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New York Life Enhances Its Whole Life Insurance Products

Broader Access to Best Risk Class and New Conversion Privilege Give Consumers Access to More Permanent Insurance Protection and Greater Peace of Mind

NEW YORK, N.Y., March 1, 2005 — New York Life Insurance Company today announced new competitive features to its popular whole life product line. The best risk class for qualifying consumers is now offered at lower face amounts. In addition, a new conversion privilege is available on the Dividend Term Option (DOT) rider. Policyowners can now convert this rider to Whole Life or Modified Premium Whole Life during the first 10 years, regardless of their health.

"These enhancements make New York Life's whole life insurance products even more attractive to consumers as an important product for their families," said Scott Berlin, vice president, Individual Life Department. "As a mutual life insurer with financial strength and stability, New York Life is particularly well situated to provide outstanding whole life options. With the enhancements we've introduced, policyowners are better equipped to take control of their financial future while effectively preparing for tomorrow's unexpected events. These enhancements will help make whole life insurance a product that is truly aimed at providing coverage for a consumer's entire life."

New features and options available through the enhanced whole life product include lower face amount limits for the best risk class: $100,000 for Whole Life and $250,000 for Modified Premium Whole Life. The new product also features an improved DOT rider that now includes a conversion privilege allowing policyowners to convert the remaining term portion to a Whole Life or Modified Premium Whole Life within the first 10 years without evidence of insurability. Conversion options allow policyowners to lock in their future insurability; either at their current age or the age they were when they purchased the rider. This product is not yet approved in all states.1

The DOT rider helps consumers get additional death benefit protection. The DOT rider works in conjunction with the "paid-up additions" dividend option, which applies any dividends earned to automatically purchase paid-up life insurance. Please keep in mind that these dividends are not guaranteed. Paid-up insurance means that, once purchased, policyowners won't pay a premium for this additional coverage. As the amount of paid-up insurance increases, the amount of term insurance provided by the rider decreases.

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 and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

1Pending approval in HI, IL, IN, IA, MD, MA, MN, MT, NJ, NY, NC, OR, PA, TX, UT, VT and WA.

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New York Life Enhances Its Whole Life Insurance Products

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