0001051485-11-000145.txt : 20110824
0001051485-11-000145.hdr.sgml : 20110824
20110824104428
ACCESSION NUMBER: 0001051485-11-000145
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20110824
DATE AS OF CHANGE: 20110824
EFFECTIVENESS DATE: 20110824
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: AGL SEPARATE ACCOUNT VL-R
CENTRAL INDEX KEY: 0001051485
IRS NUMBER: 250598210
STATE OF INCORPORATION: TX
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-143072
FILM NUMBER: 111052902
BUSINESS ADDRESS:
STREET 1: 2727-A ALLEN PARKWAY
CITY: HOUSTON
STATE: TX
ZIP: 77019
BUSINESS PHONE: 713-522-1111
MAIL ADDRESS:
STREET 1: 2727-A ALLEN PARKWAY
CITY: HOUSTON
STATE: TX
ZIP: 77019
FORMER COMPANY:
FORMER CONFORMED NAME: AGL SEPARATE ACCOUNT VL R
DATE OF NAME CHANGE: 19990907
FORMER COMPANY:
FORMER CONFORMED NAME: AMERICAN GENERAL LIFE INSURANCE CO SEPARATE ACCOUNT VL R
DATE OF NAME CHANGE: 19971216
0001051485
S000000574
AGL SEPARATE ACCOUNT VL-R
C000051220
AGL AG Corporate Investor
497
1
supp082311.txt
497E PROSPECTUS SUPPLEMENT
AMERICAN GENERAL LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VL-R
AG CORPORATE INVESTOR (SM)
AG INCOME ADVANTAGE VUL (SM)
CORPORATE AMERICA
CORPORATE INVESTOR SELECT (SM)
INCOME ADVANTAGE SELECT (SM)
PLATINUM INVESTOR(R) I
PLATINUM INVESTOR(R) II
PLATINUM INVESTOR(R) III
PLATINUM INVESTOR(R) IV
PLATINUM INVESTOR(R) FLEXDIRECTOR
PLATINUM INVESTOR(R) PLUS
PLATINUM INVESTOR(R) SURVIVOR
PLATINUM INVESTOR(R) SURVIVOR II
PLATINUM INVESTOR(R) VIP
PROTECTION ADVANTAGE SELECT (SM)
VARIABLE UNIVERSAL LIFE INSURANCE POLICIES
AMERICAN GENERAL LIFE INSURANCE COMPANY
SEPARATE ACCOUNT D
PLATINUM INVESTOR(R) VARIABLE ANNUITY CONTRACTS
THE UNITED STATES LIFE INSURANCE COMPANY
IN THE CITY OF NEW YORK
SEPARATE ACCOUNT USL VL-R
INCOME ADVANTAGE SELECT (SM)
PLATINUM INVESTOR(R)
PLATINUM INVESTOR(R) PLUS
PLATINUM INVESTOR(R) VIP
PROTECTION ADVANTAGE SELECT (SM)
VARIABLE UNIVERSAL LIFE INSURANCE POLICIES
SUPPLEMENT DATED AUGUST 23, 2011
TO POLICY OR CONTRACT PROSPECTUSES, AS SUPPLEMENTED
The purpose of this supplement is to notify owners of American General
Life Insurance Company ("AGL") and The United States Life Insurance Company
in the City of New York ("USL") (AGL and USL collectively referred to as the
"Company" or "Companies") variable universal life insurance Policies and
variable annuity Contracts (the "Contracts") referenced above of the proposed
liquidation of the Credit Suisse U.S. Equity Flex I Portfolio (the
"Portfolio"), a series of the Credit Suisse Trust ("Trust"). The Portfolio
is a variable investment option available in your Contract.
The Board of Trustees (the "Board") of the Trust approved the
liquidation of the Portfolio on June 30, 2011. The liquidation is expected
to be effective on or around October 21, 2011 (the "Liquidation Date"). The
Board approved the liquidation and determined that it was in the best
interests of the Portfolio and its shareholders considering all relevant
factors, including the following: (1) managing the investment strategy of the
Portfolio is no longer consistent with the overall business strategy, (2) the
Portfolio has a relatively small asset size, (3) the Portfolio will not be
able to grow to a viable size in the foreseeable future, (4) there are no
suitable Credit Suisse funds into which this Portfolio could be merged and
considering the small assets of the Portfolio, any expenses of such a merger
would outweigh any benefit and (5) the liquidation is not expected to have
any adverse tax consequences for the Contract owners.
In connection with the anticipated liquidation of the Portfolio, the
Company would be required to pay you all of your Contract account or
accumulation value you have invested in the Portfolio. The rules of the
federal Internal Revenue Code would treat this distribution to you as a
surrender of the Contract account or accumulation value. The surrender would
be reportable to the Internal Revenue Service and may be taxable to you.
Therefore, in order to avoid the potential of current taxation, the Company
will allocate the liquidation proceeds in the subaccount supported by the
Portfolio on the Liquidation Date to the VALIC Company I Money Market I Fund
(the "VALIC Money Market Fund"), a variable investment option available in
your Contract. In addition, existing instructions or instructions received
on or after the Liquidation Date for new premium allocations, transfers,
dollar cost averaging or automatic rebalancing into or out of the Portfolio,
as applicable, will be automatically corrected to replace the Portfolio with
the VALIC Money Market Fund. You may, at any time thereafter, pursuant to
the transfer provisions contained in your Contract, transfer the Contract
account or accumulation value out of the VALIC Money Market Fund to any other
variable investment option available in your Contract.
Please note that the Company must receive instructions from you to
transfer your Contract account or accumulation value out of the Portfolio
prior to 3:00 p.m. Central Time ("CT") on the business day prior to the
Liquidation Date if you do not wish to have the liquidation proceeds
allocated to the VALIC Money Market Fund. At any time before 3:00 p.m. CT on
the business day prior to the Liquidation Date, you may transfer Contract
account or accumulation value in the Portfolio to any of the other variable
investment options offered in your Contract. Please review your fund
prospectuses for information about the other variable investment options.
For additional fund prospectus copies, please contact our Administrative
Centers at the telephone numbers shown below.
If the Company receives any instruction from you for a new purchase
payment allocation, transfer, dollar cost averaging, or asset rebalancing (as
applicable to your Contract) into or out of the Portfolio after 3:00 p.m. CT
on the business day prior to the Liquidation Date, we will delay the entire
transaction until after 3:00 p.m. CT on the Liquidation Date, when we will
execute such transaction. Your allocation or transfer will use prices
established after the close of the New York Stock Exchange on the business
day following the Liquidation Date.
If you have Contract account or accumulation value invested in the
Portfolio, you may complete the enclosed service request form to give the
Company instructions to transfer your Contract account or accumulation value.
You can also call the Company's Administrative Centers at the telephone
numbers below.
Neither our automatic transfer of the liquidated proceeds to the VALIC
Money Market Fund, nor your transfer of assets out of the Portfolio prior to
the liquidation or out of the VALIC Money Market Fund within 60 days after
the Liquidation Date, will count against the free transfers that you are
permitted to make in a Contract Year.
For a period of time after the liquidation, the Company may provide you
with confirmations, statements and other reports that contain the name of
this formerly available Portfolio.
If you have any questions, please contact our Variable Universal Life
Insurance Policy Administrative Center at 1-800-340-2765 or our Variable
Annuity Contract Administrative Center at 1-800-360-4268.