Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance

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1 An Educational Guide for Consumers Investment options insights A look at Investment Choices for VUL III Variable Universal Life Insurance Investment Strategies

2 This brochure must be preceded or accompanied by the current prospectus for Variable Universal Life III (VUL III) and its underlying investment choices. Before purchasing a variable universal life insurance policy, investors should carefully consider the investment objectives, risks, charges and expenses of the individual variable universal life insurance policy and its underlying investment choices. Please read the prospectuses carefully before investing or sending money. VARIABLE UNIVERSAL LIFE INSURANCE IS: 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 MAY GO DOWN IN VALUE

3 Variable Universal Life III (VUL III) VUL III insurance offers life-long, generally income tax-free, death benefit protection, premium flexibility and tax-deferred accumulation of account value, as long as the policy remains in force. A policy s death benefit may be included in your estate for Federal estate tax purposes. With a Massachusetts Mutual Life Insurance Company (MassMutual) VUL III policy, you can decide how your net premiums will be divided among the many investment choices. This allocation process is an important part of your life insurance planning. Be sure to review this brochure and the information in MassMutual s Asset Allocation Guide with your registered representative prior to making your selections. In addition to a variety of investment options, MassMutual s VUL III policy offers a Guaranteed Principal Account. All guarantees within the policy are based on the claims-paying ability of the issuing company. The decision to purchase variable universal 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. Early surrender charges apply up to the first nine years of a policy. Those charges may decrease the value of the policy substantially depending on how early the policy, or any portion of it, is surrendered or accessed. While the policy allows for access to the cash value in the short-term through loans and withdrawals, there are costs and risks associated with those transactions. You should know that there may be little or no cash value available for loans and withdrawals in the policy s early years. Additionally, unless required by law, you generally cannot reinstate a variable life insurance policy once it is surrendered.

4 Investment choices Risk Aggressive Conservative CONSERVATIVE ASSET CLASS INVESTMENT CHOICES ADVISER/SUB-ADVISER(S) STRATEGY SECTOR AIM V.I. Financial Services Fund (Series I) 1,2 Invesco Aim / AIM V.I. Global Health Care Fund (Series I) 1,2 Invesco Aim / AIM V.I. Technology Fund (Series I) 1,2 Invesco Aim / ING Global Real Estate Portfolio (Class S) 1,2 ING Investments, LLC/ ING Clarion Real Estate Securities L.P. INTERTIOL/ GLOBAL GROWTH BLEND VALUE PIMCO VIT CommodityRealReturn Strategy Portfolio (Advisor Class) 1,2 MML Foreign Fund (Initial Class) 2 MML Global Fund (Class II) 2 Oppenheimer Global Securities Fund/VA (Non-Service) 2 Oppenheimer International Growth Fund/VA (Non-Service) 2 MML Emerging Growth Fund (Initial Class) 3 MML Mid-Cap Growth Fund (Initial Class) 3 MML Small Cap Growth Equity Fund (Initial Class) 3 Oppenheimer MidCap Fund/VA (Non-Service) MML Small Cap Equity Fund (Initial Class) 3 MML Small Cap Index Fund (Initial Class) 3 MML Small Company Opportunities Fund (Initial Class) 3 MML Mid Cap Value Fund (Initial Class) MML Small/Mid-Cap Value Fund (Initial Class) 6 PIMCO Investment Management Company, LLC (PIMCO)/ Templeton Investment Counsel, LLC Neuberger Berman Management, Inc. Essex Investment Management, LLC and Insight Capital Research & Management, Inc. Waddell & Reed Investment Management Company and Wellington Management Company, LLP OppenheimerFunds, Inc. Northern Trust Investments, N.A. OppenheimerFunds, Inc. American Century Investment Management, Inc. and Insight Capital Research & Management, Inc. AllianceBernstein L.P. LARGE-CAP GROWTH MML Blue Chip Growth Fund (Initial Class) MML Concentrated Growth Fund (Class II) Legg Mason Capital Management, Inc. Oppenheimer Capital Appreciation Fund/VA (Non-Service) LARGE-CAP BLEND Fidelity VIP Contrafund Portfolio (Initial Class) 2 Fidelity Management & Research Company/ FMR Co., Inc. MML Enhanced Index Core Equity Fund (Initial Class) MML Equity Index Fund (Class II) Northern Trust Investments, N.A. MML Growth & Income Fund (Initial Class) Capital Guardian Trust Company Oppenheimer Main Street Fund /VA (Non-Service) LARGE-CAP VALUE MML Equity Fund (Initial Class) AllianceBernstein L.P. and OppenheimerFunds, Inc. ASSET ALLOCATION/ BALANCED FIXED INCOME MML Equity Income Fund (Initial Class) MML Income & Growth Fund (Initial Class) MML Large Cap Value Fund (Initial Class) MML Aggressive Allocation Fund (Initial Class) MML Asset Allocation Fund (Initial Class) MML Balanced Allocation Fund (Initial Class) MML Conservative Allocation Fund (Initial Class) MML Growth Allocation Fund (Initial Class) MML Moderate Allocation Fund (Initial Class) MML Inflation-Protected and Income Fund (Initial Class) 2,7 MML Managed Bond Fund (Initial Class) Oppenheimer High Income Fund/VA (Non-Service) 4 Oppenheimer Strategic Bond Fund/VA (Non-Service) 2,4 American Century Investment Management, Inc. Davis Selected Advisers, L.P. Capital Guardian Trust Company MONEY MARKET MML Money Market Fund (Initial Class) 5 Seeks capital growth. The fund normally invests at least 80% of its net assets in the equity securities and equity-related instruments of companies involved in the financial services sector. Seeks capital growth. The fund seeks to meet its objective by investing normally at least 80% of its assets in securities of health care industry companies. Seeks capital growth. The fund normally invests at least 80% of its net assets in the equity securities and equity-related instruments of companies engaged in technology-related industries. Seeks total return. The fund invests at least 80% of its assets in common and preferred stocks of U.S. REITs and real estate companies. Seeks maximum return consistent with prudent investment management by investing under normal circumstances in commodity-linked derivative instruments backed by portfolio of inflation indexed securities and other fixed-income instruments. Seeks long-term capital growth. Normally invests at least 80% of net assets in investments of issuers located outside the U.S. including those in emerging markets. Seeks long-term capital appreciation by mainly investing in the securities of U.S. and foreign companies including those in developed and emerging markets. Seeks long-term capital appreciation. The fund invests a substantial portion of its assets in securities of foreign issuers, growth-type companies, cyclical industries and special situations considered to have appreciation possibilities. Seeks long-term growth of capital by investing, under normal circumstances, at least 90% of its total assets in equity securities of companies wherever located, the primary stock market of which is outside the United States. Seeks capital appreciation by investing primarily in smaller, rapidly growing, emerging growth companies. The fund generally invests in industry segments experiencing rapid growth, and will likely have a portion of its assets in technology and technology-related concerns. Seeks long-term capital appreciation. Invests at least 80% of assets in stocks of medium-sized companies that exhibit earnings growth rates in excess of the market and with proven products. Seeks long-term capital appreciation. The fund invests primarily in common stocks and equity securities of smaller companies which the managers believe offer potential for long-term growth. Normally, the fund invests at least 80% of its net assets in the securities of companies whose market capitalizations, at the time of purchase, fall within the range of companies in the Russell 2000 Index* or the Standard & Poor s SmallCap 600 Index. Seeks capital appreciation by investing in growth-type companies. Seeks to achieve long-term growth of capital and income by investing primarily in a diversified portfolio of equity securities of smaller companies. This fund seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities in the S&P SmallCap 600 Index. Seeks long-term capital appreciation. Invests primarily in common stocks of smaller, faster-growing companies whose securities at the time of purchase are considered by the Sub-Adviser to be realistically valued. Seeks long-term capital growth with income as a secondary objective. Seeks long-term total return. Fund normally invests at least 80% of its net assets in a broadly diversified portfolio of equity investments in small- and mid-cap U.S. issuers including foreign issuers traded in the U.S. Seeks long-term capital growth with income as a secondary objective. Invests at least 80% of net assets in the common stocks of large and medium-sized blue chip growth companies. Seeks long-term growth of capital. Fund invests primarily in common stocks of companies that the manager believes offer above-average growth potential and trade at a significant discount to the manager s assessment of their intrinsic value. Seeks capital appreciation. Invests mainly in equity securities of well-known, established companies. Seeks long-term capital appreciation. The fund s principal investment strategies include: normally investing primarily in common stocks; investing in securities of companies whose value it believes is not fully recognized by the public; investing in domestic and foreign issuers; investing in either growth stocks or value stocks or both. Seeks to outperform the total return performance of its benchmark index, the S&P 500 Index,** while maintaining risk characteristics similar to those of the benchmark. Seeks to provide investment results that correspond to the price and yield performance of publicly traded common stocks in the aggregate as represented by the S&P 500 Index.** Seeks capital appreciation and income. Fund invests primarily in common stocks or other securities, which demonstrate the potential for appreciation and/or dividends. Seeks high total return (which includes share-value growth and current income) from equity and debt securities. Seeks as its primary objective to achieve a superior total rate of return over an extended period of time from both capital appreciation and current income. Its secondary objective is the preservation of capital when business and economic conditions indicate that investing for defensive purposes is appropriate. Seeks substantial dividend income and long-term capital growth. Fund invests at least 80% of net assets in common stocks with 65% in the common stocks of established companies paying above-average dividends. Seeks growth of capital with income as a secondary objective. Seeks both capital growth and income by selecting businesses that possess characteristics that the fund s Sub-Adviser believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. preservation of capital. Allocation is approximately 90% in equity funds and 10% in fixed-income funds which may include money market funds. Seeks to provide high total return consistent with preservation of capital over the long term. preservation of capital. Allocation is approximately 50% in equity funds and 50% in fixed-income funds which may include money market funds. preservation of capital. Allocation is approximately 40% in equity funds and 60% in fixed-income funds which may include money market funds. preservation of capital. Allocation is approximately 75% in equity funds and 25% in fixed-income funds which may include money market funds. preservation of capital. Allocation is approximately 60% in equity funds and 40% in fixed-income funds which may include money market funds. Seeks to achieve as high a total rate of real return on an annual basis as is considered consistent with prudent investment risk and the preservation of capital. Seeks to achieve as high a total rate of return on an annual basis as is considered consistent with the preservation of capital. The fund normally invests at least 80% of its net assets in investment grade fixed-income debt securities. Seeks a high level of current income from investment in high-yield fixed-income securities. Seeks a high level of current income principally derived from interest on debt securities. Seeks to achieve high current income, the preservation of capital, and liquidity. These objectives are of equal importance. The fund invests in high-quality debt instruments that have a remaining maturity not exceeding 397 days. 1 Sector funds may experience greater short-term price volatility than more diversified funds, and are most suitable for use in the aggressive portion of an invest ment portfolio. 2 There are special risks associated with international invest ing, such as political changes and currency fluctuations. These risks are heightened in emerging markets. 3 Investments in companies with small market capitalization ( small caps ) may be subject to special risks given their characteristic narrow markets, limited financial resources, and less liquid stocks, all of which may cause price volatility. * Frank Russell Company is the owner of the trade marks and copyrights relating to the Russell indexes. ** The S&P 500 Index is the Standard & Poor s Composite Index of 500 stocks, an unmanaged index of common stock prices. The index does not reflect any fees or expenses. Standard & Poor s is a division of The McGraw-Hill Companies, Inc. The S&P 500 Index is a registered trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the fund. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor s or The McGraw-Hill Companies, Inc. The S&P 500 Index is a list of securities frequently used as a measure of U.S. stock market performance. 4 Investments in high yielding debt securities are generally subject to greater market fluctuations and risk of loss of income and principal, than are investments in lower-yielding debt securities. 5 An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 6 Prior to February 28, 2008, known as MML Small Cap Value Fund. 7 Prior to May 1, 2008, known as MML Inflation-Protected Bond Fund.

5 Variable Universal Life III (VUL III) is variable universal life insurance. Policy form numbers are: P2-2008, ICC08-P2 and ICC08-P2X in certain states, including North Carolina. The VUL III policy is issued by Massachusetts Mutual Life Insurance Company, Springfield, MA For investment performance results: (Use the Product Performance drop-down menu under the Products and Solutions tab.) OR (24 hours/7 days a week) Principal Underwriter MML Distributors, LLC 1295 State Street Springfield, MA A wholly owned subsidiary of Massachusetts Mutual Life Insurance Company 1295 State Street Springfield, MA Securities offered through registered representatives of MML Investors Services, Inc., Member SIPC, 1295 State Street, Springfield, MA 01111, or a broker-dealer that has a selling agreement with MML Distributors, LLC, Member SIPC. Massachusetts Mutual Life Insurance Company and its affiliated insurance companies have received certification from IMSA, an industry organization dedicated to promoting ethical conduct in all customer contacts involving sales and service of individual life insurance and annuity and long term care products 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