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An Educational Guide
for Individuals
Understanding Your Choices
A guide to asset allocation
Variable Universal Life III
Investment Strategies
Contents
When it comes to investing, each individual has unique goals,
tolerance for risk and time horizons. To be successful, you
must adhere to time-tested principles and stay true to the
unique characteristics that you want your portfolio to exhibit.
2 | Asset Allocation
3| Diversification
4 | Investment Approaches
4| Create Your Own Investment Mix
6| MML Allocation Funds
9 | Investor Profile: Risk Tolerance
Questionnaire
11 | Dollar Cost Averaging
12 | Portfolio Rebalancing
13 | Directed Monthly Deduction Program
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
About This Guide
This guide to asset allocation is designed to help you gauge what type of
investor you are so that you can select the right combination of investments
to meet your goals based on your tolerance for risk and time horizon.
The included questionnaire will help you answer some key questions:
• How aggressively do you want to pursue investment growth?
• How willing are you to tolerate the ups and downs of the market?
• How much time do you have to let your investment grow?
Before we learn about you, let’s discuss the time-tested principles of
investing – asset allocation and diversification – and the critical role
they play in your investment strategy.
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. Early surrender charges apply for the first nine years of the
policy and for nine years following a face increase. 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 account 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 to no account
value available for loans and withdrawals in the policy’s early years.
Additionally, unless required by law, you cannot reinstate a variable life
insurance policy once it is fully surrendered.
1
Asset Allocation
What is an Asset Class?
Why is Asset Allocation Important?
An asset class is simply a type of investment. The three
Asset allocation is among your most important investment
main asset classes are equity (also known as stock-based
decisions. It is the process of selecting and combining asset
investments), fixed income (also known as bond-based
categories in varying percentages within a portfolio in
investments), and cash (a commonly used term for money
order to help you meet your investment goals. Successful
market instruments). The universe of equity and fixed income
investing is most often achieved through a disciplined asset
asset classes includes many categories which broadly define
allocation strategy.
the market capitalization and style of an investment.
In fact, research shows that it is the asset allocation decision
that accounts for over 90% of the variation between returns
on different investment portfolios over time.
Asset Classes
Equity Investments (stock-based)
Value – Stocks of attractively priced companies, such
as those with low price/earnings and price/book ratios
• Small company
• Mid-size company
Asset Allocation
8.5%
• Large company
Growth – Stocks of companies with strong prospects
for growth in earnings
• Small company
• Mid-size company
Market timing
and security
selection
91.5%
Asset
allocation
• Large company
International – Stocks of companies located
throughout the world, excluding the U.S.
• Developed markets
• Emerging markets
Fixed Income Investments (bond-based)
• Government bonds
• High-yield bonds
• Asset-backed securities
Cash
• Money market instruments
2
• Corporate bonds
• Foreign bonds
• Mortgage-backed
securities
Source: Based on the study by Gary P. Brinson, Randolph L. Hood, and
Gilbert L. Beebower, “Determinants of Portfolio Performance II,” Financial
Analysts Journal, May/June 1991. The study analyzed data from 82 large
corporate pension plans with assets of at least $100 million over a 10-year
period beginning in 1977 and concluded that asset allocation policy
explained, on average, 91.5% of variation in total plan return over time.
This is the most recent study available on the topic.
Diversification
Why Diversify Variable Life Insurance Investment Options?
a 2.5% increase in his or her portfolio that year. In addition,
When planning your asset allocation strategy, it is important
including fixed income investments in a portfolio often makes
to remember that these are life insurance products. Unless
sense for all but the most aggressive portfolios. Bonds are
you maintain the required premium level for your policy’s
generally less volatile than stocks and can help to reduce
no-lapse guarantee, your policy must have enough value to
the overall volatility of a portfolio. However, it should be
cover policy charges in order to remain in force. Fluctuations
understood that diversification does not ensure a profit or
in underlying fund investment performance can have an effect
protect against loss in a declining market.
on the charges associated with the life insurance components
of your policy, and in turn, on your overall account value.
Variable universal life insurance policies perform most
Impact on Two Hypothetical Investment Portfolios
efficiently when there is a smooth accumulation of
Portfolio A
values over time, rather than a highly volatile investment
100% large company
U.S. stocks
earnings pattern. Diversifying your investment options
investment performance.
You cannot predict which investments will perform well or
poorly. Diversification, or spreading your assets among a
variety of investments, can help reduce the impact on your
overall portfolio if a single investment option performs
poorly. The idea is that different asset categories respond in
a variety of ways to changes in the investment markets and
the economy. By investing in a diverse collection of assets,
a decline in one asset category may be offset by other asset
Portfolio annual return
can help smooth some of the sharp ups and downs in
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-6%
-7%
-8%
-9%
-10%
Portfolio B
50% large company U.S. stocks
50% international stocks
2.5%
leg
leg
Legend
Legend
-10%
This example is for illustration purposes only and is not meant to imply the
performance of any particular investment strategy.
categories that are unchanged or rising.
How Does Diversification Work?
Here is a simplified hypothetical example: if stocks of large
U.S. companies are down 10% one year, an investor who only
owns those types of stocks would experience a 10% decline
in his or her portfolio’s value. What if the same investor added
international stocks to the mix, creating a portfolio composed
of 50% large company U.S. stocks and 50% international
stocks? Assuming the international stocks were up 15% that
year, the investor would have a far smoother ride, realizing
3
Investment Approaches
Having alternatives allows you
to choose an investment strategy
that you are most comfortable
with. You can develop your
investment strategy using one
of two investment approaches
described in the next few pages.
1 |Create Your Own Investment Mix
• Select your own investment choices from the broad range below
that spans various asset categories and investment styles.
• You can decide to use our Dollar Cost Average, Portfolio
Rebalancing or Directed Monthly Deduction programs, each of
which is described later in this brochure.
Value
Blend
Growth
Large Cap
• MML Equity (Oppenheimer/
Loomis Sayles)
• MML Equity Income (T. Rowe Price)
• MML Income & Growth (BlackRock)
• Fidelity® VIP Contrafund®
• Invesco V.I. Diversified Dividend
• MML Equity Index (Northern Trust)
• MML Growth & Income (MFS®)
• Oppenheimer Main Street
• MML Blue Chip Growth
(T. Rowe Price)
• Oppenheimer Capital Appreciation
Small/Mid Cap
• MML Mid Cap Value
(American Century)
• MML Small/Mid Cap Value
(AllianceBernstein)
• MML Small Cap Equity
(Oppenheimer)
• MML Mid Cap Growth
(T. Rowe Price)
• MML Small Cap Growth Equity
(Wellington)
• Oppenheimer Discovery
Mid Cap Growth
Note: Investment choices listed are available as of the date of this brochure.
Investing involves risk, including the loss of principal. Each investment choice underlying the variable universal life policy has broad risks that apply to all
investment choices, such as market risk, as well as specific risks inherent in particular types of investment choices that may subject your policy to greater
risk and volatility than the general market.
4
Fixed Income
Other Categories
Global/International
Money Market
• MML U.S. Government
Money Market (Babson) 1
Inflation-Protected Bond
• MML Inflation-Protected and Income
(Babson)
Investment Grade Bond
• MML Managed Bond (Babson)
Multi Sector
• Oppenheimer Global Strategic Income
Asset Allocation
• MML Conservative Allocation
• MML Balanced Allocation
• MML Moderate Allocation
• MML Growth Allocation
• MML Aggressive Allocation
Specialty
• Invesco V.I. Global Health Care
• Invesco V.I. Technology
• MML Managed Volatility (Gateway)
• PIMCO CommodityRealReturn® Strategy
• VY® Clarion Global Real Estate
Global Equity
• MML Global (MFS®)
• Oppenheimer Global
International Equity
• MML Foreign (Templeton)
• Oppenheimer International Growth
An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or by any other government
agency. Although the fund seeks to maintain a stable net asset value per share, it is possible to lose money by investing in these funds.
1
5
2 |MML Allocation Funds
MML Conservative
Allocation Fund
• Simple diversification with one fund.
• Diversification across brand name investment managers, asset classes,
investment styles and market capitalizations.
• Actively managed funds with dynamic asset allocation strategies.
For additional information on the MML Allocation Funds, see page 8.
40% Equities
60% Fixed Income
• Modest growth potential
• Mild volatility
• Medium-term
investment horizon
• Lowest-risk portfolio
Asset Allocation
MML Dynamic Bond Fund (DoubleLine)
Fixed Income
Large Cap Equity
Mid Cap Equity
Small Cap Equity
14%
MML High Yield Fund (Babson)
3%
MML Inflation-Protected and Income Fund (Babson)
4%
MML Managed Bond Fund (Babson)
21%
MML Total Return Bond Fund (MetWest)
13%
MML Short Duration Bond Fund (Babson)
5%
MML Blue Chip Growth Fund (T. Rowe Price)
3%
MML Equity Income Fund (T. Rowe Price)
3%
MML Equity Index Fund (Northern Trust)
3%
MML Focused Equity Fund (Wellington)
1%
MML Fundamental Growth Fund (Wellington)
2%
MML Fundamental Value Fund (Wellington)
3%
MML Income & Growth Fund (BlackRock)
3%
MML Large Cap Growth Fund (Loomis, Sayles)
1%
MML Mid Cap Growth Fund (T. Rowe Price)
2%
MML Mid Cap Value Fund (American Century)
2%
Oppenheimer Discovery Mid Cap Growth Fund
1%
MML Small Cap Growth Equity Fund (Wellington)
1%
MML Small Company Value Fund (T. Rowe Price)
1%
MML Small/Mid Cap Value Fund (Alliance Bernstein)
1%
MML Foreign Fund (Templeton)
2%
MML Global Fund (MFS®)
3%
MML International Equity Fund (Harris)
2%
MML Strategic Emerging Markets Fund (Oppenheimer)
International/
Global
Oppenheimer Global Fund/VA
2%
Oppenheimer International Growth Fund/VA
1%
Alternatives
Oppenheimer Global Multi-Alternatives Fund/VA
7%
Funds offered in a fund-of-funds structure may have higher expenses than a direct investment in the underlying funds because a fund-of-funds bears its
own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests.
The above allocation percentages are rounded. The allocation among equity and fixed income funds therefore may not equal 100%.
6
MML Balanced
Allocation Fund
MML Moderate
Allocation Fund
MML Growth
Allocation Fund
MML Aggressive
Allocation Fund
50% Equities
50% Fixed Income
60% Equities
40% Fixed Income
75% Equities
25% Fixed Income
90% Equities
10% Fixed Income
• Medium to high growth
potential
• Moderate volatility
• Medium-term
investment horizon
• Moderate-risk portfolio
• High growth potential
• Considerable volatility
• Long-term
investment horizon
• High-risk portfolio
• Highest growth potential
• Considerable volatility
• Long-term
investment horizon
• Highest-risk portfolio
• Modest to medium growth
potential
• Mild to moderate volatility
• Medium-term
investment horizon
• Medium-risk portfolio
Asset Allocation
11%
9%
5%
1%
3%
2%
1%
4%
3%
4%
3%
18%
14%
8%
2%
11%
8%
5%
1%
5%
4%
3%
2%
4%
4%
5%
6%
3%
4%
4%
5%
3%
3%
5%
4%
2%
2%
3%
3%
3%
3%
3%
4%
3%
4%
5%
6%
3%
4%
4%
5%
1%
1%
2%
2%
2%
3%
4%
6%
3%
3%
4%
6%
1%
1%
1%
2%
1%
1%
1%
2%
1%
2%
2%
3%
1%
1%
2%
2%
3%
3%
4%
6%
3%
4%
5%
6%
2%
3%
4%
5%
2%
3%
4%
2%
3%
3%
4%
2%
2%
2%
3%
7%
8%
8%
9%
The allocations to certain underlying funds in which an MML Allocation Fund currently invests are as of 4/7/17. MassMutual may change these
percentages at any time and may invest in any other underlying funds, including any underlying funds that may be created in the future.
7
MML Allocation Funds
Each of the MML Allocation Funds are known as a fund-
Ongoing Management
of-funds. Unlike mutual funds that invest in stocks, bonds
MassMutual is the adviser for each of the MML Allocation
or money market instruments, fund-of-funds invest in other
Funds, and provides continuous monitoring of the funds.
underlying funds. Each fund provides diversification by
investing in a combination of equity, fixed income and money
market funds based on the specific asset allocation strategy of
that fund.
While the funds were constructed to maintain their equity
to fixed income asset mixes, changes to the allocations
of underlying funds may be made. The funds may
rebalance their assets quarterly, and the asset allocation and
The MML Allocation Funds may have higher expenses
fund manager selection will be reviewed at least annually.
than a direct investment in the underlying funds because a
However, changes may be made more frequently if the
fund-of-funds bears its own expenses. Additionally, each
adviser believes it needs to alter risk or take advantage of
fund-of-funds indirectly bears its proportionate share of the
opportunities as the market changes.
expenses of the underlying funds in which it invests.
Diversification
There are five MML Allocation Funds ranging from
conservative to aggressive, which are well diversified
across brand name investment managers, asset classes,
investment styles and market caps. A risk tolerance
questionnaire is available to help you match your tolerance
for risk, time horizon and investment objectives with a
corresponding MML Allocation Fund.
8
Investor Profile: Risk Tolerance Questionnaire
Circle the point(s) (1, 2, 3, 4, 5) next to your answers, then
refer to the scoring information following this questionnaire
to determine your recommended asset allocation.
Points
3I have less than 10 years of experience investing in
stocks or mutual funds; I am comfortable making some
equity investments, but also want some balance with
Risk capacity
fixed income; I understand “risk vs. reward”; I am
comfortable seeking growth with fixed income.
1. Your age:
Points 1
2
3
4
5
Age
Over 65
60 to 65
55 to 59
50 to 54
Under 50
2. Within the next six years, how confident are you that you
will have sufficient liquidity to meet your ongoing expenses
and any predictable financial obligations (e.g., mortgages,
college expenses or dependent care services)?
Points
1
not confident, unsure, or really don’t know
2
somewhat confident
3confident
4
very confident
5
completely confident
3. Which statement best describes your experience investing
in equity markets?
Points
4I have 10-15 years of experience investing in stocks
or mutual funds; I carefully read the prospectus of any
investment before investing; I am comfortable making
equity investments; I understand “risk vs. reward”; I am
comfortable seeking greater capital appreciation with
some fixed income.
5I have more than 20 years of experience investing in
stocks or mutual funds; I often refer to a prospectus or
research online for investment details; I understand the
idea of “risk vs. reward”; I am confident in more
aggressive investments.
Risk attitude
4. Which best describes your attitude toward investing?
Points
1I cannot afford any possible loss of principal and worry
a lot about market declines.
1I have not invested in stocks or mutual funds before
2I prefer to have my entire portfolio invested in lower-
or I am very dissatisfied with my equity investing
risk equity and fixed income assets, with less volatility
experience; I don’t understand the prospectus at all;
and lower capital risk (typically, with lower returns).
I am uncomfortable with stock market investments; I
don’t know what “risk vs. reward” means.
2I have had a very limited investing experience or I am
somewhat dissatisfied with my past equity investing
3I like to have a broadly balanced portfolio consisting
of high, medium and low-risk investments, in a
well-diversified mix of asset classes.
4I seek mostly investments with a likely potential for
experience; I find the prospectus confusing; I would
high growth, with a minor stake in fixed income
prefer a more conservative investment strategy; “risk
investments, tolerating market fluctuations without
vs. reward” makes me uncomfortable.
great concern.
5I want higher returns, and will accept greater market
volatility (and possibly, major setbacks), to try to
achieve that goal with more aggressive investments.
9
5. Here are hypothetical returns for a $100,000 investment
portfolio over a five-year investment period. Which
characteristics do you find most acceptable for both
reward and risk?
Points Scoring your answers:
Add your score for each question. Your total score will determine
the general type of investor you are. Once you know that, review
the options available to you for ideas on how to diversify your
Average Annual Return Best Year Worst
Year
1
5% 15%
– 5%
2
6% 20% –10%
Total score:
3
7% 25% –15%
7-10 points
4
8% 30% –25%
You may have identified serious investment concerns, and may
5
9% 40% –30%
require additional investment guidance and/or financial education.
6. Capital markets have always experienced significant
price swings (rising and falling value). Imagine that your
investment goal is five years away, but your well-diversified
portfolio loses 20% of its value in a brief period. What best
describes your reaction?
Equity investing may not be suitable for you.
11-15 points
Your profile confirms conservative positioning; alternately, you
might still have critical financial concerns, or have strong risk
aversion to the fluctuations of equity investments.
Points
1
VUL investment options.
I would abandon that investment vehicle.
2I would immediately switch to a more
conservative strategy.
16-20 points
Your profile indicates you may be inclined toward a balanced style
of investing, with conservative attributes.
3I would not wait until the year-end review before
reorganizing my portfolio.
4I would wait to reassess my portfolio at year-end review
5
21-25 points
Your profile indicates you may be inclined toward a moderate
before making any big changes.
growth style of investing, with a fairly secure outlook.
I would not alter my portfolio.
26-30 points
7. I would describe my current investing objectives/goals as:
Your profile indicates you may be seeking a portfolio with solid
Points
capital appreciation potential and relatively more risk (a growth
1Very conservative, and worried about equity
style of investing).
investments;
2
Conservative, reducing exposure to market swings;
3Moderate (with growth and income), or a more
31-35 points
Your profile indicates you may be geared toward an aggressive
portfolio with strong capital appreciation potential and greater risk.
balanced strategy;
4
Growth-oriented, primarily, or
The results of this questionnaire are intended to help you identify
5
Somewhat aggressive.
the type of investor you may be. Be sure to review the results with
your financial professional before investing. This questionnaire
is not meant to replace a thorough investment profile that your
financial professional would complete with you.
10
Dollar Cost Averaging
Dollar Cost Averaging is a method that can take some of the
guesswork out of the timing of your investment decisions.
A Hypothetical Example of Dollar Cost Averaging
You select an investment choice, typically a choice with
lower risk, from which transfers will be made at selected
intervals. By transferring pre-determined dollar amounts
at regular intervals into investment choices you designate,
you purchase more units when prices are low than when
prices are high. A lower average cost per unit may be more
achievable through Dollar Cost Averaging than through a
lump-sum purchase of units or through non-level purchases
of units. Dollar Cost Averaging does not assure a profit
or protect against loss in a declining market, and involves
continuous investment in securities regardless of fluctuating
prices. You should consider your ability to continue investing
through periods of low price levels. There is no charge for
the Dollar Cost Averaging program.
If $6,000 was invested into an investment choice in
January when the price was $20 per unit, 300 units
would be purchased at an average price of $20 per
unit with an average cost of $20. If the same $6,000
is invested over six months ($1,000 a month), the
total investment is still $6,000. However, due to the
changing price per unit each month (see chart below),
in June there would be 311 units. The average
price per unit over the six months is $19.50 and the
average cost per unit is $19.29. When these numbers
are compared to the average price and cost of $20 for
the single payment of $6,000 in January, it is easy to
see the potential benefits of Dollar Cost Averaging.
You may not elect Dollar Cost Averaging and Portfolio
Rebalancing at the same time. MassMutual reserves the
Month
Amount
invested
Unit
price
Units
purchased
right to terminate, suspend or modify the Dollar Cost
January
$1,000
$20
50.00
Averaging program at any time without prior notification
February
$1,000
$21
47.62
to policyowners. Please see the appropriate product
March
$1,000
$18
55.56
April
$1,000
$17
58.82
May
$1,000
$18
55.56
prospectus for complete details.
June
$1,000
$23
43.48
Total
$6,000
$117
311.04
Average price
$117 ÷ 6 = $19.50 per unit
Average cost
$6,000 ÷ 311 units = $19.29 per unit
11
Portfolio Rebalancing
A Hypothetical Example of Portfolio Rebalancing
Portfolio Rebalancing is another automatic feature that
adjusts for the varying investment performance among your
• An asset allocation strategy based on a risk tolerance
investment choices. Rebalancing helps keep your account
may call for allocation of 50% in fixed income
value allocations in sync with your investment objectives. As
investments (conservative) and 50% in equity
with any investment strategy, a key element of your variable
investments (higher risk).
universal life policy is selecting investment choices that
• Let’s assume the account value is $2,000 initially,
correspond with your risk/return profile.
with $1,000 invested in equities and $1,000 invested
in bonds.
Regardless of what risk profile is right for you, the
• Over time, the equity portion of the portfolio may
investment choices you select may perform differently over
grow faster than the bond portion.
time. When this occurs, your original allocation strategy
• Assuming that the equities have grown to $1,650
may be lost. Your portfolio may have become riskier than
you originally planned for, or may be too conservative for
and the bonds have grown to $1,100, the allocation
your needs. Portfolio Rebalancing automatically transfers
percentages are now 60% equity and 40% bond – not
account values among your designated investment choices
the 50% equity/50% bond allocation originally chosen.
so you maintain the asset allocation percentages you elected.
• At this point, the current allocation percentages are
This is done according to a schedule you choose (annually,
riskier than the original allocation strategy.
semi-annually, quarterly or monthly). There is no charge
• Portfolio Rebalancing automatically transfers $275
for Portfolio Rebalancing. You may not elect Dollar Cost
from equities to bonds (according to the schedule
Averaging and Portfolio Rebalancing at the same time.
selected) so that the original allocation strategy
MassMutual reserves the right to terminate, suspend or
remains intact.
modify the Portfolio Rebalancing program at any time.
A Hypothetical Example of Portfolio Rebalancing
Original account value
50%
12
50%
Over time
40%
60%
After Portfolio Rebalancing
50%
50%
Fixed income $1,000
Fixed income $1,100
Fixed income $1,375
Equity $1,000
Equity $1,650
Equity $1,375
Directed Monthly Deduction Program
The Directed Monthly Deduction Program (DMDP)2 lets
It may make more sense to have your monthly charges
you designate which of your policy’s investment choices
deducted from an investment choice that is less likely to
you use to pay monthly policy charges. The investment
experience frequent changes in market value. For example, a
choices include a Guaranteed Principal Account and
money market investment choice or the Guaranteed Principal
investment options. Electing DMDP can help build and
Account may be appropriate choices for DMDP because they
maintain account value in certain investment choices while
typically have low volatility. By using the account value in
using another specified investment choice for monthly
this type of investment to pay your monthly policy charges,
policy charges.
the account value you hold in other investment choices can
continue to participate in the markets.
How it Works
The account value in a variable universal life policy resides
in Separate Account investment divisions (also known as
“investment options”) and/or the Guaranteed Principal
Account. When you pay premiums, you can allocate that
money among the variable investment options and the
Guaranteed Principal Account.
You can elect DMDP at any time during the life of your
policy. If you elect DMDP, you must select only one
investment option or the Guaranteed Principal Account from
which to pay monthly policy charges. There is no minimum
account value required in the investment choice you elect.
However, if the elected DMDP investment choice has
insufficient value to cover the monthly policy charges,
You pay monthly policy charges using your account value.
the charges will be deducted pro-rata from the remaining
When DMDP is not elected, monthly policy charges are
investment choices with account value.
proportionately deducted (“pro-rata”) from all of the investment
choices that hold account value. Electing DMDP lets you use
one investment choice to pay monthly policy charges.
2
It is important to note that electing DMDP does not ensure better performance from your investment choices, but does give you more control over how
monthly policy charges are deducted.
13
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 www.massmutual.com/mutuality
This brochure must be preceded or accompanied by the current prospectus for Variable Universal Life III (VUL III) and the prospectuses
(or summary prospectuses, if available) for its underlying investment choices.
Before purchasing a variable universal life insurance policy, you should carefully consider the investment objectives, risks, charges and
expenses of the policy and its underlying investment choices. Please read the prospectuses carefully before investing or sending money.
Variable Universal Life III (VUL III) (Policy Form P2-2008, ICC08P2 and ICC08P2X in certain states, including North Carolina) is participating, variable
universal life insurance. Dividends are not expected to be paid. The VUL III policy is issued by Massachusetts Mutual Life Insurance Company, Springfield,
MA 01111-0001.
For investment performance results:
www.massmutual.com/product-performance/product-performance-listing-page
— OR —
1-800-272-2216 (24 hours/7 days a week)
Principal Underwriters: MML Investors Services, LLC, MML Strategic Distributors, LLC. Subsidiaries of Massachusetts Mutual Life Insurance Company,
1295 State Street, Springfield, MA 01111-0001.
Securities offered through registered representatives of MML Investors Services, LLC, Member SIPC, Springfield, MA 01111-0001, or a broker-dealer that
has a selling agreement with MML Strategic Distributors, LLC, Member SIPC.
© 2017 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.
LI4425 417
CRN201805-200984