Whole Life Legacy 20 Pay Basic Life Insurance Illustration

Transcription

1 Whole Life Legacy 2 Pay Basic Life Insurance Illustration Prepared for: d Client Male, Age 4 Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Independent Insurane And Financial Consulting 5 Harborfields Ct Greenlawn, NY 1174 Agent License Number: LA Telephone Number: May 3, 213 CRN: Page 1 of 15

2 Whole Life Legacy 2 Pay Life Insurance Illustration Illustration Summary Prepared for: Underwriting Class: Client Information d Client, Male, Age 4 Ultra Preferred Non-Tobacco All face amounts, premiums, riders and underwriting classes are subject to Home Office approval. Issuing Company: Policy: Generic Policy Name: Policy Form Number: Policy Information Massachusetts Mutual Life Insurance Company Limited Payment Whole Life with s Payable for 2 s Whole Life Policy WL-NY-27 Initial Coverage Information Base Policy Face Amount (BPFA): $1,,. Initial Death : $1,,. Initial Information Payment Mode: Base : Waiver of (WP) : Accelerated Death for Terminal Illness Rider: Transfer of Insured Rider: $22, No Charge No Charge Initial : $22,39. Initial Dividend Option Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. Important Information This illustration assumes that the currently illustrated non-guaranteed elements will continue unchanged for all 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 Payment Options in the Narrative Summary for more information. As illustrated, this policy would not become a Modified Endowment Contract (MEC) under the Internal Revenue Code based on the assumptions in this illustration. Please see the IMPORTANT TAX INFORMATION section of the Narrative Summary for more information. Policy Changes Your Illustration may show Policy Changes, such as face amount decreases, dividend option changes, the Alternate Payment Option (APO) strategy, loans, surrenders or changes to certain Rider premiums. Policy changes are not automatic. You must submit a request to our Home Office. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 2 of 15

3 Whole Life Legacy 2 Pay Life Insurance Illustration Narrative Summary What This Illustration Shows This illustration describes the important features of this MassMutual Whole Life Legacy 2 Pay life insurance policy and shows values over time on a guaranteed and nonguaranteed basis. It is designed to help you understand how this policy works. It is not a projection of how 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 this illustration depend on non-guaranteed dividends. What is Whole Life Legacy 2 Pay? IMPORTANT INFORMATION ABOUT DIVIDENDS Whole Life Legacy 2 Pay is a permanent life insurance policy providing a guaranteed face amount. s are payable for 2 years. The duration of premiums for riders varies according to the terms of the rider. The policy provides for cash value accumulation and for the payment of dividends as may be determined by the Company. As a MassMutual participating policyholder, you are eligible to receive an equitable portion of the Company's earnings, known as "divisible surplus", in the form of policy dividends. The surplus from which dividends are paid comes primarily from three sources: 1. Mortality Savings - The favorable margin between actual death claim experience and the amount expected based on the mortality table used to determine the premium. 2. Investment Earnings - Earnings on Company investments that exceed the guaranteed interest required to build up death benefit reserves and meet contractual obligations. The guaranteed interest rate for a particular policy or rider is set at issue and does not change over the life of the policy. The guaranteed interest rate is reflected in the policy's guaranteed cash value increases. 3. Expenses - The difference between actual expenses incurred and the expenses assumed in determining the premium. This illustration assumes that the dividend option is Paid-Up Additions for all years shown. 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 further premiums are required on the additional life insurance. This additional insurance is also eligible to receive dividends. Paid-up additions may be surrendered for their cash value as long as they are not being used as collateral for policy debt. Non-guaranteed values are based on the 213 dividend scale. This illustration assumes a policy with an adjustable policy loan interest rate provision. It is important to understand that the payment of dividends is not guaranteed; dividends are a reflection of conditions that affect the Company and the cost of insurance. Dividend performance may, and most likely will, change over time. For this reason we strongly recommend that you look at an illustration showing a lower dividend scale to see the impact that this would have on policy values. This illustration is neither a projection nor an estimate of future results. Transfer of policy ownership to a qualified pension or profit sharing plan could result in different dividends. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 3 of 15

4 Whole Life Legacy 2 Pay Life Insurance Illustration Narrative Summary IMPORTANT TAX INFORMATION 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 that the policy is illustrated to become a MEC. A Modified Endowment Contract (MEC) distinguishes between a policy purchased primarily for death protection and a policy purchased primarily for the tax advantages afforded to life insurance cash values. Once a policy is classified as a MEC, it receives less advantageous federal income tax treatment (see below). To determine if a contract is a MEC, a premium limit (the MEC limit) is established for the maximum amount of premium allowed during the first seven years, based upon rules set by the Internal Revenue Code. Under the MEC test, a MEC results if the cumulative amount paid at any time in the first seven years exceeds the cumulative MEC limit applicable in that policy year. Certain changes to the policy can subject the policy to MEC testing beyond the first seven years or can cause premiums already paid to be re-tested. Taking a policy loan could have adverse tax consequences. If your aggregate policy loans substantially exceed your cost basis, you may incur a significant income tax liability if the policy terminates before the insured's death. You may have to make substantial payments to cover policy premiums and policy loan interest to prevent the termination of the policy and to avoid the potential income tax liability. Some of the indications that such a situation may arise include: (1) high outstanding debt relative to the policy's cash value and (2) lower than illustrated dividends. You can reduce the likelihood that either will incur a significant income tax liability should your policy terminate before the death of the insured, or that you will need to make substantial payments to cover policy premium and pay policy loan interest to keep your policy from terminating, by monitoring and reviewing all aspects of your policy on a regular basis with your tax advisor, your financial representative, and/or any other financial advisor you might have. Surrenders and distributions are subject to income tax to the extent they exceed the policy's cost basis. If the policy is a MEC, distributions and loans are taxable to the extent of gain and are subject to a 1% tax penalty. Death benefit proceeds from this policy are generally excludable from the beneficiary's gross income for income tax purposes (IRC Section 11(a)(1)). Policy loans on non-mec policies 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 on surrender or lapse and may in fact exceed the policy's Surrender if prior loans and surrenders were extensive. The information provided above is not written or intended as specific tax advice and may not be relied on for purposes of avoiding any federal tax penalty. Individuals are strongly encouraged to seek advice from their own personal tax or legal counsel. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 4 of 15

5 Whole Life Legacy 2 Pay Life Insurance Illustration Narrative Summary Additional Riders Illustrated Accelerated Death for Terminal Illness Rider (ABR) Transfer of Insured Rider (TIR) Waiver of Rider (WP) The Accelerated Death for Terminal Illness Rider allows the policy owner to receive an advance of policy death benefits when MassMutual receives satisfactory proof the insured has a terminal illness expected to result in death within the period set forth in the Rider. The funds may be used for any purpose. This rider terminates upon acceleration. There is no cost for the addition of this rider however there is a fee if the rider is exercised. The Transfer of Insured Rider provides the policyholder with the right to transfer or exchange a new insured in place of the current insured under the policy, provided an insurable interest exists between the owner and the substitute insured, the new insured is not older than age 75 and evidence of insurability is provided. There is no annual premium for this rider however there is a cost due if the rider is exercised. This rider provides for the waiving of policy premiums for certain periods and under certain circumstances, if the insured becomes totally disabled, as defined in the rider prior to age 6 and remains disabled for at least six months. Temporary waiver benefits also are available for total disability beginning after age 59, but prior to age 65. s are payable 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 under other individual policies in this Company. The availability of this rider is subject to Company limits. Interest Adjusted Cost (IAC) Comparison Index Life Insurance Surrender Cost Index Life Insurance Payment Cost Index 1 $5.57 $19.9 Policy 2 $3.17 $16.87 The Interest Adjusted Cost Comparison Indices provide two means of comparing the relative cost of similar plans of insurance issued by the same company or by different companies. A low index number represents a lower cost than a higher one. These indices reflect the time value of money by applying a 5% interest factor to policy premiums, dividends, and for the surrender cost index, the 1 and 2 year cash values. The dividends used in calculating these indices are based on the current year's scale and are neither guarantees nor estimates of future dividends. The indices do not consider: (1) the value of the services of an agent or company; (2) the relative strength and reputation of the Company and its actual dividend performance; or (3) differences in the policy provisions. Additional Information About This Illustration The fully allocated expense method is used to allocate overhead expenses for all illustrations. This illustration, using a 5.% policy loan interest rate, is for a policy issued in New York on May, 213. This rate may change on each policy anniversary date. A higher policy loan interest rate can impact policy values and the amounts available for future loans. For this reason, we strongly recommend that you look at a hypothetical higher loan interest rate available upon request. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 5 of 15

6 Whole Life Legacy 2 Pay Life Insurance Illustration Narrative Summary This illustration assumes no further loans after policy year 81. It also assumes payment of interest when due. In any year that loan interest due is borrowed, it is assumed that the individual pays the interest in full and, in a separate transaction, borrows the after-tax cost of the interest (if possible) from the cash surrender value. Outlay is based on a tax bracket of 35%. This illustration does not recognize the time value of money and should not be used to compare policy costs. See IAC section of the Narrative Summary page for policy cost information. Column Heading Definitions Age Dividend Loan Beg Outlay Beg Outlay Beg Surrender Beg Basic Policy of Additions Contract Beg Guaranteed Guaranteed Death The age of the insured at the end of the policy year. The total amount of annual dividend payable. These values are based on the illustrated dividend scale and are not guaranteed. The amount of loan taken minus loan repayments made at the beginning of the policy year. This includes any amount of unpaid interest. This is the out-of-pocket cost, which is comprised of the Contract and adjusted for any dividends, Paid-Up Additions, cash value released, loans taken, loan repayments made or taxes due at the beginning of the policy year. The annual outlay at the beginning of the policy year. This is the out-of-pocket cost, which is comprised of the Contract adjusted for any dividends, Paid-Up Additions surrendered, cash value released, loans taken and loan repayments made. The amount of dividends used and/or Paid-Up Additions surrendered. These values are based on the illustrated dividend scale and are not guaranteed. The guaranteed cash value of the base policy as of the end of the policy year. This does not include the cash value from Paid-Up Additions (PUA) or any other policy riders. The total cash value as of the end of the policy year of the Paid-Up Additions purchased by dividends earned on the base policy. These values are based on the illustrated dividend scale and are not guaranteed. The gross premium that is required to be paid at the beginning of the policy year for the benefits shown in this illustration. The cash value which is guaranteed under this policy based upon the illustrated Contract for Guaranteed s as of the end of the policy year. The amount of death benefit which is guaranteed to be payable for this policy at death based upon the illustrated Contract for Guaranteed s as of the end of the policy year. The cash value as of the end of the policy year reduced by outstanding loans and loan interest. These values are based on the illustrated dividend scale and are not guaranteed. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 6 of 15

7 Whole Life Legacy 2 Pay Life Insurance Illustration Narrative Summary Death Paid-Up Additions of Additions Death Outstanding Loan Paid-Up Additions Paid-Up Insurance The death benefit of the policy as of the end of the policy year reduced by outstanding loans and loan interest. These values are based on the illustrated dividend scale and are not guaranteed. The additional paid-up insurance death benefit as of the end of the policy year purchased by dividends earned on the base policy. These values are based on the illustrated dividend scale and are not guaranteed. The total cash value as of the end of the policy year including all guaranteed and nonguaranteed values. These values are based on the illustrated dividend scale and are not guaranteed. The total cash value as of the end of the policy year of the Paid-Up Additions purchased by dividends. These values are based on the illustrated dividend scale and are not guaranteed. 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 scale and are not guaranteed. The loan principal as of the end of the policy year including any prior year capitalized loan interest. The death benefit at the end of the policy year of additional paid-up insurance purchased with dividends. These values are based on the illustrated dividend scale and are not guaranteed. The amount of fully paid-up insurance that could be purchased if the policy were converted to a fully paid-up policy as of the end of the policy year. These values are based on the illustrated dividend scale and are not guaranteed. The number of years the policy is assumed to have been in force at the end of the policy year. Key Terms Used in the Illustration Beg Death Midpoint Assumptions Attained Age The first day of the policy year. All premium payments and other outlays are assumed to be made at the beginning of the year. The last day of the policy year. Dividends are assumed to be credited on this date. All cash values are shown as of the end of the policy year. The amount payable upon death of the insured. s are calculated assuming that the dividends are reduced by 5% and any policy charges included are an average between the current and guaranteed charges. Issue age plus policy duration years. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 7 of 15

8 Whole Life Legacy 2 Pay Life Insurance Illustration Narrative Summary Payment Options: You may pay premiums once a year (annually), twice a year (semiannually), four times a year (quarterly) or twelve times a year (monthly). You may pay premiums twelve times a year (monthly) only by pre-authorized electronic transfer. If you pay annual premiums by installments, there will be an additional charge. The additional charge is shown in dollars and as annual percentage rates in the table below. Frequency Payment (Including Installment Payment Charge) Number of Payments Per Per Additional Charge (In Dollars) Additional Charge (As the Percentage Rate or APR) $22,39. 1 $22,39. $. - Semiannual $11, $22, $ % Quarterly $5, $23, $ % Monthly $1, $23, $ % Consider Additional Coverage In some cases, the cost per unit of the Whole Life Legacy 2 Pay policy may be lower with a higher Base Policy Face Amount. You should consult with your agent about whether applying for more coverage is appropriate. Additional underwriting requirements may apply to larger face amounts, and premiums may be higher. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 8 of 15

9 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Numeric Summary and Signature Page Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. To help you understand how changes in non-guaranteed dividends may affect your future policy values, this Numeric Summary 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: 5% of the Company's currently illustrated dividend. 3) Non-Guaranteed Current: The Company's currently illustrated dividend. Non-Guarant eed s Guaranteed s Midpoint Assumptions Current Assumptions Contract Death Death Death 5 22,39 71,69 1,, 75,445 1,12,643 79,395 1,25, ,39 189,17 1,, 23,294 1,4, ,814 1,84, ,39 475,68 1,, 563,661 1,184, ,52 1,47,463 Age 7 616,82 1,, 868,443 1,47,935 1,215,537 1,97,651 I have received a copy of this illustration and understand that any non-guaranteed elements illustrated are subject to significant fluctuations and could be either higher or lower. The agent has told me they are not guaranteed. I understand that this illustration is not a contract. I also understand that any policy changes reflected in this illustration are not automatic, but must be submitted in writing to the Home Office. The terms of the policy constitute the actual agreement of coverage. I further understand I have the right to request a hypothetical lower scale illustration to see the potential impact of a lower dividend interest rate on my policy values. I have read and understand the IMPORTANT TAX INFORMATION section in the 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 elements illustrated are subject to change. I have made no statements that are inconsistent with this illustration. Agent Date Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 9 of 15

10 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Tabular s Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. ====Non-Guaranteed s==== Age End Contract Beg Guaranteed _ Guaranteed Death Dividend of Additions Paid-Up Additions Death Paid-Up Insurance ,39 4,67 1,, 1,9 1,9 5,76 4,22 1,4,22 22, ,39 9,74 1,, 1,241 2,369 12,19 8,826 1,8,826 45, ,39 29,74 1,, 1,398 3,849 33,589 13,859 1,13,859 12, ,39 5,39 1,, 1,621 5,62 55,992 19,52 1,19,52 194, ,39 71,69 1,, 1,912 7,75 79,395 25,941 1,25, , ,39 93,65 1,, 2,236 1,199 13,849 33,223 1,33, , ,39 116,32 1,, 3,7 13,61 129,93 42,91 1,42,91 49, ,39 139,72 1,, 3,923 17, ,74 54,872 1,54, , ,39 164,1 1,, 4,721 23,3 187,31 68,816 1,68, , ,39 189,17 1,, 5,575 29, ,814 84,757 1,84, , ,39 213,94 1,, 6,983 37,64 251,544 14,85 1,14,85 696, ,39 239,56 1,, 8,447 47, , ,726 1,126, , ,39 265,99 1,, 1,52 58, , ,822 1,152, , ,39 293,27 1,, 11,757 72,59 365, ,398 1,182,398 92, ,39 321,37 1,, 13,69 88,46 49, ,583 1,215, , ,39 35,29 1,, 14,778 15, ,214 25,536 1,25,536 1,79, ,39 38,1 1,, 15, ,118 55, ,173 1,287,173 1,159, ,39 41,84 1,, 17, , , ,676 1,325,676 1,241, ,39 442,69 1,, 18,58 169, 611,69 365,73 1,365,73 1,323, ,39 475,68 1,, 19, , ,52 47,463 1,47,463 1,47, ,48 1,, 22, ,13 711,61 453,89 1,453, ,41 1,, 24, , ,159 52,74 1,52, ,39 1,, 26,19 285,877 83, ,537 1,552, ,38 1,, 28,64 321, ,51 65,351 1,65, ,41 1,, 3,78 36,243 95,653 66,499 1,66,499 Current s Coverage Face Amount ly Semi-ly Quarterly Monthly Base Policy Insurance 1,, 22,5. 11, , , Waiver 1,, Non-guaranteed values include dividends which are neither estimates nor guarantees, but are based on the 213 dividend scale. The dividend scale 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 scale illustration available upon request. Refer to the Narrative Summary for assumptions, explanations and additional information. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 1 of 15

11 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Tabular s Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. ====Non-Guaranteed s==== Age End Contract Beg Guaranteed _ Guaranteed Death Dividend of Additions Paid-Up Additions Death Paid-Up Insurance ,47 1,, 32,154 41, , ,972 1,717, ,6 1,, 34,34 446,132 1,19, ,776 1,777, ,87 1,, 36, ,695 1,81, ,82 1,839, ,26 1,, 38, ,526 1,146,786 94,138 1,94, ,82 1,, 41,27 598,717 1,215,537 97,651 1,97, ,49 1,, 43,56 656,516 1,288,6 1,39,63 2,39, ,23 1,, 46, ,75 1,364,35 1,111,175 2,111, ,83 1,, 49, ,737 1,444,567 1,185,989 2,185, ,34 1,, 52, ,664 1,529,4 1,264,51 2,264, ,78 1,, 56,47 927,964 1,617,744 1,345,34 2,345, ,14 1,, 59,519 1,6,81 1,71,941 1,429,831 2,429, ,41 1,, 62,629 1,89,834 1,88,244 1,517,8 2,517, ,52 1,, 65,99 1,177,148 1,99,668 1,66,984 2,66, ,35 1,, 69,414 1,268,787 2,15,137 1,699,989 2,699, ,8 1,, 73,127 1,364,778 2,124,578 1,796,234 2,796, ,87 1,, 77,65 1,465,32 2,238,19 1,895,946 2,895, ,46 1,, 81,359 1,57,549 2,356,9 1,999,528 2,999, ,65 1,, 85,468 1,68,391 2,478,41 2,16,677 3,16, ,45 1,, 89,498 1,794,748 2,64,198 2,217,244 3,217, ,85 1,, 93,696 1,913,72 2,734,57 2,331,389 3,331, ,76 1,, 99,34 2,38,496 2,87,256 2,45,823 3,45, ,11 1,, 15,42 2,169,282 3,11,392 2,576,8 3,576, ,88 1,, 19,876 2,34,325 3,156,25 2,74,988 3,74, ,7 1,, 114,187 2,443,371 3,34,441 2,837,598 3,837, ,7 1,, 118,344 2,586,23 3,455,93 2,973,673 3,973, ,83 1,, 122,269 2,732,648 3,61,478 3,112,958 4,112, ,81 1,, 125,368 2,882,858 3,768,668 3,254,488 4,254, ,77 1,, 128,216 3,36,98 3,93,75 3,397,944 4,397, ,92 1,, 13,735 3,195,48 4,97,328 3,542,896 4,542, ,54 1,, 133,66 3,359,15 4,269,555 3,689,36 4,689,36 Non-guaranteed values include dividends which are neither estimates nor guarantees, but are based on the 213 dividend scale. The dividend scale 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 scale illustration available upon request. Refer to the Narrative Summary for assumptions, explanations and additional information. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 11 of 15

12 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Tabular s Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. ====Non-Guaranteed s==== Age End Contract Beg Guaranteed _ Guaranteed Death Dividend of Additions Paid-Up Additions Death Paid-Up Insurance ,1 1,, 134,988 3,529,27 4,449,37 3,835,746 4,835, ,73 1,, 136,51 3,71,39 4,642,12 3,982,259 4,982, ,87 1,, 136,653 3,97,335 4,854,25 4,126,58 5,126, ,7 1,, 133,931 4,128,75 5,96,82 4,264,929 5,264, ,, 1,, 126,235 4,391,163 5,391,163 4,391,163 5,391, ,, 1,, 349,143 4,74,36 5,74,36 4,74,36 5,74, ,, 1,, 371,558 5,111,864 6,111,864 5,111,864 6,111, ,, 1,, 395,412 5,57,275 6,57,275 5,57,275 6,57, ,, 1,, 42,797 5,928,72 6,928,72 5,928,72 6,928, ,, 1,, 447,812 6,375,885 7,375,885 6,375,885 7,375, ,, 1,, 476,562 6,852,446 7,852,446 6,852,446 7,852, ,, 1,, 57,157 7,359,64 8,359,64 7,359,64 8,359, ,, 1,, 539,717 7,899,32 8,899,32 7,899,32 8,899, ,, 1,, 574,366 8,473,686 9,473,686 8,473,686 9,473, ,, 1,, 611,241 9,84,927 1,84,927 9,84,927 1,84, ,, 1,, 65,482 9,735,49 1,735,49 9,735,49 1,735, ,, 1,, 692,243 1,427,653 11,427,653 1,427,653 11,427, ,, 1,, 736,685 11,164,338 12,164,338 11,164,338 12,164, ,, 1,, 783,981 11,948,319 12,948,319 11,948,319 12,948, ,, 1,, 834,312 12,782,631 13,782,631 12,782,631 13,782, ,, 1,, 887,875 13,67,55 14,67,55 13,67,55 14,67, ,, 1,, 944,876 14,615,382 15,615,382 14,615,382 15,615, ,, 1,, 1,5,538 15,62,919 16,62,919 15,62,919 16,62, ,, 1,, 1,7,93 16,691,12 17,691,12 16,691,12 17,691, ,, 1,, 1,138,793 17,829,85 18,829,85 17,829,85 18,829, ,, 1,, 1,211,94 19,41,79 2,41,79 19,41,79 2,41,79 Non-guaranteed values include dividends which are neither estimates nor guarantees, but are based on the 213 dividend scale. The dividend scale 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 scale illustration available upon request. Refer to the Narrative Summary for assumptions, explanations and additional information. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 12 of 15

13 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Supplemental s Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. ====Non-Guaranteed s==== Age End Outlay Beg Loan Beg Surrender Beg Outlay Beg Dividend Basic Policy _ of Additions _ Outstanding Loan Paid-Up Additions Death _ ,39 22,39 1,9 4,67 1,9 5,76 4,22 1,4, ,39 22,39 1,241 9,74 2,369 12,19 8,826 1,8, ,39 22,39 1,398 29,74 3,849 33,589 13,859 1,13, ,39 22,39 1,621 5,39 5,62 55,992 19,52 1,19, ,39 22,39 1,912 71,69 7,75 79,395 25,941 1,25, ,39 22,39 2,236 93,65 1,199 13,849 33,223 1,33, ,39 22,39 3,7 116,32 13,61 129,93 42,91 1,42, ,39 22,39 3, ,72 17, ,74 54,872 1,54, ,39 22,39 4, ,1 23,3 187,31 68,816 1,68, ,39 22,39 5, ,17 29, ,814 84,757 1,84, ,39 22,39 6, ,94 37,64 251,544 14,85 1,14, ,39 22,39 8, ,56 47, , ,726 1,126, ,39 22,39 1,52 265,99 58, , ,822 1,152, ,39 22,39 11, ,27 72,59 365, ,398 1,182, ,39 22,39 13,69 321,37 88,46 49, ,583 1,215, ,39 22,39 14,778 35,29 15, ,214 25,536 1,25, ,39 22,39 15,962 38,1 125,118 55, ,173 1,287, ,39 22,39 17,279 41,84 146, , ,676 1,325, ,39 22,39 18,58 442,69 169, 611,69 365,73 1,365, ,39 22,39 19, ,68 193, ,52 47,463 1,47, , ,48 222,13 711,61 453,89 1,453, ,297 53,41 252, ,159 52,74 1,52, ,19 517,39 285,877 83, ,537 1,552, ,64 531,38 321, ,51 65,351 1,65, ,78 545,41 36,243 95,653 66,499 1,66,499 Current s Coverage Face Amount ly Semi-ly Quarterly Monthly Base Policy Insurance 1,, 22,5. 11, , , Waiver 1,, These illustrated amounts are not guaranteed. They include dividends, which are neither estimates nor guarantees, but are based on the 213 dividend scale. The dividend scale 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 scale illustration available upon request. Refer to the Narrative Summary for assumptions, explanations and additional information. This illustration is not valid unless accompanied by or preceded by a Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 13 of 15

14 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Supplemental s Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. ====Non-Guaranteed s==== Age End Outlay Beg Loan Beg Surrender Beg Outlay Beg Dividend Basic Policy _ of Additions _ Outstanding Loan Paid-Up Additions Death _ , ,47 41, , ,972 1,717, ,34 573,6 446,132 1,19, ,776 1,777, , ,87 493,695 1,81, ,82 1,839, ,746 62,26 544,526 1,146,786 94,138 1,94, ,27 616,82 598,717 1,215,537 97,651 1,97, ,76 113,76-113,76 39, ,49 536,937 1,168,427 85,27 1,85, ,76 113,76-113,76 38, ,23 472,138 1,118,368 73,64 1,73, ,76 113,76-113,76 37,2 66,83 44,374 1,65,24 611,919 1,611, ,76 4,55 18, ,76 35, ,34 338,27 4,55 1,8,88 5,889 1,496, ,76 113,32-113,76 38, ,78 383, ,87 949, ,386 1,432, ,76 118, ,76 4,695 74,14 432, , , ,18 1,365, ,76 124, ,76 42, ,41 484,25 361, , ,995 1,294, ,76 131, ,76 45, ,52 539,97 492, , ,948 1,218, ,76 137, ,76 47, ,35 597,244 63, ,497 8,22 1,138, ,76 144,65-113,76 5, ,8 658,72 775,173 64, ,966 1,53, ,76 151, ,76 53,61 772,87 723, ,8 523, , , ,76 159, ,76 56, ,46 792,166 1,86, ,87 1,8, , ,76 167, ,76 59, ,65 864,22 1,253, ,327 1,83, , ,76 175, ,76 62,659 89,45 939,645 1,429,61 248,14 1,16, , ,76 184, ,76 65,754 82,85 1,18,633 1,614, ,618 1,24, , ,78 69, ,76 1,11,863 1,694, ,15 1,324, , ,743 73, ,11 1,189,497 1,779,68 163,18 1,412,52 543, ,98 77, ,88 1,28,56 1,868,588 17,422 1,53, , ,429 8, ,7 1,374,9 1,962,18 175,851 1,596, , ,11 83, ,7 1,472,366 2,6, ,942 1,692, , ,6 86,73 877,83 1,572,834 2,163, ,383 1,791,729 52, ,156 89, ,81 1,676,259 2,271, ,224 1,892,346 57, ,564 91, ,77 1,782,679 2,384, ,361 1,994,561 49, ,242 93,335 91,92 1,892,269 2,54,87 164,898 2,98,46 468, ,24 95,125 91,54 2,5,479 2,629, ,263 2,22, ,76 These illustrated amounts are not guaranteed. They include dividends, which are neither estimates nor guarantees, but are based on the 213 dividend scale. The dividend scale 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 scale illustration available upon request. Refer to the Narrative Summary for assumptions, explanations and additional information. This illustration is not valid unless accompanied by or preceded by a Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 14 of 15

15 Whole Life Legacy 2 Pay Life Insurance Illustration Policy: Limited Payment Whole Life with s Payable for 2 s Base Policy Face Amount: $1,, Riders: ABR TIR WP : $22,39. Supplemental s Dividend Option: Dividends used to purchase Paid-Up Additions. Dividends are not guaranteed and are subject to significant fluctuations over the lifetime of the policy. Changes in dividends will change all Non-Guaranteed values shown in this illustration. ====Non-Guaranteed s==== Age End Outlay Beg Loan Beg Surrender Beg Outlay Beg Dividend Basic Policy _ of Additions _ Outstanding Loan Paid-Up Additions Death _ ,465 96,547 92,1 2,123,82 2,76, ,388 2,37,447 48, ,38 97, ,73 2,247,349 2,898, ,346 2,412,18 368, ,94 97,13 946,87 2,38,998 3,43, ,947 2,514, , ,187 94, ,7 2,528,745 3,195,92 141,98 2,612, , ,796 87,527 1,, 2,699,677 3,355, ,175 2,699, , ,786 24,549 1,, 2,94,227 3,523,52 24,549 2,94,227 24, , ,993 1,, 3,196,219 3,699, ,558 3,196, , , ,427 1,, 3,468,647 3,884, ,752 3,468, , , ,917 1,, 3,758,564 4,78, ,725 3,758, , ,945 38,53 1,, 4,67,93 4,282,839 57,112 4,67,93 57, , ,337 1,, 4,395,431 4,496, ,61 4,395, , , ,417 1,, 4,744,847 4,721,83 786,926 4,744, , ,92 371,849 1,, 5,116,697 4,957,922 91,879 5,116,697 91, , ,722 1,, 5,512,419 5,25,818 1,46,31 5,512,419 1,46, , ,127 1,, 5,933,546 5,466,18 1,194,132 5,933,546 1,194, ,35 448,164 1,, 6,381,71 5,739,414 1,355,325 6,381,71 1,355, , ,936 1,, 6,858,645 6,26,385 1,53,941 6,858,645 1,53, ,319 57,555 1,, 7,366,2 6,327,74 1,722,111 7,366,2 1,722, ,385 54,14 1,, 7,96,34 6,644,89 1,93,47 7,96,34 1,93, ,24 574,817 1,, 8,481,157 6,976,293 2,156,49 8,481,157 2,156, , ,72 1,, 9,92,878 7,325,18 2,41,514 9,92,878 2,41, ,255 65,993 1,, 9,743,871 7,691,364 2,667,939 9,743,871 2,667, , ,786 1,, 1,436,657 8,75,932 2,956,929 1,436,657 2,956, , ,263 1,, 11,173,92 8,479,728 3,27,26 11,173,92 3,27, , ,596 1,, 11,958,516 8,93,715 3,69,616 11,958,516 3,69, , ,967 1,, 12,793,483 9,348,9 3,977,137 12,793,483 3,977,137 These illustrated amounts are not guaranteed. They include dividends, which are neither estimates nor guarantees, but are based on the 213 dividend scale. The dividend scale 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 scale illustration available upon request. Refer to the Narrative Summary for assumptions, explanations and additional information. This illustration is not valid unless accompanied by or preceded by a Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Prepared on: May 3, 213 Version: MMD Web (NY) Initial TAMRA (7-Pay) Limit: $4, Prepared for: d Client (Male, 4, Ultra Preferred Non-Tobacco) Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Page 15 of 15

16 Life Insurance Illustration Retirement Supplement Prepared for: d Client Male 4, Ultra Preferred Non-Tobacco Policy: Whole Life Legacy 2 Pay Initial Death : $1,, Initial : $22,39. Owner Tax Bracket: 35% Dividend Option: See Basic Illustration Summary Retirement Supplement Using Life Insurance Initial Payment of $22,39 $447,8 In Can Provide Pre-Retirement Death s $1,215,583 at Age 55 $1,97,651 at Age 7 Supplemental Retirement Income at Age 7 $113,76 Initial After-Tax Supplemental Retirement Income Supplemental Retirement Income is Paid for 15 s $ After-Tax Income Death at End of Retirement Income Period $546,84 at Age 85 s on this page are not guaranteed These illustrated amounts are not guaranteed. They include dividends which are neither estimates nor guarantees, but are based on our current dividend scale. Dividends in future years may be lower or higher, depending on the Company's actual experience. Due to this fact, we strongly recommend you look at a lower scale illustration. Tax Bracket(s) shown is an assumed rate. The actual rate(s) may differ and change from year to year. This illustration is not valid unless accompanied by or preceded by a Massachusetts Mutual Life Insurance Company Whole Life Legacy 2 Pay Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Presented By: Michael Fliegelman. CLU, ChFC, AEP RFC Page 15.1 of 15.8

17 Life Insurance Illustration Retirement Supplement Prepared For: d Client Policy: Whole Life Legacy 2 Pay Initial Death : $1,, Male, 4, Ultra Preferred Non-Tobacco Initial : $22,39. Owner Tax Bracket: 35% Dividend Option: see Basic Illustration. Costs Supplemental Retirement Income, and Death Age End Cumulative Retirement Income (After-Tax) Cumulative Retirement Income Death Combined ,39 22,39 5,76 1,4,22 1,4, ,39 44,78 12,19 1,8,826 1,8, ,39 67,17 33,589 1,13,859 1,13, ,39 89,56 55,992 1,19,52 1,19, ,39 111,95 79,395 1,25,941 1,25, ,95 111,95 79,395 1,25,941 1,25, ,39 134,34 13,849 1,33,223 1,33, ,39 156,73 129,93 1,42,91 1,42, ,39 179,12 157,74 1,54,872 1,54, ,39 21,51 187,31 1,68,816 1,68, ,39 223,9 218,814 1,84,757 1,84, ,9 223,9 218,814 1,84,757 1,84, ,39 246,29 251,544 1,14,85 1,14, ,39 268,68 286,842 1,126,726 1,126, ,39 291,7 324,855 1,152,822 1,152, ,39 313,46 365,779 1,182,398 1,182, ,39 335,85 49,776 1,215,583 1,215, ,85 335,85 49,776 1,215,583 1,215,583 V C CRN These illustrated amounts are not guaranteed. They include dividends which are neither estimates nor guarantees, but are based on our current dividend scale. Dividends in future years may be lower or higher, depending on the Company's actual experience. Due to this fact, we strongly recommend you look at a lower scale illustration. Tax Bracket(s) shown is an assumed rate. The actual rate(s) may differ and change from year to year. This illustration is not valid unless accompanied by or preceded by a Massachusetts Mutual Life Insurance Company Whole Life Legacy 2 Pay Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Case Name: Retirement Supplement Sample L2 - #1 Page 15.2 of 15.8

18 Life Insurance Illustration Retirement Supplement Prepared For: d Client Policy: Whole Life Legacy 2 Pay Initial Death : $1,, Male, 4, Ultra Preferred Non-Tobacco Initial : $22,39. Owner Tax Bracket: 35% Dividend Option: see Basic Illustration. Costs Supplemental Retirement Income, and Death Age End Cumulative Retirement Income (After-Tax) Cumulative Retirement Income Death Combined ,39 358,24 456,214 1,25,536 1,25, ,39 38,63 55,218 1,287,173 1,287, ,39 43,2 556,987 1,325,676 1,325, ,39 425,41 611,69 1,365,73 1,365, ,39 447,8 669,52 1,47,463 1,47, ,8 447,8 669,52 1,47,463 1,47, ,8 711,61 1,453,89 1,453, ,8 756,159 1,52,74 1,52, ,8 83,267 1,552,537 1,552, ,8 853,51 1,65,351 1,65, ,8 95,653 1,66,499 1,66, ,8 447,8 95,653 1,66,499 1,66, ,8 961,154 1,717,972 1,717, ,8 1,19,732 1,777,776 1,777, ,8 1,81,565 1,839,82 1,839, ,8 1,146,786 1,94,138 1,94, ,8 1,215,537 1,97,651 1,97, ,8 447,8 1,215,537 1,97,651 1,97,651 V C CRN These illustrated amounts are not guaranteed. They include dividends which are neither estimates nor guarantees, but are based on our current dividend scale. Dividends in future years may be lower or higher, depending on the Company's actual experience. Due to this fact, we strongly recommend you look at a lower scale illustration. Tax Bracket(s) shown is an assumed rate. The actual rate(s) may differ and change from year to year. This illustration is not valid unless accompanied by or preceded by a Massachusetts Mutual Life Insurance Company Whole Life Legacy 2 Pay Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Case Name: Retirement Supplement Sample L2 - #1 Page 15.3 of 15.8

19 Life Insurance Illustration Retirement Supplement Prepared For: d Client Policy: Whole Life Legacy 2 Pay Initial Death : $1,, Male, 4, Ultra Preferred Non-Tobacco Initial : $22,39. Owner Tax Bracket: 35% Dividend Option: see Basic Illustration. Costs Supplemental Retirement Income, and Death Age End Cumulative Retirement Income (After-Tax) Cumulative Retirement Income Death Combined ,8 113,76 113,76 1,168,427 1,85,27 1,963, ,8 113,76 226,153 1,118,368 1,73,64 1,956, ,8 113,76 339,229 1,65,24 1,611,919 1,951, ,8 113,76 452,35 1,8,88 1,496,158 1,948, ,8 113,76 565, ,867 1,432,689 1,998, ,8 447,8 565, , ,867 1,432,689 1,998, ,8 113,76 678, ,997 1,365,568 2,44, ,8 113,76 791, ,842 1,294,222 2,85, ,8 113,76 94, ,125 1,218,456 2,123, ,8 113,76 1,17, ,497 1,138,123 2,155, ,8 113,76 1,13,763 64,589 1,53,34 2,183, ,8 447,8 1,13,763 1,13,763 64,589 1,53,34 2,183, ,8 113,76 1,243,84 523, ,96 2,26, ,8 113,76 1,356, ,87 867,781 2,224, ,8 113,76 1,469, , ,911 2,236, ,8 113,76 1,583,69 248,14 659,763 2,242, ,8 113,76 144, ,84 2,242, ,8 447,8 144, ,84 2,242,229 V C CRN These illustrated amounts are not guaranteed. They include dividends which are neither estimates nor guarantees, but are based on our current dividend scale. Dividends in future years may be lower or higher, depending on the Company's actual experience. Due to this fact, we strongly recommend you look at a lower scale illustration. Tax Bracket(s) shown is an assumed rate. The actual rate(s) may differ and change from year to year. This illustration is not valid unless accompanied by or preceded by a Massachusetts Mutual Life Insurance Company Whole Life Legacy 2 Pay Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Case Name: Retirement Supplement Sample L2 - #1 Page 15.4 of 15.8

20 Life Insurance Illustration Retirement Supplement Prepared For: d Client Policy: Whole Life Legacy 2 Pay Initial Death : $1,, Male, 4, Ultra Preferred Non-Tobacco Initial : $22,39. Owner Tax Bracket: 35% Dividend Option: see Basic Illustration. Costs Supplemental Retirement Income, and Death Age End Cumulative Retirement Income (After-Tax) Cumulative Retirement Income Death Combined ,8 154,15 545,128 2,241, ,8 163,18 543,931 2,24, ,8 17, ,199 2,237, ,8 175, ,615 2,232, ,8 178, ,834 2,225, ,8 447,8 178, ,834 2,225, ,8 179,383 52,448 2,216, ,8 177,224 57,51 2,23, ,8 172,361 49,473 2,186, ,8 164, ,754 2,164, ,8 155, ,76 2,137, ,8 447,8 155, ,76 2,137, ,8 144,388 48,653 2,14, ,8 135, ,284 2,64, ,8 131, ,678 2,14, ,8 141,98 256,434 1,952, ,8 176, ,175 1,872, ,8 447,8 176, ,175 1,872,32 V C CRN These illustrated amounts are not guaranteed. They include dividends which are neither estimates nor guarantees, but are based on our current dividend scale. Dividends in future years may be lower or higher, depending on the Company's actual experience. Due to this fact, we strongly recommend you look at a lower scale illustration. Tax Bracket(s) shown is an assumed rate. The actual rate(s) may differ and change from year to year. This illustration is not valid unless accompanied by or preceded by a Massachusetts Mutual Life Insurance Company Whole Life Legacy 2 Pay Basic Illustration dated 5/3/213. Refer to the Basic Illustration for guaranteed elements and other important information. Presented by: Michael Fliegelman. CLU, ChFC, AEP RFC Case Name: Retirement Supplement Sample L2 - #1 Page 15.5 of 15.8