New York Life Introduces New Life Insurance Product with Instant Legacy Feature.

Single Premium Policy Features a Money Back Guarantee, Simplified Medical Questionnaire and Death Benefit Guarantee

NEW YORK -- New York Life Insurance and Annuity Corporation1 today announced the introduction of NYLIAC Instant Legacy(SM), a single premium universal life insurance policy which gives customers the flexibility to easily convert and transfer their "rainy day" assets, from various savings, money market accounts and Certificates of Deposit2, into a life insurance policy that leverages these funds in the form of a death benefit easily passed on to their heirs.

"With NYLIAC Instant Legacy, one premium payment guarantees a death benefit providing consumers with the security that they are able to leave a legacy, with a money back guarantee providing the assurance that they can always access at least the full amount they paid should they decide to end the policy," said Scott Berlin, senior vice president, New York Life. "With the added benefit of simplified underwriting, this insurance policy can effectively reposition money to provide peace of mind to policyholders."

The NYLIAC Instant Legacy policy offers a wealth of benefits, including:

* A money back guarantee3, where individuals can choose to have their initial single payment returned in full at any time;

* A guaranteed death benefit4, generally free from federal income tax;

* Simplified underwriting with a one-page questionnaire; no medical exams; and

* Access to cash value with 10% surrender charge-free withdrawals5.

Instant Legacy is designed as a single premium life policy for those with a life insurance need, wishing to build legacy assets. With a $10,000 minimum premium, the single premium paid purchases a death benefit that is guaranteed to age 100. Clients have the ability to take out loans at any time against the policy where they may borrow up to a maximum of 90% of the Cash Surrender Value.6 Surrender charge-free withdrawals can be taken after the first year, and partial withdrawals may be taken at any time.

In addition, the policy also features two benefits that are automatically included within the policy. The Accelerated Death Benefit for Terminal Illness allows early access to the policy's death benefit due to a terminal illness and the Spouse's Paid-Up Insurance Purchase Option allows a spouse to purchase a single premium paid-up whole life policy without showing evidence of insurability upon death of the insured.7

New York Life and New York Life Insurance and Annuity Corporation (NYLIAC) continue to be among the highest rated institutions by each of the four major independent rating agencies for financial strength: A.M. Best (A++), Fitch (AAA), Moody's Investor Services (Aaa) and Standard & Poor's (AA+). Source: Individual Third Party Ratings Reports (as of July 18, 2006).

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.

(1) New York Life Insurance and Annuity Corporation (A Delaware
    Corporation) is a wholly owned subsidiary of New York Life
    Insurance Company.
(2) NYLIAC Instant Legacy is not a banking product, and is not FDIC
    insured. It is a life insurance contract that is backed by the
    claims-paying ability of the issuer.
(3) You may request that the cash surrender value of this policy be
    paid to you, ending the policy. As stated in the policy, the cash
    surrender value will never be less than the premium paid into the
    policy, less any partial surrenders and outstanding loans,
    including loan interest.
(4) Loans and partial withdrawals, including loan interest, will
    reduce the guaranteed death benefit.
(5) In years 2 through 8, you can access up to 10% of the policy's
    cash value each year without incurring a surrender charge. The
    policy's cash value is one of three values compared to determine
    the policy's cash surrender value. Partial withdrawals will reduce
    the cash surrender value and death benefit.
(6) A maximum of 10% of the Cash Surrender Value is available in some
    states. Loans and partial withdrawals, including loan interest,
    will reduce the cash surrender value and death benefit, and may be
    taxable and may carry a 10% IRS tax penalty if the policy is a
    modified endowment contract and the policyholder is not yet age
    59 1/2.
(7) Automatically included only in those states that allow the Spouse
    Paid-Up Insurance Purchase Option.