MassMutual Whole Life Insurance

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1 A Technical Overview for Clients and their Advisors MassMutual Whole Life Insurance The product design and pricing process

2 Contents 1 Foreword 2 A Brief History of Whole Life Insurance 3 Whole Life Basics 4 Policy Pricing 5 Participating Whole Life Insurance from MassMutual 6 How Policy Dividends are Determined 12 Policy Dividend Options 13 The Value of MassMutual Whole Life Insurance The information provided 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 FEDERAL GOVERNMENT AGENCY NOT GUARANTEED BY ANY BANK OR CREDIT UNION

3 Foreword The purchase of life insurance is an important financial decision for you and your family. There are a number of different types of life insurance policies to choose from today, and it can be difficult to determine which type is most appropriate for your situation and financial needs. It s important to have the information you need to make an informed decision concerning the purchase of any financial product. The following overview was developed to help you and your financial advisors understand how participating whole life insurance products work, and how Massachusetts Mutual Life Insurance Company (MassMutual) designed and priced the Whole Life Legacy Series that we currently offer. The basic benefits and guarantees that participating whole life insurance provides are relatively straightforward and easy to understand. However, the underlying pricing methods and calculations used to develop and administer a policy are complex, and can be confusing. This discussion is designed to summarize the most important pricing concepts and make them both understandable and relevant to you as a prospective policyowner. Our goal is to help you understand the long-term value that MassMutual whole life insurance provides and the fundamental advantages of owning participating whole life insurance issued by a mutual life insurance company. Roland Fawthrop, FSA, MAAA Second Vice President & Actuary The information in this overview only pertains to MassMutual s Whole Life Legacy Series policies that are currently available for sale. It is a general discussion of policy design and current pricing practices for this policy series, and should not be read to apply to a particular policy. Current pricing practices with respect to the calculation of policy dividends are not guaranteed and may change in the future. 1

4 A Brief History of Whole Life Insurance Whole life insurance was developed as an alternative to term insurance, and the first policies were designed to provide life insurance protection over the insured s entire lifetime with guaranteed level premiums that would never increase. Up until the latter part of the 18th century, term life insurance was the only type of life insurance available. One of the problems with term life insurance was that it offered coverage for only a limited period of time. In addition, as the insured grew older and the probability of death increased, the cost of renewing term coverage increased as well, and eventually became prohibitively expensive. Whole life insurance was developed as an alternative to term insurance, and the first policies were designed to provide life insurance protection over the insured s entire lifetime with guaranteed level premiums that would never increase. Today, whole life insurance continues to be one of the most widely sold types of permanent life insurance. This may be attributed to the fact that whole life policies offer significant guarantees in an uncertain world, and are often sold by mutual life insurance companies that continue to enjoy exceptional financial strength and stability. 2

5 Whole Life Basics Whole life insurance is built upon three primary guarantees: 1 A guaranteed amount of life insurance; 2 Guaranteed annual premiums and premium payment period; and 3 Guaranteed increases in cash value. As long as the premium is paid, the beneficiary is guaranteed to receive the policy face amount at the death of the insured. The insurance company cannot increase the premiums necessary to provide this death benefit, and the cash value of the policy is guaranteed to accumulate over time, eventually equaling the policy face amount. The most common type of whole life insurance offers level annual premiums payable to a specified age, typically age 100. In the early policy years, whole life premiums are greater than what a term life insurance policy for the same amount of coverage would cost. But as the insured ages and the probability of death increases, the whole life policy premiums remain constant. In effect, the policy is pre-funding the increasing cost of coverage at the older ages by paying a higher guaranteed level premium from the outset. As a result, the policy builds guaranteed cash value. The annual increases in the cash value reduce the net amount of insurance coverage (face amount less the cash value) over the life of the policy. This continues until the cash value equals the policy face amount at a target age, usually age 100 or beyond. In other words, as the cash value increases each year, it becomes a larger portion of the policy face amount. Whole Life Policy Guarantees Age at Issue Guaranteed Amount of Life Insurance Net amount of insurance Guaranteed Cash Value Guaranteed level premiums A whole life policy s guaranteed cash value schedule is based upon an interest rate, expenses and guaranteed Age 100 mortality rates that are prescribed by insurance regulators. Most of the whole life policies sold today are issued by mutual life insurance companies and are participating policies. In addition to providing the guaranteed values described above, participating policies are also eligible to receive dividends. Although dividend payments are not guaranteed, the dividends paid to policyowners can be used to reduce or eliminate their out-of-pocket cost or to provide additional life insurance protection and cash value. The following diagram illustrates the basic guaranteed elements of a typical whole life policy. The level annual premiums are payable to age 100, and the guaranteed cash value grows to equal the policy face amount at age

6 Policy Pricing Pricing is the process of determining the premiums, cash values and dividends for a policy. These values are very much interdependent, and are based on both assumptions and actual experience with respect to three pricing components that include: 1 Expenses 2 Mortality (death claims) 3 Investment results The guaranteed level premiums and guaranteed cash value of a whole life policy are based on conservative assumptions with respect to these three components. Policy dividends, on the other hand, are not guaranteed and reflect actual experience. Whole life policy premiums are set at a level that ensures that the Company collects enough money to pay all benefits in the future, even under adverse scenarios. Beyond this, we also evaluate how our premiums will compare to what competitors are offering, and any cash value or dividend performance targets that we want the policy to achieve. In simple terms, the reserve is the amount of money that the Company needs to set aside that, along with future premiums, will be enough to provide the benefits guaranteed by the policy. Policy reserves increase each year until they are equal to the policy face amount at a target age. For our Legacy Series whole life policies, reserves are calculated over this time period based upon a guaranteed interest rate of 3.5% and the 2001 Commissioners Standard Ordinary (CSO) Mortality Table. The CSO table provides the probability of an insured s death in each year based on their attained age, and is prescribed by regulators as the mortality rates to be used in the calculation of policy reserves. The method for calculating guaranteed cash values is similar to the reserve calculation, except that it factors in the costs for underwriting and issuing the policy. Consequently, the policy reserves are higher than the cash values in the early policy years, but grow closer in value until they are equal in later policy years. By statute and regulation, MassMutual is required to hold policy reserves. These are funds that are set aside for each policy to ensure that the Company will have the ability to meet its contractual obligations in the future. 4

7 Participating Whole Life Insurance From MassMutual As a mutual life insurance company, MassMutual does not have shareholders. Instead, the Company operates for the benefit of its members and participating policyowners. The whole life contracts issued by MassMutual are participating policies, and are eligible to receive an equitable portion of the Company s surplus, 1 called divisible surplus, as a dividend each year. Although policy dividends are not guaranteed, MassMutual has paid them consistently since the 1860s. MassMutual s Board of Directors approved the payment of an estimated $1.6 billion in dividends to eligible participating policyowners for The participating whole life policies that MassMutual currently offers have all of the guaranteed elements described in the previous section and are eligible to receive dividends, which are not guaranteed. Our Whole Life Legacy Series portfolio includes policies that differ based on the premium payment period and guaranteed cash value schedules. As examples, we offer policies with premiums that are payable to the insured s age 100, 85 or 65, or for exactly 10 or 20 years. Each policy is guaranteed to be paid-up (no additional premiums are due) at the end of the premium payment period, and each policy has a guaranteed cash value that accumulates to equal the policy face amount at age 100. The whole life policy illustrations that we provide to prospective policyowners include policy dividends. These are neither estimates nor projections of future dividend payments, but are generally based on the most recent dividend schedule. Actual dividend payments will vary based on the Company s experience over time, and will very likely be higher or lower than illustrated. 1 Surplus is the amount that the Company has on hand after setting aside reserves to meet projected future obligations to policyowners. 5

8 How Policy Dividends are Determined Each year, MassMutual s Board of Directors votes to approve the amount of divisible surplus and how it will be allocated among policyowners as dividends. Divisible surplus is the amount remaining each year after the Company has set aside the funds required to meet all contractual obligations (including reserve requirements), operating expenses, contingencies and for general business purposes. It is primarily the result of gains based on the Company s operating experience with respect to the three pricing components (death claims, investment results and operating expenses) as compared to the assumptions used in calculating the guaranteed premiums and guaranteed cash values. Divisible surplus is allocated among eligible participating policyowners in the same proportion as they contribute to it. Dividends are declared and paid annually. However, since we cannot guarantee that divisible surplus will be achieved each year, we cannot guarantee the payment of dividends. Based on our current practices, the following summarizes how each of the three pricing components impact divisible surplus and dividend payments to policyowners: The Expense Component The expense component of the dividend reflects the difference between the actual expenses that MassMutual incurs in issuing and administering policies over time as compared to the expenses that were assumed in setting the premiums. The Mortality Component The mortality component of the dividend paid in any year is based on actual mortality (death claims) experience that is more favorable than what was assumed in pricing premiums. Earlier, we said that Whole Life Legacy reserves and cash values are calculated based on the 2001 CSO mortality table. This table is, by design, a conservative estimate of future death claims experience. Our actual overall death claims experience has been consistently better than what is reflected in the 2001 CSO mortality table. Our long-term mortality experience reflects the quality of our underwriting (risk selection) process. And while our death claims experience varies from one year to the next, we have realized overall improvements in our mortality experience over the long term. At the policy level, the mortality component of the dividend in any year is based on the age, gender and underwriting class of the insured, as well as the net amount of life insurance (face amount less the cash value) in that year. 6

9 How Policy Dividends are Determined (continued) The Investment Component The investment or interest contribution to divisible surplus is based on actual investment results for the Company that are more favorable than what is required to support policy reserves and guaranteed cash values. In our earlier discussion we noted that both policy reserves and cash values are calculated based on a guaranteed interest rate. The investment component of policy dividends is based on the difference between the guaranteed interest rate and the Dividend Interest Rate (DIR), which primarily represents the net investment return on the assets supporting the policy reserves and cash values. For purposes of determining the DIR, the Whole Life Legacy Series is included in a larger block of policies that was established in The DIR for this block of policies (including the Legacy Series) is determined on an annual basis, and may vary based upon changes in the interest rate environment and our actual investment experience. The DIR is determined using a portfolio average method that reflects the earnings on all assets in the portfolio supporting this block of policies. Since this portfolio is made up of investments purchased over a number of years, changes in new money interest rates have a gradual impact on the DIR. The table on page 8 shows the DIR for this block of policies established in 1996, through It is important to note that different life insurance companies may quote and apply dividend interest rates differently. For example, some quote their DIR before investment expenses and some, like MassMutual, quote their DIR net of these expenses. As a result, you can not use the DIR as the sole basis for comparing one whole life policy to another. The DIR is not the rate of return on the policy. 7

10 How Policy Dividends are Determined (continued) Policies Issued by Massachusetts Mutual Life Insurance Company Since March, 1996 Year Dividend Interest Rate Year Dividend Interest Rate % % % % % % % % % % % % % % % % % % % % The rates shown above apply to whole life polices issued after the merger between Massachusetts Mutual Life Insurance Company and the former Connecticut Mutual Life Insurance Company, which was completed in March, Rates assume an adjustable loan rate. At the policy level (excluding riders and paid-up additional life insurance) the investment component of the dividend depends upon the DIR, the guaranteed interest rate for the policy, and the amount of the policy reserve. For example, if the guaranteed interest rate is 4% and the DIR in the dividend schedule is 7%, then the investment component of the dividend will be based on 3% (7%-4%). The investment component of the dividend for a policy under that dividend schedule in any policy year will reflect 3% of the base policy reserves at the beginning of that year. If a policyowner selected the fixed loan rate provision with their policy, borrowing from the policy may impact the investment component of the dividend. If this is the case, the impact will be based upon the amount of the policy loan in any year and the difference between the fixed loan rate and the DIR in that year. If the DIR remains fairly stable and no borrowing occurs, the investment component of the dividend will be proportional to the policy reserves. Since policy reserves increase over the life of the policy, the investment component of the dividend tends to do the same. As a result, it represents the largest portion of the dividend in the later policy years for most policies. 8

11 How Policy Dividends are Determined (continued) MassMutual s Investment Philosophy The assets supporting our participating whole life policy reserves and cash values are part of MassMutual s General Investment Account (GIA). This portfolio consists primarily of high quality fixed income securities, but also invests in equities, commercial mortgages, real estate and other assets. In managing the GIA, we focus on investment return as well as preservation of principal. Our goal is to generate a return that will allow us to pay competitive dividends on a consistent basis, while maintaining the overall quality of the portfolio. As of December 31, 2014, fixed income and real estate debt investments, along with policy loans, short-term investments and cash made up 79% of MassMutual s GIA. Long-term fixed income securities alone accounted for more than 55% of the portfolio, and over 92% of these securities were investment grade based on ratings by the National Association of Insurance Commissioners. Our investments in bonds and other securities are supplemented by strategic investments in our asset management and other affiliated businesses around the world. These include: OppenheimerFunds, Inc. Babson Capital Management, LLC Baring Asset Management Limited Cornerstone Real Estate Advisers, LLC In recent years, earnings from these businesses have contributed significantly to both MassMutual s financial strength and our ability to pay competitive dividends to our whole life policyowners. Total Invested Assets (in Millions) as of 12/31/14 Bonds $ 79,169 Mortgage Loans $ 20,305 Policy Loans $ 11,396 Derivatives & Other $ 9,780 Common Stocks $ 7,833 Partnerships & LLCs $ 7,199 Short-Term Investments & Cash $ 2,196 Real Estate $ 800 Total $138,678 Definition of investment sectors: Bonds Debt instruments of corporations and governments as well as various types of mortgage- and asset-backed securities. Mortgage Loans Commercial mortgage loans and pools of homogeneous residential mortgage loans substantially backed by Federal Housing Administration and Veterans Administration guarantees. Policy Loans Loans by policyowners; secured by insurance and annuity contracts. Partnerships and LLCs Investments in partnerships and limited liability companies. Common Stocks Investments in common equities. Short-term Investments and Cash Highly liquid investments, including those purchased with maturities less than or equal to 12 months. Real Estate Equity investment real estate. Other Includes derivatives, preferred stock and receivables for securities. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investment may be more or less than the original cost. Current performance may be lower or higher than the performance data quoted. 9

12 How Policy Dividends are Determined (continued) MassMutual draws upon the expertise within its investment subsidiaries in managing the GIA. In fact, each of these organizations provides specialized investment management services to MassMutual s GIA. As examples: Babson Capital Management is one of the primary investment advisors to MassMutual s GIA, and offers extensive experience in asset/liability management. Cornerstone Real Estate Advisers manages the majority of the real estate investments for the GIA. Both portfolio construction and asset liability management help control the investment risks of a portfolio. These risks exist in different forms, including but not limited to the following: Interest rate risk, or changes in interest rates, can change the fair value of debt securities. Credit risk, or the risk of a rating change, can impact the value of a bond. Default risk can impact the value of a bond, even in the event of eventual repayment. Prepayment risk is the risk of changes in the timing of cash flows from a security, impacting duration management of the portfolio. Liquidity risk is the risk that you cannot sell a security at a fair value. We employ a number of strategies that are designed to help manage these risks and increase returns to the GIA. These include: Using experienced teams of investment professionals with extensive knowledge across various asset sectors. The maintenance of a highly diversified 2 GIA. This diversification incorporates the following: Limiting credit risk in our fixed income holdings by managing our exposures across asset type, industry and issuer. Investing in structured securities which by their nature tend to be highly diversified across geographic, loan type, industry and quality perspectives, among other factors. Originating our commercial mortgage loans through affiliated regional offices, enabling us to diversify by geography, borrower, maturity and property type. Investing across both public and private markets for both our debt and equity investments. The different markets enable us to: Gain exposure to issuers we otherwise may not have access to; Negotiate protective covenants or other features not available in public securities; or Obtain higher returns than available in public markets. 2 Diversification does not ensure a profit or protect against loss in a declining market. 10

13 How Policy Dividends are Determined (continued) Investing in real estate and other non-traditional asset classes that may offer tax advantages, attractive expected long-term returns or low correlation with other asset classes. Asset/Liability Management involves the analysis of cash flows and maturities of the assets and their corresponding liabilities. The cash flows can differ based on their sensitivity to various economic conditions, with the level of interest rates both contributing to and responding to these conditions. We project liability cash flows under various economic and behavioral scenarios for our products and then construct an asset portfolio with a sensitivity profile similar to that of the liabilities. We do so to mitigate the impact that changes in interest rates and other factors will have on our ability to meet policyowner needs. We perform periodic stress testing of the portfolio under adverse scenarios. This and the regular monitoring of portfolio liquidity help ensure that we maintain a strong liquidity position and are ready to pay claims and meet short-term contractual obligations. In summary, MassMutual employs a disciplined, valuedriven approach to investing. Our goal is to generate a competitive return for policyowners while preserving principal. To this end, we employ investment strategies designed to help increase return and reduce investment risk in all its forms. Our investment philosophy has served our policyowners well in the past, and has enabled us to maintain the financial strength needed to meet our commitments today and for many years to come. MassMutual s financial strength ratings 3 continue to rank the Company among the strongest and safest insurance companies in the world. This is an essential component of what we offer to our whole life policyowners, who are depending upon us to meet contractual obligations that may extend far into the future. MassMutual employs a disciplined, value-driven approach to investing. Our goal is to generate a competitive return for policyowners while preserving principal. 3 Ratings are for Massachusetts Mutual Life Insurance Company and its subsidiaries: CM Life Insurance Company and MML Bay State Life Insurance Company. Ratings as of 6/1/2014 A.M. Best (A++): Fitch (AA+); Moody s (Aa2); Standard & Poor s (AA+). Ratings are subject to change. 11

14 Policy Dividend Options MassMutual whole life policyowners may elect to use the annual policy dividends 4 they receive in a number of different ways: Receiving them in cash each year; Reducing the following year s premium payment; Purchasing additional one-year term insurance; Leaving them on deposit to accumulate with interest 5 ; Repaying a policy loan or pay loan interest; or Purchasing paid-up additional whole life insurance. The last dividend option listed is by far the most common among MassMutual policyowners. Using dividends to purchase additional paid-up whole life insurance (paid-up additions) will increase the policy s death benefit and total cash value. These additions are priced on the same basis as the base policy. Paid-up additions purchased with policy dividends also have a guaranteed cash value that increases each year, and are eligible to earn dividends. Paid-up additions (not being used to secure a policy loan) may be surrendered, in whole or in part, at any time for their cash value. The following chart illustrates how paid-up additions purchased with policy dividends can increase the total amount of life insurance coverage over time. Whole Life Policy With Paid-Up Additions Paid-Up Additions Purchased by Dividends 4 Total Life Insurance Protection Guaranteed Amount of Life Insurance Age at Issue Age Dividends are not guaranteed. 5 The interest credited on dividend accumulations is taxable to the policyowner as income each year. 12

15 The Value of MassMutual Whole Life Insurance Whole life insurance from MassMutual offers a combination of protection, guarantees, cash accumulation and income tax advantages. The policy s death benefit is generally paid income tax free and can help protect your family during your working years, help provide support to a surviving spouse during retirement or assure a legacy to the next generation. Our goal is to provide enduring value to our policyowners, while maintaining a commitment to financial strength and the principles upon which our company is based. In addition, whole life insurance provides tax-deferred accumulation of policy cash values and the ability to access this cash value on a tax-advantaged basis via partial surrenders and policy loans. 6 Policy dividends are an important part of what MassMutual whole life insurance offers to policyowners. As pointed out earlier, dividends are not guaranteed and will vary based on the Company s actual experience over time. But whether our actual experience in the future is more or less favorable than what is assumed in our current dividend schedule, our goal is to provide enduring value to our policyowners, while maintaining a commitment to financial strength and the principles upon which our company is based. 6 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 may also be subject to a 10% tax penalty. 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. 13

16 MassMutual. We ll help you get there. 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 The Whole Life Legacy Series (WL-2007 and WL-NC-2007) are level-premium, participating, permanent life insurance policies issued by Massachusetts Mutual Life Insurance Company, Springfield, MA Massachusetts Mutual Life Insurance Company, Springfield, MA All rights reserved. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. LI CRN

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