<PAGE>   1
                                                                  Exhibit 4.11-B

                           FORM OF GUARANTEE AGREEMENT

                                     Between

                               The MONY Group Inc.

                                 (as Guarantor)

                                       and

                            The Chase Manhattan Bank

                                  (as Trustee)

                                   dated as of

                                 --------, ----
<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>

                                                                                                         Page
<S>                                                                                                     <C>
ARTICLE I DEFINITIONS....................................................................................1

   SECTION 1.01.        Definitions......................................................................1

ARTICLE II TRUST INDENTURE ACT...........................................................................3

   SECTION 2.01.        Trust Indenture Act; Application.................................................3
   SECTION 2.02.        Lists of Holders of Securities...................................................4
   SECTION 2.03.        Reports by the Trustee...........................................................4
   SECTION 2.04.        Periodic Reports to Trustee......................................................4
   SECTION 2.05.        Evidence of Compliance with Conditions Precedent.................................4
   SECTION 2.06.        Events of Default; Waiver........................................................4
   SECTION 2.07.        Event of Default; Notice.........................................................5

ARTICLE III POWERS, DUTIES AND RIGHTS OF TRUSTEE.........................................................5

   SECTION 3.01.        Powers and Duties of the Trustee.................................................5
   SECTION 3.02.        Certain Rights of Trustee........................................................6
   SECTION 3.03.        Compensation; Fees; Indemnity....................................................8

ARTICLE IV TRUSTEE.......................................................................................9

   SECTION 4.01.        Trustee; Eligibility.............................................................9
   SECTION 4.02.        Appointment, Removal and Resignation of Trustee..................................9

ARTICLE V GUARANTEE.....................................................................................10

   SECTION 5.01.        Guarantee.......................................................................10
   SECTION 5.02.        Waiver of Notice and Demand.....................................................10
   SECTION 5.03.        Obligations Not Affected........................................................10
   SECTION 5.04.        Rights of Holders...............................................................11
   SECTION 5.05.        Guarantee of Payment............................................................11
   SECTION 5.06.        Subrogation.....................................................................12
   SECTION 5.07.        Independent Obligations.........................................................12

ARTICLE VI SUBORDINATION................................................................................12

   SECTION 6.01.        Subordination...................................................................12

ARTICLE VII TERMINATION.................................................................................12

   SECTION 7.01.        Termination.....................................................................12
</TABLE>
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<TABLE>

<S>                                                                                                    <C>
ARTICLE VIII MISCELLANEOUS..............................................................................13

   SECTION 8.01.        Successors and Assigns..........................................................13
   SECTION 8.02.        Amendments......................................................................13
   SECTION 8.03.        Notices.........................................................................13
   SECTION 8.04.        Benefit.........................................................................14
   SECTION 8.05.        Interpretation..................................................................14
   SECTION 8.06.        Governing Law...................................................................14
</TABLE>

                                       ii
<PAGE>   4
                               GUARANTEE AGREEMENT

                  This GUARANTEE AGREEMENT ("Guarantee Agreement"), dated as of
_____, ___, between THE MONY GROUP INC., a Delaware corporation (the
"Guarantor"), and THE CHASE MANHATTAN BANK, a New York banking corporation, as
trustee (the "Trustee"), for the benefit of the Holders (as defined herein) from
time to time of the Preferred Securities (as defined herein) of MONY CAPITAL
TRUST II, a Delaware statutory business trust (the "Trust").

                  WHEREAS, pursuant to an Amended and Restated Trust Agreement
(the "Trust Agreement"), dated as of ______, ____, among the Trustee, the other
Trustees named therein, The MONY Group Inc., as Depositor, and the holders of
undivided beneficial interests in the assets of the Trust, the Trust is issuing
as of ______, ___ $____________ aggregate liquidation amount of its ___% Trust
Preferred Securities (the "Preferred Securities") representing preferred
undivided beneficial interests in the assets of the Trust and having the terms
set forth in the Trust Agreement;

                  WHEREAS, the Preferred Securities will be issued by the Trust
and the proceeds thereof will be used to purchase the Junior Subordinated Notes
(as defined in the Trust Agreement) of the Guarantor, which will be held by the
Trust as trust assets; and

                  WHEREAS, as incentive for the Holders to purchase the
Preferred Securities, the Guarantor desires to irrevocably and unconditionally
agree, to the extent set forth herein, to pay to the Holders the Guarantee
Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein.

                  NOW, THEREFORE, in consideration of the payment for Preferred
Securities by each Holder (as defined herein) thereof, which payment the
Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Guarantee Agreement for the benefit of the Holders from time to
time of the Preferred Securities.

                                   ARTICLE I

                                   DEFINITIONS

                  SECTION 1.01. Definitions. As used in this Guarantee
Agreement, the terms set forth below shall, unless the context otherwise
requires, have the following meanings. Capitalized or otherwise defined terms
used but not otherwise defined herein shall have the meanings assigned to such
terms in the Trust Agreement as in effect on the date hereof.

                  "Affiliate" of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by
<PAGE>   5
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

                  "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Trust.

                  "Event of Default" means a failure by the Guarantor to perform
any of its payment obligations under this Guarantee Agreement.

                  "Guarantee Payments" shall mean the following payments or
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by or on behalf of the Trust: (i) any accrued and
unpaid distributions that are required to be paid on such Preferred Securities
but if and only if and to the extent the Trust has funds legally and immediately
available therefor sufficient to make such payment; (ii) the redemption price,
including all accrued and unpaid distributions to the date of redemption (the
"Redemption Price"), with respect to the Preferred Securities called for
redemption by the Trust but if and only if and to the extent that the Trust has
funds legally and immediately available therefor sufficient to make such
payment; and (iii) upon a voluntary or involuntary dissolution, winding-up or
termination of the Trust (other than in connection with the distribution of
Junior Subordinated Notes to the holders of Trust Securities or the redemption
of all of the Preferred Securities), the lesser of (a) the aggregate of the
liquidation amount and all accrued and unpaid distributions on the Preferred
Securities to the date of payment, to the extent the Trust has funds legally and
immediately available therefor, and (b) the amount of assets of the Trust
remaining available for distribution to Holders in liquidation of the Trust (in
either case, the "Liquidation Distribution").

                  "Holder" shall mean any holder, as registered on the books and
records of the Trust, of any Preferred Securities; provided, however, that in
determining whether the holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

                  "Indenture" means the Subordinated Note Indenture dated as of
January __, 2000, among the Guarantor, as Subordinated Note Issuer, and The
Chase Manhattan Bank, as trustee, as supplemented by the __________ Supplemental
Indenture dated as of ______, ____, by and between the Guarantor and The Chase
Manhattan Bank, as Trustee.

                  "Majority in liquidation amount of Preferred Securities" means
a vote by Holder(s) of Preferred Securities, voting separately as a class, of
more than 50% of the liquidation amount of all Preferred Securities outstanding
at the time of determination.

                  "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary, of the
Guarantor, and delivered to the Trustee. Any Officers' Certificate delivered
with respect to compliance with a condition or covenant provided for in this
Guarantee Agreement shall include:

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                           (a) a statement that each officer signing the
                  Officers' Certificate has read the covenant or condition and
                  the definitions relating thereto;

                           (b) a brief statement of the nature and scope of the
                  examination or investigation undertaken by each officer in
                  rendering the Officers' Certificate;

                           (c) a statement that each such officer has made such
                  examination or investigation as, in such officer's opinion, is
                  necessary to enable such officer to express an informed
                  opinion as to whether or not such covenant or condition has
                  been complied with; and

                           (d) a statement as to whether, in the opinion of each
                  such officer, such condition or covenant has been complied
                  with.

                  "Person" means any individual, corporation, partnership,
limited liability company, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof.

                  "Responsible Officer" when used with respect to the Trustee,
means any officer of the Trustee with direct responsibility for the
administration of the Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

                  "Successor Trustee" means a successor Trustee possessing the
qualifications to act as Trustee under Section 4.01.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended.

                  "Trustee" means The Chase Manhattan Bank until a Successor
Trustee has been appointed and has accepted such appointment pursuant to the
terms of this Guarantee Agreement and thereafter means each such Successor
Trustee.

                                   ARTICLE II

                               TRUST INDENTURE ACT

                  SECTION 2.01. Trust Indenture Act; Application.

                  (a) This Guarantee Agreement is subject to the provisions of
the Trust Indenture Act that are required to be part of this Guarantee Agreement
and shall, to the extent applicable, be governed by such provisions; and

                  (b) If and to the extent that any provision of this Guarantee
Agreement limits, qualifies or conflicts with the duties imposed by Sections 310
to 317, inclusive, of the Trust Indenture Act, such imposed duties shall
control.

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                  SECTION 2.02. Lists of Holders of Securities.

                  (a) The Guarantor shall furnish or cause to be furnished to
the Trustee (a) semiannually, not later than June 1 and December 1 in each year,
a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders ("List of Holders") as of a date not more than 15 days
prior to the time such list is furnished, and (b) at such other times as the
Trustee may reasonably request in writing, within 30 days after the receipt by
the Guarantor of any such request, a List of Holders as of a date not more than
15 days prior to the time such list is furnished; provided that, the Guarantor
shall not be obligated to provide such List of Holders at any time the List of
Holders does not differ from the most recent List of Holders given to the
Trustee by the Guarantor or at any time the Trustee is the Securities Registrar
under the Trust Agreement. The Trustee may destroy any List of Holders
previously given to it on receipt of a new List of Holders.

                  (b) The Trustee shall comply with its obligations under
Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act.

                  SECTION 2.03. Reports by the Trustee. Within 60 days after May
15 of each year commencing May 15, 200__, the Trustee shall provide to the
Holders of the Preferred Securities such reports as are required by Section
313(a) of the Trust Indenture Act, if any, in the form and in the manner
provided by Section 313 of the Trust Indenture Act. The Trustee shall also
comply with the other requirements of Section 313 of the Trust Indenture Act.

                  SECTION 2.04. Periodic Reports to Trustee. The Guarantor shall
provide to the Trustee such documents, reports and information as required by
Section 314 of the Trust Indenture Act (if any) in the form, in the manner and
at the times required by Section 314 of the Trust Indenture Act, and shall
provide, within 120 days after the end of each of its fiscal years, the
compliance certificate required by Section 314(a)(4) of the Trust Indenture Act
in the form and in the manner required by such Section.

                  SECTION 2.05. Evidence of Compliance with Conditions
Precedent. The Guarantor shall provide to the Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Guarantee
Agreement that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given by an
officer pursuant to Section 314(c)(1) may be given in the form of an Officers'
Certificate.

                  SECTION 2.06. Events of Default; Waiver. The Holders of a
Majority in liquidation amount of Preferred Securities may, by vote, on behalf
of all of the Holders, waive any past Event of Default and its consequences.
Upon such waiver, any such Event of Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Guarantee Agreement, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

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                  SECTION 2.07. Event of Default; Notice.

                  (a) The Trustee shall, within 90 days after the occurrence of
an Event of Default, transmit by mail, first class postage prepaid, to the
Holders, notices of all Events of Default known to the Trustee, unless such
defaults have been cured before the giving of such notice, provided that the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee, or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

                  (b) The Trustee shall not be deemed to have knowledge of any
Event of Default unless the Trustee shall have received written notice, or a
Responsible Officer charged with the administration of the Trust Agreement shall
have obtained written notice, of such Event of Default.

                                  ARTICLE III

                      POWERS, DUTIES AND RIGHTS OF TRUSTEE

                  SECTION 3.01. Powers and Duties of the Trustee.

                  (a) This Guarantee Agreement shall be held by the Trustee for
the benefit of the Holders, and the Trustee shall not transfer this Guarantee
Agreement to any Person except the Trustee shall assign rights hereunder to a
Holder to the extent such assignment is necessary to exercise such Holder's
rights pursuant to Section 5.04 or to a Successor Trustee upon acceptance by
such Successor Trustee of its appointment to act as Successor Trustee. The
right, title and interest of the Trustee shall automatically vest in any
Successor Trustee, and such vesting and cessation of title shall be effective
whether or not conveyancing documents have been executed and delivered pursuant
to the appointment of such Successor Trustee.

                  (b) If an Event of Default has occurred and is continuing, the
Trustee shall enforce this Guarantee Agreement for the benefit of the Holders.

                  (c) The Trustee, before the occurrence of any Event of Default
and after the curing or waiving of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Guarantee Agreement, and no implied covenants shall be read into this
Guarantee Agreement against the Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.06), the
Trustee shall exercise such of the rights and powers vested in it by this
Guarantee Agreement, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

                  (d) No provision of this Guarantee Agreement shall be
construed to relieve the Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that:

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<PAGE>   9
                           (i) prior to the occurrence of any Event of Default
                  and after the curing or waiving of all such Events of Default
                  that may have occurred:

                                    (A) the duties and obligations of the
                           Trustee shall be determined solely by the express
                           provisions of this Guarantee Agreement, and the
                           Trustee shall not be liable except for the
                           performance of such duties and obligations as are
                           specifically set forth in this Guarantee Agreement;
                           and

                                    (B) in the absence of negligence and bad
                           faith on the part of the Trustee, the Trustee may
                           conclusively rely, as to the truth of the statements
                           and the correctness of the opinions expressed
                           therein, upon any certificates or opinions furnished
                           to the Trustee and conforming to the requirements of
                           this Guarantee Agreement; but in the case of any such
                           certificates or opinions that by any provision hereof
                           are specifically required to be furnished to the
                           Trustee, the Trustee shall be under a duty to examine
                           the same to determine whether or not they conform to
                           the requirements of this Guarantee Agreement;

                           (ii) the Trustee shall not be liable for any error of
                  judgment made in good faith by a Responsible Officer of the
                  Trustee, unless it shall be proved that the Trustee was
                  negligent in ascertaining the pertinent facts upon which such
                  judgment was made;

                           (iii) the Trustee shall not be liable with respect to
                  any action taken or omitted to be taken by it in good faith in
                  accordance with the direction of the Holders of a Majority in
                  liquidation amount of the Preferred Securities relating to the
                  time, method and place of conducting any proceeding for any
                  remedy available to the Trustee, or exercising any trust or
                  power conferred upon the Trustee under this Guarantee
                  Agreement; and

                           (iv) no provision of this Guarantee Agreement shall
                  require the Trustee to expend or risk its own funds or
                  otherwise incur personal financial liability in the
                  performance of any of its duties or in the exercise of any of
                  its rights or powers, if the Trustee shall have reasonable
                  grounds for believing that the repayment of such funds or
                  liability is not reasonably assured to it under the terms of
                  this Guarantee Agreement or adequate indemnity against such
                  risk or liability is not reasonably assured to it.

                  SECTION 3.02. Certain Rights of Trustee.

                  (a) Subject to the provisions of Section 3.01:

                           (i) the Trustee may rely and shall be fully protected
                  in acting or refraining from acting upon any resolution,
                  certificate, statement, instrument, opinion, report, notice,
                  request, direction, consent, order, bond, debenture, note,
                  other evidence of indebtedness or other paper or

                                       6
<PAGE>   10
                  document believed by it to be genuine and to have been signed,
                  sent or presented by the proper party or parties;

                           (ii) any direction or act of the Guarantor
                  contemplated by this Guarantee Agreement shall be sufficiently
                  evidenced by an Officers' Certificate;

                           (iii) whenever, in the administration of this
                  Guarantee Agreement, the Trustee shall deem it desirable that
                  a matter be proved or established before taking, suffering or
                  omitting any action hereunder, the Trustee (unless other
                  evidence is herein specifically prescribed) may, in the
                  absence of bad faith on its part, request and rely upon an
                  Officers' Certificate which, upon receipt of such request,
                  shall be promptly delivered by the Guarantor;

                           (iv) the Trustee may consult with counsel of its
                  choice, and the written advice or opinion of such counsel with
                  respect to legal matters shall be full and complete
                  authorization and protection in respect of any action taken,
                  suffered or omitted by it hereunder in good faith and in
                  accordance with such advice or opinion; such counsel may be
                  counsel to the Guarantor or any of its Affiliates and may
                  include any of its employees; the Trustee shall have the right
                  at any time to seek instructions concerning the administration
                  of this Guarantee Agreement from any court of competent
                  jurisdiction;

                           (v) the Trustee shall be under no obligation to
                  exercise any of the rights or powers vested in it by this
                  Guarantee Agreement at the request or direction of any Holder,
                  unless such Holder shall have provided to the Trustee such
                  adequate security and indemnity as would satisfy a reasonable
                  person in the position of the Trustee, against the costs,
                  expenses (including reasonable attorneys' fees and expenses)
                  and liabilities that might be incurred by it in complying with
                  such request or direction, including such reasonable advances
                  as may be requested by the Trustee; provided that nothing
                  contained in this Section 3.02(a)(v) shall be taken to relieve
                  the Trustee, upon the occurrence of an Event of Default, of
                  its obligation to exercise the rights and powers vested in it
                  by this Guarantee Agreement;

                           (vi) the Trustee shall not be bound to make any
                  investigation into the facts or matters stated in any
                  resolution, certificate, statement, instrument, opinion,
                  report, notice, request, direction, consent, order, bond,
                  debenture, note, other evidence of indebtedness or other paper
                  or document, but the Trustee, in its discretion, may make such
                  further inquiry or investigation into such facts or matters as
                  it may see fit;

                           (vii) the Trustee may execute any of the trusts or
                  powers hereunder or perform any duties hereunder either
                  directly or by or through

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<PAGE>   11
                  agents or attorneys, and the Trustee shall not be responsible
                  for any misconduct or negligence on the part of any agent or
                  attorney appointed with due care by it hereunder; and

                           (viii) whenever in the administration of this
                  Guarantee Agreement the Trustee shall deem it desirable to
                  receive instructions with respect to enforcing any remedy or
                  right or taking any other action hereunder, the Trustee (i)
                  may request instructions from the Holders, (ii) may refrain
                  from enforcing such remedy or right or taking such other
                  action until such instructions are received, and (iii) shall
                  be protected in acting in accordance with such instructions.

                  (b) No provision of this Guarantee Agreement shall be deemed
to impose any duty or obligation on the Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it in any
jurisdiction in which it shall be illegal, or in which the Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Trustee shall be construed to be
a duty.

                  SECTION 3.03. Compensation; Fees; Indemnity.

                  The Guarantor agrees:

                  (a) to pay to the Trustee from time to time reasonable
compensation for all services rendered by the Trustee hereunder (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

                  (b) except as otherwise expressly provided herein, to
reimburse the Trustee upon request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of
this Guarantee Agreement (including the reasonable compensation and the expenses
and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith;
and

                  (c) to indemnify the Trustee for, and to hold the Trustee
harmless against, any and all loss, damage, claims, liability or expense
incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this Guarantee Agreement,
including the reasonable costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder.

The provisions of this Section 3.03 shall survive the resignation or removal of
the Trustee and the termination of this Guarantee Agreement.

                                       8
<PAGE>   12
                                   ARTICLE IV

                                     TRUSTEE

                  SECTION 4.01. Trustee; Eligibility.

                  (a) There shall at all times be a Trustee which shall:

                           (i) not be an Affiliate of the Guarantor; and

                           (ii) be a corporation organized and doing business
                  under the laws of the United States of America or any State or
                  Territory thereof or of the District of Columbia, or a
                  corporation or Person permitted by the Securities and Exchange
                  Commission to act as an institutional trustee under the Trust
                  Indenture Act, authorized under such laws to exercise
                  corporate trust powers, having a combined capital and surplus
                  of at least 50 million U.S. dollars ($50,000,000), and subject
                  to supervision or examination by Federal, State, Territorial
                  or District of Columbia authority. If such corporation
                  publishes reports of condition at least annually, pursuant to
                  law or to the requirements of the supervising or examining
                  authority referred to above, then, for the purposes of this
                  Section 4.01(a)(ii), the combined capital and surplus of such
                  corporation shall be deemed to be its combined capital and
                  surplus as set forth in its most recent report of condition so
                  published.

                  (b) If at any time the Trustee shall cease to be eligible to
so act under Section 4.01(a), the Trustee shall immediately resign in the manner
and with the effect set out in Section 4.02(c).

                  (c) If the Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Trustee and Guarantor shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act, subject to the rights of the Trustee
under the penultimate paragraph thereof.

                  SECTION 4.02. Appointment, Removal and Resignation of Trustee.

                  (a) Subject to Section 4.02(b), the Trustee may be appointed
or removed without cause at any time by the Guarantor.

                  (b) The Trustee shall not be removed until a Successor Trustee
has been appointed and has accepted such appointment by written instrument
executed by such Successor Trustee and delivered to the Guarantor.

                  (c) The Trustee appointed to office shall hold office until a
Successor Trustee shall have been appointed or until its removal or resignation.
The Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Trustee and delivered to
the Guarantor, which resignation shall not take effect until a Successor Trustee
has been appointed and has accepted such

                                       9
<PAGE>   13
appointment by instrument in writing executed by such Successor Trustee and
delivered to the Guarantor and the resigning Trustee.

                  (d) If no Successor Trustee shall have been appointed and
accepted appointment as provided in this Section 4.02 within 60 days after
delivery to the Guarantor of an instrument of resignation, the resigning Trustee
may petition any court of competent jurisdiction for appointment of a Successor
Trustee. Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Successor Trustee.

                                   ARTICLE V

                                    GUARANTEE

                  SECTION 5.01. Guarantee. The Guarantor irrevocably and
unconditionally agrees to pay in full to the Holders the Guarantee Payments
(without duplication of amounts theretofore paid by or on behalf of the Trust),
as and when due, regardless of any defense, right of set-off or counterclaim
which the Guarantor may have or assert against any Person. The Guarantor's
obligation to make a Guarantee Payment may be satisfied by direct payment of the
required amounts by the Guarantor to the Holders or by causing the Trust to pay
such amounts to the Holders.

                  SECTION 5.02. Waiver of Notice and Demand. The Guarantor
hereby waives notice of acceptance of this Guarantee Agreement and of any
liability to which it applies or may apply, presentment, demand for payment, any
right to require a proceeding first against the Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

                  SECTION 5.03. Obligations Not Affected. The obligation of the
Guarantor to make the Guarantee Payments under this Guarantee Agreement shall in
no way be affected or impaired by reason of the happening from time to time of
any of the following:

                  (a) the release or waiver, by operation of law or otherwise,
of the performance or observance by the Trust of any express or implied
agreement, covenant, term or condition relating to the Preferred Securities to
be performed or observed by the Trust;

                  (b) the extension of time for the payment by the Trust of all
or any portion of the Distributions, Redemption Price, Liquidation Distribution
or any other sums payable under the terms of the Preferred Securities or the
extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Preferred Securities (other than an extension of
time for payment of Distributions, Redemption Price, Liquidation Distribution or
other sum payable that results from the extension of any interest payment period
on the Junior Subordinated Notes permitted by the Indenture);

                                       10
<PAGE>   14
                  (c) any failure, omission, delay or lack of diligence on the
part of the Holders to enforce, assert or exercise any right, privilege, power
or remedy conferred on the Holders pursuant to the terms of the Preferred
Securities, or any action on the part of the Trust granting indulgence or
extension of any kind;

                  (d) the voluntary or involuntary liquidation, dissolution,
sale of any collateral, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment
of debt of, or other similar proceedings affecting, the Trust or any of the
assets of the Trust;

                  (e) any invalidity of, or defect or deficiency in, the
Preferred Securities;

                  (f) the settlement or compromise of any obligation guaranteed
hereby or hereby incurred; or

                  (g) any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.03 that the obligations of the Guarantor hereunder
shall be absolute and unconditional under any and all circumstances.

                  There shall be no obligation of the Holders to give notice to,
or obtain consent of, the Guarantor with respect to the happening of any of the
foregoing.

                  SECTION 5.04. Rights of Holders. The Guarantor expressly
acknowledges that: (i) this Guarantee Agreement will be deposited with the
Trustee to be held for the benefit of the Holders; (ii) the Trustee has the
right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the
Holders of a Majority in liquidation amount of the Preferred Securities have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee in respect of this Guarantee Agreement or
exercising any trust or power conferred upon the Trustee under this Guarantee
Agreement, provided that such direction shall not be in conflict with any rule
of law or with this Guarantee Agreement, and could not involve the Trustee in
personal liability in circumstances where reasonable indemnity would not be
adequate; and (iv) any Holder may institute a legal proceeding directly against
the Guarantor to enforce its rights under this Guarantee Agreement, without
first instituting a legal proceeding against or requesting or directing that
action be taken by the Trustee or any other Person; it being understood and
intended that no one or more of such Holders shall have any right in any manner
whatsoever by virtue of, or by availing of, any provision of this Guarantee
Agreement to affect, disturb or prejudice the rights of any other of such
Holders or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Guarantee Agreement, except
in the manner herein provided and for the equal and ratable benefit of all of
such Holders.

                  SECTION 5.05. Guarantee of Payment. This Guarantee Agreement
creates a guarantee of payment and not of collection. This Guarantee Agreement
will not be discharged except by payment of the Guarantee Payments in full
(without duplication)

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or upon the distribution of Junior Subordinated Notes to the Holders in exchange
for all of the Preferred Securities.

                  SECTION 5.06. Subrogation. The Guarantor shall be subrogated
to all (if any) rights of the Holders against the Trust in respect of any
amounts paid to the Holders by the Guarantor under this Guarantee Agreement;
provided, however, that the Guarantor shall not (except to the extent required
by mandatory provisions of law) be entitled to enforce or exercise any rights
which it may acquire by way of subrogation or any indemnity, reimbursement or
other agreement, in all cases as a result of payment under this Guarantee
Agreement, if, at the time of any such payment, any amounts of Guarantee
Payments are due and unpaid under this Guarantee Agreement. If any amount shall
be paid to the Guarantor in violation of the preceding sentence, the Guarantor
agrees to hold such amount in trust for the Holders and to pay over such amount
to the Holders.

                  SECTION 5.07. Independent Obligations. The Guarantor
acknowledges that its obligations hereunder are independent of the obligations
of the Trust with respect to the Preferred Securities and that the Guarantor
shall be liable as principal and as debtor hereunder to make Guarantee Payments
pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence
of any event referred to in subsections (a) through (g), inclusive, of Section
5.03 hereof.

                                   ARTICLE VI

                                  SUBORDINATION

                  SECTION 6.01. Subordination. This Guarantee Agreement will
constitute an unsecured obligation of the Guarantor and will rank (i)
subordinate and junior in right of payment to all other liabilities of the
Guarantor, including the Junior Subordinated Notes, except those obligations or
liabilities made pari passu or subordinate by their terms, (ii) pari passu with
the most senior preferred or preference stock now or hereafter issued by the
Guarantor and with any guarantee now or hereafter entered into by the Guarantor
in respect of any preferred or preference securities of any Affiliate of the
Guarantor, and (iii) senior to all common stock of the Guarantor.

                                  ARTICLE VII

                                   TERMINATION

                  SECTION 7.01. Termination. This Guarantee Agreement shall
terminate and be of no further force and effect upon: (i) full payment of the
Redemption Price of all Preferred Securities, (ii) the distribution of Junior
Subordinated Notes to the Holders in exchange for all of the Preferred
Securities, or (iii) full payment of the amounts payable in accordance with the
Trust Agreement upon liquidation of the Trust. Notwithstanding the foregoing,
this Guarantee Agreement will continue to be effective or will be reinstated, as
the case may be, if at any time any Holder must restore payment of any sums paid
with respect to Preferred Securities or under this Guarantee Agreement.

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                                  ARTICLE VIII

                                  MISCELLANEOUS

                  SECTION 8.01. Successors and Assigns. All guarantees and
agreements contained in this Guarantee Agreement shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall
inure to the benefit of the Holders of the Preferred Securities then
outstanding. Except in connection with a consolidation, merger, conveyance,
transfer, or lease involving the Guarantor that is permitted under Article Eight
of the Indenture, the Guarantor shall not assign its obligations hereunder.

                  SECTION 8.02. Amendments. Except with respect to any changes
which do not materially and adversely affect the rights of Holders (in which
case no consent of Holders will be required), this Guarantee Agreement may only
be amended with the prior approval of the Holders of more than 50% in
liquidation amount of all the outstanding Preferred Securities. The provisions
of Article Six of the Trust Agreement concerning meetings of Holders shall apply
to the giving of such approval.

                  SECTION 8.03. Notices. Any notice, request or other
communication required or permitted to be given hereunder shall be in writing,
duly signed by the party giving such notice, and delivered, telecopied or mailed
by first class mail as follows:

                  (a) if given to the Guarantor, to the address set forth below
or such other address as the Guarantor may give notice of to the Trustee and the
Holders:

                           The MONY Group Inc.
                           1740 Broadway
                           New York, New York 10019
                           Facsimile No.:  (212) 708-2000
                           Attention:  Corporate Secretary

                           with copy to:

                           Dewey Ballantine LLP
                           1301 Avenue of the Americas
                           New York, New York 10019
                           Facsimile No.:  (212) 259-6333
                           Attention:  Jonathan L. Freedman

                  (b) if given to the Trust, in care of the Trustee, or to the
Trustee at the Trust's (and the Trustee's) address set forth below or such other
address as the Trustee on behalf of the Trust may give notice to the Holders:

                           MONY Capital Trust II
                           c/o The Chase Manhattan Bank
                           [                ]
                           [                ]

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<PAGE>   17
                           Attn:  [Corporate Trustee Administration Department]

                  (c) if given to any Holder, at the address set forth on the
books and records of the Trust.

                  All notices hereunder shall be deemed to have been given when
received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid except that if a notice or other document is refused
delivery or cannot be delivered in either case solely because of a changed
address of which no notice was given, such notice or other document shall be
deemed to have been delivered on the date of such refusal or inability to
deliver.

                  SECTION 8.04. Benefit. This Guarantee Agreement is solely for
the benefit of the Holders and, subject to Section 3.01(a), is not separately
transferable from the Preferred Securities.

                  SECTION 8.05. Interpretation. In this Guarantee Agreement,
unless the context otherwise requires:

                  (a) all references to "the Guarantee Agreement" or "this
Guarantee Agreement" are to this Guarantee Agreement as modified, supplemented
or amended from time to time;

                  (b) all references in this Guarantee Agreement to Articles and
Sections are to Articles and Sections of this Guarantee Agreement unless
otherwise specified;

                  (c) a term defined in the Trust Indenture Act has the same
meaning when used in this Guarantee Agreement unless otherwise defined in this
Guarantee Agreement or unless the context otherwise requires;

                  (d) a reference to the singular includes the plural and vice
versa; and

                  (e) references to each of the masculine, feminine and neuter
genders shall be deemed to include references to the other two genders.

                  SECTION 8.06. Governing Law. THIS GUARANTEE AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK.

                  This instrument may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

                  THIS GUARANTEE AGREEMENT is executed as of the day and year
first above written.

                                       THE MONY GROUP INC.

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<PAGE>   18
                                       By:  ___________________________________
                                            Name:
                                            Title:

                                       THE CHASE MANHATTAN BANK

                                       By:  ___________________________________
                                            Name:
                                            Title:

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