The Visible Policy, Year 8

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 10, 2004

Life Insurance Death Benefit as of May 10, 2004		Policy Cash Value as of May 10, 2004
Base Plan Death Benefit	$100,000.00	Base Plan Guaranteed Cash Value	$9,800.00
Death Benefit of Optional Paid up Life Insurance Rider (OPP)	20,748.00	Cash Value of Optional Paid up Life Insurance Rider (OPP)	8,390.49
Death Benefit of Paid up Additional Life Insurance provided by Dividends	7,508.00	Cash Value of Paid up Additional Life Insurance Provided by Dividends	2,754.75
Premiums paid beyond May 10, 2003	1,764.00	Premiums paid beyond May 10, 2003	1,764.00
TOTAL DEATH BENEFIT	$130,020.00	NET CASH VALUE	$22,709.24

Loan Summary from May 13, 2003 to May 10, 2004		Dividend Summary as of May 10, 2004
No activity during the period		The 2004 DIVIDEND credited to your policy The dividend of $494.76 provided $1,350 of increased Paid up Additional Life Insurance	$494.76

Summary of Our Disbursements from May 13, 2003 to May 10, 2004		Summary of Your Payments from May 13, 2003 to May 10, 2004
No activity during the period		Policy Premium	$1,764.00
		Payment(s) for Optional Paid up Insurance Rider (OPP) Premium	2,236.00
		TOTAL PAYMENTS	$4,000.00

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

May 6, 2004

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

0001492

Dear Richard W Franzen:

Thank you for your recent payment of $4,000.00. We used $1,764.00 to pay the annual premium due May 10, 2004. The remaining $2,236.00 was applied towards the purchase of paid-up additional insurance for an added death benefit amount of $5,363.00. This is in accordance with your policy's Option to Purchase Paid-Up Additional Insurance rider (OPP).

As of May 6, 2004, your policy, including riders, dividends and paid-up additional insurance, less any loans and loan interest due, has a net cash value of $22,281.01 and a net death benefit of $124,273*.

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 8 to Year 9 `-=>`
27 July 2004	Payments	Increase in Value	Total to Date
Base Death Benefit	1,764 15,876		100,000
OPP Death Benefit	2,236 7,924	5,363	20,748
Dividend Death Benefit	494.76	1,350	7,508
Total Death Benefit	4,000 $23,800	6,713 $28,256	$128,256
Inflation-Adjusted Total Cost and Base Death Benefit	$26,692	30apr05 CPI=3.5%	$124,377
Guaranteed Cash Value ¹ `1800 / 100,000 = 1.8%g`		1,800.00¹	9,800.00
OPP Cash Value ² `182.50 / 15,385 = 1.19%g`	2,168.92 7,672.40	182.50² 718.09	8390.49
Dividend Cash Value ³ `74.37 / 6,158 = 1.21%g`	494.76 2,533.04	74.37³ 221.71	2,754.75
Total Cash Value to Date	$10,205.44	$10,739.80	$20,945.24
potential partial refund of premium excluded from totals 10 May 2004			10may04 $18,776.32
div. return `= (494.76 - 160) / 15,025.77`		$160 + 2.23%
BBAG = (18,776.32 - 15,025.77 - 3,000) / (15,025.77 + 3,000) IWR CV `= (18,776.32 - 21,925) / 21,925` IWR DB `= (121543 + 1,350 - 120,171) / 120,171`			4.2% -14.4% 2.3%

Accesses since 27 July 2004
last modified 27 January 2006
© 2004 - 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 8