Guarantees You Can Count On

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1 Life Insurance Guarantees You Can Count On New York Life Custom Universal Life Guarantee & New York Life Custom Survivorship Universal Life Guarantee The Company You Keep

2 Life insurance coverage guaranteed for life, or as long as you choose 1

3 A guarantee is only as good as the person offering it. The same holds true for companies you do business with especially those you are trusting to help you with your most important financial decisions. Protecting and passing on the assets you have accumulated is more complicated than you might imagine. The solution often lies in life insurance long recognized as an integral component to protecting your family and any sound estate and business planning strategy. Cost-Effective, Guaranteed Life Insurance New York Life Custom Universal Life Guarantee and Custom Survivorship Universal Life Guarantee can help you meet your planning needs with life insurance coverage that is guaranteed for life, or as long as you choose. These universal life insurance policies provide lifetime coverage that can be more cost-effective than other permanent life insurance plans. And, by allowing you to choose the duration of your guarantee period, they can provide a personalized solution to your needs. New York Life Custom Universal Life Guarantee policies are issued by New York Life Insurance and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. When you re deciding where to turn for help protecting your family and everything you ve worked so hard to achieve, it s important to choose a product that s backed by a company with a strong track record of honoring its promises. For more than 160 years, New York Life Insurance Company s unwavering financial strength and time-tested investment strategies have provided consistent value and solid financial protection to its policyowners. There s simply no better place to turn when it comes to purchasing life insurance. 2

4 Choosing the Length of Your Custom Guarantee Benefit New York Life Custom Universal Life Guarantee products provide guaranteed death benefit protection for life, or as long as you need it. New York Life Custom Universal Life Guarantee policies are not intended to provide significant cash value accumulation, so if you anticipate a need or desire to access policy cash value in the future, you should consider another New York Life life insurance product. The Custom Guarantee Benefit ensures your policy will not end regardless of the policy s cash surrender value. It is important to choose your guarantee period wisely and to understand the risks involved with choosing a guarantee period less than lifetime (age 121). There is the possibility that you will outlive the guarantee in your policy. You have the flexibility to extend your guarantee at any time during the life of your policy. If you decide to extend the guarantee at a later date, the premium needed to keep your policy and the Custom Guarantee Benefit will be substantial. Since no one knows what the future may hold, it s best to consider your health and family medical history, your lifestyle, and your financial goals and plans when choosing your Custom Guarantee Benefit period. To keep your policy and your Custom Guarantee Benefit in effect, always be sure to pay all premiums as planned on your policy illustration. It is important to pay premiums in full when they are due to maintain a positive Custom Guarantee Value, which will keep your Custom Guarantee Benefit in effect. It s important to realize that taking policy loans or partial surrenders will affect the status of your Custom Guarantee Benefit and could cause your policy to end sooner than you d like. For more information about choosing the length of your guarantee, refer to Your Universal Life Policy s Custom Guarantee Benefit, available through your New York Life agent. 3

5 Custom Solutions To Your Planning Needs New York Life Custom Universal Life Guarantee and Custom Survivorship Universal Life Guarantee are designed to provide you with personalized solutions to your life insurance needs, such as income replacement, estate planning, wealth transfer or business continuation. Both products provide guaranteed death benefit protection through the Custom Guarantee Benefit, 1 which ensures your policy will not end as long as you maintain a positive Custom Guarantee Value. 2 Since everyone s financial plans have different goals and time frames, New York Life s Custom Universal Life Guarantee products offer you the ability to choose the length of your guarantee period for life or a shorter period based on your individual objectives. 1 The Custom Guarantee Benefit is a policy benefit that, while in effect, will ensure your coverage will continue, and not enter the late period, when the policy cash surrender value is insufficient to cover the monthly deductions. The Custom Guarantee Benefit will remain in effect, unless: the Custom Guarantee Value is less than or equal to zero, or the cash surrender value of the policy is insufficient to cover the monthly deduction charge and the policy has an unpaid loan. If the Custom Guarantee Benefit is not in effect, the policy will enter the late period if the policy cash surrender value is insufficient to cover the monthly deductions. 2 The Custom Guarantee Value is a reference value which is calculated in a similar manner as the policy s cash value. It is used to determine if the Custom Guarantee Benefit is in effect. Please refer to your policy for more information. 4

6 Review Your Policy Regularly New York Life s Custom Universal Life products offer flexibility to help you customize your policy to suit your individual needs. With this flexibility comes responsibility for regularly reviewing the current policy values and guarantee period. The annual review you have with your agent is an ideal time to look at your policy to ensure it is meeting your expectations. 5

7 Two policies designed to meet specific needs Your New York Life Custom Universal Life Guarantee Options We offer two Custom Universal Life Guarantee policies designed to meet specific needs. New York Life Custom Universal Life Guarantee provides coverage for you alone. New York Life Custom Survivorship Universal Life Guarantee provides coverage for you and one other person, and the life insurance benefits are paid after the death of the second insured. After the death of the first insured, the remaining insured maintains coverage, provided the premiums are paid in a timely fashion, the policy s cash surrender value is sufficient to cover the monthly policy charges, or the Custom Guarantee Benefit remains in effect. At the death of the second insured, the death benefits are paid to the policy s beneficiaries, generally income tax free. In some cases, survivorship coverage can be made available to a person who may be considered uninsurable under an individually underwritten life insurance policy. The death benefits of a survivorship policy can also be useful in providing for the long-term financial care of a dependent with special needs, especially for those who may continue to need full-time care as adults. 6

8 Lifetime coverage that can be more cost-effective than other permanent life insurance 7

9 A Range of Benefits to Meet Your Financial Needs g Permanent Life Insurance Coverage New York Life Custom Universal Life Guarantee policies offer lifetime coverage that can be more cost-effective than other permanent life insurance coverage. Your death benefit is passed on to your beneficiaries, generally income tax-free. g Flexibility New York Life Custom Universal Life Guarantee policies are flexible premium universal life plans. You can: - Set up a unique premium payment plan that works for you. - Establish a guarantee period to last as long as you choose. Please see Choosing the Length of Your Custom Guarantee Benefit for important information on this feature. - Extend the length of your guarantee if your needs change. If you choose a shorter time frame for your guarantee period today and later decide you d prefer a lifetime guarantee, the flexibility of the Custom Guarantee Benefit allows you to extend your guarantee up to a lifetime guarantee period. But remember, the cost of doing so is substantial. g A Variety of Options to Enhance Your Policy New York Life Custom Universal Life Guarantee policies offer a number of riders from which to choose based on your specific needs. Here are just two of the riders you can purchase to further customize your policy: - Monthly Deduction Waiver Available for purchase with Custom Universal Life Guarantee, this rider can ensure your policy will be protected if you are suddenly unable to work due to a disability. It waives the policy s monthly cost of insurance, administrative fees and any rider charges if you become totally disabled (as defined in the rider) and your total disability lasts for at least six months Year Level Term Rider Available for purchase with Custom Survivorship Universal Life Guarantee, this rider provides additional second-to-die life insurance coverage by adding term insurance to your policy. This allows you to obtain additional coverage at an affordable premium, which you can later upgrade to permanent life insurance value protection. - Return of Premium Rider 3 Available for purchase with Custom Universal Life Guarantee and Custom Survivorship Universal Life Guarantee, this rider provides for additional death benefit coverage by adding a percentage of the premiums paid to the base policy death benefit. 3 Referred to as the Return of Premium at Death rider in HI and OR. 8

10 More Than 165 Years of Strength and Stability When it comes to guarantees, strength and stability matter. Since 1845, New York Life Insurance Company, the parent company of New York Life Insurance and Annuity Corporation (NYLIAC), has provided peace of mind to individuals, families and businesses by promising to take care of their most important financial needs. We ve kept our promises by conducting our business around the core values of financial strength, integrity and humanity and remaining committed to being a mutual company. This means our focus is fixed on just one objective: meeting the needs of our policyowners. Keeping our promises and our policyowners best interests always in mind makes New York Life Insurance Company The Company You Keep. In Hawaii, the Return of Premium at Death Rider form number is In Oregon, the policy form number for New York Life Custom Universal Life Guarantee is and for New York Life Custom Survivorship Universal Life Guarantee, it is The rider form number for the Monthly Deduction Waiver is , for the Return of Premium at Death rider, it is , and for the 10-Year Level Term Rider, it is

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12 New York Life Insurance Company New York Life Insurance and Annuity Corporation (A Delaware Corporation) 51 Madison Avenue New York, NY The Company You Keep 14441_1011 SMRU CV(Exp.10/20/13)