in two phases. In the accumulation phase, they can help you build assets on a tax-deferred basis. In the income phase, they can provide you with guaranteed income through annuitization. Variable annuities are subject to costs that include a separate account fee, a contract maintenance fee, expenses related to the operation of the variable portfolios and the costs associated with any optional features.

Retirement plans and accounts, such as IRAs and 401(k)s, defer payment of taxes on earnings until withdrawn. If you are considering funding a retirement plan or account with an annuity, you should know that an annuity does not provide any additional tax-deferred treatment of earnings beyond the treatment provided by the plan itself. In addition, while other variable annuities may provide more robust insurance benefits, such as optional guaranteed living benefits and optional enhanced death benefits, the Polaris Select Investor’s insurance benefits are limited to the optional Return of Purchase Payment Death Benefit and standard annuitization options. You should fully discuss the decision to fund a retirement plan or account with the Polaris Select Investor Variable Annuity with your financial advisor.

Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Polaris Variable Annuities are issued by American General Life Insurance Company (AGL) except in New York, where they are issued by The United States Life Insurance Company in the City of New York (US Life).

Polaris Select InvestorSM VARIABLE ANNUITY

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In recent years, planning for the financial aspect of retirement has become

increasingly important. And, for many, the impact of taxes on assets being set

aside for retirement is growing in significance. Polaris Select Investor Variable

Annuity brings together the benefits of tax deferral with diverse investment

choices and leading money managers to help you reach your long-term goals.

Polaris Select Investor offers you More Control, More Choice, and More ExperienceMore Control. You’ll have more control over when you pay taxes on your earnings through tax-deferred accumulation and tax-free transfers between investment options—giving you a potentially more tax-efficient way to invest.

More Choice. You can choose from over 90 investment options covering diverse asset classes, plus professionally designed asset allocation models.

More Experience. Money is invested by more than 30 professional, experienced money managers with long track records of performance. Of course, past performance is no guarantee of future results.

Earnings are taxed upon withdrawal. Withdrawals of taxable amounts are subject to ordinary income tax, and if taken prior to age 59½, an additional 10% federal tax may apply.

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Leverage the power of tax deferral

Taxes can have a big impact on long-term investment returns. The highest marginal income tax rate now stands at 39.6%—up from 35% in 2012. The dividends and capital gains tax rate has increased to 20% for investors in the highest tax bracket. And there are new Medicare taxes on net investment income and earned income, not to mention the phase-out of itemized deductions, for high income individuals.

Position your assets to your advantageWhile you may have committed to accumulating assets for use later during your retirement years, you may not have considered the importance of positioning different types of assets in different types of accounts (called asset location). Asset location can have a substantial effect on the overall return of your investments. By placing your least tax-efficient investments in a tax-deferred account (such as an IRA or annuity), you can potentially reduce your current income tax liability and control when you have to pay for the taxes on gains, distributions, and dividends.

Keep in mind, retirement plans and accounts already defer payment of taxes on earnings until withdrawal and funding a retirement plan or account with an annuity does not provide any additional tax-deferred treatment of earnings. You should fully discuss the decision to fund a retirement plan or account with the Polaris Select Investor Variable Annuity with your financial advisor.

Polaris Principles for Retirement Investing

Asset classes have different tax

consequences

Municipal BondsU.S. Large Growth StocksInternational StocksEmerging Markets StocksU.S. Large Value StocksU.S. Mid Cap StocksBalanced FundsU.S. Small Cap StocksTaxable BondsReal EstateCommoditiesWorld BondCorporate BondHigh Yield Bonds

More Tax Efficient

Less Tax Efficient

Source: Morningstar, 2015. Based on Morningstar 10-year average tax cost ratio for major Morningstar categories as of 2/28/15.

Polaris Select InvestorVARIABLE ANNUITY

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Taxable vs. tax-deferred In a rising tax environment, it may make sense to complement your existing investments, especially those in taxable accounts, with tax-deferred investments. Annuities are intended as long-term investments designed for retirement, so your investment can grow tax-deferred and benefit from the compounding of investment earnings. With Polaris Select Investor, you can also reallocate between different investment options without triggering immediate tax consequences. Because investment gains within a variable annuity are not taxed until a withdrawal is taken, you have more control over when you pay taxes on your earnings.

• This chart shows the hypothetical value of $100,000 earning a 7% gross return in a currently taxable investment and a comparable hypothetical tax-deferred investment over 25 years with no withdrawals. The rate of return will fluctuate and is not guaranteed. Both investments assume a 28% federal income tax rate. No state income tax is included. This chart is for illustrative purposes only. Upon withdrawal, the value of the tax-deferred investment would be reduced by income taxes on the investment gains. This example does not reflect the actual performance of the Polaris Select Investor Variable Annuity or any particular investment, nor the fees and charges associated with any investment. If shown, these fees and charges would reduce the results of the tax-deferred investment. Tax rates and tax treatment of earnings may impact comparative results. Capital gains and dividends in the taxable investment may be taxed at a rate that is lower than the income tax rate, which could increase the taxable return and reduce the difference in performance between the investments.

• Withdrawals of taxable amounts are subject to ordinary federal income tax and if taken before age 59½, an additional 10% federal tax may apply. Withdrawals are also subject to state tax.

• Talk to your financial advisor about your investment time horizon and income tax brackets, both current and anticipated, when making an investment decision.

• There is no guarantee that an investment in Polaris Select Investor will keep pace with inflation.

$542,743

$100,000

Initial Investment

Without Tax Deferral

Tax-deferred Investment

(after taxes)

Tax-deferred Investment

(before taxes)

$341,875

$418,775

Tax deferral for greater potential growthHypothetical $100,000 investment—currently taxable vs. tax-deferred—over 25 years

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

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Retirement Investing

Consider the long-term growth potential of stocks

Stocks historically have outperformed other types of investments over long periods of time, as illustrated below. And while past performance is not a guarantee of future results, it’s important to consider the long-term wealth-building opportunity an investment in stocks may provide. Of course, an investment in stocks is subject to risk and market fluctuation.

Source: Wilshire Compass, 2015. This chart is for illustrative purposes only and does not represent any particular investment. Performance for any specific investment is available from your financial advisor. Past performance is not a guarantee of future results. Stocks are represented by the S&P 500® Index, a representative sample of leading companies in key industries that reflect the U.S. stock market. Stocks are often subject to significant price fluctuations and, therefore, you may have a gain or loss in principal when shares are sold. Bonds are represented by the Barclays U.S. Aggregate Bond Index, which covers the U.S. investment grade fixed-rate bond market with index components for government and corporate, mortgage pass-through and asset-backed securities. T-bills are represented by the BofA Merrill Lynch 91-Day Treasury Bill Index. Government bonds and Treasury bills are subject to interest rate risk, but they are backed by the full faith and credit of the U.S. Government if held to maturity. The repayment of principal and interest of a corporate bond is guaranteed by the issuing company, and subject to default and credit risks. Stocks and bonds are not subject to the separate account fees, administration charges and potential withdrawal charges associated with an investment in a variable annuity. Underlying investment options in a variable annuity are subject to portfolio operating expenses. Indexes are unmanaged; you cannot invest directly in any index. The appropriateness of particular types of investments depends on your time horizon, risk tolerance and individual circumstances, such as your current and anticipated tax brackets.

0

500000

1000000

1500000

2000000

2500000

3000000

0

500000

1000000

1500000

2000000

2500000

3000000

0

500000

1000000

1500000

2000000

2500000

3000000

1985 1990 1995 2000 2005 2010 2014

Stocks$2,509,926

Bonds$861,592

T-Bills$324,819

Stocks can help provide long-term growth potentialGrowth of $100,000 in various asset classes over the 30-year period ended 12/31/14

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

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Diversification may help reduce risk and lower volatility

While stocks have outperformed other investments and historically have provided an effective hedge against inflation over the long term, diversification within your portfolio may help offset short-term volatility. As the chart below shows, a mix of asset classes can provide opportunity for growth with potentially less volatility.

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Int’l13.56%

Int’l26.35%

Large Cap Growth11.82%

Bonds5.24%

High Yield Bond

57.50%Small Cap26.85%

Bonds7.84%

Large Cap Value

17.50%Small Cap38.82%

S&P 500Index

13.69%

Large Cap Value7.04%

Large Cap Value

22.21%Int’l

11.18%Cash

1.80%



High Yield Bond

4.38%Int’l

17.31%


Large Cap Value

13.45%

Diversified Portfolio5.44%

Small Cap18.35%

Bonds6.96%

Diversified Portfolio-26.10%

Int’l31.78%

Large Cap Value

15.51%


Small Cap16.34%

Large Cap Value

32.54%



S&P 500Index

15.81%

S&P 500Index

5.49%

High Yield Bond

-26.39%Small Cap

27.19%

High Yield Bond

15.19%

S&P 500Index2.11%

S&P 500Index

16.06%

S&P 500Index

32.39%


S&P 500Index

4.89%



Small Cap-33.80%

S&P 500Index

26.47%

S&P 500Index

15.06%

Large Cap Value0.39%

High Yield Bond

15.58%Int’l

22.78%Bonds5.97%

Small Cap4.56%

High Yield Bond

11.72%Cash

4.74%

Large Cap Value

-36.85%






Small Cap4.89%

Cash3.01%


High Yield Bond

2.21%

S&P 500Index

-37.00%

Large Cap Value

19.69%Int’l

7.75%Cash

0.08%


High Yield Bond

7.42%

High Yield Bond

2.50%

High Yield Bond

2.73%Cash

4.76%

Large Cap Value

-0.17%

Large Cap Growth

-38.43%Bonds5.93%

Bonds6.54%

Small Cap-4.17%

Bonds4.22%

Cash0.05%

Cash0.05%

Bonds2.43%

Bonds4.33%

Small Cap-1.55%

Int’l-42.39%

Cash0.16%

Cash0.13%

Int’l-12.14%

Cash0.07%

Bonds-2.02%

Int’l-4.90%

HIGHEST

LOWEST

■ International Stocks: MSCI EAFE Index. ■ Large Cap Growth: Russell 1000 Growth Index. ■ Large CapValue: Russell 1000 Value Index. ■ S&P 500 Index. ■ Small Cap: Russell 2000 Index. ■ High Yield Bond:BofA Merrill Lynch High Yield Master II Index. ■ Bonds: Barclays U.S. Aggregate Bond Index. ■ Cash: CitigroupGlobal Markets 3-Month T-Bill Index. ■ Diversified Portfolio: equal annual investments in the eight differentmarket segments noted. Source: Wilshire Compass, 2015.

Diversification does not ensure a profit or protect against market loss. There is no assurance that a diversified portfolio will outperform a non-diversified portfolio. Past performance is not a guarantee of future results.

A case for diversification

Annual Returns


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Tap the expertise of respected money managers

Polaris Select Investor offers you the benefits of professional money management and time-tested investment techniques to help you diversify your investment and potentially maximize long-term growth potential. Polaris money managers have been selected for their extensive experience managing retirement assets, as well as for their investment management style, investment process and track record of attractive performance over time. Of course, past performance is not a guarantee of future results.

Design Your Investment

Additional information 1 American Funds SAST Portfolios and the VCP Managed Asset Allocation SAST Portfolio invest in the American Funds Insurance Series,

which has the same investment manager (Capital Research and Management Company) as American Funds. 2 A Waddell & Reed investment management company.

1

2

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Diversify your investment across asset classes

In addition to a wide selection of experienced money managers, Polaris Select Investor has over 90 investment options from which you can choose. Working with your financial advisor, you can create a strategy that feels comfortable to you by diversifying your investment across multiple asset classes to help meet your objectives for any number of goals—including income, volatility control, and inflation protection.

Polaris Select Investor also offers you the opportunity to invest in alternative asset classes and alternative strategies. Traditionally, alternatives have been widely available to institutional investors and include portfolios that invest in real assets (such as real estate, natural resources and infrastructure) and commodities. They provide an alternative to investing in traditional fixed income (bond) and equity (stock) investments and may help create a stabilizing effect on a portfolio as they may have low correlation with traditional investments. This low correlation may provide added portfolio diversification and has the potential to enhance a portfolio’s risk/return profile.

Additional information• While certain Polaris portfolios may be similar to other funds managed by the same investment adviser, this does not mean that a portfolio’s

investment results will be comparable to the investment results of other similar funds, including other funds with the same investment adviser.The portfolios’ investment results will likely differ, and may be higher or lower than the investment results of other similar funds.

• Money managers, with the exception of SunAmerica Asset Management, LLC and VALIC, are not affiliated with AGL, US Life or AmericanInternational Group, Inc. (AIG).

• Please refer to the product and trust prospectuses for more information about the contract and the variable portfolios. Please see backcover for additional information about investing in the variable portfolios.

• There is no guarantee that an investment in Polaris Select Investor will keep pace with inflation.

Choose from these asset classes

Equity Fixed Income/Cash Asset Allocation

Large Growth Money Market Traditional

Large Core Short-Term Bond Income Oriented

Large Value Inflation Protected Securities Risk Managed

Small and Mid-Cap Growth Corporate/Govt. Bond Tactical

Small and Mid-Cap Core High-Yield Bond Multi-Alternatives

Small and Mid-Cap Value Foreign and Global Bond

Multi-Cap Multi-Sector/Non-Traditional Bond

Specialty

Foreign and Global Stock

Emerging Markets


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Choose your investing approach

Design Your Investment

Polaris Portfolio Allocator models developed by Ibbotson Associates, Inc.

HigherLower Risk/RewardPotential

Model 150% Stocks

50% Fixed Income

Model 260% Stocks

40% Fixed Income

Model 370% Stocks

30% Fixed Income

Model 490% Stocks

10% Fixed Income

With Polaris Select Investor, you have the flexibility to choose one of these investment approaches:

1 Build your own allocation

You and your financial advisor can select from a wide range of over 90 portfolios and designate percentage allocations to help meet your diversification and investment goals. We encourage you to meet with your financial advisor periodically to review your investments to ensure they align with your goals.

2 Choose an asset allocation model designedby Ibbotson Associates, Inc.

Polaris Portfolio Allocator models are developed exclusively by Ibbotson Associates, Inc.— a recognized leader in asset allocation for more than three decades.

Polaris Portfolio Allocator models are designed to help you take advantage of the potential benefits of asset allocation. You can use a model and its allocation as a guide when designing your investment allocation. Keep in mind, while diversification and asset allocation are both proven investment strategies, they can’t guarantee greater or more consistent returns and they can’t protect against loss.

Please see back cover for additional information on Ibbotson Associates, Inc.

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3 Choose a Select Strategy that includes alternative investmentsSelect Strategies offer you an easy way to add alternatives to your investment. Designed by SunAmerica Asset Management, LLC (SAAMCo) specifically for Polaris Select Investor Variable Annuity, the Select Strategies combine a pre-selected allocation of six alternative investments with a Polaris Portfolio Allocator model. Each Select Strategy allows you to invest 70% of your investment in one of four Polaris Portfolio Allocator models and 30% in pre-selected alternative investments to further diversify your risk and return potential.

When alternative asset classes are chosen within your variable annuity, the usual complex tax filings are not required (for example, K-1s) and earnings will be taxed as ordinary income upon withdrawal. These funds expect to invest in positions that emphasize alternative investment strategies and/or non-traditional asset classes and, as a result, are subject to special risks. Alternative investment strategies may be riskier than traditional investment strategies and involve leverage or may use various complex hedging techniques, like options and derivatives.

Additional information about Polaris Portfolio Allocator models and Select Strategies• You may invest in only one model or Select Strategy at a time. If you attempt to invest in more than one model or Select Strategy at a time,

your investment may no longer be consistent with the intended investment objective.• While certain Polaris portfolios may be included in a Polaris Portfolio Allocator model or Select Strategy, this does not mean that these

portfolios are superior to any other portfolio not included in a model or Select Strategy.• Polaris Portfolio Allocator models and Select Strategies are not intended to provide investment advice. They should not be relied upon as

providing individualized investment recommendations. The models and Select Strategies are considered “static” because the portfolios andthe percentages of contract value allocated to each portfolio within a model or Select Strategy will not be changed by us. To maintain thetarget asset allocation of a model or Select Strategy, you can elect to have your investment rebalanced quarterly, semi-annually, or annually.Please note that due to market returns and other factors, over time the asset allocation models and Select Strategies may no longer alignwith their original investment objective. You should consult your financial advisor from time to time to review whether the model allocation orSelect Strategy you have selected is still appropriate for you. We reserve the right to change or cancel these programs at any time.

Please see back cover for additional information.

For more details on the

individual investment options,

Polaris Portfolio Allocator

models, and Select Strategies,

please see the Polaris Select

Investor Investment Guide.


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Protecting Your Family

Choose the protection that’s right for you and your family

A choice of death benefitsThe Standard Death Benefit is automatically included in your contract at no additional cost. It provides the beneficiaries you name on your contract with the contract value at time of death.

The optional Return of Purchase Payment Death Benefit is available for an additional fee. This feature provides your beneficiaries with the greater of the contract value or purchase payments, reduced proportionately for withdrawals.

The return of Purchase Payment Death Benefit may not be available in all firms. In certain firms, it may be required with certain purchases. Please check with your financial advisor.

Additional protection with the optional Return of Purchase Payment Death Benefit

Year 1 2 3 4 5 6 7 8 9 10

Return of Purchase Payment Death Benefit provides the greater of contract value or purchase payments (adjusted for withdrawals)

Hypothetical example is for illustrative purposes only to show how the optional Return of Purchase Payment Death Benefit may work. You may only elect the optional Return of Purchase Payment death benefit at the time you purchase your contract and you cannot change your election thereafter at any time. Hypothetical contract value assumes an initial purchase payment at contract issue and one additional purchase payment. The example does not reflect the actual performance of any particular investment. For more information about Polaris Select Investor Variable Annuity performance, please ask your financial advisor.

Initial investment

Contract Value

Additional investment

11

Additional information about death benefits, including definitions• Contract value: The value of the contract at the time all required paperwork, including proof of death, is received.• Purchase payments: The money you invest in your variable annuity, as well as any additional money you invest after your initial purchase.

No additional purchase payments are accepted on or after your 86th birthday.• If you are a spouse age 76 or older continuing a contract under spousal continuation, the contract’s death benefit will be equal to contract value.• If your variable annuity contract is annuitized, the death benefit no longer applies. However, if you die during the annuity payout phase,

your beneficiary may receive any remaining guaranteed income payments, depending upon which annuity payout option you select.Please see the prospectus for more information about the available annuity payout options.

Protect assets for your loved ones

Flexibility for your spouse and continued protection for your familyIf your spouse is the joint owner or sole beneficiary, the spousal continuation option allows your spouse to continue the contract rather than take the death benefit distribution. This option is available at no additional cost.

The death benefit paid upon the death of the continuing spouse varies depending on the death benefit elected by the original owner of the contract, the age of the continuing spouse at the time of spousal continuation and the date all paperwork is received in good order. Please see the prospectus for details.

Consider assets that are protected from probateCertain assets such as life insurance policies and annuities allow you to designate beneficiaries to receive payment upon your death. Because these assets pass outside of the probate process, your beneficiaries have access to the funds more quickly. In addition, these assets are not included in public records along with other details of your estate settlement. Annuities may also offer additional options in terms of controlling how your beneficiaries receive payments. See the following page for information on Extended Legacy and Guided Legacy details.

When selecting your

beneficiaries be sure to

consider Spousal Continuation,

Extended Legacy, and Guided

Legacy. Your financial advisor

can help you understand

these features.


12

Extended Legacy Planning is not a variable annuity product in and of itself. Stretch strategies involve lengthy distribution periods and are subject to additional risks and considerations. The Extended Legacy and Guided Legacy concepts should be presented in conjunction with a complete variable annuity kit, including a prospectus, that explains the full features and benefits of the variable annuity that you may be considering in order to put Extended Legacy Planning to work for you.

Protecting Your Family

How can you leave a lasting legacy?

You may want to leave a legacy for your family. When it comes to your variable annuity, you have options that make it possible to provide income for multiple generations and to maintain control of the beneficiary’s inheritance through Legacy Planning options.

Stretch assets across generations with Extended LegacyWith Extended Legacy, you can create a tax-advantaged plan that not only helps reduce the tax burden on your beneficiaries but may also stretch the life of your annuity assets for your spouse, children, and grandchildren. Use Extended Legacy from AIG to help you stretch your legacy to:

• Provide income for your children (beneficiaries) in the future, over a longer period oftime. And your grandchildren (your beneficiary’s beneficiary) can potentially stretchdistributions over any remaining life expectancy of the first beneficiary.

• Minimize the annual tax burden of the beneficiaries since each distribution is taxed atthe time of withdrawal, while the remaining variable annuity assets grow tax-deferred.

• Keep the potential for tax-deferred growth even as the beneficiaries withdrawannual income.

Guided Legacy can help you maintain controlWith Guided Legacy, you have the power to say how and when untapped variable annuity assets will be passed on, whether or not you choose to use the Extended Legacy concept.

This control can be important for:

• Making sure your money is passed on in the way you desire

• Beneficiaries who may not know how to manage a sizeable lump-sum inheritance.

You can tailor different distribution plans for different beneficiaries, depending upon the needs of each.


Today, planning for your retirement is a priority and you want to make sure

your investments are working hard to help you reach your goals.

For over two decades, Polaris Variable Annuities have been helping investors

address their long-term retirement needs. Your financial advisor can help you

design your Polaris Select Investor Variable Annuity so that it’s uniquely suited

to your retirement goals and objectives.

Polaris. For Those Who Want More®

R5450CON.2 (7/15)

Important risks and additional information about investing in the variable portfolios• Portfolios that invest in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Portfolios that invest in bonds are subject

to changes in their value when prevailing interest rates change. Portfolios that invest in non-U.S. stocks and bonds, including emerging market investments,are subject to additional risks such as political and social instability, differing securities regulations and accounting standards, limited public information,plus special risks that may include foreign taxation, currency risks, risks associated with possible differences in financial standards, and other monetary andpolitical risks associated with future political and economic developments.

• Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments.Portfolios that invest in technology companies are subject to additional risks and may be affected by short product cycles, aggressive pricing, competitionfrom new market entrants and obsolescence of existing technology. Portfolio returns may be considerably more volatile than a portfolio that does not investin technology companies.

• Portfolios that invest in small and mid-size company stocks are generally riskier and more volatile than portfolios that invest in larger, more established companies.• Portfolios that invest in high-yield bonds may be subject to greater price swings than portfolios that invest in higher-rated bonds. The payment of interest and

principal is not assured.• Portfolios that invest in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in

property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region.• Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial

and political factors.• Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, is not insured or

guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Cash Management portfolio is subject topotential loss of principal; unlike certain money market instruments, the portfolio does not seek to maintain a net asset value of $1.

• You may withdraw money from your model or Select Strategy according to the provisions of your Polaris contract. Early withdrawals may be subject towithdrawal charges and an additional 10% federal tax may apply to amounts withdrawn prior to age 59½. The amount you request will be proportionatelywithdrawn from each of the allocations in your contract unless you direct us differently. If you make a withdrawal from specific portfolios in a model orSelect Strategy that changes the existing percentages, your investment may no longer be consistent with the intended objective.

• Asset allocation models and Select Strategies may not be appropriate if you are interested in directing your own investments.• Often, alternative asset classes are not registered under the U.S. securities laws or similar laws in other countries, and therefore, are subject to less regulation

and have additional risks than securities that are registered in the U.S. Each fund’s prospectus has information on that fund’s investment strategies and risks.

Additional information about the Polaris Portfolio Allocator models• The Polaris Portfolio Allocator models are designed and licensed by Ibbotson Associates, Inc. (“Ibbotson”). The models are provided for educational

purposes only and should not be considered investment advice. • Ibbotson does not endorse and/or recommend specific financial products that may be used in conjunction with the models. Please consult your financial

advisor for assistance in developing a portfolio specific to your needs and objectives before investing.

© 2015 Ibbotson Associates, Inc.

Polaris Variable Annuities are sold by prospectus only. The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing. Please contact your insurance-licensed financial advisor or call 1-800-445-7862 to obtain a prospectus. Please read the prospectus carefully before investing. All contract and optional benefit guarantees, including any fixed account crediting rates or annuity rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased or any affiliates of those entities and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

This material was prepared to support the marketing of annuities issued by American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life). Please keep in mind that AGL, US Life, and their distributors and representatives may not give tax, accounting or legal advice. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. Such discussions generally are based upon the company’s understanding of current tax rules and interpretations. Tax laws are subject to legislative modification, and while many such modifications will have only a prospective application, it is important to recognize that a change could have retroactive effect as well. Please seek the advice of an independent tax advisor or attorney for more complete information concerning your particular circumstances and any tax statements made in this material. The purchase of an annuity is not required for and is not a term of the provision of any banking service or activity.

Polaris Select Investor Variable Annuity, form number AG-803 (7/13), is issued by American General Life Insurance Company (AGL). In New York, Polaris Select Investor Variable Annuity, form number US-802 (5/14), is issued by The United States Life Insurance Company in The City of New York (US Life). Distributed by AIG Capital Services, Inc. (ACS), Member FINRA, 21650 Oxnard Street, Suite 750, Woodland Hills, CA 91367-4997, 1-800-445-7862. AGL, US Life and ACS are members of American International Group, Inc. (AIG).

©2015 American International Group, Inc. Polaris is a registered trademark. All rights reserved.

Not FDIC or NCUA/NCUSIF Insured

May Lose Value • No Bank or Credit Union Guarantee Not a Deposit • Not Insured by any Federal Government Agency

www.aig.com/annuities

Base contract 1.10% annualized fee deducted from the average daily ending net asset value allocated to the variable portfolios.$50 contract maintenance fee ($30 in NM). Currently waived if contract value is $75,000 or more on contract anniversary.

Optional Return of Purchase Payment Death Benefit

0.30% annualized fee deducted from the average daily ending net asset value allocated to the variable portfolios.

Maximum issue ages1 85 with Account Value Death Benefit. 75 with optional Return of Purchase Payment Death Benefit.

Minimum initial investment2 $25,000 (Qualified & Non-Qualified); Additional: $500 (Qualified & Non-Qualified); $100 if Automatic Payment Plan is used.

Professional money management Total annual portfolio operating expenses range from 0.35% to 14.40%3 as of 5/31/2014 and 12/31/2014, respectively.

Dollar cost averaging4 Choose from two Dollar Cost Averaging (DCA) fixed accounts: 6 month or 1 year.

Transfers between variable portfolios 15 free per contract year; $25 thereafter (PA and TX, $10).

Automatic asset rebalancing Quarterly, semi-annual or annual available.

Free withdrawals during the withdrawal charge period

10% of purchase payments not yet withdrawn each contract year and still subject to withdrawal charges. Note: if you are taking your contract’s Required Minimum Distribution (RMD), any withdrawal charges applicable to such withdrawals are currently waived.

Withdrawal charges 5-year declining withdrawal charge (applies to each purchasepayment): 7-7-6-6-5-0%.

Systematic withdrawals Minimum withdrawal amount is $100. Available on a monthly, quarterly, semi-annual, or annual basis.

Nursing home waiver Waives withdrawal charges for certain withdrawals (not available in CA).

Annuitization Latest annuity date: 95th birthday. Upon annuitization, the death benefit will no longer apply. Please contact us prior to reaching age 95 to discuss options.

1 If jointly owned, age is based on the older owner.2 Additional purchase payments will not be accepted on or after the 86th birthday.3 Maximum expense shown is subject to a contractual waiver of 13.34%, through 4/30/16, that reduces the fee to 1.06%. 4 Dollar cost averaging does not ensure a profit or protect against loss. You should consider your ability to sustain investments during periods

of market downturns. Any fixed rates paid will be paid on a declining balance.

Additional state variations may apply. Product and features may not be available in all states. Please see the prospectus for details. Firm restrictions may apply; please check with your financial advisor.

Product Summary (B-Share)

R5450CNB.1 (5/15)

This material must not be used without the Polaris Select Investor product brochure; it cannot be used alone. Polaris Select Investor Variable Annuity is sold by prospectus only. The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing. Please contact your insurance-licensed financial advisor or call 1-800-445-7862 to obtain a prospectus. Please read the prospectus carefully before investing. Annuities are long-term investments designed for retirement. Early withdrawals may be subject to withdrawal charges. Partial withdrawals may reduce benefits available under the contract, as well as the amount available upon a full surrender. Withdrawals of taxable amounts are subject to ordinary income tax and, if taken prior to age 59½, an additional 10% federal tax may apply.

All contract and optional benefit guarantees, including any fixed account crediting rates or annuity rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased or any affiliates of those entities and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

This material was prepared to support the marketing of annuities issued by American General Life Insurance Company (AGL) and The United States Life Insurance Company in the City of New York (US Life). Please keep in mind that AGL, US Life, and their distributors and representatives may not give tax, accounting or legal advice. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. Such discussions generally are based upon the company’s understanding of current tax rules and interpretations. Tax laws are subject to legislative modification, and while many such modifications will have only a prospective application, it is important to recognize that a change could have retroactive effect as well. Please seek the advice of an independent tax advisor or attorney for more complete information concerning your particular circumstances and any tax statements made in this material. The purchase of an annuity is not required for and is not a term of the provision of any banking service or activity.

Polaris Select Investor Variable Annuity, form number AG-803 (7/13), is issued by American General Life Insurance Company (AGL). In New York, Polaris Select Investor Variable Annuity, form number US-802 (5/14), is issued by The United States Life Insurance Company in The City of New York (US Life). Distributed by AIG Capital Services, Inc. (ACS), Member FINRA, 21650 Oxnard Street, Suite 750, Woodland Hills, CA 91367-4997, 1-800-445-7862. AGL, US Life and ACS are members of American International Group, Inc. (AIG).



www.aig.com/annuities

INVESTMENT GUIDE


VARIABLE ANNUITY

®

Additional information1 American Funds SAST Portfolios and the VCP Managed Asset Allocation SAST Portfolio invest in the American Funds Insurance Series, which has

the same investment manager (Capital Research and Management Company) as American Funds. 2 A Waddell & Reed investment management company.

Design Your Investment With Polaris Select Investor Variable Annuity, you can seek to meet your investment objectives by choosing from a wide array of investment options using one of these different approaches:

1 Build your own allocationWith over 90 investment choices, you can select from a wide range of investments from more than 30 experienced money managers and more than 20 different asset classes.

2 Choose an asset allocation model The Polaris Portfolio Allocator models are designed by Ibbotson Associates, Inc. to help you take advantage of the potential benefits of asset allocation.

3 Choose a Select Strategy that includes alternative investmentsSelect Strategies offer you a simple way to add alternatives to your portfolio. The Select Strategies, designed by SunAmerica Asset Management, LLC (SAAMCo), combine a pre-selected allocation of six alternative portfolios with a corresponding Polaris Portfolio Allocator model.

Professional money managementPolaris Select Investor Variable Annuity offers you the benefits of professional money management to help you diversify your investment and maximize long-term growth potential.

1

2

Investment Guide

1

ASSET CLASS POLARIS PORTFOLIO MONEY MANAGER

Large Growth

American Funds Growth SAST 3,4 Capital Research and Management CompanyBlue Chip Growth Massachusetts Financial Services CompanyCapital Growth The Boston Company Asset Management, LLCFundamental Growth Wells Capital Management Incorporated

Large Cap Growth Goldman Sachs Asset Management, L.P., Janus Capital Management LLC and SunAmerica Asset Management, LLC

SA AB Growth AllianceBernstein L.P.SA Columbia Focused Growth Columbia Management Investment Advisers, LLCSA Marsico Focused Growth Marsico Capital Management, LLCStock T. Rowe Price Associates, Inc.

Large Core

BlackRock iShares Equity Appreciation V.I. Fund BlackRock Advisors, LLC Equity Opportunities OppenheimerFunds, Inc.Lord Abbett Fundamental Equity5 Lord, Abbett & Co. LLCLord Abbett Growth and Income5 Lord, Abbett & Co. LLCSA MFS® Massachusetts Investors Trust Massachusetts Financial Services CompanyVALIC Company I Stock Index Fund SunAmerica Asset Management, LLC

Large Value

American Funds Growth-Income SAST3,4 Capital Research and Management Company

“Dogs” of Wall Street SunAmerica Asset Management, LLCGrowth-Income J.P. Morgan Investment Management Inc.Invesco V.I. Comstock Fund6 Invesco Advisers, Inc.Invesco V.I. Growth and Income Fund6 Invesco Advisers, Inc.

Large Cap Value T. Rowe Price Associates, Inc., Wellington ManagementCompany LLP and SunAmerica Asset Management, LLC

SA Columbia Focused Value Columbia Management Investment Advisers, LLCSA Legg Mason BW Large Cap Value Brandywine Global Investment Management, LLC

Small and Mid- Cap Growth

Aggressive Growth Wells Capital Management IncorporatedGrowth Opportunities Invesco Advisers, Inc.Mid-Cap Growth J.P. Morgan Investment Management Inc.

Mid Cap Growth T. Rowe Price Associates, Inc., Wellington ManagementCompany LLP and SunAmerica Asset Management, LLC

Small and Mid- Cap Core

Small Cap ClearBridge Investments, LLC, J.P. Morgan Investment Management Inc. and SunAmerica Asset Management, LLC

VALIC Company I Mid Cap Index Fund SunAmerica Asset Management, LLCVALIC Company I Small Cap Index Fund SunAmerica Asset Management, LLC

Small and Mid-Cap Value

Mid Cap ValueGoldman Sachs Asset Management, L.P., Massachusetts Financial Services Company and SunAmerica Asset Management, LLC

Small & Mid Cap Value AllianceBernstein L.P.Small Company Value Franklin Advisory Services, LLC

1 Build your own allocation from these available portfolios in Polaris Select Investor Variable Annuity

EQU

ITIE

S

Please see page 8 for important risks and additional information about asset classes.

2


Multi-CapCapital Appreciation Wellington Management Company LLPGrowth Wellington Management Company LLPInvesco V.I. American Franchise Fund6 Invesco Advisers, Inc.

Specialty

Natural Resources Wellington Management Company LLPReal Estate Pyramis Global Advisors, LLCTechnology Columbia Management Investment Advisers, LLCTelecom Utility Massachusetts Financial Services CompanyMorgan Stanley UIF Global Infrastructure Portfolio Morgan Stanley Investment Management Inc.VALIC Company I Global Social Awareness Fund SunAmerica Asset Management, LLCVALIC Company I Nasdaq-100 Index Fund SunAmerica Asset Management, LLC

Foreign and Global Stock

American Funds Global Growth SAST3,4 Capital Research and Management CompanyForeign Value Templeton Investment Counsel, LLCGlobal Equities J.P. Morgan Investment Management Inc.International Diversified Equities Morgan Stanley Investment Management Inc.

International Equity Janus Capital Management LLC, T. Rowe Price Associates, Inc. and SunAmerica Asset Management, LLC

International Growth and Income Putnam Investment Management, LLCVALIC Company I International Equities Index Fund SunAmerica Asset Management, LLC

Emerging Markets Emerging Markets J.P. Morgan Investment Management Inc.

Money Market Cash Management BofA Advisors, LLC

Short-Term BondColumbia Variable Portfolio—Limited Duration Credit Fund Columbia Management Investment Advisers, LLC

Lord Abbett Short Duration Income5 Lord, Abbett & Co. LLCInflation Protected Securities Real Return Wellington Management Company LLP

Corporate/ Govt. Bond

Corporate Bond Federated Investment Management Company

Diversified Fixed Income PineBridge Investments LLC and Wellington Management Company LLP

Government and Quality Bond Wellington Management Company LLP

SA JPMorgan MFS® Core Bond JP Morgan Investment Management Inc. and Massachusetts Financial Services Company

High-Yield Bond High-Yield Bond PineBridge Investments LLC

Foreign and Global Bond

Columbia Variable Portfolio—Emerging Markets Bond Fund Columbia Management Investment Advisers, LLC

Global Bond Goldman Sachs Asset Management International PIMCO Emerging Markets Bond Portfolio Pacific Investment Management Company LLC

Multi-Sector/ Non Traditional Bond

BlackRock iShares Dynamic Fixed Income V.I. Fund BlackRock Advisors, LLC

Franklin Strategic Income VIP Fund Franklin Advisers, Inc.Goldman Sachs VIT Strategic Income Fund Goldman Sachs Asset Management, L.P.Lord Abbett Bond Debenture5 Lord, Abbett & Co. LLCPIMCO Unconstrained Bond Portfolio Pacific Investment Management Company LLC

EQU

ITIE

SFI

XED

INC

OM

E/C

ASH

Investment Guide

3


Traditional Asset Allocation

American Funds Asset Allocation SAST3,4 Capital Research and Management CompanyAsset Allocation Edge Asset Management, Inc.Asset Allocation: Diversified Growth Putnam Investment Management, LLCBalanced J.P. Morgan Investment Management Inc.Franklin Founding Funds Allocation VIP Fund Franklin Templeton Services, LLCManaged Allocation Balanced SunAmerica Asset Management, LLCManaged Allocation Growth SunAmerica Asset Management, LLCManaged Allocation Moderate SunAmerica Asset Management, LLCManaged Allocation Moderate Growth SunAmerica Asset Management, LLCSA BlackRock Multi-Asset Income Portfolio BlackRock Investment Management, LLCSA MFS® Total Return Massachusetts Financial Services Company

Income Oriented Asset Allocation

American Funds Capital Income Builder Capital Research and Management CompanyFranklin Income VIP Fund Franklin Advisers, Inc.

Risk Managed Asset Allocation

BlackRock Global Allocation V.I. Fund BlackRock Advisors, LLCInvesco V.I. Balanced-Risk Allocation Fund Invesco Advisers, Inc.

SunAmerica Dynamic Allocation Portfolio® SunAmerica Asset Management, LLC and AllianceBernstein L.P.

SunAmerica Dynamic Strategy Portfolio® SunAmerica Asset Management, LLC and AllianceBernstein L.P.

VCP Managed Asset Allocation SAST Portfolio®4,7 Capital Research and Management CompanyVCP Total Return Balanced® Portfolio Pacific Investment Management Company LLCVCP Value® Portfolio Invesco Advisers, Inc.

Tactical Asset Allocation

BlackRock iShares Dynamic Allocation V.I. Fund BlackRock Advisors, LLCGoldman Sachs VIT Global Trends Allocation Fund Goldman Sachs Asset Management, L.P.

Ivy Funds VIP Asset Strategy Waddell & Reed Investment Management CompanyPIMCO All Asset Portfolio Pacific Investment Management Company LLC

Multi-Alternatives

BlackRock iShares Alternative Strategies V.I. Fund BlackRock Advisors, LLC

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Goldman Sachs Asset Management, L.P.

Neuberger Berman AMT Absolute Return Multi-Manager Portfolio NB Alternative Investment Management LLC

ASS

ET A

LLO

CA

TIO

N

Certain portfolios are not available in some firms. Please check with your financial advisor.3 The American Funds SunAmerica Series Trust (“SAST”) portfolios (“Feeder Funds”) do not invest directly in individual securities; instead they invest all of their assets in corresponding funds (“Master Funds”) of the American Funds Insurance Series. 4 Investing in a Feeder Fund will result in higher fees and expenses than investing directly in a Master Fund. Please see the prospectus and Statement of Additional Information for more information regarding the master-feeder fund structure. 5 Lord Abbett Series Fund, Inc. 6 AIM Variable Insurance Funds (Invesco Variable Insurance Funds)—Series II Shares. 7 The VCP Managed Asset Allocation SAST Portfolio (“Feeder Fund”) does not invest directly in individual securities; instead it invests in shares of the American Funds Insurance Series® Managed Risk Asset Allocation FundSM (the “Master Fund”). In turn, the Master Fund invests in shares of an underlying fund, the American Funds Insurance Series® Asset Allocation Fund (the “Underlying Fund”), hedge instruments (primarily exchange-traded futures) and cash or cash equivalents.

Please see page 8 for important risks and additional information about asset classes.

4

2 Choose a Polaris Portfolio Allocator ModelTake advantage of the potential benefits of asset allocation with professionally designed asset allocation models.

• Polaris Portfolio Allocator models are developed by Ibbotson Associates, Inc., a recognized leader in asset allocation strategies. You can use a model and its allocation as a guide when designing your investment allocation or you may build your own allocation with the help of your financial advisor.

• Keep in mind, while diversification and asset allocation are both proven investment strategies, they can’t guarantee greater or more consistent returns and they can’t protect against loss.

Polaris Portfolio Allocator models are not intended to provide investment advice. They should not be relied upon as providing individualized investment recommendations. The models are considered “static” because the portfolios and percentages of contract value allocated to each portfolio within a model will not be changed by us. To maintain the target asset allocation of a model, you can elect to have your investment rebalanced quarterly, semi-annually, or annually. Please note that due to market returns and other factors, over time the asset allocation models may no longer align with their original investment objective. You should consult your financial advisor from time to time to review whether the model allocation you have selected is still appropriate for you. We reserve the right to change or cancel this program at any time.

HigherLower Risk/RewardPotential

• You may invest in only one model at a time. If you attempt to invest in more than one model at a time, your investment may no longer be consistent with the model’s investment objectives.

• You may withdraw money from your model according to the provisions of your Polaris contract. Early withdrawals may be subject to withdrawal charges and an additional 10% federal tax may apply to amounts withdrawn prior to age 59½. The amount you request will be proportionately withdrawn from each of the allocations in your contract unless you direct us differently. If you make a withdrawal from specific portfolios in a model that changes the existing percentages, your investment may no longer be consistent with the model’s intended objectives.

• Asset allocation models may not be appropriate if you are interested in directing your own investments.• While certain Polaris portfolios may be included in a Polaris Portfolio Allocator model, this does not mean that these portfolios are superior to

any other portfolio not included in a model.• Please see back cover for more information on Ibbotson Associates, Inc.

© 2015 Ibbotson Associates, Inc.

Model 150% Stocks

50% Fixed Income

Model 260% Stocks

40% Fixed Income

Model 370% Stocks

30% Fixed Income

Model 490% Stocks

10% Fixed Income

Investment Guide

5

Actual allocation may differ from the target allocation.Lower Risk/Reward Higher

Potential

• Please see page 3 for additional information.

Model 1 Model 2 Model 3 Model 4

Target Allocation: Stocks/Fixed Income 50% /50% 60%/40% 70% /30% 90% /10%

American Funds Growth SAST3,4 2% 2% 2% 2%

Blue Chip Growth (Massachusetts Financial Services Company) 2% 2% 2% 4%

Capital Growth (The Boston Company Asset Management, LLC) 2% 3% 3% 4%

SA Marsico Focused Growth 1% 2% 3% 4%

Equity Opportunities (OppenheimerFunds, Inc.) 2% 3% 4% 6%

SA MFS® Massachusetts Investors Trust 7% 7% 7% 8%

American Funds Growth-Income SAST 3,4 — — 1% 5%

SA Legg Mason BW Large Cap Value 4% 4% 4% 5%

“Dogs” of Wall Street (SunAmerica Asset Management, LLC) 3% 3% 3% 5%

Invesco V.I. Comstock Fund6 6% 6% 7% 8%

Invesco V.I. Growth and Income Fund6 6% 7% 8% 8%

Growth-Income (J.P. Morgan Investment Management Inc.) 5% 6% 7% 8%

Small & Mid Cap Value (AllianceBernstein L.P.) 2% 2% 2% 2%

Small Company Value (Franklin Advisory Services, LLC) — 2% 2% 1%

Capital Appreciation (Wellington Management Company LLP) 2% 3% 4% 5%

Real Estate (Pyramis Global Advisors, LLC) — — — 1%

American Funds Global Growth SAST3,4 2% 2% 3% 6%

Foreign Value (Templeton Investment Counsel, LLC) 2% 3% 3% 3%

International Diversified Equities (Morgan Stanley) 2% 2% 3% 3%

Emerging Markets (J.P. Morgan Investment Management Inc.) — 1% 2% 2%

Real Return (Wellington Management Company LLP) 7% 4% 2% —

Corporate Bond (Federated Investment Management Company) 10% 8% 7% 1%

Government and Quality Bond (Wellington Management Company LLP) 10% 9% 7% 2%

SA JPMorgan MFS® Core Bond 15% 12% 10% 5%

High-Yield Bond (PineBridge Investments LLC) 4% 3% 2% —

Global Bond (Goldman Sachs Asset Management International) 4% 4% 2% 2%

6

Polaris Portfolio Allocator Model (one of four) 70%

BlackRock iShares Alternative Strategies V.I. Fund 6%

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio 6%

Morgan Stanley UIF Global Infrastructure Portfolio 5%

Neuberger Berman AMT Absolute Return Multi-Manager Portfolio 6%

PIMCO Unconstrained Bond Portfolio 4%

Real Estate (Pyramis) 3%

3 Choose a Select Strategy Designed especially for Polaris Select Investor Variable Annuity, a Select Strategy provides an easy way to add alternatives to your portfolio. Each Select Strategy combines a Polaris Portfolio Allocator model with a pre-set allocation of alternative investments to offer additional diversification opportunities.

When you choose this option, your contract is automatically allocated with 70% invested in one of the Polaris Portfolio Allocator models of your choosing and 30% invested in the pre-selected combination of alternative funds.

• Select Strategies are not intended to provide investment advice.• You may invest in only one Select Strategy at a time. If you attempt to invest in more than one Select Strategy at a time, your investment may

no longer be consistent with the intended investment objectives.• You may withdraw money from your Select Strategy according to the provisions of your Polaris contract. Early withdrawals may be subject to

withdrawal charges and an additional 10% federal tax may apply to amounts withdrawn prior to age 59½. The amount you request will beproportionately withdrawn from each of the allocations in your contract unless you direct us differently. If you make a withdrawal from specificportfolios that changes the existing percentages, your investment may no longer be consistent with the intended objectives.

• A Select Strategy may not be appropriate if you are interested in directing your own investments or do not want exposure to alternative funds.• While certain Polaris portfolios may be included in a Select Strategy, this does not mean that these portfolios are superior to any other portfolio

not included in a Select Strategy.• Please see back cover for more information on Ibbotson Associates, Inc.

SELECT STRATEGIES ALLOCATION

Select Strategy Example

Polaris Portfolio Allocator Model

Alternatives

70%

30%

Select Strategy 1 ➝➝ Portfolio Allocator Model 1




Investment Guide

7

BlackRock iShares Alternative Strategies V.I. Fund

This fund of iShares ETFs offers exposure to alternative investments, which may include emerging market debt, commodities, U.S. and international REITs, global equities with minimum volatility, and preferred stocks.

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio

A portfolio which invests across various alternative strategies, as well as non-traditional asset classes such as global infrastructure, real estate, and commodities, through differentiated investment styles and strategies.

Morgan Stanley UIF Global Infrastructure Portfolio

This fund invests in equity securities of global infrastructure companies with exposure to all major economic infrastructure sectors, such as energy, transportation, communication and others.

Neuberger Berman AMT Absolute Return Multi-Manager Portfolio

Using a multi-strategy approach that provides investors with access to high-quality alternatives managers, this portfolio may include strategies commonly used by hedge funds such as merger arbitrage, equity and credit long/short and restructurings.

PIMCO Unconstrained Bond Portfolio With a flexible approach to capturing global opportunities and managing risk through defensive capabilities and a wide duration range (-3 to +8 years), this fund’s goal is to deliver positive absolute returns independent of the market environment.

Real Estate Portfolio (Pyramis) Pyramis’ U.S. REIT team applies bottom-up, fundamental research and seeks to identify real estate companies with attractive long-term capital growth potential.

Alternative investments included in the Select Strategies

Your overall portfolio may be further diversified with these funds included in each Select Strategy. These alternative investments were chosen to create a mix of strategies that offers potential diversification benefits beyond traditional equity-fixed income allocations.

These funds expect to invest in positions that emphasize alternative investment strategies and/or non-traditional asset classes and, as a result, are subject to special risks. Alternative investment strategies may be riskier than traditional investment strategies and involve leverage or may use various complex hedging techniques, like options and derivatives.

• Diversification does not ensure a profit or protect against market loss. There is no assurance that a diversified portfolio will outperform anon-diversified portfolio. Past performance is not a guarantee of future results.

• The performance of these types of strategies may not be highly correlated with traditional investments in debt or equities and the correlation ofreturns may not be stable over time. This means that when the value of traditional investments is decreasing, the value of alternative asset classesmay be increasing or decreasing or be relatively unchanged.

• Often, alternative asset classes are not registered under the U.S. securities laws or similar laws in other countries, and therefore, are subjectto less regulation and have additional risks than securities that are registered in the U.S. Each fund’s prospectus has information on that fund’sinvestment strategies and risks.

8

•While certain Polaris portfolios may be similar to other funds managed by the same investment adviser, this does not mean that a portfolio’s investment results will be comparable to the investment results of other similar funds, including other funds with the same investment adviser. The portfolios’ investment results will likely differ, and may be higher or lower than the investment results of other similar funds.

•Money managers, with the exception of SunAmerica Asset Management, LLC and VALIC, are not affiliated with American General Life, US Life or American International Group, Inc. (AIG).

•Portfolios that invest in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Portfolios that invest in bonds are subject to changes in their value when prevailing interest rates change. Portfolios that invest in non-U.S. stocks and bonds, including emerging market investments, are subject to additional risks such as political and social instability, differing securities regulations and accounting standards, limited public information, plus special risks that may include foreign taxation, currency risks, risks associated with possible differences in financial standards, and other monetary and political risks associated with future political and economic developments.

•Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Portfolios that invest in technology companies are subject to additional risks and may be affected by short product cycles, aggressive pricing, competition from new market entrants and obsolescence of existing technology. Portfolio returns may be considerably more volatile than a portfolio that does not invest in technology companies.

•Portfolios that invest in small and mid-size company stocks are generally riskier and more volatile than portfolios that invest in larger, more established companies.

•Portfolios that invest in high-yield bonds may be subject to greater price swings than portfolios that invest in higher-rated bonds. The payment of interest and principal is not assured.

•Portfolios that invest in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region.

•Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

•Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Cash Management portfolio is subject to potential loss of principal; unlike certain money market instruments, the portfolio does not seek to maintain a net asset value of $1.

Important risks and additional information about investing in the variable portfolios

Investment Guide

9

Today, planning for your long-term goals such as retirement may be

a priority. You’ll want to make sure your investments are working hard

to help you reach your goals.

For over two decades, Polaris Variable Annuities have been helping

investors address their long-term investment needs. Your financial advisor

can help you design your Polaris Select Investor Variable Annuity so that

it’s uniquely suited to your retirement goals and objectives.


VARIABLE ANNUITY

®

R5450PRF.4 (9/15) www.aig.com/annuities

This material must not be used without the Polaris Select Investor Variable Annuity product brochure; it cannot be used alone. Polaris Variable Annuities are sold by prospectus only. The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing. Please contact your insurance-licensed financial advisor or call 1-800-445-7862 to obtain a prospectus. Please read the prospectus carefully before investing.Additional information about the Polaris Portfolio Allocator models and Managed Allocation Portfolios• The Polaris Portfolio Allocator models are designed and licensed by Ibbotson Associates, Inc. (“Ibbotson”). The models are provided for

educational purposes only and should not be considered investment advice. • Ibbotson does not endorse and/or recommend specific financial products that may be used in conjunction with the models. Please consult your

financial advisor for assistance in developing a portfolio specific to your needs and objectives before investing. Ibbotson Associates, Inc. is not affiliated with the insurance companies listed below.

• The Managed Allocation Portfolios’ investment adviser, SunAmerica Asset Management, LLC (“SAAMCo”), has chosen Wilshire Funds Management to serve as a consultant to the Managed Allocation Portfolios. Wilshire Funds Management is the global investment unit of Wilshire Associates Incorporated. Wilshire is a registered service mark of Wilshire Associates Incorporated, Santa Monica, California. Wilshire is not an affiliate of SunAmerica Asset Management, LLC or the insurance companies listed below.

The Pyramis Global Advisors’ logo is a registered service mark of FMR LLC. Used with permission.

This material was prepared to support the marketing of Polaris Variable Annuities. Please keep in mind that American General Life Insurance Company, The United States Life Insurance Company in the City of New York, and their distributors and representatives may not give tax, accounting or legal advice. Any tax statements in this material are not intended to suggest the avoidance of U.S. federal, state or local tax penalties. Such discussions generally are based upon the company’s understanding of current tax rules and interpretations. Tax laws are subject to legislative modification, and while many such modifications will have only a prospective application, it is important to recognize that a change could have retroactive effect as well. Please seek the advice of an independent tax advisor or attorney for more complete information concerning your particular circumstances and tax statements made in this material.

Annuities are long-term investments designed for retirement. Early withdrawals may be subject to withdrawal charges. Partial withdrawals may reduce benefits available under the contract, as well as the amount available upon a full surrender. Withdrawals of taxable amounts are subject to ordinary income tax and, if taken prior to age 59½, an additional 10% federal tax may apply. An investment in Polaris involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested. The purchase of Polaris is not required for, and is not a term of, the provision of any banking service or activity. Products and features may vary by state and may not be available in all states.

All contract and optional benefit guarantees, including any fixed account crediting rates or annuity rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased or any affiliates of those entities and none makes any representation or guarantees regarding the claims-paying ability of the issuing insurance company.

Polaris Select Investor Variable Annuity, form number AG-803 (7/13), is issued by American General Life Insurance Company (AGL). In New York, Polaris Select Investor Variable Annuity, form number US-802 (5/14), is issued by The United States Life Insurance Company in the City of New York (US Life). Distributed by AIG Capital Services, Inc. (ACS), Member FINRA, 21650 Oxnard Street, Suite 750, Woodland Hills, CA 91367-4997, 1-800-445-7862. AGL, US Life and ACS are members of American International Group, Inc. (AIG).

© 2015 American International Group, Inc. Polaris® is a registered trademark. All rights reserved.



The Investor Questionnaire is educational in nature and designed to help you evaluate investment considerations, including your time horizon and tolerance for risk. To help you identify a target investment allocation consistent with your time horizon and tolerance for risk, complete this questionnaire. The questionnaire was developed by Ibbotson Associates, Inc. (“Ibbotson”), one of the most well-respected independent asset allocation providers in the country. Your financial advisor can help you choose an investment allocation that’s right for you and your retirement needs.



Assess your time horizon and

tolerance for risk

INVESTOR QUESTIONNAIRE

How to use the questionnaire

1. Answer each question and total your scores where indicated.

2. Use the table on the back to identify the Polaris Portfolio Allocator model that best matches your two total scores.

3. The models generally comprise a mix of stock and fixed income asset classes. You can use a model and its allocation as a guide when designing your investment allocation or you may build a customized allocation with the help of your financial advisor.

1. In how many years will you begin to withdraw funds from this account?

• Less than 1 (0 points) •3–4 (3 points) •8–10 (9 points)

• 1–2 (1 point) •5–7 (6 points) •11 years or more (11 points)

2. Once you start taking funds out of your account, over how many years will you continue to withdraw funds?

• Lump sum withdrawal (0 points) •5–7 (4 points) •More than 11 (6 points)

• 1–4 (2 points) •8–10 (5 points)

Investment Time Horizon Score

Risk Tolerance Section — 8 Questions

1. By keeping pace with inflation, investors can maintain the purchasing power of their money over time. This meansthat your money will be able to purchase the same basket of goods year after year, even though prices haveincreased. Generally, higher returns can only be achieved by accepting greater risk. Which of the followingchoices best reflects your attitude toward inflation and risk?

• My main goal is to avoid loss, even though I may only keep pace with inflation. (0 points)• My main goal is to earn slightly more than inflation, while taking on a low level of risk. (5 points)• My main goal is to increase my portfolio’s value. Therefore, I am willing to accept short-term losses, but I am not

comfortable with extreme performance shifts that may be experienced in the most aggressive investment options. (9 points)• My main goal is to maximize my portfolio value, and I am willing to take on extreme levels of risk and performance shifts

in my portfolio to do so. (14 points)

2. The following chart shows the possible outcomes (best, average, and worst) of year-end account values(net of fees) of four hypothetical investment portfolios. The initial investment into each portfolio was $20,000.Which portfolio would you be most comfortable owning?

3. Markets have experienced large price swings and extended price drops throughout history. Suppose you owneda portfolio that fell by 20% over a 3-month period. Assuming you still have 10 years until you begin makingwithdrawals from this account, how would you react?

• I would immediately change my portfolio. (0 points)• I would wait at least 6 months before adjusting my portfolio. (3 points)• I would wait at least 1 year before adjusting my portfolio. (6 points)• I would not change my investment strategy. (10 points)

Answer each question and total your scores for both sections

Investment Time Horizon Section — 2 Questions

TOTAL

$30,000

$27,500

$25,000

$22,500

$20,000

$17,500

$15,000

$12,500

$10,000

Portfolio A(0 points)

Portfolio B(4 points)

Portfolio C(7 points)

Portfolio D(12 points)

$26,000

$15,000$13,500

$27,000$28,000

$12,500

$30,000

$10,500

Dashedline

representsAverageOutcome

______________POINTS

______________POINTS

______________POINTS

______________POINTS

______________POINTS

4. The following table presents the probable chance of experiencing a loss and probable dollar gain for a $100,000 investment in four hypothetical portfolios over a one-year holding period. Based on the information provided below, which of the following portfolios would you select for your account?

Portfolio A (0 pts) Portfolio B (4 pts) Portfolio C (7 pts) Portfolio D (12 pts)

Chance of Experiencing a Loss (%) 29% 31% 32% 34%

Probable Dollar Gain ($) $5,000 $6,000 $7,000 $8,000

5. Investors must be comfortable with the amount of risk associated with short periods (i.e., one year), even if they have a long investment horizon. The following three hypothetical graphs represent three different ways in which your money can be invested. The graphs show the returns of each investment from year to year. Which investment would you choose?

1 Year 1 Year 1 Year

Portfolio A (0 points) Portfolio B (7 points) Portfolio C (14 points)60%

40%

20%

0%

-20%

-40%

60%

40%

20%

0%

-20%

-40%

60%

40%

20%

0%

-20%

-40%

% R

etur

n

6. The table below shows the characteristics of four hypothetical portfolios over the next 30 years. Given your investment objectives, in which of these hypothetical portfolios would you feel most comfortable investing?

Probable Average Annual

Return

Probable Number of Years with Negative Returns

Potential Worst Annual Return

Portfolio A (0 points) 5% 9 -16%

Portfolio B (4 points) 6% 10 -18%

Portfolio C (7 points) 7% 11 -22%

Portfolio D (12 points) 8% 12 -28%

7. Investment decisions are generally determined by a risk-return tradeoff. Risk is any possibility of loss to the value of your portfolio. Return is the amount earned or profit on an investment. How would you respond to the following statement?

Primary concern is

minimizing risk

Protecting my portfolio from loss is more important to me than achieving high returns.

Primary concern is maximizing return

Strongly Agree

(0 points)Agree

(4 points)Risk & Return are equally important

(8 points)Disagree

(11 points)Strongly Disagree

(14 points)

8. The degree to which the value of a portfolio rises and falls is called volatility. Generally, assets that exhibit higher volatility also have higher returns. Investments are risky, however, because there is no guarantee that the upturns in your portfolio will be greater than the downturns. Which of the following best describes how you feel about the amount of volatility you are willing to accept?

• Little—I would rather have small returns than risk losing any money. (0 points)• Some—I would like to achieve higher returns over time and can withstand an occasional, large downturn in the

value of my portfolio. (6 points)• Considerable—My main goal is to achieve high returns over time and I can endure substantial losses in order

to do so. (12 points)

Risk Tolerance ScoreTOTAL

______________POINTS

______________POINTS

______________POINTS

______________POINTS

______________POINTS

Turn the page and use your Investment Time Horizon and Risk Tolerance scores to see which Polaris Portfolio Allocator model matches your profile.

Your Total Time Horizon Score: Circle the appropriate range below

3 – 5 6 –7 8 –10 11+

Your Total Risk Tolerance Score:

15 – 37 1 1 1 1

38 – 60 1 2 2 2

Circle the appropriate range on the right

61– 83 1 2 3 3

84 –100 1 2 3 4

Target Allocations: Stocks/Fixed Income

•Model 1: 50%/50% •Model 2: 60%/40% •Model 3: 70%/30% •Model 4: 90%/10%

If your time horizon score is less than 3 or your risk tolerance score is less than 15, a more conservative approach may be appropriate. Your financial advisor can help you evaluate the model or other investments to help ensure that it meets your specific financial situation. These situations are different for each client and should not be taken as a direct recommendation. Your needs and the suitability of an annuity product should be carefully considered prior to investing.

R5450RTQ.2 (7/15) www.aig.com/annuities

This material must not be used without the Polaris Select Investor Variable Annuity product brochure; it cannot be used alone. Polaris Variable Annuities are sold by prospectus only. The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing. Please contact your insurance-licensed financial advisor or call 1-800-445-7862 to obtain a prospectus. Please read the prospectus carefully before investing. Additional information about the Investor Questionnaire and Polaris Portfolio Allocator models• The Investor Questionnaire is intended to assist you in identifying your general attitude towards investment risk based on your responses to the questions.

It does not consider other important factors, such as your financial resources, personal situation, investment goals, tax situation and other relevantfactors. The portfolios used in the questionnaire are hypothetical; they are not based on an actual investment in a specific portfolio. The portfolios are forillustrative purposes only and do not represent past or future performance of any specific investment or portfolio. The Polaris Portfolio Allocator modelsand Investor Questionnaire are designed and licensed by Ibbotson Associates, Inc. (“Ibbotson”). These materials are provided for educational purposesonly and should not be considered investment advice. Ibbotson does not endorse and/or recommend specific financial products that may be used inconjunction with the models and questionnaire. Please consult your financial advisor for assistance in developing a portfolio specific to your needs andobjectives before investing. Ibbotson Associates, Inc. is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. Ibbotson is notacting in the capacity of an advisor to individual investors. Ibbotson Associates, Inc. and Morningstar are not affiliated with SAAMCo.

• The Investor Questionnaire is not approved for use with participants in group retirement plans governed by ERISA.

Annuities are long-term investments designed for retirement. Early withdrawals may be subject to withdrawal charges. Partial withdrawals may reduce benefits available under the contract, as well as the amount available upon a full surrender. Withdrawals of taxable amounts are subject to ordinary income tax and, if taken prior to age 59½, an additional 10% federal tax may apply. An investment in Polaris involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

All contract and optional benefit guarantees, including any fixed account crediting rates or annuity rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased or any affiliates of those entities and none makes any representation or guarantees regarding the claims-paying ability of the issuing insurance company.

Polaris Select Investor Variable Annuity, form number AG-803 (7/13), is issued by American General Life Insurance Company (AGL). In New York, Polaris Select Investor Variable Annuity, form number US-802 (5/14), is issued by The United States Life Insurance Company in the City of New York (US Life). Distributed by AIG Capital Services, Inc. (ACS), Member FINRA, 21650 Oxnard Street, Suite 750, Woodland Hills, CA 91367-4997, 1-800-445-7862. AGL, US Life and ACS are members of American International Group, Inc. (AIG).

© 2015 Ibbotson Associates, Inc. © 2015 American International Group, Inc. Polaris® is a registered trademark. All rights reserved.



Find the investment that matches your score Enter your scores from the questionnaire on the lines below. Follow the column and row to where your two scores meet to find the model that best matches your score. A model can serve as a guide when designing your investment allocation.

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