<PAGE>
AMERICAN GENERAL LIFE INSURANCE COMPANY
SEPARATE ACCOUNT VL-R
THE ONE\\(R)\\ VUL SOLUTION/(SM)/
FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICIES
SUPPLEMENT DATED MAY 5, 2000
TO
PROSPECTUS DATED JANUARY 28, 2000
Effective May 5, 2000, American General Life Insurance Company ("AGL") is
amending the prospectus for the purposes of (i) reflecting the name changes of
the investment options made by AIM and Templeton on May 1, 2000 and (ii)
revising the One Group Investment Trust charges and expenses.
INVESTMENT OPTIONS
ON PAGE 1 OF THE PROSPECTUS, THE ENTIRE SECTION UNDER "INVESTMENT OPTIONS"
IS DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
Investment options. You may use AGL's Separate Account VL-R ("Separate Account")
to invest in the following variable investment options and change your
selections from time to time:
<TABLE>
<CAPTION>
AIM VARIABLE INSURANCE FUNDS AMERICAN GENERAL SERIES PORTFOLIO PUTNAM VARIABLE TRUST
COMPANY
<S> <C> <C>
. AIM V.I. Capital Appreciation Fund . Putnam VT Vista Fund -
. AIM V.I. International Equity Fund . Money Market Fund Class IB
. AIM V.I. Government Securities Fund
. AIM V.I. High Yield Fund
The Variable Annuity Life Putnam Investment Management,
A I M Advisors, Inc.* Insurance Company * Inc.*
- ----------------------------------------------------------------------------------------------------------------------------------
OPPENHEIMER VARIABLE ACCOUNT FUNDS FRANKLIN TEMPLETON VARIABLE KEMPER VARIABLE SERIES
INSURANCE PRODUCTS TRUST
. Oppenheimer High Income Fund/VA . Kemper International
. Templeton Developing Markets Portfolio
Securities Fund - Class 2/1/ . Kemper Small Cap Value
. Franklin Small Cap Fund - Class Portfolio
2/2/
/1/Templeton Asset Management Ltd.*
OppenheimerFunds, Inc.* /2/Franklin Advisers, Inc.* Scudder Kemper Investments, Inc.*
- ----------------------------------------------------------------------------------------------------------------------------------
MFS VARIABLE INSURANCE TRUST VAN KAMPEN LIFE INVESTMENT TRUST ONE GROUP\\(R)\\ INVESTMENT TRUST
. Growth With Income Series . Emerging Growth Portfolio . One Group Investment
Trust Equity Index
Portfolio
. One Group Investment
Trust Mid Cap Growth
Portfolio
. One Group Investment
Trust Large Cap Growth
Portfolio
. One Group Investment Trust
Government Bond
Portfolio
. One Group Investment
Trust Diversified Equity
Portfolio
Massachusetts Financial Services Banc One Investment Advisors
Company* Van Kampen Asset Management Inc.* Corporation*
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
*The Investment Adviser of the investment option
<PAGE>
ON PAGES 8 - 10 OF THE PROSPECTUS, THE ENTIRE SECTION UNDER "WHAT CHARGES AND
EXPENSES WILL THE MUTUAL FUNDS DEDUCT FROM AMOUNTS I INVEST THROUGH MY POLICY?"
IS DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
WHAT CHARGES AND EXPENSES WILL THE MUTUAL FUNDS DEDUCT FROM AMOUNTS I INVEST
THROUGH MY POLICY?
Each Mutual Fund pays its investment management fees and other operating
expenses. Because they reduce the investment return of a Fund, these fees and
expenses also will reduce indirectly the return you will earn on any
accumulation value that you have invested in that Fund. Current and future fees
and expenses may vary from the fees and expenses listed below. The charges and
expenses for fiscal year 1998 (or other period specified below) are as follows:
The Mutual Funds' Annual Expenses (as a percentage of average net assets).
<TABLE>
<CAPTION>
FUND OTHER FUND TOTAL FUND
MANAGEMENT OPERATING OPERATING
FEES (AFTER EXPENSES( AFTER EXPENSES (AFTER
EXPENSE EXPENSE EXPENSE
NAME OF FUND REIMBURSEMENT) 12B-1 REIMBURSEMENT) REIMBURSEMENT)
- -------------------------------------------------- -------------- ----------- -------------- ----------------
<S> <C> <C> <C> <C>
The following funds of
AIM VARIABLE INSURANCE FUNDS:/1/
AIM V.I. International Equity Fund........... 0.75% 0.16% 0.91%
AIM V.I. High Yield Fund/2/.................. 0.00% 1.13% 1.13%
AIM V.I. Government Securities Fund.......... 0.50% 0.26% 0.76%
AIM V.I. Capital Appreciation Fund........... 0.62% 0.05% 0.67%
The following fund of
AMERICAN GENERAL SERIES PORTFOLIO COMPANY:/1/
Money Market Fund............................ 0.50% 0.04% 0.54%
The following fund of
MFS VARIABLE INSURANCE TRUST/1/
Growth With Income Series.................... 0.75% 0.13% 0.88%
The following fund of
PUTNAM VARIABLE TRUST/1/
Putnam VT Vista Fund - Class IB/3/........... 0.44% 0.10% 0.08% 0.62%
The following funds of
FRANKLIN TEMPLETON VARIABLE INSURANCE
PRODUCTS TRUST/1, 4/
Templeton Developing Markets Securities
Fund - Class 2/3/.......................... 1.35% 0.25% 0.31% 1.91%
Franklin Small Cap Fund - Class 2/3/......... 0.75% 0.25% 0.02% 1.02%
</TABLE>
(footnotes on page 3)
2
<PAGE>
<TABLE>
<CAPTION>
FUND OTHER FUND TOTAL FUND
MANAGEMENT OPERATING OPERATING
FEES (AFTER EXPENSES( AFTER EXPENSES (AFTER
EXPENSE EXPENSE EXPENSE
NAME OF FUND REIMBURSEMENT) 12B-1 REIMBURSEMENT) REIMBURSEMENT)
- ----------------------------------------------- -------------- ------ ---------------- ----------------
<S> <C> <C> <C> <C>
The following fund of
OPPENHEIMER VARIABLE ACCOUNT FUNDS/1/
Oppenheimer High Income Fund/VA.......... 0.74% 0.04% 0.78%
The following funds of
KEMPER VARIABLE SERIES/1/
Kemper International Portfolio........... 0.75% 0.18% 0.93%
Kemper Small Cap Value Portfolio......... 0.75% 0.05% 0.80%
The following fund of
VAN KAMPEN LIFE INVESTMENT TRUST/1/
Emerging Growth Portfolio/2/............ 0.32% 0.53% 0.85%
The following funds of
ONE GROUP INVESTMENT TRUST
One Group Investment Trust
Equity Index Portfolio/5,6/........... 0.27% 0.28% 0.55%
One Group Investment Trust
Mid Cap Growth Portfolio/5/........... 0.65% 0.27% 0.92%
One Group Investment Trust
Large Cap Growth Portfolio/5/......... 0.65% 0.23% 0.88%
One Group Investment Trust
Government Bond Portfolio/5/.......... 0.45% 0.28% 0.73%
One Group Investment Trust
Diversified Equity Portfolio/6,7/..... 0.72% 0.23% 0.95%
</TABLE>
/1/Certain of the Mutual Funds' advisers or administrators have entered
into service agreements with AGL. Under these arrangements, the advisers or
administrators pay fees to AGL for certain administrative services. The fees do
not have a direct relationship to the Mutual Funds' Annual Expenses. (See
"Miscellaneous" under "More About Policy Changes.")
/2/ If certain voluntary expense reimbursements from the investment
adviser were terminated, management fees and other expenses for the fiscal year
ended in 1998 would have been as set out in the following table.
<TABLE>
<CAPTION>
OTHER TOTAL
FUND FUND FUND
MANAGEMENT OPERATING OPERATING
NAME OF FUND FEES EXPENSES EXPENSES
- ----------------------------------------- ----------- ---------- ----------
<S> <C> <C> <C>
AIM V.I. High Yield Fund................. 0.63% 1.87% 2.50%
Van Kampen Emerging Growth Portfolio..... 0.70% 0.53% 1.23%
</TABLE>
(Footnotes continued on next page)
3
<PAGE>
/3/The prospectus for Putnam Variable Trust under "Distribution Plan" discusses
this fund's 12b-1 fee. The prospectus for Franklin Templeton Variable Insurance
Products Trust under "Share Classes" discuss each fund's 12b-1 fees.
/4/On February 8, 2000, shareholders approved a proposal to merge the funds of
Templeton Variable Products Series Fund into similar corresponding funds of
Franklin Templeton Variable Insurance Products Trust (the "Reorganization").
This Reorganization was completed May 1, 2000.
/5/Fees and charges for One Group Investment Trust are for fiscal year ending
December 31, 1999.
/6/In the absence of management fee waivers, management fees, other expenses and
total annual portfolio operating expenses, respectively, would be: One Group
Investment Trust Diversified Equity Portfolio, 0.74%, 0.23% and 0.97%; and One
Group Investment Trust Equity Index Portfolio, 0.30%, 0.28% and 0.58%.
/7/Figures reflect expenses which have been restated to reflect estimates of
current fees for the One Group Investment Trust's fiscal year ending December
31, 2000.
4
