Purchase of Life Insurance and Annuities Provides Added Benefit for College Funding
NEW YORK, N.Y., March 19, 2002 — New York Life Insurance Company and Upromise announced today that the leading life insurance provider has joined the Upromise savings program, offering families a unique opportunity to save for their children's college education. This will enable families who purchase participating life insurance or annuities from New York Life or its subsidiaries to create an additional benefit for their college savings plan. Through this partnership, New York Life joins the Upromise network of leading corporations who are working together to make it easier than ever for families to start saving for college.
"Through our national network of highly-trained agents, New York Life is in the business of helping families plan for important life-events — including college savings — and by joining the Upromise network we are enabling families to enhance their strategy for saving in a meaningful way," said Sy Sternberg, chairman, president and chief executive officer of New York Life Insurance Company. "New York Life is proud to be doing our part to help create the opportunity for more children to obtain the education they need to ensure a bright future."
"We're honored to have New York Life join our network of leading companies," said George Bell, chief executive officer of Upromise. "Support from more than 7,500 New York Life agents will help us reach millions of Americans and inspire families to open a college savings account and take charge of this important issue."
As the exclusive life insurance provider in the network, New York Life and its subsidiaries will make a contribution to a policyholder's Upromise account after the purchase of a participating term life insurance or variable New York Life annuity product. New York Life's skilled agents can work with families to assess their needs and can help identify appropriate solutions for funding a college education through life insurance and other financial products. This way, by protecting a family's financial future, consumers can also save for their children's college education.
"The arrangement with Upromise complements New York Life's top-tier financial products and service capabilities that have helped thousands of families address their college funding needs for generations," said Fred Sievert, vice chairman of New York Life. "The philosophies of our organizations are in sync — to empower families and ensure that children can obtain a college education."
About Upromise, Inc.
Upromise, Inc. helps families save more for college. Through Upromise, America's leading companies contribute a portion of each family's spending with them into a Upromise account. Upromise's contributing companies include America Online, AT&T, Citibank®, CVS Pharmacy, ExxonMobil, General Motors, McDonald's®, Toys"R"Us, Borders Books & Music®, Century 21®, Coldwell Banker®, Countrywide Home Loans, ERA®, Staples, Starwood Hotels, Waldenbooks®, Avis®, more than 100 online shopping sites, and 7,000 restaurants through the iDine program. Members can also save when they use the Citi® Upromise (TM) Card for purchases. The Upromise Grocery service, available now in New England and nationally in April 2002, helps families save when they purchase thousands of items at participating grocers. The free Upromise service also makes it easy for families to invest their savings in tax-advantaged 529 college savings accounts managed by Salomon Smith Barney or Fidelity Investments. Brokerage services are provided through Upromise Investments, Inc., member FINRA/SIPC and a wholly owned subsidiary of Upromise, Inc. Upromise is located in Brookline, Mass. For more information, visit here. 
or call (617) 582-1400.
About New York Life
New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long-term care insurance. Through New York Life Investment Management, New York Life's affiliates provide institutional asset management, retirement plan and trust services and an array of securities products and services such as institutional and retail mutual funds.
Contacts:
Karen Finkston Payes
New York Life
(212) 576-5624
Kristi Avram
Upromise
(617) 450-4300
Erin Gately
Edelman Public Relations
(212) 704-8172
This material is being provided for informational purposes only. Neither New York Life nor its agents provide legal, tax or accounting advice. Please contact your own advisors for legal, tax and accounting advice.
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