Unique Features Enhance Guaranteed Income Stream Backed By New York Life's Financial Strength

NEW YORK, N.Y., August 20, 2003 —For retirees who want to ensure that they do not outlive their retirement savings, New York Life Insurance Company today announced that it has introduced the Lifetime Income Annuity to address the needs of this important group of consumers. This new product guarantees a stream of income for life. It also offers several unique new features not previously available in the marketplace that overcome many of the objections that consumers have traditionally had toward these types of products.

"It has become more and more common for people to live well into their eighties and nineties, and many Americans are rightly concerned that they may outlive their retirement savings," said Corey Multer, vice president, New York Life. "Today's retirees are looking for a way to ensure their savings will last that also provides liquidity and the ability to leave a legacy to their heirs. Our new lifetime income product can offer them a solution to meet their needs." The new product offers a unique combination of attractive features, including:

• Payments that won't vary with fluctuations in the financial markets;
• A payment acceleration feature to handle short-term liquidity needs¹ ;
• A withdrawal option that enables clients one time only access to some of the value of their remaining lifetime payments at certain times, for times when they need a larger source of cash¹;
• The ability to elect for their payments to increase each year as a way to protect against inflation²; and
• A variety of legacy options, including one that guarantees they'll get their money back³ and a new option that locks in a legacy, even if they live a long time and collect an income well beyond their life expectancy.

Since the new product is so unique, some of these features have patents pending with the U.S. Patent Office.

Multer continued, "Our new Lifetime Income Annuity was designed to give people the freedom to enjoy their retirement on their own terms. It addresses retirees' concerns about liquidity and inflation and their desire to guarantee a legacy. And since their income is backed by the financial strength of New York Life, consumers will have the peace of mind that comes from knowing their income payments will continue to be made for years to come. We are proud to offer a guaranteed income product that is the right solution for today's retirees."

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 as of May 2003.

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life 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 plans, and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

¹This feature may be utilized when the policyowner is over age 59?. Accelerated payments and withdrawals are fully taxable.
²This feature is available only if the policyowner is over age 59? at issue.
³With this option, the total payments to the annuitant and to the beneficiaries will equal the premium amount paid for the policy.

Contacts:

Lisa Fels
New York Life
(212) 576-7937

Hope Heyman
Edelman
(212) 819-4854

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