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Understanding the Power Select Index Annuities
A Power Select Index Annuity is an insurance contract issued by American General Life Insurance Company (AGL), a member company of AIG. It is not a direct investment in the stock market or any particular index. A Power Select Index Annuity works in two stages:
- Accumulation: In exchange for your money (premium), the annuity provides you with the opportunity to earn interest based in part on the performance of a particular index and/or based on a fixed rate.*
- Income: When you need income, the issuing company promises to make regular income payments that can last for life or for a time period you choose using a process known as annuitization (for no additional cost).
For additional income guarantees, Power Select Plus Income offers the choice of two guaranteed living benefit riders that guarantee lifetime time income, regardless of the annuity’s cash value. These riders are backed by the claims-paying ability of AGL and are subject to annual fees. Only one rider may be issued per contract and cannot be changed thereafter. Other restrictions and limitations apply.