New York Life Insurance and Annuity Corp. is incorporating improving mortality assumptions in 2 new variable universal life products.

NYLIAC, a unit of New York Life Insurance Company, New York, says the New York Life Variable Universal Accumulator and the New York Life Survivorship Variable Universal Accumulator policies are designed and priced under the new 2001 Commissioners Standard Ordinary Mortality Table.

The new CSO table reflects increases in the typical U.S. resident’s life expectancy.

The NYLIAC products offer a choice of 38 investment options, a 5-year no lapse guarantee feature, and an optional over loan protection rider. The rider guarantees that the coverage will not lapse due to policy debt even if the policy’s cash surrender value is insufficient to cover the monthly deduction charge, NYLIAC says.