Pinnacle Lifetime Guarantee Offers Increased Options for the Estate Planning and Business Market

New York, N.Y., July 15, 2003 — New York Life Insurance and Annuity Corporation (NYLIAC), a wholly-owned subsidiary of New York Life Insurance Company, announced today the introduction of an insurance product designed to provide permanent, adaptable life insurance coverage for business owners and high-net-worth clients looking to provide for their heirs while conserving their assets. The Pinnacle Lifetime Guarantee (LTG) is now part of the NYLIAC Pinnacle Series, which includes two variable universal life (UL) products as well as two universal life products.

"Our new Pinnacle LTG UL product offers consumers a way to pay affordable premiums for a death benefit guarantee while they address wealth preservation, estate conservation and other needs," says Michael G. Gallo, senior vice president of the Individual Life Department of New York Life. "The appeal of the Pinnacle Series lies in the flexible product designs and four product options that enable advanced market consumers to satisfy their varied and changing needs."

A few attractive features of the Pinnacle LTG UL include:

• Lifetime No Lapse Guarantee that ensures that the policy will stay in force as long as the required premium payments are made;
• No maturity date so that coverage will stay in force for the lifetime of the insured. If the policy is in effect when the insured reaches age 100, no further premium payments need to be made and no further deductions to the cash value will be made;
• Unique "catch up" feature that permits policyholders who fail to meet premium requirements the ability to reinstate their insurance protection once they pay no-lapse premium amount;
• Pre-payment feature enabling policyholders to pay more than the required monthly premium according to the policy contract; and
• Life insurance benefit options that equal either the policy's face amount or the policy's face amount plus the cash value.

An attractive rider available to the LTG UL is the Spouses' Paid?Up Insurance Purchase Option that allows a spouse who is the beneficiary to purchase a new paid-up whole life policy on his or her own life without providing evidence of insurability when the insured dies.

New York Life has received among the highest ratings for financial strength from four of the major independent rating agencies, Moody's, A.M. Best, Standards & Poor's and Fitch.

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.

Contacts:

Lisa Fels
New York Life
(212) 576-7937
lisa_fels@newyorklife.com

Hope Heyman
Edelman Public Relations
(212) 704-4512
hope.heyman@edelman.com

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