New York Life Introduces Custom Whole Life Insurance Product; Only Company to Offer Whole Life Product with Flexibility Giving Customers the Choice to Limit Premium Paying Period

NEW YORK–(BUSINESS WIRE^[1])–Aug. 7, 2006–New York Life Insurance Company announced today the introduction of Custom Whole Life Insurance, which provides the quality features and coverage of whole life insurance and allows customers to decide how long they want to pay premiums by choosing a policy paid-up date at the time of purchase. Once the policy is paid-up consumers have the option to draw an income stream from the cash value in the policy.(1) This innovative product allows individuals to retain the benefits of life insurance and the ability to accumulate cash value on a tax-deferred basis, while being a potential source of supplemental retirement income if the client no longer has a need for the full death benefit. “Structured properly, Custom Whole Life may help consumers achieve both life insurance protection and supplemental retirement income in one. By customizing the policy and selecting a final payment day, you get protection for life but don’t have to spend your life paying for it,” said Scott Berlin, senior vice president, New York Life. “Our Custom Whole Life product offers the additional option of becoming an important income stream to help fund retirement.”

Designed as a limited pay insurance policy, clients opting to purchase Custom Whole Life Insurance obtain all the features of traditional whole life, but only pay premiums for a period that they decide at issue. The policy offers a wealth of benefits, including:

— Permanent coverage that can never be cancelled;(2)

— Guaranteed paid-up status at selected date, independent of interest rates or market performance;

— A guaranteed death benefit, generally free from federal income tax;

— The ability to borrow from cash value on a tax-free basis;(3)

— Tax-deferred cash value accumulation; and

— The ability to customize the policy by adding optional riders such as Accidental Death Benefit and Waiver of Premium.

“With the unmatched flexibility this product currently offers, consumers taking advantage of guaranteed paid-up status have the ability to use policy values in a variety of situations – to help supplement retirement income, pay for a loved one’s education, or pay off mortgages and other outstanding debts. Or they can continue the policy in-force without taking an income stream, which provides the full life insurance protection.” Mr. Berlin added. “With New York Life’s financial strength and stability, we are able to offer customers a more comprehensive selection of limited pay whole life options than any other company in today’s market.”