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New York Life Insurance and Annuity Corporation Introduces NYLIAC Protector® 2005 Universal Life Insurance Product

NYLIAC Protector® 2005 Among First Life Insurance Products to be Re-designed and Re-priced Under the New CSO Mortality Table

NEW YORK, January 18, 2005 — New York Life Insurance and Annuity Corporation (NYLIAC), a wholly-owned subsidiary of New York Life Insurance Company, announced today the introduction of its NYLIAC Protector® 2005 universal life insurance product. It is among the first life insurance products designed and priced under the new 2001 CSO Mortality Table, developed by the Society of Actuaries, to reflect improvements in mortality among Americans. With the new 2001 CSO Mortality Table, the NYLIAC Protector® 2005 will offer lifetime coverage.

"Our universal life products allow customers to adapt their coverage and payments to meet changing financial needs, which may include funding a child's college education, the purchase of a new home, business initiatives or retirement savings," said Scott L. Berlin, vice president in charge of the Individual Life Department. "Since their introduction, our innovative universal life products have offered the flexible protection that consumers desire to suit their changing needs. Now with the new mortality table and enhanced features for 2005, we are able to offer competitive rates along with the financial strength and stability that only New York Life can offer."

The NYLIAC Protector® 2005, created to help meet the needs of customers who are looking for life insurance polices with a high level of death benefit protection, also offers affordable premiums, and an opportunity for a tax-deferred cash value accumulation. In addition it features a No Lapse Guarantee Rider available in a variety of options including 10 and 20 year durations, to age 85, to age 100, as well as a lifetime guarantee1. Its features address a wide-array of financial objectives including business continuation strategies, charitable giving, estate planning and mortgage protection. These features make this product attractive to consumers who are looking for a permanent alternative to term insurance and a flexible alternative to whole life insurance.

The NYLIAC Protector® 2005 universal life insurance product offers the following features:

  • Adaptable life insurance coverage that gives customers the opportunity to increase2 or decrease coverage, add or delete benefits through riders, and cover the entire family (or non-family members with an insurable interest) under a single policy;
  • Lifetime coverage3;
  • A death benefit that may be fully excludable from the gross income of the beneficiaries for federal income tax purposes;
  • Flexible premium payments4;
  • Access to the cash surrender value through loans and/or partial surrenders5; and
  • No Lapse Guarantee Rider durations available for 10 years, 20 years, to age 85, to age 100, and for the lifetime of the insured.6

New York Life and NYLIAC continue to be among the highest rated institutions by each of the four major independent rating agencies for financial strength: A.M. Best (A++), Standard & Poor's (AA+), Moody's Investor Services (Aaa) and Fitch (AAA). Source: Individual Third Party Ratings Reports (as of 10/5/04).

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

1 A minimum premium payment is required and rider charges can apply.

2Increases are subject to underwriting.

3The policy will terminate if at any time the cash surrender value is insufficient to pay the monthly deductions. This can happen due to insufficient premium payments, if loans or partial surrenders are made, or if current interest rates or charges fluctuate.


5Loans and/or partial surrenders will reduce the death benefit and may carry a tax penalty if the policy is a modified endowment and the policyholder is not yet age 59 ½.

6A minimum premium payment is required and rider charges can apply.

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New York Life Insurance and Annuity Corporation Introduces NYLIAC Protector® 2005 Universal Life Insurance Product

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