SBLI USA MUTUAL LIFE INSURANCE COMPANY, INC. LAUNCHES CASH DELUXE(SM)

A New Single Premium Tax-Deferred Annuity Product that offers Competitive Yield, Easy Access and Simplicity to Help Start Planning for Retirement. The New Product Has Already Generated $7 Million in Sales through Bank Channel

NEW YORK, NY, November 19, 2002 - SBLI USA Mutual Life Insurance Company, Inc. today announced the introduction of Cash Deluxe(SM), a single-premium, tax-deferred annuity. The annuity comes with a choice of a one or five-year interest rate guarantee, currently offered at three percent -- plus a one time bonus of one percent of the initial premium -- to help investors' money grow.

The annuity, which already has generated $7 million in sales through SBLI USAs bank partners, is the most recent in a series of products SBLI USA has begun to make available as it expands nationally to become a full-fledged financial services provider. Other items recently made available along with SBLI USAs stable of well-known products include student loans, a 30-year term life policy, and a new auto service program that cuts the cost of auto repairs and services.

The annuity is available directly through SBLI USAs toll free number, 1-877-SBLI-USA, as well as through its partner banks.

"Annuities are an excellent option for retirement savings. By providing attractive interest rates and deferral of income tax on interest earnings, they make your money work harder for you during the years you need it most," said M. Nasim Ali, executive vice president, marketing and sales, at SBLI USA Mutual Life Insurance Company, Inc. "In addition, annuities are safe. The safety of the principal is backed by the financial strength and stability of SBLI USA, a trusted name in the insurance industry."

Customers principal is guaranteed by the strength of SBLI USA, which maintains an excellent" (A-) rating from A.M. Best, an independent rating service. Cash Deluxe(SM) is available to anyone up to the age of 85 in New York. Purchases are easy and free, with no sales or administrative charges. The minimum premium is $5,000 and the maximum is unlimited, with company approval if the purchase is more than $200,000.

Other benefits:

Access: withdrawals of up to ten percent can be made once each policy year without surrender charges, and after the fifth policy year no surrender charges.
[Note: withdrawals may be taxable, and a ten percent IRS penalty may apply to withdrawals taken before age 59½.]

Money Back Guarantee: as long as there are no partial withdrawals, investors will never receive less than the premium payment;

Avoidance of Probate: if an owner dies before annuitization, the annuity value is paid to the beneficiary directly without the delay and expense of probate.

Interested purchasers should contact SBLI USA at 1-877-SBLI-USA for more complete information.

About SBLI USA

SBLI USA Mutual Life Insurance Company, Inc. is a financial services company that is committed to the value-conscious people who make America work. The company is dedicated to building lifelong relationships with customers and empowering them with the education and tools they need to take control of their financial destinies.

SBLI USA and its subsidiaries are licensed in 50 states and Puerto Rico. With $1.3 billion in assets, $132 million in surplus capital, 240 employees and over 440,000 customers, the company is committed to offering affordable, flexible and easy-to-access products through a variety of integrated channels, including direct mail, telemarketing, the Internet and licensed agents, as it expands nationally.

SBLI USA Mutual Life Insurance Company, Inc. is the parent company to SBLI USA Holdings, Inc., which owns subsidiary companies S.USA Life Insurance Company, Inc., SBLI USA Diversified Services Company, Inc. and SBLI USA Brokerage Services Company, Inc.

Additional information about SBLI USA products and services can be found at htttp://www.sbliusa.com.