Benefits of the Rider
The Insurance Exchange (IE) rider is automatically included in many New York Life Insurance Company and New York Life Insurance and Annuity Corporation (NYLIAC) policies at no additional cost.¹ It enables a policyowner to transfer coverage from one individual to a "successor insured."²

The Insurance Exchange rider can help meet a wide variety of insurance needs for families and businesses. It allows a policyowner to exchange a life insurance policy insuring one family member for a new policy insuring another family member. In business, the insurance policy may enable a company to protect itself against the losses that are incurred when an employee holding a vital position leaves. The rider allows the company to transfer that coverage from one key employee to another at a later date.

The Insurance Exchange rider:

• Helps you prepare for tomorrow's life insurance needs today;
• Can be used to obtain transferable coverage;
• Offers the possibility of having greater value on the exchanged policy than if a new policy is purchased;
• Serves as protection for an employer when an important employee is replaced by a new key employee; and
• Can be split among successor insureds,³ making it a flexible tool for families.

The Transfer and the New Policy
When the policyowner decides to transfer the policy to the successor insured, the successor insured will need to provide medical evidence of insurability. If approved, a new policy (of the same type of plan as the original policy) will be issued on the life of the successor insured.

Most policies issued under the terms of the rider will have cost of insurance and premiums based on the new insured's sex, risk class at the time of the exchange, and age as of the original policy date.⁴ For NYLIAC Variable Universal Life 2000 policies, cost of insurance rates for the new policy will be based on the successor insured's sex, risk class, and age at the time the exchange takes place.

Cash Value and Premiums After the Exchange
The accumulated cash value of the policy can be left intact.⁵ However, exercising the IE rider may create a taxable event for the policyowner if there is a gain in the accumulated cash value. Depending on the relationship between the premiums and the cash value of the new policy, there may be a payment required at the time of the exchange.

The Rider for Family Insurance
The rider can enable you to cost-effectively initiate coverage that can be passed along to family members — providing flexible life insurance protection for those you care about the most. For example, if you are a parent or grandparent, you can purchase a policy on your life, and then exchange the old policy for a new policy insuring the life of your child or grandchild sometime in the future — such as when he or she is starting a family.

The exchange policy can even be split among successor insureds.⁶ This means that you could purchase a policy and, at the exchange, pass it along to your child and/or his or her spouse. This provides valuable life insurance protection during a key life event — such as a marriage or the birth of a grandchild.

With all these possibilities, this rider can be a flexible life insurance tool for your family.

Using the Rider for Business Situations
The rider is particularly useful for business. If an insured employee in an important position decides to leave a company, the policy can be transferred to the employee who assumes his or her position.

Whether the company is trying to provide a valuable benefit to attract and retain a key employee, or would like to use the life insurance policy to protect itself financially against the death of an employee in a vital position, the rider makes it easier.

The Company You Keep
The added security the Insurance Exchange rider provides can give you flexibility to handle the changing insurance needs of your family or business. Best of all, it's automatically included at no additional charge. Your New York Life agent or NYLIFE Securities Registered Representative can tell you more about this an other New York Life and NYLIAC policy riders, and show you why we are The Company You Keep.

^{1 The Insurance Exchange rider is available on New York Life Whole Life and Modified Premium Whole Life policies, NYLIAC Accumulator and Protector, NYLIAC Single Premium Life, and NYLIAC Variable Universal Life (VUL) 2000 policies. It is not available with 401(a) and 401(k) qualified plans. NYLIAC 2000 is issued by New York Life and Annuity Corporation (A Delaware Corporation) and distributed through NYLIFE Distributors LLC (member FINRA) 51 Madison Avenue, New York, NY 10010. If this material is being used in conjunction with a solicitation for NYLIAC VUL 2000, it must be preceded or accompanied by a current prospectus. Please read the prospectus carefully, including charges and expenses, before you invest or send money.
2 Subject to evidence of insurability. The owner must have an insurable interest, satisfactory to the Company, in the successor insured.
3 The policy split option is not applicable for NYLIAC VUL 2000.
4 If the successor insured was not born by the original policy date, the policy date will be the first policy anniversary after the successor insured's date of birth.
5 In some situations, certain portions of policy loans, if any, must be paid at policy transfer.
6 The policy split option is not applicable for NYLIAC VUL 2000 policies.}

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New York Life Insurance Company
New York Life Insurance and Annuity Corporation (A Delaware Corporation)
NYLIFE Distributors LLC (Member FINRA)
51 Madison Avenue
New York, NY 10010

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