Taming a Bear Market in Retirement - Better Balance Financial · Retirement Strategies Taming a Bear Market in Retirement Adding flexibility to your retirement income portfolio with

Retirement Strategies

Taming a Bear Market in RetirementAdding flexibility to your retirement income portfolio with a whole life insurance policy

A Retirement Strategy for Individuals

Your financial strategy probably includes saving for retirement, but how does it address the issues concerning income distribution planning during retirement?

Contents 2 | The Impact of a Bear Market

During Retirement 4 | Robert’s Retirement Account 6 | How Can You Prepare for a Bear

Market in Retirement – Today?

The decision to purchase life insurance should be based on long-term financial goals and the need for a death benefit. Life insurance is not an appropriate vehicle for short-term savings or short-term investment strategies. While the policy allows for loans, you should know that there may be little to no cash value available for loans in the policy’s early years.

The information in this brochure is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION • NOT FDIC OR NCUA INSURED • NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY • NOT GUARANTEED BY ANY BANK OR CREDIT UNION

8 | Whole Life Insurance vs. Alternative Options

10 | Is This Strategy Right For You?

1

The Changing Retirement LandscapeToday, many people are finding that the traditional means of funding a

comfortable retirement can no longer be relied upon. The caps placed

on qualified retirement plan funding, the minimal income replacement

percentage of Social Security and the dwindling number of employer-

provided pension plans mean that a much greater portion of your

retirement savings must come from other sources.

What makes this even more of a challenge is the fact that the more you earn,

the more you need to save. Individuals generally need 75% to 85% of their

pre-retirement income to live comfortably in retirement. The chart below

illustrates how the percentage of pre-retirement income replaced by Social

Security retirement income benefits decreases as your income level increases.

Projected Social Security Retirement Benefits Based on Pre-Retirement Income Level

Estimated Social Security retirement income benefit calculated on 11/1/2015 using the Social Security Quick Calculator at www.ssa.gov/oact/quickcalc. Percentages are based on projected benefits for an individual currently age 45 retiring at age 67.

$250,000

$200,000

$150,000

$100,000

$50,000

0

AnnualIncome

Social Security Retirement Income

Difference BetweenSocial Security Benefit and Current Income

Pre-Retirement Income Level

41% 30% 22% 17% 13%

2

Many individuals with the necessary risk tolerance and long-term

investment horizon take advantage of the upside potential of equity

investments in accumulating assets for retirement. However, equity markets

may be subject to periods of volatility. This raises the question: What would

happen if you retire at a time when stock and bond prices are declining?

What effect could this have on your retirement accounts, and what can you

do to minimize the impact on your retirement income stream?

Taking income from an equity-based retirement account during a period of

negative returns can have a significant adverse effect on the future value of

the account. This may ultimately impact the amount of income you have

available during retirement, as well as the amount of your legacy to your

family. It’s important to include a conservative element in your retirement

income strategy now – that will give you the future financial flexibility

to more effectively manage your retirement income during changing

economic conditions.

The following case study illustrates how effective planning for the

inevitable bear markets that occur over time can help preserve the

long-term value of equity-based retirement accounts.

Taking income from an equity-based retirement account during a period of negative returns can have a significant adverse effect on the future value of the account.

The Impact of a Bear Market During Retirement

3

Meet RobertRobert plans to retire when he turns age

65. He will have accumulated $2 million

in qualified plan assets that he will roll

over into an individual retirement account

(IRA) when he retires. Robert expects

to immediately begin taking annual

distributions of $150,000 from the IRA at

the start of each year to supplement his other

sources of retirement income. Robert will

invest the account in a diversified portfolio

of stocks because he believes that investing

in the stock market will give him the best

long-term return on his account, even if he

needs to ride out a couple of bear markets.

4

Let’s take a look at Robert’s hypothetical retirement account,

assuming that he takes $150,000 of income from the account

at the beginning of each year and his account earnings rates

are equal to the actual performance for the S&P 500 Index*

from 1973 to 1987. The average gross return of the S&P 500

during this 15-year period was over 11.28%. There were four

years when returns were negative, and during the first two

years the index declined in value by more than 37%.

This time period was selected to illustrate the severe impact

that negative returns can have on a retirement account

over a period when income distributions are being taken,

especially if the negative returns occur shortly after the

distributions begin. The distributions of income will be

taxable as ordinary income to Robert, who is in a 33%

marginal income tax bracket. As you will note, Robert took

the $150,000 income distribution from the account each

year and he still had over $900,000 in the account at the end

of the 15-year period.

Robert’s Retirement Account

Robert’s Retirement Account

Age

Beginning of Year Balance

Systematic Withdrawal on 1/1

Post Withdrawal Balance

S&P 500 Return

End of Year Balance

65 $2,000,000 $150,000 $1,850,000 -14.80% $1,576,20066 1,576,200 150,000 1,426,200 -26.50% 1,048,25767 1,048,257 150,000 898,257 37.30% 1,233,30768 1,233,307 150,000 1,083,307 23.70% 1,340,05169 1,340,051 150,000 1,190,051 -7.30% 1,103,17770 1,103,177 150,000 953,177 6.60% 1,016,08771 1,016,087 150,000 866,087 18.60% 1,027,17972 1,027,179 150,000 877,179 31.10% 1,149,98173 1,149,981 150,000 999,981 -4.90% 950,98274 950,982 150,000 800,982 21.10% 969,98975 969,989 150,000 819,989 22.40% 1,003,66776 1,003,667 150,000 853,667 6.10% 905,74177 905,741 150,000 755,741 32.10% 998,33378 998,333 150,000 848,333 18.60% 1,006,12379 $1,006,123 $150,000 $ 856,123 5.20% $ 900,642

Assumptions: Beginning value $2 million; $150,000 Annual Systematic Withdrawal, $100,000 Annual Income Net Taxes – 33%; S&P 500 Historical Performance from 1973–1987; The S&P 500 Index is a list of securities frequently used as a measure of U.S. stock market performance. These investment results and account values are hypothetical. They do not reflect fees and charges associated with an actual investment. Had fees and charges been reflected, the values would be lower. You cannot invest directly in an index.

* The Standard & Poor’s 500 Index is an unmanaged measure of common stock total return performance in the U.S.

5

An Alternative ApproachLet’s take a look at an alternate approach to see if Robert

could achieve a better result by modifying his distribution

strategy. Under this approach, Robert will avoid taking

distributions from the retirement account in those years that

follow a negative return on the account assets.

By avoiding distributions in these years, the impact of the

negative market returns on Robert’s account over the period

would be far less. In fact, by reducing his distributions in the

account by a total of $500,697, Robert’s account value at

the end of the 15-year period has increased from $900,642

to $3,353,353.

But this raises the question of where Robert’s supplemental

retirement income will come from in those years where he

avoids taking income from his retirement account.

By reducing his distributions from the retirement account by a total of $500,697, Robert’s account value at the end of the 15-year period has increased from $900,642 to $3,353,353 – an increase of $2,452,711 or about 272%.

Robert’s Retirement Account – Alternate Approach

Age

Beginning of Year Balance

Systematic Withdrawal on 1/1

Post Withdrawal Balance

S&P 500 Return

End of Year Balance

65 $2,000,000 $ 150,000 $1,850,000 -14.80% $1,576,20066 1,576,200 0 1,576,200 -26.50% 1,158,50767 1,158,507 0 1,158,507 37.30% 1,590,63068 1,590,630 150,000 1,440,630 23.70% 1,782,05969 1,782,059 150,000 1,632,059 -7.30% 1,512,91970 1,512,919 0 1,512,919 6.60% 1,612,77271 1,612,772 150,000 1,462,772 18.60% 1,734,84772 1,734,847 150,000 1,584,847 31.10% 2,077,73573 2,077,735 150,000 1,927,735 -4.90% 1,833,27674 1,833,276 77,0001 1,756,276 21.10% 2,126,85075 2,126,850 150,000 1,976,850 22.40% 2,419,66476 2,419,664 150,000 2,269,664 6.10% 2,408,11477 2,408,114 150,000 2,258,114 32.10% 2,982,96978 2,982,969 150,000 2,832,969 18.60% 3,359,90179 $3,359,901 $172,3031 $3,187,598 5.20% $3,353,353

Assumptions: Beginning value $2 million; $150,000 Annual Systematic Withdrawal (except in years that follow negative returns), $100,000 Annual Income Net Taxes – 33%; S&P 500 Historical Performance from 1973–1987; The S&P 500 Index is a list of securities frequently used as a measure of U.S. stock market performance. These investment results and account values are hypothetical. They do not reflect fees and charges associated with an actual investment. Had fees and charges been reflected, the values would be lower. You cannot invest directly in an index. 1 These values represent the required minimum distribution from the IRA in that year under federal tax law. Minimum distributions based on the total value of all IRA assets will be required beginning in the year following the year that the account owner turns age 70½. Failure to make the full required minimum distribution will result in an excise tax equal to 50% of the shortfall.

6

In order to implement this strategy, Robert will need an

alternate source of income that is not significantly impacted

by short-term market volatility. Options might include

certificates of deposit (CDs) and other conservative savings

vehicles. These types of assets may offer lower overall

investment returns over the long run when compared to

equities, but they represent a stable source of income that is

essential to Robert’s retirement income distribution strategy.

When Robert was in his mid-40s, an insurance needs

analysis indicated that he should consider the purchase

of additional life insurance death benefit protection. A

participating whole life insurance policy with a limited

premium payment period could provide the pre-retirement

income protection that he needed, and accumulate cash value

to provide supplemental retirement income.2 Participating

whole life insurance offers guaranteed policy cash values

and the potential for additional cash value funded with

policy dividends, which are not guaranteed. The policy cash

values can provide a stable source of supplemental income

that is not impacted by short-term market volatility.

A Death Benefit Plus Cash AccumulationLet’s assume at age 45, Robert purchased a $1,000,000

whole life policy with premiums payable to age 65. He

paid the guaranteed annual premium of $27,790 to age 65,

when the policy is fully paid-up. In addition to meeting his

protection needs, the policy will accumulate cash value on a

tax-deferred basis for retirement.

During retirement, Robert will take partial surrenders of

cash value from the policy in those years that he avoids

taking income from his retirement account. Since the partial

surrenders illustrated represent a return of Robert’s cost

basis in the policy, these payments will be income tax free.2

This means that a $100,000 partial surrender from his policy

is equivalent to a $150,000 withdrawal from his retirement

account on an after-tax basis, assuming a 33% marginal

income tax bracket.

Whole life insurance can provide tax-deferred accumulation

of policy cash values and tax-free retirement income via

partial surrenders up to the policy cost basis. In addition,

the income tax-free policy death benefit can protect your

income during your working years, and ultimately assure

your legacy to your family. These advantages make whole

life insurance a good choice for people who can benefit from

the protection, cash accumulation and tax advantages that

the product offers.

How Can You Prepare For a Bear Market in Retirement – Today?

An additional layer of protection

You can add an additional layer of protection with the optional Waiver of Premium Rider. MassMutual will waive your policy’s premiums if you, as the insured, become totally disabled and can’t work. If your premiums are waived due to disability, your policy’s cash value will continue to grow at the same rate as if you were still paying the premiums. The Waiver of Premium Rider is available for an additional cost.

2 Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty if the policyowner is under age 59½.

Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

7

Robert’s Whole Life Policy

Age End Year

Annual Surrender Beg Year3

Net Cash Value End Year4

Net Death Benefit End Year4

66 $0 $ 841,629 $1,504,33367 100,000 786,678 1,371,47568 100,000 728,289 1,238,86069 0 772,152 1,282,09170 0 818,328 1,326,68871 100,000 761,109 1,205,25872 0 806,105 1,247,39773 0 853,383 1,291,38174 0 903,049 1,337,17775 49,000 903,475 1,309,80276 0 955,278 1,356,66077 0 1,009,523 1,405,21978 0 1,066,258 1,455,60279 0 1,125,498 1,508,00380 $0 $1,187,241 $1,562,571

3 Partial surrenders of $100,000 during years following negative performance. Partial surrender at age 75 is less than $100,000 to reflect required minimum distribution from the IRA of $77,000 in that year. The remaining $73,000 of gross income is equivalent to a $49,000 tax-free partial surrender from the policy, assuming a 33% marginal tax bracket.

4 These values include dividends which are neither estimates nor guarantees, but are based on the 2016 dividend schedule. The dividend schedule is reviewed annually and it is likely that dividends in future years will be lower or higher depending on the Company’s actual experience. For this reason, we strongly recommend that you look at a hypothetical lower schedule illustration available upon request.

Refer to the Narrative Summary for assumptions, explanations and additional information. This supplemental illustration is not valid unless accompanied by the Basic Illustration attached to this brochure. Refer to the Basic Illustration for guaranteed elements and other important information. See page 11 of the Basic Illustration for information related to this page.

Whole life with premiums payable to age 65 Male Age 45 – Select Preferred Non-Tobacco $1,000,000 Face Amount Annual premium, including Waiver of Premium Rider: $27,790

8

Buying whole life insurance was one way for Robert to help

meet both his pre-retirement protection and supplemental

retirement income needs, but how does this compare to

alternative options that were available to him? What if

Robert had purchased a less expensive term life insurance

policy to meet his protection needs and invested in CDs

or other conservative savings vehicles to satisfy his

supplemental retirement income need?

Let’s assume that instead of purchasing the whole life policy

at age 45, Robert purchased a $1,000,000 20-year term life

insurance policy with guaranteed premiums to age 65. He

then invested the difference between the whole life premium

and the term premium in a taxable account each year until

age 65 – which earned 5% each year until he turned age 80.

The annual premium for the 20-year term policy is $1,885.

The whole life premium was $27,790.

The difference that Robert had to invest each year over the

20 years was $25,905. Let’s take a look at how these two

alternatives compare at Robert’s age 65 and beyond.

Whole Life Insurance vs. Alternative Options

Whole Life Insurance vs. Taxable Account & Term Insurance

Robert's Whole Life Policy Taxable Account & Term Insurance

Age End

Year

Annual Surrender Beg Year5

Net Cash Value

End Year4

Net Death Benefit

End Year4

Side Fund Account

Withdrawals5

Side Fund Account Balance6

Term Policy Death

Benefit

66 $0 $ 841,629 $1,504,333 $0 $770,540 $067 100,000 786,678 1,371,475 100,000 693,003 068 100,000 728,289 1,238,860 100,000 612,869 069 0 772,152 1,282,091 0 633,400 070 0 818,328 1,326,688 0 654,619 071 100,000 761,109 1,205,258 100,000 573,199 072 0 806,105 1,247,397 0 592,401 073 0 853,383 1,291,381 0 612,246 074 0 903,049 1,337,177 0 632,757 075 49,000 903,475 1,309,802 49,000 603,312 076 0 955,278 1,356,660 0 623,523 077 0 1,009,523 1,405,219 0 644,411 078 0 1,066,258 1,455,602 0 665,999 079 0 1,125,498 1,508,003 0 688,310 080 $0 $1,187,241 $1,562,571 $0 $711,369 $0

Whole Life Legacy 65SM – Male 45 – Select Preferred Non-Tobacco – $1,000,000 Face Amount – $27,790 Annual Premium. Vantage Term® 20 – Male 45 – Select Preferred – $1,000,000 Face Amount – $1,885 Annual Premium. Assumes term policy is not renewed at age 65 when the guaranteed level-premium period ends and the annual premium increases. All insurance policy premiums include the cost of Waiver of Premium Rider.

9

SummaryWhile the “buy term and invest” approach may provide the income that

Robert needs, under the assumptions made in this comparison, he would

end up with more cash and a larger net legacy to his family at death in

every year illustrated by purchasing the whole life policy. The charts

below illustrate these differences at his ages 66 and 80.

What if Robert had purchased a less expensive term life insurance policy to meet his protection needs and invested in CDs or other conservative savings vehicles to satisfy his supplemental retirement income need?

Cash or Account Value Legacy at Death

0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

Term with side fund

Whole life4

Age 80Age 660

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

Term with side fund

Whole life4

Age 80Age 66

5 Account withdrawals or partial surrenders of $100,000 taken during years following a negative return on IRA assets. Age 75 value reflects the required minimum distribution from the IRA of $77,000 and the remaining $73,000 of gross income that is equivalent to an after-tax value of $49,000 assuming a 33% marginal tax bracket.

6 Taxable side fund account based on 5% annual return (net of investment expenses) and an income tax rate of 33%.

10

This supplemental retirement income2 strategy could be right for you if:

• You have a protection need that life insurance can meet and you

understand the role of life insurance as part of your overall plan.

• You recognize the value of a product with guarantees and

cash values that you can access on a tax-advantaged basis for

supplemental retirement income.

• You want to assure your legacy to your family by providing an

income tax-free death benefit.

Whole life insurance offers guaranteed policy cash values and the potential for additional cash value funded with policy dividends. The policy cash values can provide a stable source of income that is not impacted by short-term market volatility.

Is This Strategy Right For You?

Whole Life Legacy 65Basic Life Insurance Illustration

Prepared for:Robert ClientMale, Age 45

Presented by:MassMutual Financial Professional1295 State StreetSpringfield, MA 01111-0001

November 2, 2015

CRN: 133333

Page 1 of 15

Whole Life Legacy 65Life Insurance Illustration

Illustration Summary

Client InformationPrepared for:Underwriting Class:

Robert Client, Male, Age 45Select Preferred Non-Tobacco

All face amounts, premiums, riders and underwriting classes are subject to Home Office approval.

Policy InformationIssuing Company:Policy:Generic Policy Name:Policy Form Number:

Massachusetts Mutual Life Insurance CompanyLimited Payment Whole Life with Premiums Payable to Age 65

Whole Life PolicyWL-MA-2007

Initial Coverage InformationBase Policy Face Amount (BPFA): $1,000,000.00

___________________

Total Initial Death Benefit: $1,000,000.00

Initial Premium InformationPremium Payment Mode:Annual Base Premium:Annual Waiver of Premium (WP) Premium:Accelerated Death Benefit for Terminal Illness Rider:Transfer of Insured Rider:

Annual$27,070.00

720.00No Premium ChargeNo Premium Charge

___________________

Total Initial Premium: $27,790.00

Initial Dividend OptionDividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significantfluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed valuesshown in this illustration.

Base Policy Face Amount IncreasesThe Whole Life Legacy 65 policy allows for Base Policy Face Amount increases upon application after the firstpolicy year. Increases are not guaranteed. Evidence of insurability and underwriting approval of rate classes arerequired, unless the increase is through conversion of an eligible policy or rider or the exercise of an insurabilityoption. If an increase to the Base Policy Face Amount is shown in this Illustration, the new death benefit andcontract premium will be reflected in the Numeric Summary and in the Tabular Values for the year selected.

Important InformationThis illustration assumes that the currently illustrated non-guaranteed elements will continue unchanged forall years shown. This is not likely to occur, and actual results may be more or less favorable than those shown.

Changing the premium payment mode may increase the overall cost of the policy. Please see Premium PaymentOptions in the Narrative Summary for more information.

Prepared on: November 2, 2015Version: MMD Web2015-11-02 (MA)Initial TAMRA (7-Pay) Limit: $47,992.66

Prepared for: Robert Client (Male, 45, Select Preferred Non-Tobacco)Presented by: MassMutual Financial Professional

Page 2 of 15


Illustration Summary

As illustrated, this policy would not become a Modified Endowment Contract (MEC) under the InternalRevenue Code based on the assumptions in this illustration.Please see the IMPORTANT TAX INFORMATION section of the Narrative Summary for more information.

Policy ChangesYour Illustration may show Policy Changes, such as face amount decreases, dividend option changes, the AlternatePayment Option (APO) strategy, loans, surrenders or changes to certain Rider premiums. Policy changes are notautomatic. You must submit a request to our Home Office.



Page 3 of 15


Narrative Summary

What This IllustrationShows

This illustration describes the important features of this MassMutual Whole Life Legacy65 life insurance policy and shows values over time on a guaranteed and non-guaranteedbasis. It is designed to help you understand how this policy works. It is not a projection ofhow it will perform.

The following pages provide a summary (and year-by-year figures) for required premiums,cash surrender values and death benefits, anticipated out-of-pocket premium payments,and other values for this policy. Many of the current values contained in thisillustration depend on non-guaranteed dividends.

What isWhole Life Legacy 65?

Whole Life Legacy 65 is a permanent life insurance policy providing a guaranteed faceamount. Premiums are payable to Age 65. The duration of premiums for riders variesaccording to the terms of the rider. The policy provides for cash value accumulationand for the payment of dividends as may be determined by the Company.

IMPORTANTINFORMATIONABOUT DIVIDENDS

As a MassMutual participating policyholder, you are eligible to receive an equitableportion of the Company's earnings, known as "divisible surplus", in the form of policydividends. The surplus from which dividends are paid comes primarily from threesources:

1. Mortality Savings - The favorable margin between actual death claim experienceand the amount expected based on the mortality table used to determine the premium.

2. Investment Earnings - Earnings on Company investments that exceed theguaranteed interest required to build up death benefit reserves and meetcontractual obligations. The guaranteed interest rate for a particularpolicy or rider is set at issue and does not change over the life of thepolicy. The guaranteed interest rate is reflected in the policy'sguaranteed cash value increases.

3. Expenses - The difference between actual expenses incurred and the expensesassumed in determining the premium.

This illustration assumes that the dividend option is Paid-Up Additions for all yearsshown. The annual dividend, if any, is used to buy additional level paid-up life insurance,adding to the policy's death benefit and total cash value. "Paid-up" means that no furtherpremiums are required on the additional life insurance. This additional insurance is alsoeligible to receive dividends. Paid-up additions may be surrendered for their cash value aslong as they are not being used as collateral for policy debt.

Non-guaranteed values are based on the 2016 dividend schedule. This illustration assumesa policy with an adjustable policy loan interest rate provision. It is important tounderstand that the payment of dividends is not guaranteed; dividends are areflection of conditions that affect the Company and the cost of insurance. Dividendperformance may, and most likely will, change over time. For this reason we stronglyrecommend that you look at an illustration showing a lower dividend schedule to seethe impact that this would have on policy values. This illustration is neither aprojection nor an estimate of future results. Transfer of policy ownership to a qualifiedpension or profit sharing plan could result in different dividends.



Page 4 of 15


Narrative Summary

IMPORTANT TAXINFORMATION

As illustrated, this policy would not become a Modified Endowment Contract (MEC)under the Internal Revenue Code based on the assumptions in this illustration.

Changes to the policy could cause the policy to become a MEC or change the year thatthe policy is illustrated to become a MEC.

A Modified Endowment Contract (MEC) distinguishes between a policy purchasedprimarily for death protection and a policy purchased primarily for the tax advantagesafforded to life insurance cash values. Once a policy is classified as a MEC, it receivesless advantageous federal income tax treatment (see below). To determine if a contract isa MEC, a premium limit (the MEC limit) is established for the maximum amount ofpremium allowed during the first seven years, based upon rules set by the InternalRevenue Code. Under the MEC test, a MEC results if the cumulative amount paid at anytime in the first seven years exceeds the cumulative MEC limit applicable in that policyyear. Certain changes to the policy can subject the policy to MEC testing beyond the firstseven years or can cause premiums already paid to be re-tested.

Surrenders and distributions are subject to income tax to the extent they exceed thepolicy's cost basis. If the policy is a MEC, distributions and loans are taxable to the extentof gain and may be subject to a 10% tax penalty.

Death benefit proceeds from this policy are generally excludable from the beneficiary'sgross income for income tax purposes (IRC Section 101(a)(1)). Policy loans on non-MECpolicies are not treated as distributions or subject to income tax when taken(IRC Section 72). However, if the policy is not held until death, taxes are generally due onsurrender or lapse and may in fact exceed the policy's Net Surrender Value if prior loansand surrenders were extensive.

The information provided above is not written or intended as specific tax advice andmay not be relied on for purposes of avoiding any federal tax penalty. Individualsare strongly encouraged to seek advice from their own personal tax or legal counsel.

Additional Riders IllustratedAccelerated DeathBenefit for TerminalIllness Rider(ABR)

The Accelerated Death Benefit for Terminal Illness Rider allows the policy owner toreceive an advance of policy death benefits when MassMutual receives satisfactory proofthe insured has a terminal illness expected to result in death within the period set forth inthe Rider. The funds may be used for any purpose. This rider terminates uponacceleration. There is no cost for the addition of this rider however there is a fee if therider is exercised.

Transfer of InsuredRider (TIR)

The Transfer of Insured Rider provides the policyholder with the right to transfer orexchange a new insured in place of the current insured under the policy, provided aninsurable interest exists between the owner and the substitute insured, the new insured isnot older than age 75 and evidence of insurability is provided. There is no annualpremium for this rider however there is a cost due if the rider is exercised.



Page 5 of 15


Narrative Summary

Waiver of PremiumRider (WP)

This rider provides for the waiving of policy premiums for certain periods and undercertain circumstances, if the insured becomes totally disabled, as defined in the rider priorto age 60 and remains disabled for at least six months. Temporary waiver benefits alsoare available for total disability beginning after age 59, but prior to age 65. Premiums arepayable to age 65 or the end of the premium paying period of the policy, if earlier.

The waiver of premium amount shown assumes no waiver of premium coverage underother individual policies in this Company. The availability of this rider is subject toCompany limits.

Interest Adjusted Cost(IAC) Comparison Index

Policy Year

Life Insurance Surrender Cost IndexLife Insurance Net Payment Cost IndexEquivalent Level Annual Dividend at 5%

10$7.50

$24.17$2.90

20$4.71

$20.42$6.65

The Interest Adjusted Cost Comparison Indices provide two means of comparing therelative cost of similar plans of insurance issued by the same company or by differentcompanies. A low index number represents a lower cost than a higher one. These indicesreflect the time value of money by applying a 5% interest factor to policy premiums,dividends, and for the surrender cost index, the 10 and 20 year cash values. The dividendsused in calculating these indices are based on the illustrated dividend schedule and areneither guarantees nor estimates of future dividends.

The indices do not consider: (1) the value of the services of an agent or company; (2) therelative strength and reputation of the Company and its actual dividend performance; or (3)differences in the policy provisions.

Additional InformationAbout This Illustration

The fully allocated expense method is used to allocate overhead expenses for allillustrations.

This illustration, using a 5.00% policy loan rate, is for a policy issued in Massachusetts onNovember, 2015. This rate may change on each policy anniversary date.

Annual Net Outlay is based on a tax bracket of 28%.

This illustration does not recognize the time value of money and should not be used tocompare policy costs. See IAC section of the Narrative Summary page for policy costinformation.

Column Heading DefinitionsAge End Year The age of the insured at the end of the policy year.

Annual DividendEnd Year

The total amount of annual dividend payable. These values are based on the illustrateddividend schedule and are not guaranteed.

Annual Net OutlayBeg Year

This is the out-of-pocket cost, which is comprised of the Contract Premium and adjustedfor any dividends, Paid-Up Additions, cash value released, loans taken, loan repaymentsmade or taxes due at the beginning of the policy year.



Page 6 of 15


Narrative Summary

Annual OutlayBeg Year

The annual outlay at the beginning of the policy year. This is the out-of-pocket cost,which is comprised of the Contract Premium adjusted for any dividends, Paid-UpAdditions surrendered, cash value released, loans taken and loan repayments made.

Annual SurrenderBeg Year

The amount of dividends used and/or Paid-Up Additions surrendered. These values arebased on the illustrated dividend schedule and are not guaranteed.

Basic Policy Cash ValueEnd Year

The guaranteed cash value of the base policy as of the end of the policy year. This doesnot include the cash value from Paid-Up Additions (PUA) or any other policy riders.

Cash Value of AdditionsEnd Year

The total cash value as of the end of the policy year of the Paid-Up Additions purchasedby dividends earned on the base policy. These values are based on the illustrateddividend schedule and are not guaranteed.

Contract PremiumBeg Year

The gross premium that is required to be paid at the beginning of the policy year for thebenefits shown in this illustration.

Guaranteed Cash ValueEnd Year

The cash value which is guaranteed under this policy based upon the illustrated ContractPremium for Guaranteed Values as of the end of the policy year.

Guaranteed Death BenefitEnd Year

The amount of death benefit which is guaranteed to be payable for this policy at deathbased upon the illustrated Contract Premium for Guaranteed Values as of the end of thepolicy year.

Net Cash ValueEnd Year

The cash value as of the end of the policy year reduced by outstanding loans and loaninterest. These values are based on the illustrated dividend schedule and are notguaranteed.

Net Death BenefitEnd Year

The death benefit of the policy as of the end of the policy year reduced by outstandingloans and loan interest. These values are based on the illustrated dividend schedule andare not guaranteed.

Paid-Up AdditionsEnd Year

The additional paid-up insurance death benefit as of the end of the policy year purchasedby dividends earned on the base policy. These values are based on the illustrateddividend schedule and are not guaranteed.

Total Cash ValueEnd Year

The total cash value as of the end of the policy year including all guaranteed and non-guaranteed values. These values are based on the illustrated dividend schedule and arenot guaranteed.

Total Cash Value of AdditionsEnd Year

The total cash value as of the end of the policy year of the Paid-Up Additions purchasedby dividends. These values are based on the illustrated dividend schedule and are notguaranteed.

Total Death BenefitEnd Year

This is the amount that would be payable if death occurred at the end of the policy year.These values are based on the illustrated dividend schedule and are not guaranteed.

Total Paid-Up AdditionsEnd Year

The death benefit at the end of the policy year of additional paid-up insurance purchasedwith dividends. These values are based on the illustrated dividend schedule and are notguaranteed.



Page 7 of 15


Narrative Summary

Total Paid-Up InsuranceEnd Year

The amount of fully paid-up insurance that could be purchased if the policy wereconverted to a fully paid-up policy as of the end of the policy year. These values arebased on the illustrated dividend schedule and are not guaranteed.

Year The number of years the policy is assumed to have been in force at the end of the policyyear.

Key Terms Used in theIllustrationBeg Year The first day of the policy year. All premium payments and other outlays are assumed to

be made at the beginning of the year.

End Year The last day of the policy year. Dividends are assumed to be credited on this date. Allcash values are shown as of the end of the policy year.

Death Benefit The amount payable upon death of the insured.

Midpoint Assumptions Values are calculated assuming that the dividends are reduced by 50% and any policycharges included are an average between the current and guaranteed charges.

Attained Age Issue age plus policy duration years.

Premium Payment Options:You may pay premiums once a year (annually), twice a year (semiannually), four times a year (quarterly) ortwelve times a year (monthly). You may pay premiums twelve times a year (monthly) only by pre-authorizedelectronic transfer. If you pay annual premiums by installments, there will be an additional charge. The additionalcharge is shown in dollars and as annual percentage rates in the table below.

PremiumFrequency

PremiumPayment

(IncludingInstallmentPaymentCharge)

Number ofPayments Per

Year

TotalPremium Per

Year

AdditionalCharge

(In Dollars)

AdditionalCharge

(As the AnnualPercentage

Rate or APR)

Annual $27,790.00 1 $27,790.00 $0.00 -

Semiannual $14,220.14 2 $28,440.28 $650.28 9.6%

Quarterly $7,194.84 4 $28,779.36 $989.36 9.5%

Monthly $2,417.73 12 $29,012.76 $1,222.76 9.5%



Page 8 of 15


Narrative Summary

Consider Additional CoverageIn some cases, the cost per unit of the Whole Life Legacy 65 policy may be lower with a higher Base Policy FaceAmount. You should consult with your agent about whether applying for more coverage is appropriate. Additionalunderwriting requirements may apply to larger face amounts, and premiums may be higher.



Page 9 of 15


Policy: Limited Payment Whole Life with Premiums Payable to Age 65Base Policy Face Amount: $1,000,000Riders: ABR TIR WP

Annual Premium: $27,790.00

Numeric Summary and Signature Page

Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject tosignificant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed valuesshown in this illustration.

To help you understand how changes in non-guaranteed dividends may affect your future policy values, this NumericSummary and Signature Page shows how your policy would perform based on each of the following dividend scenarios:

1) Guaranteed: The guaranteed policy values, i.e., zero dividends.

2) Non-Guaranteed Midpoint: 50% of the Company's currently illustrated dividend.

3) Non-Guaranteed Current: The Company's currently illustrated dividend.

Non-Guarant eed Values

Guaranteed Values Midpoint Assumptions Current Ass umptions

Total Total TotalContract Cash Death Cash Death Cash DeathPremium Value Benefit Value Benefit Value Benefit

Year 5 27,790 82,870 1,000,000 88,695 1,016,654 94,867 1,034,301Year 10 27,790 220,180 1,000,000 239,148 1,046,254 260,260 1,097,737Year 20 27,790 545,410 1,000,000 657,253 1,205,063 793,282 1,454,469Age 70 0 616,820 1,000,000 810,091 1,313,334 1,062,701 1,722,870

I have received a copy of this illustration and understand that any non-guaranteed elements illustrated are subject tosignificant fluctuations and could be either higher or lower. The agent has told me they are not guaranteed. I understand thatthis illustration is not a contract. I also understand that any policy changes reflected in this illustration are not automatic, butmust be submitted in writing to the Home Office. The terms of the policy constitute the actual agreement of coverage. Ifurther understand I have the right to request a hypothetical lower schedule illustration to see the potential impact of a lowerdividend interest rate on my policy values. I have read and understand the IMPORTANT TAX INFORMATION section inthe Narrative Summary.

____________________________Applicant (At time of application)Owner (At time of delivery)

________________Date

I certify that this illustration has been presented to the applicant and that I have explained that any non-guaranteed elementsillustrated are subject to change. I have made no statements that are inconsistent with this illustration.

____________________________Agent

________________Date



Page 10 of 15




Tabular ValuesDividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject tosignificant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed valuesshown in this illustration.

====Non-Guaranteed Values====

Year____

AgeEndYear____

ContractPremiumBeg Year________

GuaranteedCash Value

End Year_________

GuaranteedDeath

BenefitEnd Year

__________

AnnualDividendEnd Year

________

CashValue of

AdditionsEnd Year

__________

TotalCash

ValueEnd Year

________

Paid-UpAdditionsEnd Year

__________

TotalDeath

BenefitEnd Year

__________

TotalPaid-Up

InsuranceEnd Year

________

1 46 27,790 0 1,000,000 2,050 2,050 2,050 6,678 1,006,678 6,6772 47 27,790 10,700 1,000,000 2,142 4,260 14,960 13,428 1,013,428 47,1563 48 27,790 33,900 1,000,000 2,248 6,649 40,549 20,288 1,020,288 123,7234 49 27,790 57,960 1,000,000 2,339 9,208 67,168 27,197 1,027,197 198,3825 50 27,790 82,870 1,000,000 2,485 11,997 94,867 34,301 1,034,301 271,234

6 51 27,790 108,650 1,000,000 3,158 15,550 124,200 43,042 1,043,042 343,7787 52 27,790 135,300 1,000,000 3,955 20,014 155,314 53,642 1,053,642 416,2798 53 27,790 162,770 1,000,000 4,862 25,524 188,294 66,264 1,066,264 488,8359 54 27,790 191,060 1,000,000 5,821 32,163 223,223 80,908 1,080,908 561,52510 55 27,790 220,180 1,000,000 6,901 40,080 260,260 97,737 1,097,737 634,657

11 56 27,790 248,490 1,000,000 8,637 49,960 298,450 118,167 1,118,167 705,90512 57 27,790 277,570 1,000,000 10,427 61,912 339,482 142,100 1,142,100 779,18113 58 27,790 307,470 1,000,000 12,277 76,044 383,514 169,458 1,169,458 854,62714 59 27,790 338,360 1,000,000 14,088 92,393 430,753 199,945 1,199,945 932,18315 60 27,790 370,280 1,000,000 16,005 111,115 481,395 233,592 1,233,592 1,012,014

16 61 27,790 403,220 1,000,000 18,104 132,442 535,662 270,577 1,270,577 1,094,34917 62 27,790 437,170 1,000,000 20,355 156,566 593,736 311,012 1,311,012 1,179,42918 63 27,790 472,130 1,000,000 22,835 183,749 655,879 355,146 1,355,146 1,267,66819 64 27,790 508,170 1,000,000 25,426 214,144 722,314 402,996 1,402,996 1,359,31720 65 27,790 545,410 1,000,000 28,074 247,872 793,282 454,469 1,454,469 1,454,468

21 66 0 559,470 1,000,000 27,898 282,159 841,629 504,333 1,504,333 1,504,33322 67 0 573,600 1,000,000 29,748 319,034 892,634 556,195 1,556,195 1,556,19523 68 0 587,870 1,000,000 31,590 358,561 946,431 609,932 1,609,932 1,609,93224 69 0 602,260 1,000,000 33,502 400,840 1,003,100 665,559 1,665,559 1,665,55925 70 0 616,820 1,000,000 35,351 445,881 1,062,701 722,870 1,722,870 1,722,870

Current PremiumsCoverage Face Amount Annually Semi-Annually Quarterly MonthlyBase Policy Insurance 1,000,000 27,070.00 13,851.72 7,008.43 2,355.09Waiver 1,000,000 720.00 368.42 186.41 62.64

Non-guaranteed values include dividends which are neither estimates nor guarantees, but are based on the 2016 dividend schedule. Thedividend schedule is reviewed annually and it is likely that dividends in future years will be lower or higher depending on the Company'sactual experience. For this reason, we strongly recommend that you look at a hypothetical lower schedule illustration available upon request.

Refer to the Narrative Summary for assumptions, explanations and additional information.



Page 11 of 15






Year____

AgeEndYear____



End Year_________

GuaranteedDeath

BenefitEnd Year

__________


________

CashValue of

AdditionsEnd Year

__________

TotalCash

ValueEnd Year

________


__________

TotalDeath

BenefitEnd Year

__________

TotalPaid-Up

InsuranceEnd Year

________

26 71 0 631,490 1,000,000 37,253 493,739 1,125,229 781,863 1,781,863 1,781,86327 72 0 646,230 1,000,000 39,397 544,661 1,190,891 842,828 1,842,828 1,842,82828 73 0 660,830 1,000,000 41,957 598,923 1,259,753 906,320 1,906,320 1,906,32029 74 0 675,340 1,000,000 44,537 656,611 1,331,951 972,267 1,972,267 1,972,26730 75 0 689,780 1,000,000 47,115 717,765 1,407,545 1,040,571 2,040,571 2,040,571

31 76 0 704,140 1,000,000 49,729 782,437 1,486,577 1,111,195 2,111,195 2,111,19532 77 0 718,410 1,000,000 52,413 850,707 1,569,117 1,184,152 2,184,152 2,184,15233 78 0 732,520 1,000,000 55,298 922,713 1,655,233 1,259,642 2,259,642 2,259,64234 79 0 746,350 1,000,000 58,414 998,548 1,744,898 1,337,908 2,337,908 2,337,90835 80 0 759,800 1,000,000 61,752 1,078,295 1,838,095 1,419,182 2,419,182 2,419,182

36 81 0 772,870 1,000,000 65,191 1,162,034 1,934,904 1,503,531 2,503,531 2,503,53137 82 0 785,460 1,000,000 69,185 1,250,149 2,035,609 1,591,613 2,591,613 2,591,61338 83 0 797,650 1,000,000 73,092 1,342,642 2,140,292 1,683,248 2,683,248 2,683,24839 84 0 809,450 1,000,000 77,092 1,439,597 2,249,047 1,778,488 2,778,488 2,778,48840 85 0 820,850 1,000,000 81,232 1,541,104 2,361,954 1,877,449 2,877,449 2,877,449

41 86 0 831,760 1,000,000 85,431 1,647,018 2,478,778 1,980,160 2,980,160 2,980,16042 87 0 842,110 1,000,000 89,820 1,757,333 2,599,443 2,086,821 3,086,821 3,086,82143 88 0 851,880 1,000,000 94,224 1,871,945 2,723,825 2,197,428 3,197,428 3,197,42844 89 0 861,070 1,000,000 98,515 1,990,654 2,851,724 2,311,838 3,311,838 3,311,83845 90 0 869,700 1,000,000 102,558 2,113,164 2,982,864 2,429,762 3,429,762 3,429,762

46 91 0 877,830 1,000,000 106,511 2,239,429 3,117,259 2,551,096 3,551,096 3,551,09647 92 0 885,810 1,000,000 109,212 2,368,998 3,254,808 2,674,387 3,674,387 3,674,38748 93 0 893,770 1,000,000 111,746 2,502,032 3,395,802 2,799,414 3,799,414 3,799,41449 94 0 901,920 1,000,000 114,156 2,639,004 3,540,924 2,925,984 3,925,984 3,925,98450 95 0 910,540 1,000,000 116,770 2,780,996 3,691,536 3,054,227 4,054,227 4,054,227

51 96 0 920,100 1,000,000 119,307 2,929,502 3,849,602 3,183,895 4,183,895 4,183,89552 97 0 931,730 1,000,000 120,007 3,086,538 4,018,268 3,312,695 4,312,695 4,312,69553 98 0 946,870 1,000,000 119,819 3,256,511 4,203,381 3,439,237 4,439,237 4,439,23754 99 0 968,070 1,000,000 117,038 3,446,460 4,414,530 3,560,136 4,560,136 4,560,13655 100 0 1,000,000 1,000,000 110,630 3,670,766 4,670,766 3,670,766 4,670,766 4,670,766





Page 12 of 15






Year____

AgeEndYear____



End Year_________

GuaranteedDeath

BenefitEnd Year

__________


________

CashValue of

AdditionsEnd Year

__________

TotalCash

ValueEnd Year

________


__________

TotalDeath

BenefitEnd Year

__________

TotalPaid-Up

InsuranceEnd Year

________

60 105 0 1,000,000 1,000,000 395,955 5,422,567 6,422,567 5,422,567 6,422,567 6,422,56765 110 0 1,000,000 1,000,000 543,002 7,824,940 8,824,940 7,824,940 8,824,940 8,824,94070 115 0 1,000,000 1,000,000 744,659 11,119,492 12,119,492 11,119,492 12,119,492 12,119,49275 120 0 1,000,000 1,000,000 1,021,206 15,637,553 16,637,553 15,637,553 16,637,553 16,637,55376 121 0 1,000,000 1,000,000 1,087,788 16,725,341 17,725,341 16,725,341 17,725,341 17,725,341





Page 13 of 15




Supplemental ValuesDividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject tosignificant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed valuesshown in this illustration.


Year____

AgeEndYear____

AnnualOutlay

Beg Year________

AnnualSurrenderBeg Year________

AnnualNet

OutlayBeg Year________


________

BasicPolicyCash

ValueEnd Year

_________

TotalCash

Value ofAdditionsEnd Year

_________

NetCash

ValueEnd Year

________

TotalPaid-Up

AdditionsEnd Year

________

NetDeath

BenefitEnd Year

_________

1 46 27,790 0 27,790 2,050 0 2,050 2,050 6,678 1,006,6782 47 27,790 0 27,790 2,142 10,700 4,260 14,960 13,428 1,013,4283 48 27,790 0 27,790 2,248 33,900 6,649 40,549 20,288 1,020,2884 49 27,790 0 27,790 2,339 57,960 9,208 67,168 27,197 1,027,1975 50 27,790 0 27,790 2,485 82,870 11,997 94,867 34,301 1,034,301

6 51 27,790 0 27,790 3,158 108,650 15,550 124,200 43,042 1,043,0427 52 27,790 0 27,790 3,955 135,300 20,014 155,314 53,642 1,053,6428 53 27,790 0 27,790 4,862 162,770 25,524 188,294 66,264 1,066,2649 54 27,790 0 27,790 5,821 191,060 32,163 223,223 80,908 1,080,90810 55 27,790 0 27,790 6,901 220,180 40,080 260,260 97,737 1,097,737

11 56 27,790 0 27,790 8,637 248,490 49,960 298,450 118,167 1,118,16712 57 27,790 0 27,790 10,427 277,570 61,912 339,482 142,100 1,142,10013 58 27,790 0 27,790 12,277 307,470 76,044 383,514 169,458 1,169,45814 59 27,790 0 27,790 14,088 338,360 92,393 430,753 199,945 1,199,94515 60 27,790 0 27,790 16,005 370,280 111,115 481,395 233,592 1,233,592

16 61 27,790 0 27,790 18,104 403,220 132,442 535,662 270,577 1,270,57717 62 27,790 0 27,790 20,355 437,170 156,566 593,736 311,012 1,311,01218 63 27,790 0 27,790 22,835 472,130 183,749 655,879 355,146 1,355,14619 64 27,790 0 27,790 25,426 508,170 214,144 722,314 402,996 1,402,99620 65 27,790 0 27,790 28,074 545,410 247,872 793,282 454,469 1,454,469

21 66 0 0 0 27,898 559,470 282,159 841,629 504,333 1,504,33322 67 -100,000 100,000 -100,000 26,318 573,600 213,078 786,678 371,475 1,371,47523 68 -100,000 100,000 -100,000 24,528 587,870 140,419 728,289 238,860 1,238,86024 69 0 0 0 26,036 602,260 169,892 772,152 282,091 1,282,09125 70 0 0 0 27,509 616,820 201,508 818,328 326,688 1,326,688

Current PremiumsCoverage Face Amount Annually Semi-Annually Quarterly MonthlyBase Policy Insurance 1,000,000 27,070.00 13,851.72 7,008.43 2,355.09Waiver 1,000,000 720.00 368.42 186.41 62.64

These illustrated amounts are not guaranteed. They include dividends, which are neither estimates nor guarantees, but are based on the 2016dividend schedule. The dividend schedule is reviewed annually and it is likely that dividends in future years will be lower or higherdepending on the Company's actual experience. For this reason, we strongly recommend that you look at a hypothetical lower scheduleillustration available upon request.

Refer to the Narrative Summary for assumptions, explanations and additional information. This illustration is not valid unless accompaniedby or preceded by a Basic Illustration dated 11/02/2015. Refer to the Basic Illustration for guaranteed elements and other importantinformation.



Page 14 of 15




Supplemental ValuesDividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject tosignificant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed valuesshown in this illustration.


Year____

AgeEndYear____

AnnualOutlay

Beg Year________

AnnualSurrenderBeg Year________

AnnualNet

OutlayBeg Year________


________

BasicPolicyCash

ValueEnd Year

_________

TotalCash

Value ofAdditionsEnd Year

_________

NetCash

ValueEnd Year

________

TotalPaid-Up

AdditionsEnd Year

________

NetDeath

BenefitEnd Year

_________

26 71 -100,000 100,000 -100,000 25,697 631,490 129,619 761,109 205,258 1,205,25827 72 0 0 0 27,231 646,230 159,875 806,105 247,397 1,247,39728 73 0 0 0 29,066 660,830 192,553 853,383 291,381 1,291,38129 74 0 0 0 30,928 675,340 227,709 903,049 337,177 1,337,17730 75 -49,000 49,000 -49,000 31,165 689,780 213,695 903,475 309,802 1,309,802

31 76 0 0 0 32,994 704,140 251,138 955,278 356,660 1,356,66032 77 0 0 0 34,885 718,410 291,113 1,009,523 405,219 1,405,21933 78 0 0 0 36,907 732,520 333,738 1,066,258 455,602 1,455,60234 79 0 0 0 39,109 746,350 379,148 1,125,498 508,003 1,508,00335 80 0 0 0 41,461 759,800 427,441 1,187,241 562,571 1,562,571

36 81 0 0 0 43,896 772,870 478,689 1,251,559 619,366 1,619,36637 82 0 0 0 46,648 785,460 533,135 1,318,595 678,755 1,678,75538 83 0 0 0 49,358 797,650 590,767 1,388,417 740,634 1,740,63439 84 0 0 0 52,132 809,450 651,638 1,461,088 805,038 1,805,03840 85 0 0 0 55,008 820,850 715,823 1,536,673 872,051 1,872,051

41 86 0 0 0 57,953 831,760 783,290 1,615,050 941,727 1,941,72742 87 0 0 0 61,045 842,110 854,083 1,696,193 1,014,217 2,014,21743 88 0 0 0 64,159 851,880 928,150 1,780,030 1,089,531 2,089,53144 89 0 0 0 67,228 861,070 1,005,391 1,866,461 1,167,607 2,167,60745 90 0 0 0 70,165 869,700 1,085,633 1,955,333 1,248,284 2,248,284

46 91 0 0 0 73,051 877,830 1,168,832 2,046,662 1,331,502 2,331,50247 92 0 0 0 75,149 885,810 1,254,607 2,140,417 1,416,338 2,416,33848 93 0 0 0 77,112 893,770 1,342,993 2,236,763 1,502,615 2,502,61549 94 0 0 0 78,961 901,920 1,434,200 2,336,120 1,590,163 2,590,16350 95 0 0 0 80,864 910,540 1,528,771 2,439,311 1,678,971 2,678,971

51 96 0 0 0 82,602 920,100 1,627,423 2,547,523 1,768,746 2,768,74652 97 0 0 0 83,015 931,730 1,731,009 2,662,739 1,857,844 2,857,84453 98 0 0 0 82,604 946,870 1,841,740 2,788,610 1,945,083 2,945,08354 99 0 0 0 80,102 968,070 1,963,079 2,931,149 2,027,827 3,027,82755 100 0 0 0 74,437 1,000,000 2,102,264 3,102,264 2,102,264 3,102,264

These illustrated amounts are not guaranteed. They include dividends, which are neither estimates nor guarantees, but are based on the 2016dividend schedule. The dividend schedule is reviewed annually and it is likely that dividends in future years will be lower or higherdepending on the Company's actual experience. For this reason, we strongly recommend that you look at a hypothetical lower scheduleillustration available upon request.

Refer to the Narrative Summary for assumptions, explanations and additional information. This illustration is not valid unless accompaniedby or preceded by a Basic Illustration dated 11/02/2015. Refer to the Basic Illustration for guaranteed elements and other importantinformation.



Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001 Page 15 of 15

Whole Life Legacy 65 (WL-2007 and WL-NC-2007) is a level-premium, participating permanent life insurance policy issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001.

Vantage Term Life Insurance Policies (Policy Form TL-2009 and ICC09TL in certain states, including North Carolina) are participating, annually renewable term life insurance issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. Dividends are not expected to be paid.

LI7993 1115 CRN201611-197550

© 2015 Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. All rights reserved. www.massmutual.com. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

There are many reasons to choose a life insurance company to help meet your financial needs: protection for your family or business, products to provide supplemental income and the confidence of knowing you will be prepared for the future.

At Massachusetts Mutual Life Insurance Company (MassMutual), we operate for the benefit of our participating policyowners. We stand strong in the fundamental belief that every secure future begins with a good decision. And when choosing a life insurance company – ownership, strength and stability matter.

Learn more at www.massmutual.com/mutuality

MassMutual. We’ll help you get there.®

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