Asset Builder Index UL II

Consumer Information I Asset Builder Index UL II Asset Builder Index UL II The Protection and Accumulation Solution Index universal life insurance products underwritten by: Genworth Life and Annuity Insurance Company, Genworth Life Insurance Company, Richmond, VA ICC15-153382AB2 02/10/15

2 Asset Builder Index UL II The Coverage of a Lifetime Building and maintaining financial flexibility is a challenge at any age. Protecting loved ones, paying the mortgage, saving for college, and building a retirement nest egg may be your top priorities today. In the future, you may want to put more emphasis on enjoying your achievements. At each stage of life, Asset Builder Index UL II from Genworth can help you achieve your goals. As a cornerstone of your financial strategy, Asset Builder Index UL II can provide universal life (UL) insurance protection from day one, and create a potential source of supplemental tax-free income later in life. 1 How can you meet today s financial obligations and still prepare for tomorrow? 1 A withdrawal may be free of federal income tax or tax-free. If the policy is not a Modified Endowment Contract (MEC), then, except for certain changes in the policy during the first 15 policy years and especially during the first five policy years that cause cash distributions that may be taxable although they do not exceed investment in the contract (Basis), withdrawals are not taxable to the extent that they do not exceed Basis. Policy loans are free of federal income tax when taken except if the policy is or becomes a Modified Endowment Contract (MEC). If the policy is a MEC, a distribution (withdrawal or policy loan, including any increase in the policy loan balance because of unpaid loan interest) is taxable to the extent that policy value exceeds Basis. A 10% penalty tax may apply to distributions from a MEC if the policyholder is under age 59½. Basis is premium paid minus nontaxable amounts previously recovered through policy loans taken from a MEC and withdrawals. Assignment or pledge of a MEC as security for a loan would also be a taxable event. If the policy becomes a MEC, then any distribution (withdrawal or policy loan) taken in the policy year in which the policy becomes a MEC and in subsequent policy years is taxable the same as a distribution from a MEC. Any distribution taken within two years prior to the policy becoming a MEC may also be taxable the same as a MEC. Termination, other than by reason of the insured s death, of a life insurance policy with a policy 1 loan balance may be deemed Footnote a goes distribution here. of the outstanding policy loan balance, resulting in possible adverse tax consequences for a policy that is not a MEC. Consult a tax advisor about possible tax consequences. We are not responsible for any adverse tax consequences.

3 Life s Competing Demands Require Flexibility Asset Builder Index UL II is flexible enough to meet multiple needs through the years. Whether protecting your family with a death benefit, accessing money for unexpected expenses, or growing a source of future supplemental income, a single policy can help you achieve many goals. I Am Looking For: Financial Protection for My Family Cash Value Growth Opportunity Market Downside Protection Supplemental Income for Retirement Supplemental Income for Education Funding Executive Benefits Business Succession Planning Underwriting Flexibility Asset Builder Index UL II Solution: A death benefit for your loved ones, generally income tax-free. 2 Four index interest crediting strategies linked to the percentage change of the S&P 500 Index, and a fixed account value. A minimum crediting rate for your policy of 0%, even if the percentage change in the S&P 500 Index is negative. If your policy value is sufficient, you can take income tax-free policy withdrawals 3 and loans to supplement your income Your policy can allow you to access funds on an income tax-free basis 1 for education expenses and other purposes Reward key employees with a death benefit plus the opportunity to grow policy values Fund a buy-sell agreement to ensure a smooth transition of business ownership Genworth s underwriting standards can make preferred rates more widely available 2 See Tax-Free Death Benefit information on back cover. 3 See footnote 1, on page 2, for important information about loans and withdrawals.

4 Protect What s Most Important to You Help Protect Your Loved Ones You ve worked hard to build a foundation for your family s future. In the event of your death, Asset Builder Index UL II can help: Replace income Pay the mortgage and living expenses Fund college educations Maintain current lifestyle Pay off debt Fund retirement Build Future Financial Flexibility You can access the value your policy has accumulated through income tax-free withdrawals and loans. 3 The money can be used for anything you d like, including paying educational expenses or supplementing a retirement income. That s true financial flexibility. (See chart below) Rely on Genworth Guarantees You can rely on Asset Builder Index UL II guarantees to address your protection and accumulation needs. No-Lapse Guarantee If you keep your coverage unchanged and pay the minimum monthly premium, your policy is guaranteed not to lapse in the first 10 years, as long as the loan balance does not exceed the policy value minus any surrender charge. Cumulative Guarantee Your policy contains a cumulative guarantee that gives you added protection in a sustained down market. We calculate an alternate policy value as a part of the cumulative guarantee. The cumulative guarantee uses the higher of your alternate policy value or policy value to determine the: Amount available on surrender Factored policy value Option 2 death benefit amount Specified amount of death benefit when Option 2 is changed to Option 1 Amount applied to purchase paid-up insurance Policy status has it entered a grace period? The alternate policy value is calculated in the same way your policy value is calculated, but uses 1% interest, presumes that funds are in the fixed account value, and that there are no segment transactions. The alternate policy value is not used to determine the amount available for loans and withdrawals. $ Death Benefit Your distributions can start Your death benefit is in effect through the life of the policy $ Tax-Free Income Tax-free withdrawals and loans, which decrease your death proceeds, can be taken later in life to supplement income

5 Downside Protection Asset Builder Index UL II lets you benefit from interest credits based on the percentage change of the S&P 500 Index, up to a cap, without the risk you could face with investments in the stock market. Even if the percentage change in the S&P 500 Index is negative, the minimum crediting rate is 0%. Monthly charges and fees will continue regardless of your crediting rate and will reduce your policy value. Benefit from Growth Opportunities Unlike traditional universal life insurance, Asset Builder Index UL II makes it possible to link your interest crediting rate to the percentage change of the S&P 500 Index. When the S&P 500 Index delivers a positive percentage change, your policy value can be credited with at least the same percentage up to a maximum cap 4 (see illustration below). And since this potential growth is occurring in a life insurance policy, it is tax-deferred. The S&P 500 Index and Your Policy The S&P 500 Index consists of 500 large, leading companies from a wide variety of industries. This index serves as a benchmark for U.S. stock market performance. When you select an index interest crediting strategy, you may benefit up to your cap from gains in the index. And thanks to our downside protection, even if the percentage change in the S&P 500 Index is negative, the minimum crediting rate is 0%. How the Cap and Floor Create a Crediting Rate Zone The crediting rate zone is the range of index-linked interest rates that will be credited to your policy value based on the percentage change of the S&P 500 Index. When you pay a premium, we subtract the premium expense charge. The balance is credited to the fixed account value which can be allocated to index interest crediting strategies. CAP 13% FLOOR 0% CHANGE IN S&P 500 INDEX 1 YEAR 13% CAP CAP Crediting Rate Zone FLOOR Each allocation of fixed account value or maturing segment value to an index interest crediting strategy creates a new segment. You can direct allocations to one or more index interest crediting strategies. The ceiling of the crediting rate zone is a cap the maximum rate a specific segment will be credited based on the percentage change of the S&P 500 Index. When the percentage change exceeds an index strategy s cap, the rate of interest credited to segments in that index strategy will not exceed the cap. Caps are set for the duration of a segment period. When the segment matures the new cap may be higher or lower at the discretion of the insurer, subject to a minimum. You are protected because the minimum crediting rate for your policy is 0%, even if the percentage change in the S&P 500 Index is negative. 4 For the Monthly Average Strategy, subject to the maximum cap for the strategy, the amount credited may be different from the annual percentage change. (See pages 10 & 11 for descriptions of the available index interest crediting strategies).

6 One Couple s Experience with Asset Builder Index UL II The following hypothetical story shows how one couple could benefit from the features and design of Asset Builder Index UL II. Michael and Connie Michael, 43, and Connie, 40, have two children, ages 2 and 4. They are careful about their finances and would like to make plans now to handle expected expenses later. Their specific goals: provide life insurance protection for their family today, and build policy value for future educational expenses and supplemental retirement income. Michael and Connie both have some life insurance coverage. Through the years, Connie s career has really taken off, resulting in the need for additional life insurance coverage. Michael and Connie also want to find ways to help fund the kids college educations. As far as retirement savings go, they both participate in 401(k) plans. Yet they know that they will have to pay taxes on the money they withdraw from their 401(k)plans during retirement, so they d like to find a way to build an additional source of supplemental retirement income on a tax-free basis. Michael and Connie have set aside $6,000 per year with which to achieve these goals. The Challenge: In today s low interest rate environment, options that combine life insurance protection and potential growth can be hard to find. After exploring many alternatives, they discover how effectively Asset Builder Index UL II could meet their needs for death benefit protection, and provide supplemental income for use in future years. They decide to insure Connie, since she is the primary breadwinner (and qualifies for Preferred No Nicotine Use underwriting class). 5 Here s How Asset Builder Index UL II Works for Them: Assuming a 6.5% annual interest crediting rate, and 1-Year Cap Base index interest crediting strategy, for an annual planned premium of $6,000 they will receive $215,336 of death benefit protection, which will increase as the policy value increases. 6 They plan to pay $6,000 per year for the next 15 years. With their policy value growth linked to the percentage change of the S&P 500 Index, after 15 years the net death benefit would have grown to over $340,009. When Connie is 55 and their first child is ready for college, they can take tax-free withdrawals of $10,000 a year for the next four years from their policy. When Connie is 58, her net death benefit would be $300,009. When Connie is 70, they could begin a distribution of money to supplement their retirement income. For the next 20 years, they could take $19,455 a year, tax-free and still have a net death benefit of $27,068 at age 90. For $90,000 paid in premiums, Michael and Connie could have taken $429,100 in tax-free supplemental income when they needed it, and at age 90, still have a $27,068 death benefit for their family. What s your story? Can you see yourself in any part of this story? Request an illustration from your financial professional and see how Asset Builder Index UL II could help you today and tomorrow. The remaining pages detail how Asset Builder Index UL II creates upside potential for building cash value and downside protection for you. 5 This example is for illustrative purposes only and is based on a hypothetical annual interest of 6.5% throughout the life of the policy. Even a slight change in the actual experience from the assumptions used could produce significantly different policy values. *It is important to remember that these results are based on several factors including, historical performance of the S&P 500 Index, the current non-guaranteed interest crediting rate, cap, participation rate, and policy charges.

7 How Asset Builder Index UL II Works for Michael and Connie Connie s scenario as illustrated: The chart below shows how for $90,000 paid in premiums, Michael and Connie receive $429,100 in supplemental income when they need it, and at age 90, still have a $27,068 death benefit for their family. In this hypothetical example we assume a cap of 13%, a 6.5% annual interest rate throughout the life of the policy, a participation rate of 100%, and distributions are illustrated as withdrawals followed by fixed account value loans. Age 40-54 Age 55-58 Age 59-69 Age 70-90 Connie s Premiums $6,000/year 15 Years Total Premiums $90,000 Pay Premiums $6,000/year x 15 years Take Withdrawals $10,000/yr x 4 years Policy Continues Take Income $19,455/yr x 20 years Net death benefit $215,336 $340,009 $300,009 $300,009 $27,068 Premiums $90,000 Loans/Withdrawals $40,000 $429,100 Total Distributions $469,100 6 It is possible that coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage. While the insurer may change future cost of insurance charges based on changes to investment earnings, mortality expenses, and taxes, the no-lapse guarantee s minimum monthly premium will not change because of changes to future cost of insurance charges. Managing your policy. It s important to understand any index UL policy and evaluate its performance over time to make sure it is on target to meet your goals. Annual policy reviews are important. You should work with your financial professional periodically to review and adjust your premiums, withdrawals, and interest crediting strategy as conditions change. What if? Although unlikely to occur, this hypothetical scenario shows no interest credited greater than 1% for a 40-year-old female with Preferred No Nicotine Use underwriting class rates. It also includes maximum insurance charges. This does not reflect any benefit of index-linked crediting rates, only the guaranteed rates provided in the policy. Age 40-54 Age 55-72 Age 73 Connie s Premiums $6,000/year 15 Years Total Premiums $90,000 Pay Premiums $6,000/month x 15 years No Withdrawals or Loans Taken No Income Policy Lapses Net death benefit $215,336 $279,053 $273,893 $0 Premiums $90,000 Loans/Withdrawals In this example, the policy lapses at age 73.

8 How Asset Builder Index UL II Works Buying life insurance is an important decision. We ll help you understand the features of Asset Builder Index UL II before you go any further. Growing Your Policy s Value In addition to providing a death benefit, Asset Builder Index UL II allows you to choose index interest crediting strategies that are linked to the S&P 500 Index. 7 Over time, this design can provide you with an increasingly valuable policy. Each index interest crediting strategy is composed of segments. A segment is created when funds are allocated from the fixed account value to an index interest crediting strategy or when a maturing segment becomes a new segment. Here s How it Works: First, your premium minus the premium expense charge is credited to the fixed account value. Each policy month, cost of insurance and other policy charges are deducted from the fixed account value. Interest on fixed account value is credited each policy month. Interest rates credited to strategy segments are linked to the percentage change of the S&P 500 Index. The minimum index-linked interest rate is 0%. Fixed account value interest rates are set by Genworth periodically, subject to a minimum rate of 2% per year, compounded annually. You can allocate your money among the four index interest crediting strategies and the fixed account value in any combination you choose. Pay Premium When you pay your premium, Genworth will credit the premium less policy expense charges (net premium) to the fixed account value. Interest for the fixed account value is guaranteed to never be less than 2% per year, compounded annually. Choose Fixed Account Value and/or Index Interest Crediting Strategies You select your index-linked crediting strategy(ies) from those described on page 10. When a premium is paid, the net premium is credited to the fixed account value. On the 15th of each month, we make allocations directed by you from the fixed account value to the index interest crediting strategy or strategies. Each allocation to a strategy creates a segment within the strategy. Monthly cost of insurance expenses are deducted from the fixed account value. 8 7 Market indices do not include dividends paid on the underlying stocks, and therefore do not reflect the total return of the underlying stocks. Although the policy value may be affected by the performance of an index, the policy is not a security and does not directly or indirectly participate in any stock, equity or similar investment including, but not limited to, any dividend payments attributable to any such investment. 8 If fixed account value is not sufficient, value will be transferred from index interest crediting strategy segments to the fixed account value to cover the deduction.

Your Account 9 How Index-linked Interest is Calculated Participation Rate The participation rate is the portion of the index percentage change that Genworth will credit, subject to the cap, to your policy value. The participation rate is guaranteed to be at least 100%. This means the interest rates credited to the segments in each index interest crediting strategy will be equal to the percentage change of the index multiplied by the participation rate, as defined for that strategy, subject to the cap and minimum index credit percentage of 0%. At times the participation rate for one or more index interest crediting strategies may be set at a rate higher than the 100% guaranteed rate. Upside Ceiling The interest credited to each segment is subject to a maximum or segment cap. This is the maximum rate of interest that can be credited to that segment. For example, a 13% cap would limit your interest crediting rate to 13% even if the S&P 500 Index percentage change was higher for the time period. Downside Protection The policy value will not decrease solely due to negative index performance. This protects the policy value from downside risk if the S&P 500 Index performs poorly. Monthly expenses will continue regardless of your crediting rate and will reduce your policy value. Also, you may benefit from the policy s cumulative guarantee (see page 4). Manage At the end of each segment period, respective interest (if any) is credited. This is based on the percentage change of the index between the beginning and the end of your segment period. This percentage change is multiplied by the participation rate and subject to the cap and floor of the strategy(ies) you have selected. You can change your crediting strategy for new allocations by notifying Genworth with instructions by the first of the calendar month prior to a segment start date. Policy Value When you need it, your policy is there for you in two ways. Distributions will result in lower death proceeds. Income Tax-Free Death Benefit 9 As long as policy value remains sufficient Income Tax-Free Withdrawals and Loans 10 As long as policy value remains sufficient Revisit Crediting Strategies 9 See Tax-Free Death Benefit information on back cover. 10 See footnote 1, on page 2, for important information about loans and withdrawals.

10 How it Works: Choose Your Crediting Strategies Fixed Account Value Genworth periodically declares an interest crediting rate on the fixed account value. This rate will not change until the end of the sixth month after it is set. This rate is guaranteed to never be less than 2% per year, compounded annually. Index-Linked Crediting Strategies You also can choose to link your credited interest to the percentage change of the S&P 500 Index. Up to a maximum, this can give you the potential for higher interest credits, while protecting you from index declines below 0%. Fixed Index-Linked Fixed Account Value 1-Year Cap Base Strategy 1-Year Cap Plus Strategy DESCRIPTION A crediting rate is set by Genworth. This rate is not linked to the S&P 500 Index and is guaranteed to never be less than 2% per year, compounded annually. An annual point-to-point index interest crediting strategy based on the percentage change of the S&P 500 Index. Interest crediting rates are subject to a cap and floor set by Genworth. Based on the 1-Year Cap Base Strategy plus the opportunity to receive a higher interest rate. The charge is 1% of the segment value at the beginning of the segment term of each segment in the strategy. BENEFIT Earn a rate of interest set by Genworth subject to a guaranteed minimum. Secure the upside opportunity to grow policy value at an interest rate based on the index s one-year percentage change, subject to the cap and minimum interest rate of 0%. Purchase the potential for a higher credited interest rate if the one-year index percentage change exceeds the cap of the corresponding base strategy. Purchase of this strategy does not guarantee the index interest crediting rate will be greater than the index crediting rate of the corresponding base strategy or that any index interest will be credited. 1 YEAR 4.25% 1 YEAR 13% CAP/100% PARTICIPATION RATE 1 YEAR 16.50% CAP/100% PARTICIPATION RATE INTEREST CREDITED CHANGE IN S&P 500 INDEX CAP 13% CHANGE IN S&P 500 INDEX HIGHER CAP CAP 16.50% Month Year Year FLOOR FLOOR Fixed interest crediting rate subject to a Guaranteed Minimum rate Hypothetical Index Performance Hypothetical Index Performance

11 CHANGE IN S&P 500 INDEX You re in Control You can change your index interest crediting strategy selection at the end of each segment period as your needs or market outlook change. Simply reallocate your money into or out of the index strategies and fixed account value based on your objectives. Choosing Crediting Strategies Below is an illustration of the percentage change of each crediting strategy over the same time period. These illustrations are hypothetical and show how each crediting strategy would have performed relative to the index. 2-Year Cap Base Strategy A two-year point-to-point index interest crediting strategy based on the percentage change of the S&P 500 Index, rates are subject to a cap and floor set by Genworth. Secure the upside opportunity to grow policy value at an interest rate based on the index s two-year percentage change, subject to the cap and minimum interest rate of 0%. 2 YEARS 35% CAP/100% PARTICIPATION RATE CAP Year 1 FLOOR 2 35% Monthly Average Strategy An annual index interest crediting strategy based on the average of the monthly S&P 500 Index values. The calculation of the monthly index values is not subject to a cap and floor set by Genworth. However, the interest credited is subject to the cap and floor. Balance the ups and downs of the index s percentage change by averaging monthly index values during the segments terms. Multiply that average by the participation rate to calculate the amount of interest credited, subject to the cap and minimum interest rate of 0%. CHANGE IN S&P 500 INDEX 1 YEAR 13% CAP/150% PARTICIPATION RATE Month CAP 13% AVERAGE FLOOR Interest Credit Enhancement Endorsement The interest credit enhancement, included automatically with Asset Builder Index UL II, allows your policy to accumulate additional value. All index crediting strategy segments that begin in policy year 11 or after will receive an additional interest credit once the segment has matured as long as the segment cap is not equal to the minimum segment cap. If you are participating in 1-Year cap strategies the additional interest credit is 0.35%; if you are participating in a 2-Year cap strategy, your additional interest is 0.70%. This additional interest is guaranteed*, and is applied after the cap, allowing your policy to earn interest beyond the cap. Beginning in policy year 11, the fixed account value will also receive a guaranteed* additional interest credit of 0.35%, applied to the unloaned portion of the fixed account value. This additional interest credit will be applied, provided the interest credited to the fixed account value is higher than the guaranteed minimum interest rate. The chart below shows the application of the interest credit enhancement to a matured segment of a 1-Year cap strategy under various market conditions, assuming a 13.00% cap. Percentage Change in S&P 500 Index Index Credit Percentage Before Enhancement Index Credit Enhancement Applied Index Credit Percentage After Enhancement -10% 0%.35%.35% +10% 10%.35% 10.35% +25% 13%.35% 13.35% *Beginning in policy year 11, an additional interest credit will be applied to the index interest crediting segment once it matures, providing that the cap of that segment is set higher than the guaranteed minimum cap for that segment. Beginning in policy year 11, as long as the interest crediting rate for the fixed account value is above the guaranteed minimum interest crediting rate, Genworth will credit the interest enhancement of 0.35% to the unloaned portion of the fixed account value. Hypothetical Index Performance Hypothetical Index Performance

12 How it Works: Accessing Your Policy Value In addition to providing a death benefit, Asset Builder Index UL II can provide significant living benefits to you later in life. You can receive income tax-free distributions such as withdrawals or policy loans to supplement your IRA, 401(k) or pension retirement income. Income Tax-free Policy Withdrawals 11 Income Tax-free Policy Loans 11 As long as your policy has sufficient value, you can withdraw an amount equal to the premiums you have paid into the policy on an income tax-free basis. Surrender charges may apply and your death benefit will be reduced by the amount you withdraw. There is a 10-year surrender schedule. You may also take fixed account loans and participating loans from your policy value: Fixed account loans have a guaranteed maximum net cost of 1%. In the first 10 policy years, the maximum loan interest rate charged equals the interest rate credited to that portion of the fixed account value equal to the fixed account loan balance plus 1%. After 10 years, the rate charged equals the interest rate credited on the fixed account loan balance resulting in a 0% net cost loan. The rate charged may not exceed 8% per year, compounded annually. For example: Fixed account loans: First 10 policy years Fixed account loans: After 10 policy years 4% charged on Policy Loan Balance 3% credited = 1% to Policy Value net cost of loan 3% charged on Policy Loan Balance 3% credited = 0% to Policy Value net cost of loan 11 A withdrawal may be free of federal income tax or tax-free. If the policy is not a Modified Endowment Contract (MEC), then, except for certain changes in the policy during the first 15 policy years and especially during the first five policy years that cause cash distributions that may be taxable although they do not exceed investment in the contract (Basis), withdrawals are not taxable to the extent that they do not exceed Basis. Policy loans are free of federal income tax when taken except if the policy is or becomes a Modified Endowment Contract (MEC). If the policy is a MEC, a distribution (withdrawal or policy loan, including any increase in the policy loan balance because of unpaid loan interest) is taxable to the extent that policy value exceeds Basis. A 10% penalty tax may apply to distributions from a MEC if the policyholder is under age 59½. Basis is premium paid minus nontaxable amounts previously recovered through policy loans taken from a MEC and withdrawals. Assignment or pledge of a MEC as security for a loan would also be a taxable event. If the policy becomes a MEC, then any distribution (withdrawal or policy loan) taken in the policy year in which the policy becomes a MEC and in subsequent policy years is taxable the same as a distribution from a MEC. Any distribution taken within two years prior to the policy becoming a MEC may also be taxable the same as a MEC. Termination, other than by reason of the insured s death, of a life insurance policy with a policy loan balance may be deemed a distribution of the outstanding policy loan balance, resulting in possible adverse tax consequences for a policy that is not a MEC. Consult a tax advisor about possible tax consequences. We are not responsible for any adverse tax consequences.

13 Accessing Your Policy Value (continued) Participating loans are eligible to receive index-linked crediting rates which may or may not offset the cost of the loan. Participating loan rates are set annually by Genworth and fluctuate with the interest rate environment. The maximum participating loan rate is guaranteed not to exceed 5.9% and is charged on the loan balance. Depending on the loan interest rate charged and the index-linked crediting rate earned, participating loans may amplify positive or negative policy performance. You may have only one type of loan at a time. You may switch loan types up to one time per policy year. Impact of participating loan interest charged and credited More interest is credited to the policy value than charged for loan Less interest is credited to the policy value than charged for loan 5% charged on Loan Balance 10% credited to Policy Value 5% charged on Loan Balance 0% credited to Policy Value Consult your financial professional to understand the benefits and risks of available loan options and which option may be appropriate for you. Your death benefit will be reduced by the amount of any outstanding loan. Failure to pay outstanding interest on loans when due will negatively affect your death benefit paid. Death Benefit Options Asset Builder Index UL II offers two death benefit options: Option 1 Level Death Benefit The death benefit is the specified amount on the date of death, or the death benefit on that date calculated in compliance with federal income-tax law if that amount is larger. Withdrawals and loans reduce the amount payable on the insured s death. Option 2 Increasing Death Benefit The death benefit is the specified amount plus the policy value on the date of death, or the death benefit on that date calculated in compliance with federal incometax law if that amount is larger. Withdrawals and loans reduce the amount payable on the insured s death.

14 How it Works: Add Value with Asset Builder Index UL II Policy Riders Asset Builder Index UL II offers both living benefit riders and optional death benefit riders that can enhance the value of your policy. 12 Living Benefit Riders Accelerated Death Benefit This rider allows you to accelerate a portion of your death benefit if you are terminally ill. Overloan Protection 12 If your policy is ever at risk of lapsing due to an excessive loan balance, this rider will keep your death benefit in force (likely at a reduced amount). It will also ensure that any distributions you have taken will remain tax-free to you. Keep in mind that your decision to activate this rider is irreversible and will incur a one-time charge based on attained age and percentage of policy value. The rider is only available on policies that are issued based on the guideline premium test. To activate this rider all of the following conditions must be satisfied: 13 Waiver of Monthly Deduction Available at an additional charge, this rider waives your policy s monthly deduction if you are totally disabled as defined in the rider. In most cases, the policy and riders remain in force while the insured remains totally disabled and takes no other action that would cause the policy to terminate. Optional Death Benefit Riders (additional charges apply) Accidental Death Benefit Provides additional insurance if you die as the result of an accident. Children s Term Insurance Provides term life insurance protection for children. You must provide a notice to activate to Genworth You are at least 75 years old Death Benefit Option 1 is in effect Your policy must have been in effect for at least 15 policy years Your loan balance exceeds the specified amount Your loan balance exceeds 93% of the policy value after subtracting the sum of the surrender charge and the rider charge Your loan balance plus the Overloan Protection Rider charge and any surrender charge are less than the policy value 12 Riders not available in all circumstances. 13 Genworth will send the policyowner a notice when the Overloan Protection Rider is eligible to be activated. In addition to the conditions listed above, activation must not cause the policy 1) to be a Modified Endowment Contract as defined in section 7702A of the Internal Revenue Code or 2) fail the definition of life insurance in Section 7702 of the Internal Revenue Code using the guideline premium test.

15 Why Genworth? Experience and Expertise When it comes to buying life insurance, you have options. Here are some reasons to consider Genworth: History Our roots go back to 1871 with the founding of The Life Insurance Company of Virginia. Size and Strength Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company have over $707 billion of life insurance in force as of December 2013. Innovation Genworth is an industry leader in the development of life insurance products. Our years of experience have allowed us to design products and services to fit our customers needs and budgets, and help protect them and their loved ones. Service In 2014, Genworth won DALBAR s 2014 Life Insurance Service Award for the fourth consecutive year. Genworth scored higher than all other life insurance firms tested. See How Your Future Could Look Nobody knows what the future holds. That s why any long-term plan should have plenty of built-in flexibility. Asset Builder Index UL II is designed to play an important role in your financial strategy. From day one, it protects your loved ones with dependable life insurance coverage. Down the road, it can generate tax-free supplemental income, so you ll be ready to enjoy your achievements. Your financial professional can illustrate how Asset Builder Index UL II could fit your specific needs and goals. Review the illustration carefully and ask plenty of questions. When you do, you ll see why Asset Builder Index UL II could be your coverage for a lifetime.

16 Tax-Free Death Benefit Generally death proceeds paid are income-tax-free to the beneficiary. Death proceeds from certain employerowned life insurance policies may not be income-tax-free unless the requirements of section 101(j) of the Internal Revenue Code (Code) are met. All or part of death proceeds may be taxable in other circumstances as well. The circumstances include, but are not limited to, the following: (a) the policy or an interest in it has been transferred for a valuable consideration and the transfer is not to a person identified in section 101(a) of the Code, (b) the death proceeds are received under the terms of a qualified pension or profit-sharing plan, (c) the proceeds are received as alimony by a divorced spouse. Important Information Genworth wrote this content to help you understand the content and to support our marketing of the product(s) identified in the material. Any examples are hypothetical and are used only to help you understand the material. They may not reflect your particular circumstances. You should carefully read your contract, policy and prospectus(es), when applicable. What we say about legal or tax matters is our understanding of current law; but we are not offering legal or tax advice. Tax laws and IRS administrative positions may change. We did not write this material for you to use to avoid any Internal Revenue Service penalty. You should ask your independent tax and legal advisors for advice based on your particular circumstances. Refer to the policy for definitions and more details regarding coverage and its features. This brochure provides a summary of coverage. Policy terms and provisions will prevail. This is a solicitation for insurance. An insurance agent/producer will contact you. You may want to consider asking your life insurance producer/agent for illustrations of this product at several different interest rates and/or other products we offer to fully understand whether this policy meets your insurance needs and financial objectives. S&P 500 Index The S&P 500 Index is a product of S&P Dow Jones Indices LLC ( SPDJI ) and has been licensed for use by Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company hereinafter referred to as Licensee. Standard & Poor s, S&P, and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee Index Universal Life Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index. Asset Builder Index UL II is flexible premium adjustable life insurance (commonly called universal life insurance) with optional index interest crediting. The Asset Builder Index UL II product, riders, and benefits are subject to the terms and conditions of its policy forms and to state availability and issue limitations. Asset Builder Index UL II is subject to Policy Form No. ICC14GA1011, ICC14GA1012, GA1011-0914 et al., GA1012-0914 et al. Rider Form Nos. ICC12GA109R, ICC14GA115R, ICC14GA117R, ICC14GA130E, GA109R-1212 et al., GA115R-0414 et al., GA117R-0714 et al., GA130E-0914 et al., ONE-CIR-100 et al., ONE-WP-TL et al., ONE-ADB et al. (Genworth Life & Annuity). Policy Form No. ICC14GL1011, ICC14GL1012, GL1011-0914 et al., GL1012-0914 et al. Rider Form Nos. ICC12GL109R, ICC14GL115R, ICC14GL117R, ICC14GL130E, GL109R-1212 et al., GL115R-0414 et al., GL117R-0714 et al., GL130E-0914 et al., GE-ONE-CIR-100 et al., GE-ONE-WP-TL et al., GE-ONE-ADB et al. (Genworth Life). Policy, benefits and riders may not be available in all states. Terms and conditions may vary by state. All guarantees are based on the claims-paying ability of the issuing insurance company. Insurance and Are not deposits. Are not insured by the FDIC or any other federal government agency. annuity products: May decrease in value. Are not guaranteed by a bank or its affiliates. 2015 Genworth Financial, Inc. All rights reserved.