Upromise Overview

For the past few years New York Life and its subsidiaries have been involved in a marketing partnership with Upromise.com. Upromise is a free service that is designed to help families save and pay for college. It allows families to save for college while spending money with hundreds of participating companies, stores, catalogs and Web sites.

Click here for product and state eligibility.

How Upromise Works
Through Upromise, thousands of companies contribute a portion of what is spent with them into a college savings account¹ set up for a child. Even better, family and friends can also sign up and contribute to a child’s savings account as they spend! That means parents don’t have to shoulder the responsibility of saving for college entirely on their own. You can register for Upromise by clicking here. 

New York Life’s Role
New York Life and its subsidiaries are the exclusive life insurance and annuities providers in the Upromise network of contributing companies. In jurisdictions where the Upromise rider has been approved, every time Upromise members purchase a participating life insurance policy including variable life policies², or a New York Life variable annuity², we’ll deposit $25 for each life policy and $40 for each variable annuity into your Upromise savings account. Please click here for program details.

Variable annuities are long-term investment vehicles used for retirement savings. They represent a contractual agreement in which payment(s) is/are made to an insurance company, which agrees to pay out an income or lump sum amount at a later date. There are contract limitations, fees, expenses, and risks associated with this contract. All guarantees, including death benefit payments are dependent on the claims-paying ability of New York Life Insurance and Annuity Corporation and do not apply to the investment performance or the safety of the underlying investment Divisions in the variable annuity. Please be aware that assets allocated to the investment divisions may be taxable transactions subject to ordinary income taxes, and it made prior to age 59^1/2, may be subject to a 10% IRS penalty.

Variable life insurance offers permanent life insurance protection, as well as the potential for tax-deferred cash value accumulation within the investments options you select. Any assets allocated to the investment divisions are subject to market risk and will fluctuate in value.

Variable products are sold by prospectus only. To obtain a copy of the prospectus, please contact your NYLIFE Securities Registered Representative or call 1-800-598-2019. Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. Both the product and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Please read the prospectuses carefully before investing.

¹All contributions will be held in a trust account with Upromise, Inc. for the benefit of Upromise members. Upromise, Inc., is not affiliated with New York Life or its subsidiaries.

²Variable products are offered through Registered Representatives of NYLIFE Securities LLC (member FINRA/SIPC), A Licensed Insurance Agency and issued by New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation). They are distributed by NYLIFE Distributors LLC, member FINRA/SIPC. NYLIFE Securities, NYLIAC and NYLIFE Distributors are wholly owned subsidiaries of New York Life Insurance Company, 51 Madison Avenue, NY, NY 10010.

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