Savvy Consumers Can Address Life Insurance and Supplementary Retirement Planning Objectives With Greater Choice, Flexibility

NEW YORK, N.Y., May 21, 2003 — New York Life Insurance and Annuity Corporation today announced the launch of a new product, the Variable Universal Life Provider, to help consumers address both life insurance and retirement planning needs. This product is designed to provide insurance protection while helping to supplement a policyholder's retirement income through the use of loans and/or periodic partial withdrawals on a tax?deferred basis.¹ Policyholders can select investment divisions of their choosing based on their individual objectives, investment style and risk tolerance.²

"Our new VUL Provider product is ideal for small business owners and other professionals looking to augment their retirement income while obtaining meaningful life insurance protection for their families," said Michael Gallo, senior vice president, Individual Life Department. "The wide array of investment choices and flexibility to allocate premiums in a variety of investment divisions are attractive features to those investment-minded individuals who want to accumulate their cash value for retirement on a tax-deferred basis."

The new product is geared for the non-qualified deferred compensation market as well as those seeking supplemental life insurance for retirement planning. Key features of this product include:

• Flexible premiums
• Dozens of investment divisions, plus a Fixed Account
• Tax-free transfers between investment divisions
• Access to cash value through loans and partial withdrawals¹
• Three death benefit options for policy beneficiaries, with proceeds that are usually fully excluded from Federal income tax
• A host of features including dollar cost averaging, automatic asset reallocation and expense allocation that offer greater investment control

¹ Loans against this policy accrue interest at the current rate and decrease the death benefit by the amount of the outstanding loan and interest.
² Principal value may fluctuate and investors may not achieve their investment objections.

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 a prospectus that contains complete information on all product features for NYLIAC Variable Universal Life Provider, including charges and expenses. The prospectus also contains additional details about the objectives of each investment division. Interested consumers are encouraged to read the prospectus carefully before investing or sending money.

Contacts:

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

Michael Holloway
Edelman Public Relations
(212) 704-4532

 Rate This
Rating: 0/0 (0 votes cast)

 Be the first to Comment