FACTSHEET by liwenting

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									                       S                URVIVORSHIP WHOLE LIFE
                                           F       A       C        T              S   H     E      E      T


       BENEFITS            Insures two individuals under one insurance policy and pays a life insurance benefit after
                           the death of the last surviving spouse.
                           Provides permanent coverage for both insureds that might be more affordable and easier to
                           obtain than two separate individual policies.
                           Enables you to tailor your policy to meet your specific needs through the availability of
                           affordable riders.
                           Serves as a cost-effective tool for estate conservation, business continuation, charitable giving,
                           estate creation, and dependent care needs.
                           Is available for use on a non-qualified basis or in a qualified profit-sharing plan.

CHOICE OF PLANS        You can choose from the following life insurance plans:
                           In the Level Premium plan, the base premium is guaranteed not to change for the life of the
                           policy.
                           The Modified Premium plan has a guaranteed premium for the first fifteen years. In year
                           sixteen, the base premium doubles and remains guaranteed throughout the life of the
                           policy.
                           Premiums are payable until the younger insured’s age is or would have been 100.

     DIVIDENDS         Survivorship Whole Life is a participating policy and is therefore eligible for dividends.
                       Dividends are not guaranteed. The level of payable dividends is affected by the Company’s
                       investment earnings, mortality experience, and expense experience.

           POLICY      The cash value of the Survivorship Whole Life policy will grow at a guaranteed rate as long
    C A S H VA L U E   as premiums are paid on their due date. The cash value can be accessed at any time through
                       a policy loan.*

           LOANS       The loan interest rate for Survivorship Whole Life is a variable rate that may increase or
                       decrease based on the monthly average corporate yield shown in Moody’s Corporate Bond
                       Yield Average. In most states, New York Life sets the loan interest rate at least once a year and
                       may adjust the rate as often as quarterly. Policy loans are taken first from the available cash
                       value of the OPP/PUA rider, then from any dividend values, and then from the base policy’s
                       cash value.




                       *Loans will accrue interest and reduce the death benefit.
  AVA I L A B L E   A number of optional riders are available with Survivorship Whole Life that allow you to
OPTIONS AND         customize your policy.
     RIDERS

                    Dividend Option Term Rider (DOT)
                       DOT provides a death benefit payable upon the death of the last surviving insured.
                       DOT provides a combination of decreasing term insurance and paid-up additions
                       insurance.
                       Features a level premium that is guaranteed for the first five years. An out-of-pocket
                       premium is charged for the first five years, thereafter the premium is paid with policy
                       values, if sufficient.
                       Is not convertible to permanent insurance.
                       Maximum death benefit is four times the base amount or the Company’s retention limit,
                       whichever is lower.
                       DOT is optional at an additional cost and is available at issue or it can be added to existing
                       policies on the policy anniversary date.

                    Level Term Rider (LTR)
                       Pays a death benefit when the second death occurs.
                       LTR provides a level term insurance death benefit payable upon the death of the last
                       surviving insured.
                       Features a level premium that is guaranteed for the first five years, increasing annually
                       thereafter.
                       Is convertible, in part or in whole, to a new Survivorship policy as long as both insureds are
                       alive or to an individual life policy without evidence of insurability.
                       Maximum death benefit is four times the base amount or the Company’s retention limit,
                       whichever is lower.

                    Increasing Term Rider (ITR)
                       ITR provides an annually increasing term insurance death benefit payable upon the
                       first death.
                       Features a premium that increases annually.
                       Is not convertible to permanent insurance.
                       Maximum death benefit is four times the base amount up to $5,000,000 or the Company’s
                       retention limit, whichever is lower.
                       This rider is only available if both insureds qualify for a non-smoker 4 or better risk class
                       and are not being charged a flat extra premium.

                    Level Term First-to-Die Rider (LFD)
                       LFD provides a level term insurance death benefit payable upon the first death.
                       Features a level premium that is guaranteed for the first five policy years, increasing
                       annually thereafter.
                       Is not convertible to permanent insurance.
                       Maximum death benefit is four times the base amount or the Company’s retention limit,
                       whichever is lower.
                       This rider is only available if both insureds qualify for a non-smoker 4 or better risk class
                       and are not being charged a flat extra premium.
                       LFD is optional at an additional cost and is only available at issue.
                  Option to Purchase Paid-Up Additions Rider (OPP/PUA)
                      Allows a policyowner to purchase extra life insurance protection and build cash value.
                      OPP purchases can be made by making scheduled or unscheduled payments.
                      Offers two payment methods:
                      Scheduled payments may be made at issue of the policy via the billable or the
                      Check-O-Matic option, or at a later time with additional underwriting approval.
                      Lump-sum payments may be made at issue of the policy or after the policy is issued with
                      additional underwriting approval.
                      Maximum allowable purchase without providing evidence of insurability is up to ten times
                      the annual Standard base premium in year one and two times the annual Standard base
                      premium thereafter. Additional purchases may be accepted based upon evidence of
                      insurability and underwriting approval.
                      This option will expire if payments are not received within two years from the policy’s issue
                      date or within three consecutive policy anniversaries after the last payment.
                  Living Benefits Rider (LBR)*
                      After the first death, the surviving insured has the option to accelerate 25%, 50%, 75% or 100%
                      of eligible life insurance proceeds.
                      Up to $250,000 of the policy’s life insurance benefit proceeds may be accelerated.
                      The surviving insured’s life expectancy must be 12 months or less.
   POLICY SPLIT   You may exchange the Survivorship Whole Life policy for two single life insurance policies that
        OPTION    each insures one of the insureds, within 6 months after any of the following events:
                          The effective date of a change in the federal tax law which results in a reduction or elimina-
                          tion of the unlimited federal estate tax marital deduction;
                          The effective date of a change in federal tax law which results in a reduction of at least 50%
                          in the level of the estate tax rate from the 2001 Tax Act payable on death; or
                          Legal divorce of insureds for six months while the policy is in effect.5
                  The new policy can be any permanent policy offered by New York Life on the original policy
                  date of your Survivorship Whole Life policy.

RETENTION LIMIT   The retention limit is the maximum amount of total life insurance that the Company will carry on
                  the two insureds. The Company’s retention limit is generally $35,000,000. Amounts in excess of
                  this may be obtained subject to approval.

        SERVICE   At New York Life, meeting policyholder needs is our primary responsibility. You are never more
                  than a phone call away from information about your policy or the answer to any question you may
                  have. You can also call your agent directly whenever you have questions, or feel the need to
                  re-evaluate your coverage.

  THE STRENGTH    Since 1845, New York Life has provided quality insurance and financial products that serve the
    BEHIND OUR    needs of individuals, families, and businesses. We have helped seven generations of families
       PROMISES
                  achieve their financial goals and secure their future stability. The values that built this company
                  are behind the products we offer and the services we provide. That we’re a mutual company
                  owned by our policyowners, continually working to maintain their respect and trust, has been a
                  strong motivating force over the years. Our long history of financial strength ensures that we’ll be
                  there when you need us.




                  *Also known as the Accelerated Benefits Rider.
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010

www.newyorklife.com

13512 (11/02)

								
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