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New York Life Increases College Savings Opportunities Nationwide

Expands Relationship with Upromise® Adding New Life Insurance Products

NEW YORK, N.Y., May 5, 2005 — New York Life Insurance Company, the leading U.S. life insurance provider, and Upromise, Inc., the country's largest non-governmental service helping families save for college, announced today that they have increased college savings opportunities for families as part of a multi-year extension of their relationship. Each time Upromise members purchase participating life insurance and other financial products, they can earn a college savings contribution of up to $40 from New York Life and its affiliates into their Upromise college savings account. New York Life has increased the number of eligible plans, providing even more ways for families to save for college when they seek insurance protection and peace of mind.

"Since 2002, our relationship with Upromise is clearly one that is providing families an important college savings opportunity," said Robert J. Ellwanger Jr., corporate vice president, New York Life Insurance Company. "New York Life is committed to providing families the tools to help them plan for life's milestones. By extending our partnership and the benefits available through Upromise, even more parents and grandparents, through purchasing life insurance and other financial products, are now saving to help send their children and grandchildren to college."

"New York Life's commitment to Upromise and the mission of helping families save for college has been long-standing and substantial," said David Rochon, senior vice president of partner management for Upromise. "New York Life continues to make meaningful contributions on behalf of families across the nation, and we are deeply honored by their decision to continue expanding our relationship and look forward to achieving continued success in the years ahead."

New York Life and its affiliates are the exclusive insurance providers in the Upromise network of companies. Its skilled financial professionals work with families to assess their needs and help identify appropriate solutions such as funding for a college education through life insurance and other financial products.

About Upromise
Upromise is the country's largest non-governmental service helping families save for college. Membership is free and allows families to automatically save money for college while making everyday purchases at more than 20,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, 10,000 hotel locations nationwide, thousands of retail stores and over 250 online shopping sites. Upromise's partners include America Online, Citi®, Coca-Cola®, ExxonMobil Corporation, Kellogg Company, Kimberly-Clark, McDonald's®, SBC Communications, JCPenney.com, LandsEnd.com, sears.com, and hundreds of others. Upromise also makes it easy for families to invest in tax-advantaged college savings plans and to use contributions to pay off student loans. The 529 college savings plans are offered through Upromise Investments, Inc. (member FINRA/SIPC). Upromise is headquartered in Needham, Mass. For additional information, visit www.upromise.com or call 781.707.8400.

About New York Life
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.

Please visit New York Life's Web site at www.newyorklife.com for more information.

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New York Life Increases College Savings Opportunities Nationwide

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