The Visible Policy, Year 7

Unofficial Reproduction of Annual Statement

	NEW YORK LIFE
The Company You Keep ®

New York Life Insurance Company
Annual Policy Summary
Policy Number: ## ### ###

Page 2 of 2

Insured: RICHARD W FRANZEN

Date Prepared: May 12, 2003

Life Insurance Death Benefit as of May 10, 2003		Policy Cash Value as of May 10, 2003
Base Plan Death Benefit	$100,000.00	Base Plan Guaranteed Cash Value	$8,000.00
Death Benefit of Optional Paid up Life Insurance Rider (OPP)	15,385.00	Cash Value of Optional Paid up Life Insurance Rider (OPP)	6,039.07
Death Benefit of Paid up Additional Life Insurance provided by Dividends	6,158.00	Cash Value of Paid up Additional Life Insurance Provided by Dividends	2,185.62
Premiums paid beyond May 10, 2003	1,764.00	Premiums paid beyond May 10, 2003	1,764.00
TOTAL DEATH BENEFIT	$123,307.00	NET CASH VALUE	$17,988.69

Loan Summary from May 11, 2002 to May 12, 2003		Dividend Summary as of May 10, 2003
No activity during the period		The 2003 DIVIDEND credited to your policy The dividend of $430.14 provided $1,213 of increased Paid up Additional Life Insurance	$430.14

Summary of Our Disbursements from May 11, 2002 to May 12, 2003		Summary of Your Payments from May 11, 2002 to May 12, 2003
No activity during the period		Policy Premium	$3,528.00
		Payment(s) for Optional Paid up Insurance Rider (OPP) Premium	1,872.00
		TOTAL PAYMENTS	$5,400.00

100% Unapproved -- No content within The Visible Policy is authorized or verified by NYL -- 100% Unapproved

from Page 1 of Policy Summary

Dividends payable in 2003 reflect a reduction in the Company's dividend scale resulting from lower interest rates and investment returns experienced in 2002.

May 9, 2003

Policy: ## ### ###
Insured: Richard W Franzen

0000994

Dear Richard W Franzen:

Thank you for your recent payment of $3,000.00. We used $1,764.00 to pay the annual premium due May 10, 2003. The remaining $1,236.00 was applied towards the purchase of paid-up additional insurance for an added death benefit amount of $3,054.00. This is in accordance with your policy's Option to Purchase Paid-Up Additional Insurance rider (OPP).

As of May 9, 2003, your policy, including riders, dividends and paid-up additional insurance, less any loans and loan interest due, has a net cash value of $18,025.74 and a net death benefit of $118,942*.

If you need additional information, or if you have any questions about your policy, please contact your agent, or call one of our customer service representatives at 1-800-###-####.

Sincerely,
Steven L Nelson
Service Center Vice President

*Amount does not include any refund or renewal of premium (if applicable).

For policy information and online service, please visit us at ==> www.newyorklife.com/vsc

`<=-` Activity, Year 7 to Year 8 `-=>`
9 May 2004	Payments	Increase in Value	Total to Date
Base Death Benefit	1,764 14,112		100,000
OPP Death Benefit	1,236 5,688	3,054	15,385
Dividend Death Benefit	430.14	1,213	6,158
Total Death Benefit	3,000 $19,800	4,267 $21,543	$121,543
Inflation-Adjusted Total Cost and Base Death Benefit	$21,925	30apr04 CPI=2.3%	$120,171
Guaranteed Cash Value ¹ `1800 / 100,000 = 1.8%g`		1,800.00¹	8,000.00
OPP Cash Value ² `143.52 / 12,331 = 1.16%g`	1,198.92 5,503.48	143.52² 535.59	6,039.07
Dividend Cash Value ³ `55.67 / 4,945 = 1.13%g`	430.14 2,038.28	55.67³ 147.34	2,185.62
Total Cash Value to Date	$7,541.76	$8,682.93	$16,224.69
potential partial refund of premium excluded from totals 10 May 2003			10may03 $15,025.77
div. return `= (430.14 - 160) / 11,979.52`		$160 + 2.26%
BBAG = (15,025.77 - 11,979.52 - 2,400) / (11,979.52 + 2,400) IWR CV `= (15,025.77 - 18,432) / 18,432` IWR DB `= (117,276 + 1,213 - 117,469) / 117,469`			4.5% -18.5% 0.9%

Accesses since 18 May 2003
last modified 27 January 2006
© 2003 - 2006 by Rich Franzen

Rich's Home Page <<|=- Current State Current Statement

No content within The Visible Policy has been approved, authorized, or verified by New York Life or any of its representatives. I have attempted to fairly and accurately portray the policy, but there are likely to be mistakes. Over time, I shall endeavor to correct any misinformation found herein.

Statement: Year 7