NYLIAC Variable Universal Life Provider Insurance

Benefits
NYLIAC Variable Universal Life Provider is a life insurance product designed to help meet the needs of professionals and small business owners for a supplementary retirement income stream through loans and partial withdrawals.¹ This product offers:

• Flexible life insurance coverage, with flexible premium payments
• The opportunity to contribute a portion of your after-tax earnings on a regular basis to help supplement retirement income
• Cash value that can grow at a faster rate, because it isn't taxed until you withdraw it
• A choice of 27 Investment Divisions–from low-risk bonds to aggressive equities - plus a Fixed Account
• Tax-free transfers among investment options (within contract limits)
• Access to your policy's cash surrender value–liquidity–via loans and partial withdrawals¹
• Favorable tax treatment, with a death benefit that may be excluded from the gross income of the beneficiary's income for federal income tax purposes
• Periodic partial withdrawals¹
• A 3-Year No-Lapse Guarantee (minimum premium payment required)²
• A preferred loan interest spread, beginning in year 11
• Ability to increase or decrease coverage, add or delete riders, and change options³

Product Specifics
Issue Ages — 18-65

Face Amounts — Minimum: $100,000

Face Amount Increases — Minimum: $5,000

Partial Withdrawals — Minimum: $100

Methods of Payment — Annual, Semi-annual, Quarterly, Check-O-Matic, Employer Bill, or MainStay Payment Arrangement

Life Insurance Qualification Test — You can choose either the guideline premium test or cash value accumulation test.⁴

Life Insurance Benefit Options
You'll have a choice of three life insurance benefit options:

Option 1 — Provides a level life insurance benefit
Option 2 — Provides a variable life insurance benefit that varies and is equal to the sum of the policy's face amount and cash value.
Option 3 — Provides a variable life insurance benefit that varies and equals the sum of your policy's face amount plus the total premiums paid, less any partial withdrawals.

No matter which option you choose, a higher Life Insurance Benefit will apply, if necessary, for the policy to qualify as life insurance under Section 7702 of the Internal Revenue Code.

Investment Options
Variable Universal Life Provider offers you a broad assortment of investment options. Depending on your situation, financial goals, and risk tolerance, you'll decide how to allocate your premium payments. You can select a maximum of 21 of the 27 Investment Options including the Fixed Account, at any time. You can change the Investment Options you invest in throughout the life of the policy. See the prospectus for a listing of available Investment Divisions.

Fixed Account

• Minimum guaranteed interest rate is 3%.
• The current interest rate is set by NYLIAC and is subject to change daily. All amounts, including any applied to or transferred to the Fixed Account, receive the current interest rate. Different rates may apply to loaned and unloaned funds.

Transfers
If your personal financial objectives change, you can change the Investment Divisions within your NYLIAC VUL Provider policy, too. Transfers between investment options are easy and tax-free.

There is no limit on the amount of money you can transfer between investment options.5 The minimum amount of a transfer from an investment option or from the Fixed Account is the lesser of $500 or the balance.

Limits apply to the maximum amount that can be transferred to and/or from the Fixed Account. See the prospectus for additional limits on transfers.

Loans
You may borrow up to (100% less the current loan interest rate) multiplied by the cash surrender value less three monthly deductions. This is the cash value less surrender charges, any additional contract charge in the first policy year, unpaid loan principal, and accrued loan interest. Loans will reduce the policy's cash value and death benefit. Other limits and conditions apply also. Consult the prospectus for details.

Surrender Charges

If you surrender the policy or decrease the face amount during the first 10 policy years, or within 10 years after a face amount increase, a surrender charge will be deducted from your cash value. This includes decreases resulting from changing your Life Insurance Benefit Option or taking a partial withdrawal.

Surrender charges are calculated as the lesser of 50% of the total premiums paid into the policy or a percentage of the surrender charge premium.8 The percentage grades down during the 10-year surrender charge period.

Policy Features
Automatic Asset Reallocation Allows you to maintain a pre-selected percentage in the investment options you've selected. Automatic Asset Reallocation is available on any policy with a cash value of $2,500 or more.9 A minimum cash value of $2,000 is required for any subsequent reallocations.

Dollar Cost Averaging
You can arrange to invest money at regular intervals, using predetermined dollar amounts so that the cost of the units is averaged over time and over various market cycles. This means you won't have the added concern of trying to ?time the market.? Dollar Cost Averaging is available on any policy with cash value of $2,500 or more.⁹

Under Dollar Cost Averaging, NYLIAC will automatically transfer money from any Investment Division, or to other investment options, or the Fixed Account, on a scheduled basis, according to your instructions. Transfers from the Fixed Account are not eligible for this program.

You specify how much money to transfer to, from where, and how often. Each transfer will be confirmed in a statement detailing the transaction( s).

Dollar Cost Averaging does not assure a profit or protect against loss in declining markets. It involves continuous investing regardless of price levels, so you should consider your financial ability to continue purchasing during periods of low-price levels.

Dollar Cost Averaging cannot be used with Automatic Asset Reallocation, but you can alternate between the two features.

Expense Allocation¹⁰
You can instruct that your policy's cash value charges be deducted from the MainStay VP Cash Management Investment Division, the Fixed Account, or both. Separate account expenses cannot be allocated.

Interest Sweep
You direct that we periodically transfer any interest earned in the Fixed Account to the investment option(s) you specify. Interest Sweep is available with any policy with a cash value of $2,500 or more.⁹

You can specify the starting date, the frequency of the transfers, and the percentages to be transferred to each investment option.

Interest Sweep is available with either Dollar Cost Averaging or Automatic Asset Reallocation and the Expense Allocation feature. If you choose both Interest Sweep and Expense Allocation, all policy expenses will be deducted from the MainStay VP Cash Management Investment Division.

Alternative Cash Surrender Value (ACSV)
The Alternative Cash Surrender Value benefit is available to a corporation or an irrevocable trust to enhance early cash values. If included in the policy, the ACSV benefit increases the amount of cash surrender value available to the policyowner upon full surrender during the first 10 years.

Partial Withdrawals
The minimum available for withdrawal is $100, which is deducted from the policy's cash surrender value. The cash surrender value is the cash value less surrender charges, any additional contract charge in the first policy year, unpaid loan principal, and accrued loan interest. Withdrawals reduce your policy's cash value and death benefit.

After the first policy year, you can choose to receive periodic partial withdrawals, which are scheduled payments of a specific dollar amount?monthly, quarterly, semi-annually, or annually. The minimum amount for a periodic partial withdrawal is $100 per payment. Periodic partial withdrawals will be suspended if your policy's cash surrender value falls below $2,000. See the prospectus for additional details.

Deductions from Premium
Premium charges are deducted from all planned and unplanned premium payments. These include:

Deductions from Cash Value
These charges are deducted from the policy's cash value:

Cost of Insurance Charges
Cost of insurance charges are deducted monthly for your base plan, as well as any riders you purchased. The costs depend on the insured's issue age, gender, underwriting class, and face amount.

Per Thousand Charge .07 per $1000 Face Amount

Mortality & Expense Charges (M&E)⁷

Annual Fund Expenses
Consult the prospectus for a breakdown of the total annual expenses deducted from the funds.

The ACSV mortality and expense charge is higher, and the current Fixed Account rate is lower, than non-ACSV policies during the 10- year ACSV benefit period. Beginning in the 11th policy year, the mortality and expense charges and Fixed Account rate for both policies are identical.

Available Riders
You can customize your policy by choosing from a variety of policy riders, which are designed to meet your individual needs. These riders are subject to state availability. Details on each rider, including costs, can be found in the prospectus.

Policyowner Services
Quarterly Statements–You'll receive quarterly statements that provide the following information:

• Account activity for the prior quarter;
• Current values for the policy;
• A current interest rate breakdown of the amount in the Fixed Account.

Virtual Service Center
You can access our Virtual Service Center Monday through Saturday, from 7:00 AM to 10:00 PM. VSC allows you to:

• E-mail your registered representative or New York Life;
• Obtain current policy values;
• Change the allocation of future premium payments;
• Change your address.

Toll-Free Number: (800) 598-2019
You can call our toll-free customer service line, 7 days a week, 24 hours a day. This will give you ready access to your policy information so that you can effect transactions on your policy:

• Check accumulation unit values, policy cash value, and surrender value for your Investment Division(s);
• Check the current interest rate on your Fixed Account;
• Transfer amounts among Investment Divisions;
• Reallocate future premium payments;
• Request loans against your policy's cash value.

Confirmation Notices
You will receive a confirmation notice whenever you make a:

• Premium payment (other than Check-O-Matic/ electronic funds transfer)
• Transfer
• Withdrawal
• Loan or loan repayment

¹ Loans and withdrawals will reduce the policy's cash value and death benefit. Loan interest rates and interest crediting rates are not guaranteed and are subject to change without notice. The maximum loan interest rate is 6%.
² Not available in New Jersey.
³ Increases are subject to underwriting; decreases may be subject to surrender charges.
⁴ Under Section 7702 of the Internal Revenue Code, a policy will generally be treated as life insurance for federal tax purposes if at all times it meets either (1) a "guideline premium" test or (2) a "cash value accumulation" test. In general, the cash value accumulation test will allow you to make higher premium payments during the policy's early years. The guideline premium test may allow you to maintain a higher cash value in relation to the Life Insurance Benefit. You must choose either the guideline premium test or the cash value accumulation test before the policy is issued. Once the policy is issued, you may not change to a different test.
⁵ We reserve the right to charge for each transfer after the first 12 transfers in a policy year. Transfers under the Dollar Cost Averaging, Automatic Asset Reallocation, and Interest Sweep features will not count toward the yearly 12-transfer limit. However, transfers from the Fixed Account to the investment options in a policy year cannot exceed the greater of 20% of the amount in the Fixed Account at the beginning of the policy year, or $5,000. Additionally, your right to make transfers under the policy is subject to modification if we determine, in our sole opinion, that the exercise of that right will disadvantage or potentially hurt the rights of other policyowners.
⁶ There is no stated maximum. These rates may change as tax laws change.
⁷ The M&E charge can be reduced, based on separate account cash value and policy duration.
⁸ Surrender charge premium is based on the issue age, gender, underwriting class, and the base policy's face amount.
⁹ The cash value requirement is exclusive of money in the Fixed Account.
¹⁰ Separate account expenses are not included.

For more complete information and to obtain a product and fund prospectus, please contact your Registered Representative. Investors are asked to consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. Both the product prospectus and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Please read the prospectus carefully before investing.

Issued by: New York Life Insurance and Annuity Corporation (A Delaware Corporation)
51 Madison Avenue
New York, NY 10010

Distributed by: NYLIFE Distributors Inc.
Member NASD
51 Madison Avenue
New York, NY 10010

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