MONY To Market COLI Product in New York State; New York Investment Options to Include Vanguard Funds

Business Wire, Dec 11, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 11, 2002

MONY Life Insurance Company (MONY), the primary subsidiary of The MONY Group Inc. (NYSE: MNY), today announced that it has received approval to market its corporate sponsored variable universal life insurance product (COLI) in New York State.

MONY's COLI/BOLI product sold in New York also includes thirteen portfolios of the Vanguard(R) Variable Insurance Fund. Including The Vanguard Group, the New York policy will feature 52 subaccounts from 13 fund families into which COLI/BOLI policyholders can allocate cash values and premiums.

"We plan to aggressively market our product in the New York market, targeting the mid-size corporations and banks, and the brokers that serve them," said Sam Chiodo, vice president, head of MONY's Corporate Strategies Group, MONY's COLI/BOLI distribution unit. "One of MONY's differentiators is the wide selection of fund offerings. The addition of Vanguard with its track record of performance and cost efficiency further enhances our ability to meet the policyholder objectives of our New York customers."

"As with the COLI/BOLI product offered in 47 other states around the country, in New York we offer a competitive product, offering corporations and banks an efficient investment alternative to fund non-qualified employee benefit plans," added Chiodo. "We will also provide the customized support that makes the marketing and maintenance of these policies less time-consuming."

Since 1997, MONY's corporate owned life insurance (COLI) and banked owned life insurance (BOLI) product portfolios have helped corporations and banks attract, retain and reward highly compensated employees such as presidents, vice presidents and department heads, by offering a cost-effective way of informally funding non-qualified compensation plans, such as Supplemental Executive Retirement Plans (SERPs). In addition to improved executive retention, businesses use COLI-related products for enhanced balance sheet management.

The MONY Group Inc. (NYSE: MNY), with $60 billion in assets under management and administration, is a financial services firm that manages a portfolio of member companies. These companies include MONY Life Insurance Company, The Advest Group, Inc., Enterprise Capital Management, Matrix Capital Markets Group, Inc., Lebenthal, a division of Advest, Inc., and U.S. Financial Life Insurance Company. These companies manufacture and distribute protection, asset accumulation and retail brokerage products and services to individuals, corporations and institutions through advisory and wholesale distribution channels. Additional company information is available at www.mony.com.

Corporate sponsored variable universal life (CSVUL) policy is sold by prospectus, which contains more information including charges and expenses. Please read the prospectus carefully before investing or sending money. A prospectus can be obtained through MONY Securities Corporation.

CSVUL Issued by:                        CSVUL Distributed by:
MONY Life Insurance Company             MONY Securities Corporation
1740 Broadway                           Member NASD, SIPC
New York, NY  10019                     1740 Broadway
800 736 0166                            New York, NY  10019
                                        800 736 0166