Key Benefits of the AG Platinum Income Annuity

The AG Platinum Income Annuity offers guaranteed income payments that can last as long as you live. In fact, an annuity is the only product available that transfers the risk of not having income from the individual to the private insurer.

With the AG Platinum Income Annuity, you’ll get:

• Competitive income payments—from American General Life Insurance Company, one of the most trusted names in the industry and a leading provider of fixed annuities in the bank market.
  
  
• Timely benefits—you can receive your income payments monthly, quarterly, semiannually or annually, beginning from one to 12 months after your contract is issued.
  
  
• Convenient delivery—we can mail payments to your home or deposit them directly to your checking or savings account.
  
  
• Advance payment rider— If you are receiving annuity income payments on a monthly basis, you can request to receive a lump-sum payment equal to the value of the next six months worth of payments. Your regularly scheduled payments will resume after six months. You may exercise this feature if you are age 59½ or older and the contract is a nonqualified plan. This valuable feature may be elected twice during the life of the annuity contract.

Income Payment Options

Many people will live 30 years or more in retirement. A SPIA is a retirement income solution that can help see you through a longer retirement.

With the AG Platinum Income Annuity, in exchange for your single lump-sum payment (premium), American General will ensure a guaranteed stream of income payments. Your retirement income payments can continue for the rest of your life or for a guaranteed period of time you select.

You can choose from multiple income payment options and tailor your annuity to match your financial needs.

• Lifetime income only. Allows the annuitant (person entitled to receive income payments under an annuity contract) to receive income for life. When the annuitant dies, the payments end.
  
  
• Lifetime income with certain period. Guarantees income for as long as the annuitant lives or for a set number of years, whichever is longer.3 If the annuitant dies before the guaranteed period ends, the remaining assets are paid to the beneficiary, as scheduled. If the annuitant lives longer than the guaranteed period, income payments will continue until the death of the annuitant (at which point, the payments end).
  
  
• Lifetime income with cash (lump sum) refund. Provides payments for the life of the annuitant. If the annuitant dies before an amount equal to the premium paid is received, the balance of any remaining premium is paid in a lump sum to the beneficiary.
  
  
• Lifetime income with installment refund. Provides payments for the life of the annuitant. If the annuitant dies before an amount equal to the premium paid is received, the designated beneficiary will continue to receive the scheduled payments until the sum of total payments is equal to the premium. At that point, income payments end.
  
  
• Certain period. Allows the annuitant to receive income payments for a set number of years. If the annuitant dies before the guaranteed payments are made, the beneficiary will receive the remaining annuity payments. In times of low interest rates, some certain periods may not be available.
  
  
• Joint and survivor. Covers two people (a primary annuitant and a secondary annuitant). The guaranteed annuity payments continue as long as one of the annuitants remains alive. Payments end upon the death of the second annuitant. There are options for the surviving annuitant to receive income payments for a certain period, through installments, or as a lump sum. There is also the option to specify a reduction in the payout amount after the first death.
  
  
• Annual payment adjustment. At the time of application, you can ask to increase your income payments automatically on an annual basis.
  

Annual Payment Adjustment. At the time of applicaiton, you can ask to increase your income payments automatically on an annual basis.

Advance Payment Rider.* With any of these income options, if you are receiving monthly annuity income payments, you can request to receive a lump-sum payment equal to the value of the next six months’ worth of payments. Your regularly scheduled payments will resume after six months. If you elect this benefit, the lump-sum payment will be fully taxable. You may exercise this feature if you are age 59½ or older and the contract is a nonqualified plan. This valuable feature may only be elected twice during the life of the annuity contract.

*The company expects to report the full amount of the accelerated payment as fully taxable for the year of the payment, and recalculate the exclusion ratio for the remaining payments. For nonqualified annuity contracts, this may limit or alter the contract owner’s ability to fully recapture the investment in the contract over the annuity payment period. The company makes no representations and provides no advice as to the ultimate tax treatment of any annuity distribution transaction, and you may wish to consult with a tax advisor prior to exercising a withdrawal feature under an immediate annuity.

Tax-qualified contracts such as IRAs, 401(k)s, etc., are tax deferred regardless of whether or not they are funded with an annuity. If you are considering funding a tax-qualified retirement plan with an annuity, you should know that an annuity does not provide any additional tax-deferred treatment of earnings beyond the treatment by the tax-qualified retirement plan itself. However, annuities do provide other features and benefits such as income options.

Neither American General Life Insurance Company nor its agents or representatives are authorized to give legal, tax or accounting advice. Please consult your attorney, accountant, or tax advisor on specific points of interest.

The Western National series of annuities is issued and underwritten in New York by The United States Life Insurance Company in the City of New York and in all other states by American General Life Insurance Company.