Pinnacle Series Offers More Options for the Estate Planning and Business Market

New York, N.Y., March 5, 2003 — New York Life Insurance Company announced today the availability of a new Life Extension Benefit Rider (LEB II) for the NYLIAC Pinnacle Series products, offered through its New York Life Insurance and Annuity Corporation subsidiary. Now policyholders interested in ensuring that their life insurance benefit will continue beyond age 100 have more options and flexibility when designing a product to meet their needs. The popular Pinnacle Series appeal to business owners and high-net-worth clients who have an insurance need and are looking to conserve their assets and provide for their heirs.

"With this new rider the Pinnacle Series products will be even more attractive to consumers who want to spread the cost associated with this feature over a longer period of time since they begin paying for it at the point of purchase. Others that wish to delay making payments until age 90 have that option as well by purchasing a different version of LEB," says Michael G. Gallo, senior vice president of the Individual Life Department of New York Life. "What makes these products so appealing is that they are designed to meet the varied and changing needs of high net-worth individuals while still offering a high degree of flexibility."

The flexibility of the NYLIAC Pinnacle Series, which includes two variable universal life products as well as two universal life products, provides flexible premium life insurance coverage with the opportunity to increase or decrease coverage and add or delete benefits through riders and options. Another attractive feature includes an Alternative Cash Surrender Value benefit that may be available to eligible corporate and trust policyholders. This benefit, available only upon a full surrender of the contract and subject to its terms, can enhance the policy's cash surrender value during the first ten policy years.

Other optional riders which are available at an additional cost, include:

• Supplementary Term Rider (STR) gives the policy owner additional flexibility by maintaining a level target face amount, where the STR death benefit decreases or increases as the life insurance benefit increases or decreases, respectively. The target face amount is selected as issue, and the STR benefit is adjusted monthly to equal the target face amount minus the life insurance benefit. Clients are encouraged to consider a number of issues when deciding whether to purchase insurance coverage under the STR. There can be some cost savings as well as some policy differences. Customers can evaluate these options with their agent/registered representative to make the best choices to suit their particular circumstances.
• Scheduled Term Insurance Rider (STIR) allows the policyholder to choose to schedule periodic increases or decreases of a term insurance death benefit. The scheduled increases are underwritten at the time of application and are not subject to new evidence of insurability in the future.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care insurance. New York Life Investment Management, LLC, a New York Life affiliate, provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

A registered representative can supply you with a prospectus that contains complete information on all product features for NYLIAC Pinnacle VUL and NYLIAC Pinnacle SVUL, including charges and expenses. The prospectus also contains additional details about the objectives of each investment division. Please read the prospectus carefully before you invest or send any money. You may also obtain additional information about NYLIAC Pinnacle Universal Life and NYLIAC Pinnacle Survivorship Universal Life by contacting a New York Life representative.

Contacts:

Karen Finkston Payes
New York Life
(212) 576-5624

Hope Heyman
Edelman
(212) 704-4512

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