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New York Life Introduces VUL Accumulator and SVUL Accumulator

Company Streamlines Its Portfolio And Offers Two Exceptional VUL Products

NEW YORK, N.Y., June 11, 2008 – New York Life Insurance and Annuity Corporation (NYLIAC), a wholly-owned subsidiary of New York Life Insurance Company, announced today the introduction of New York Life Variable Universal Life Accumulator and New York Life Survivorship Variable Universal Life Accumulator. Both are designed and priced under the new 2001 CSO Mortality Table, developed by the Society of Actuaries, to reflect improvements in mortality among Americans.

“Today New York Life is proud to introduce the new generation of variable universal life products that provide investment-minded consumers important insurance protection for themselves, their loved ones or their business, plus the potential for greater long–term cash value accumulation,” said Scott L. Berlin, senior vice president in charge of the Individual Life Department. “With the VUL Accumulator and the SVUL Accumulator, the policyholder is in control of the coverage amount, death benefit options, premium payments, payment schedule and investment options. And like all our innovative universal life products, this product offers the flexible protection that consumers desire to suit their changing needs.”

The VUL and SVUL Accumulator products offer the following features:

  • Flexible Life Insurance Coverage – The policy offers the ability to increase or decrease coverage, add or delete riders and change options based on individual needs.1
  • Flexible Premium Payments – As long as there is sufficient cash value to keep the policy in force, the policyholder can choose the payment amount and schedule.
  • A Death Benefit Generally Free From Federal Income Tax for Beneficiaries – The policy’s death benefit may be excluded from the beneficiary’s gross income for federal income tax purposes.
  • Tax–Deferred Cash Value Accumulation – The cash value can accumulate tax–deferred until it is withdrawn.
  • Access to Cash Value in a Tax–Advantaged Way – The policy’s cash value is accessible through loans and partial withdrawals2 that can be tax–free when structured properly. Surrender charges may apply.
  • Tax–Free Transfers Among A Wide Range of Investment Divisions – Choose from a total of 38 investment divisions with five new investment divisions including small cap and mid cap investment divisions, a real estate investment division and more, which allow policyholders to easily make changes tax-free to the policy’ investment options as financial objectives change.3 Assets allocated to the investment division will fluctuate in value and investors may not achieve their investment objectives.
  • A 5–Year No–Lapse Guarantee – The policy is guaranteed to remain in force during the first five policy years, as long as the minimum premium payment is made.4

In addition to these features, additional riders and benefits are offered on both the VUL Accumulator and SVUL Accumulator. A new rider available is the Over Loan Protection Rider which guarantees the coverage will not lapse due to policy debt even if the policy’s cash surrender value is insufficient to cover the monthly deduction charge.5

“For consumers who want to take an active role in reaching their financial objectives, the VUL Accumulator may be an ideal choice. The potential for long term growth in cash value provides the opportunity to leave a higher death benefit to one’s heirs or have more cash available to meet future funding needs, including funding a child’s college education, purchasing a new home, covering a medical expense or providing a source for retirement savings,” added Mr. Berlin.

All guarantees are based on the claims-paying ability of the issuing company and do not apply to assets in the underlying investment divisions.

New York Life Variable Universal Life Accumulator provides coverage for the policyholder alone. New York Life Survivorship Variable Universal Life Accumulator covers both the policyholder and one other person — a spouse, or perhaps a business partner — and may provide a more cost–effective alternative to purchasing two separate individual policies. After the death of the first insured, the second insured remains covered, provided the premiums are paid. At the death of the second insured, the life insurance benefits are paid to the policy’s beneficiaries, generally income tax–free.

This product is sold by prospectus only. To obtain a copy of the product and fund prospectuses call toll–free 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 prospectus and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Investors should read the prospectus carefully before investing.

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. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments 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 for more information.

1 Increases are subject to underwriting; decreases may be subject to surrender charges.
2 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%.
3 Some transfer limits apply.
4 Not available in all states.
5 There is a one-time charge when this rider is exercised.

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New York Life Introduces VUL Accumulator and SVUL Accumulator

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