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New York Life Introduces NYLIAC Asset Preserver® In New York State

An Innovative Life Insurance Product That Contains Long–Term Care Benefits And Only Requires One Premium Payment

—— New York Life Is The First Insurance Company to Offer This Type of Policy in New York ——

NEW YORK, N.Y., January 24, 2006 — New York Life Insurance and Annuity Corporation (NYLIAC) announced today that NYLIAC Asset Preserver®, a life insurance product that allows early payment of the death benefit for long–term care services, is now available in New York State. This product is designed to help individuals guard against today's surging costs of long–term care, including nursing home care, assisted living and extended at–home care, while enjoying the traditional benefits of cash value life insurance. Unlike a traditional long–term care insurance product funded by premiums on a monthly or annual basis, NYLIAC Asset Preserver® is a single premium universal life insurance policy that accelerates the death benefit, income tax free, to help pay for long–term care expenses. Any remaining death benefit passes to beneficiaries usually income tax–free.

New York Life Insurance and Annuity Corporation is the first company to introduce this type of policy in New York.

"We are committed to helping consumers protect themselves and their assets. With people living longer and the nationwide average nursing home costs in excess of $70,0001 a year , the NYLIAC Asset Preserver is an innovative life insurance based solution that provides consumers with the unique and beneficial combination of a death benefit, tax–deferred cash value accumulation, and long–term care protection advantages, paid for in one lump–sum not annual premium payments," said Scott Berlin, senior vice president, New York Life Insurance Company. "For New Yorkers who own little or no long–term care insurance, Asset Preserver offers a safe alternative and secure way to immediately increase dollars available for long–term care services. As the first insurance company to offer this product in the state of New York, we are looking forward to helping those residents who are seeking a more strategic plan for their retirement years."

Clients can use NYLIAC Asset Preserver® in a variety of ways. The policy offers a wealth of benefits, including:

  • Immediate increase in funds available to help pay for long–term care expenses through tax–free acceleration of the death benefit, if needed;
  • Flexible coverage for qualified LTC expenses since individuals can select income tax–free monthly benefit option packages to suit their needs;
  • Lifetime money back guarantee. Policyholders are guaranteed to never get back less than the premium paid upon full surrender; 2
  • Access to tax–deferred cash value accumulation via withdrawals and loans, if needed; 3
  • Minimum benefit guarantee.4

NYLIAC Asset Preserver® is issued by New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company.

New York Life Insurance and Annuity Corporation is a subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845. New York Life Insurance Company 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.

1 Source: New York Life Insurance Company survey of nursing home cost, August 2005.

2 Guarantee available as long as policy loans or partial cash surrenders have not been made and no LTC or acceleration of terminal illness benefits have been made.

3 Partial cash surrenders and loans may affect the policy benefits and values. Surrender charges may apply. Loans accrue interest. Partial surrenders and loans may be taxable and if taken prior to age 59 ½ may be subject to an additional 10% IRS penalty.

4 The combination of death benefit paid and any benefits accelerated to pay for long term care expenses will not be less than the face amount.

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New York Life Introduces NYLIAC Asset Preserver® In New York State

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