This is a sample of what an annuity quote looks like from a 24 year veteran of the annuity services industry. There are 8 types of annuity benefits available. You choose the type(s) you like. A Safe Money Singer Annuity Quotation might be the most thorough annuity quote to be found on the internet!
MassMutual Premier Voyage SM A Fixed Deferred Annuity
Premier Voyage SM TABLE OF CONTENTS
1
More Than Just a Fixed Rate
How Fixed Deferred Annuities Work
3
6
Benefits of Fixed Annuities
8
The Benefits of Premier Voyage
Flexibility and Income When You Need It
10
12
Market Value Adjustments (MVA)
16
Features for the Unexpected
Helping You Secure What Matters Most
17
18
Product Highlights
NOT FDIC/NCUA INSURED • NO BANK/CREDIT UNION GUARANTEE • MAY LOSE VALUE • NOT INSURED BY ANY GOVERNMENT AGENCY • NOT A BANK/CREDIT UNION DEPOSIT OR OTHER OBLIGATION
1
IT’S TIME TO PREPARE FOR
A LONGER RETIREMENT TOMORROW. TODAY.
More Than Just a Fixed Rate
You’ve worked hard to save money for your retirement journey. You also want to protect what you have without having to worry about what the stock market is doing or whether you will outlive your savings. MassMutual’s Premier Voyage, a fixed deferred annuity, provides fixed interest for a guaranteed period of time and the potential for lifetime income, which means you can rest easy knowing that your retirement income will last as long as you do. Before we get into the details, it’s helpful to first explain what fixed annuities are and how they may be able to help you plan for the years ahead.
3
How Fixed Deferred Annuities Work
Fixed deferred annuities can help with your retirement plan because they provide you with a fixed rate of interest, tax deferral,¹ a death benefit, and the potential to turn those assets into guaranteed lifetime income.² The concept is quite simple really. You purchase a contract through a financial professional. Your annuity then accumulates growth through a fixed rate of interest the insurance company credits, and, if you choose, you can annuitize your contract at a later date to get a stream of income for the rest of your life or a specific period of time.
Annuitization or the “annuity phase” is when your contract value no longer exists because you have decided to convert it into an income stream. The payment amount you receive is based on several factors including the value of your annuity at the time you annuitize, the annuitant's age and gender, and the type of payment option you select. Once you annuitize, you are not able to change your decision.
4 1 Withdrawals of earnings will be subject to ordinary income tax and may be subject to an additional 10% federal income tax if taken prior to age 59½. Tax deferral is automatically provided by tax-qualified retirement plans, including IRAs. There is no additional tax-deferral benefit provided when an annuity contract is used to fund a tax-qualified retirement plan or an IRA. Investors should only consider buying this contract in conjunction with a tax-qualified retirement plan or an IRA for the annuity’s insurance features such as lifetime income payments. 2 Any guarantees explicitly referenced herein are based on the claims-paying ability of the issuing insurance company.
Here's How it Works
You purchase an annuity with a portion of your investable assets. This is called a purchase payment.
The insurance company issues you a contract that explains the terms of the annuity.
The insurance company invests your money which allows your money to grow at a fixed rate of interest.
At some point in the future, you can choose to receive annuity payments through annuitization.
Fixed annuities are best for those: • Looking to accumulate money for retirement at a fixed interest rate over a period of time. • Wanting portfolio diversification with a conservative investment. • Desiring protection of their assets from market risk. • Seeking guaranteed lifetime income through annuitization.
5
Compound Interest and Tax Deferral Benefits of Fixed Annuities
An important benefit of a fixed annuity is the ability to grow your principal with a fixed rate of interest and then have that interest compound on a tax-deferred basis. Tax deferral means paying taxes later — when you withdraw the money or receive payments from the annuity. 3 Other nonqualified fixed investments don’t generally offer the ability to defer taxes, which can add up.
Lifetime Income Annuities are the ONLY financial product that can provide you with guaranteed lifetime income. This is certainly a benefit when you are looking to retire and supplement your other sources of income, such as Social Security. If you choose a lifetime income option, the insurance company provides you with a guaranteed income amount for the rest of your life and, potentially, your partner’s! If you bought your annuity with after-tax dollars, for example, using personal savings which you have already paid income tax on — part of each annuity payment will be excluded from income tax because it is considered a return of the amount you paid for the annuity and part will be taxable earnings. 4
3 Tax deferral is automatically provided by tax-qualified retirement plans, including IRAs. There is no additional tax-deferral benefit provided when an annuity contract is used to fund a tax-qualified retirement plan or an IRA. Investors should only consider buying this contract in conjunction with a tax-qualified retirement plan or an IRA for the annuity’s insurance features such as lifetime income payments. 4 This exclusion only applies to non-qualified annuities. If you bought your annuity with pre-tax dollars, for example, using 401(k) or IRA assets that have never been taxed, the annuity payments that you receive will be fully taxable.
6
Compounding is the process in which earnings from the interest are reinvested to generate additional earnings.
$574,349
$574,349
ADDITIONAL EARNINGS WITH TAX DEFERRAL
VALUE WITHOUT TAX DEFERRAL
$113,844
$460,505
$100,000
$
$
$
$
$
$
$
5 YEARS
10 YEARS
15 YEARS
20 YEARS
25 YEARS
30 YEARS
PURCHASE
This hypothetical example is not intended to be a projection of future values and does not represent the performance of any MassMutual product. This example assumes a 24% federal income tax rate and assumes a 6% return over 30 years, which is not guaranteed. The investment that is taxed annually assumes the earnings are taxed at 24% each year, and the taxes are paid from the same account. The tax-deferred investment assumes a full withdrawal of the account value at the end of the 30-year period with the withdrawal being taxed at 24%. Surrender charges are not included and had they been, results would have been lower. Be sure to consider your personal retirement time horizon and income tax bracket, both current and anticipated, when making your financial decision as they may have an additional impact on the results of any comparison.
7
The Benefits of Premier Voyage
Premier Voyage provides you with the choice of multiple guarantee periods in which to invest your initial purchase payment as well as the ability to easily renew your contract value into the same or a different guarantee period at the end of your guarantee period. You can purchase Premier Voyage with a minimum purchase payment of $10,000. Your annuity contract has the potential to receive higher interest rates based on the amount of your purchase payment and the size of the contract value you renew into a new multi-year guarantee period. Guarantee Periods Initial guarantee period
At the end of each guarantee period As each guarantee period approaches its end, you will have a window period to decide what you would like to do. You can renew into any available multi-year guarantee period — with or without adding more money — or you can “park your money” into a one-year guarantee period until you are ready to make a decision. 5 While a one-year guarantee period offers a lower fixed rate than a multi-year guarantee period, you may want to consider this option if you want the freedom to access your money without a surrender charge, or Market Value Adjustment (MVA), or if you want the flexibility to renew into a multi-year guarantee period at any time you choose. 6 Please note that if you do not notify us of your choice by the end of the guarantee period, your contract value will automatically renew into a one-year guarantee period.
Premier Voyage is a multi-year guarantee fixed deferred annuity. When you first purchase a contract, you have the flexibility of choosing an initial guarantee period of anywhere from two to seven years .
2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS 7 YEARS
The window period is the last 30 calendar days of a multi-year guarantee period plus the renewal date.
5 Contract owners in Florida who are 65 or older at contract issue cannot choose to renew into a multi-year guarantee period that would provide a guarantee period end date that would exceed 10 years beyond the issue date. 6 Withdrawals of earnings will be subject to ordinary income tax and may be subject to an additional 10% federal income tax if taken prior to age 59½.
8
Laddering annuities refers to buying multiple annuity contracts — each with its own guarantee period and interest rate. By spreading your assets this way, you can create a strategy to help manage interest rate and reinvestment risks.
During the window period, you may choose to:
Renew into any available multi-year guarantee period, which is effective on the renewal date. A new surrender charge schedule will apply to withdrawals as compared to the initial guarantee period. Note the Market Value Adjustment (MVA), would restart at this time as well. (See page 12 for more detail on how MVAs work.)
1
Add more money into the contract, minimum of $10,000, effective on the renewal date, if you elect a new multi-year guarantee period.
2 3
Take some or all of your money out without a surrender charge or MVA.
Annuitize the contract value to receive a guaranteed income stream, without a surrender charge or an MVA.
4
A renewal date occurs the day after your current guaranteed period ends.
Not Committed? You have 10 calendar days to cancel your multi-year guarantee period renewal choice or cancel any additional purchase payments you make.
9
Flexibility and Income When You Need It
In addition to crediting a guaranteed interest rate to your contract value, Premier Voyage can be useful in retirement planning. When you’re ready to retire, you can get a regular stream of annuity payments to supplement your retirement income to help cover your health and other retirement expenses.
Ways to Access Your Money Free Withdrawals 7
Although you intend to invest your money for your future, sometimes emergencies happen and you need to access a portion of your contract value. Premier Voyage allows you to withdraw an amount from your contract each year without the application of a surrender charge or an MVA. This is called your “free withdrawal amount.”
7 Withdrawals of earnings will be subject to ordinary income tax and may be subject to an additional 10% federal income tax if taken prior to age 59½.
10
Here are some guidelines to keep in mind should you need to withdraw money from your contract.
During the initial guarantee period After the first 30 calendar days in your first contract year, you can take a free withdrawal of up to 10% of the initial purchase payment you made. During each subsequent contract year, you can take a free withdrawal of up to 10% of the contract value as of the most recent contract anniversary. During each multi-year renewal guarantee period In the first year of your renewal guarantee period, you can take a free withdrawal of up to 10% of the contract value on the renewal date for that multi-year renewal guarantee period. During each subsequent year of the renewal period, you can take a free withdrawal of up to 10% of the contract value as of the most recent anniversary of the last renewal date. This hypothetical example shows you how much you could withdraw as a free withdrawal amount each year after you purchase Premier Voyage with $100,000, select a 2 year initial guarantee period, and when it ends, immediately select a 2 year renewal guarantee period.
NEW 2-YEAR RENEWAL GUARANTEE PERIOD BEGINS
2-YEAR GUARANTEE PERIOD 1st Contract Year 2nd Contract Year
3rd Contract Year
4th Contract Year Contract value on Renewal Date Anniversary: $112,486
Purchase Payment: $100,000
Contract value on Anniversary Date: $104,000
Contract value on Renewal Date: $108,160
Free Withdrawal Amount
$10,000
$10,400
$10,816
$11,249
A surrender charge is a charge that may be assessed against the amount withdrawn (beyond the free withdrawal amount) if you withdraw money from your contract prior to the end of the stated surrender charge schedule in your contract. See Product Highlights for more details.
Considerations • It’s important to note that your free withdrawal amount is reduced by any withdrawals you might have taken during that year. • You can’t carry over any unused free withdrawal amount from year to year. • If you withdraw an amount greater than your free withdrawal amo unt, there may be a surrender charge and the application of an MVA on the excess amount withdrawn.
11
Market Value Adjustment (MVA)
A market value adjustment (MVA) is a positive or negative adjustment that may be applied when you take a withdrawal, beyond your free withdrawal amount, or if you annuitize your contract value, prior to the window period while in a multi-year guarantee period. The adjustments can either increase or decrease the amount of your withdrawal or the contract value used for annuitization. The MVA is calculated by comparing the market interest rates on the contract issue date, or the renewal date (if in a subsequent multi-year guarantee period), with the market interest rates at the time of the withdrawal or annuitization. The greater the difference, the bigger the adjustment.
How the MVA Works
If at the time of withdrawal or annuitization market interest rates are higher than they were at the start of your current guarantee period, the MVA will generally be negative and it will reduce the amount paid to you or the contract value used for annuitization.
HIGHER CURRENT RATES
REDUCED AMOUNT PAID TO YOU
START OF CURRENT GUARANTEE PERIOD
GUARANTEE PERIOD
If at the time of withdrawal or annuitization the market interest rates are lower than they were at the start of your current guarantee period, the MVA will generally be positive and result in a higher amount paid to you or the contract value used for annuitization.
HIGHER AMOUNT PAID TO YOU
LOWER CURRENT RATES
12
When MVAs and surrender charges do not apply Generally, if a surrender charge applies to a transaction, an MVA will as well. However, annuitization may be subject to an MVA, but will never be subject to a surrender charge. Surrender charges and MVAs will not apply in the following scenarios: • Withdrawal of the free-withdrawal amount. • Full or partial withdrawals within the window period or within a one-year guarantee period. • Annuitizing your contract value while in the window period of a multi-year guarantee period or choosing to annuitize anytime while in the one-year guarantee period. • Withdrawals taken within the provisions of the Nursing Home or Terminal Illness riders. • Withdrawals needed to satisfy your Required Minimum Distribution (RMD) amounts from a qualified contract using our RMD program. 8 • Death Benefit amounts paid to your beneficiary.
• Upon cancellation of the contract during the free-look period. • Subsequent purchase payments canceled and returned within the 10-day cancellation period.
8 You must be participating in a systematic withdrawal program established for the payment of RMDs, under which the RMD is calculated by us, based solely on the fair market value of this Contract (our RMD program) and you must not have taken any other withdrawals from this Contract in that Contract Year. 13
The annuitant is the person(s) whose life expectancy and gender is used to determine the amount of the annuity payment under a lifetime annuity option. An annuitant may or may not be the owner of a contract.
Annuity Payments One of the biggest advantages annuities offer is the ability to receive an income for the rest of your life. An annuity is the only financial product that provides this unique feature. Keep in mind that once you annuitize, liquidity is limited, and although you are provided with a steady amount, this amount might not keep up with inflation over time. There are many different annuity options to choose from and the best choice for you will depend on a variety of factors, including whom you want to cover and your time horizon.
SINGLE LIFE
SPECIFIC # OF YEARS
Choose an Option JOINT LIVES
Contract Value Converted
Annuity Payments Provided Choose monthly, quarterly, semi-annually, or annually
Choosing an Annuity Option Keep the following in mind if you choose to annuitize your contract:
• The earliest date you can annuitize is five years after your contract is issued or the end of the initial guarantee period — whichever is sooner. (Thirteen months after issue for contracts issued in Florida). • Surrender charges never apply to annuitization. • MVA may apply to annuitization if it occurs before the window period of a multi-year guarantee period. • When annuitizing your Premier Voyage contract, you are also permitted to choose any annuity option available under a single premium immediate annuity that we offer at the time you annuitize.
14
Annuity Options 9
Description
Considerations
Single Life
• Guaranteed income for as long as the annuitant lives.
• This option provides the highest possible lifetime payment. • Payments will end once the annuitant passes away. • The beneficiary will receive any remaining payments if the annuitant passes away during the period you select. • A longer period certain guarantee will result in a lower payment than a shorter period certain guarantee. • Payments cease once both of the annuitants pass away. • Payments that guarantee two lives will be less than those based on one of those lives. • Payments that guarantee two lives will be less than those based on a single life. • If both annuitants pass away after the end of the period certain, the beneficiary will not be entitled to any payments.
Single Life with Period Certain
• Guaranteed income for as long as the annuitant lives, with payments that continue for the remainder of the period certain, if any, upon the annuitant's death if it occurs within the period certain. • You can choose a period certain of 10 to 30 years 10 to provide for a beneficiary.
Joint and Last Survivor
• Guaranteed income for as long as the annuitant and the joint annuitant live.
Joint and Last Survivor with Period Certain
• Guaranteed income for as long as the annuitant and the joint annuitant live. Payments continue to a beneficiary for the remainder of the period certain upon the death of the last surviving annuitant if it occurs within the period certain. • You can choose to have a period certain of 10 to 30 years 10 to provide for a beneficiary. • Guaranteed Income for the specific time period you choose — from 10 to 30 years. • If the annuitant passes away during the period you selected, the beneficiary will be entitled to any remaining payments.
Period Certain
• You could run out of money if you outlive the period you selected. 10
When the beneficiary is referred to above, please note that the surviving owner will be considered the primary beneficiary and any other will be considered contingent. 9 For qualified contracts, upon the death of the owner (annuitant if the contract is held as a Custodial IRA), we may shorten the remaining payment period in order to ensure that payments do not continue beyond the 10 year post-death distribution period provided under IRC section 401(a)(9), or beyond the beneficiary’s life or life expectancy for certain classes of beneficiaries, such as a spouse or an individual who is not more than 10 years younger than the decedent. 10 The number of years available under options that include a period certain may vary by state.
15
Features for the Unexpected
In addition to interest rate guarantees and income flexibility that Premier Voyage offers, we also offer added features that are important considerations Nursing Home and Hospital Waiver
Death Benefit 11 Your contract includes a death benefit that will be paid to your named beneficiary should you pass away. If you pass away prior to receiving annuity payments, your beneficiary will receive the contract value as of the date we receive due proof of death and election of a payment option. If you pass away once you start receiving annuity payments, the amount your beneficiary will receive is based on the annuity option you elect.
If you are confined to a licensed nursing home or accredited hospital for an extended period, you can access all or a portion of contract value without the application of surrender charges or MVA. Terminal Illness Waiver If you are diagnosed with a terminal illness after the contract has been issued, you can access all or a portion of contract value without the application of surrender charges or MVA. Cancellation Rights In addition to the ability to free look the contract within 10 calendar days after contract issue, you also have 10 calendar days to cancel your guarantee period renewal choice or cancel any additional purchase payments you make upon renewal.
11 For qualified contracts, upon the death of the owner (annuitant if the contract is held as a Custodial IRA), we may shorten the remaining payment period in order to ensure that payments do not continue beyond the 10 year post-death distribution period provided under IRC section 401(a)(9), or beyond the beneficiary’s life or life expectancy for certain classes of beneficiaries, such as a spouse or an individual who is not more than 10 years younger than the decedent.
Enhanced Income Payments If the annuity option you elect under Premier Voyage is available under a single premium immediate annuity that we offer on the annuity date, the Annuity Payment Increase Rate guarantees that you will get an enhanced annuity rate that is higher than the rate offered for the same option under our immediate annuity.
16
Helping You Secure What Matters Most
Annuities are not FDIC or NCUA insured, therefore when selecting an annuity, you need to make sure that the insurance company you choose is reliable, has a solid investment philosophy, and has the financial strength to deliver on long-term commitments. For over 170 years, MassMutual ® has prided itself on providing contract owners with confidence that we will deliver on our long-term commitments. We do this by following a prudent investment strategy and our strong ratings are the result.
STRONG FINANCIAL STRENGTH RATINGS 12
A.M. Best Company A++ Superior
Standard & Poor’s AA+ Very Strong
AA+ Very Strong
Moody’s Investors Service Aa3 High Quality
Fitch Ratings
total adjusted capital $33 billion
$2.2 billion in operating earnings
$7.1 billion in annuity and
$466 billion assets under management
insurance benefits delivered in 2022
Information as of 12/31/2022 and provided in the MassMutual 2022 Annual Report: www.MassMutual.com/annualreport
Living mutual means relying on each other and looking out for one another. It’s a way of doing business. It’s our way of life.
12 Financial strength ratings for MassMutual and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, are as follows: A.M. Best Company, A++ (Superior); Fitch Ratings, AA+ (Very Strong); Moody’s Investors Service, Aa3 (High Quality); and S&P Global Ratings, AA+ (Very Strong). Ratings are as of April 1, 2023 and are subject to change.
17
PRODUCT HIGHLIGHTS
Issue Age 13 (No minimum for annuitant)
• Minimum: Age 18 or age of majority (19 in AL, DE, and NE) • Maximum: Age 90 • Minimum: $10,000 (qualified and nonqualified) • Maximum: $2. 5 million (without MassMutual approval in all states)
Initial Purchase Payment
Subsequent Purchase Payments
• Minimum: $10,000 • Maximum: $2. 5 million (total of all purchase payments, including initial) at renewal into a multi-year guarantee period • 10 calendar days to cancel any subsequent purchase payments • Subsequent payments may only be made on the renewal date of a multi-year guarantee period • Initial Guarantee Period: Begins when you purchase your contract and continues for two, three, four, five, six, or seven years, depending on the period you choose. • Renewal Guarantee Period: At the end of the initial guarantee period, you can renew your contract into a new 1-year guarantee period, or a new multi-year guarantee period, subject to availability • Credited interest rates typically vary by the guarantee period elected as well as by purchase payment size, and will not change throughout the guarantee period elected. • Any credited interest rate will never be lower than the Minimum Guaranteed Interest Rate (MGIR), which will be set at issue based on an index rate, and will reset each time the contract is renewed into a new guarantee period, based on the index rate in effect at that time. • A positive or negative adjustment that may be applied when you take a withdrawal, beyond your free withdrawal amount, or if you annuitize your contract value, prior to the window period in a multi-year guarantee period.
Guarantee Periods 14
Guarantee Period Interest Rate
Market Value Adjustment (MVA)
13 MassMutual defines issue age as the attained age of the owner or annuitant on their last birthday. 14 Contract owners in Florida who are 65 or older at contract issue cannot choose to renew into a multi-year guarantee period that would provide a guarantee period end date that would exceed 10 years beyond the issue date.
18
PRODUCT HIGHLIGHTS
Surrender Charge and Guarantee Period Schedule (May vary by state; all periods may not always be available)
Surrender Charge Schedule for Initial Guarantee Period Years 1 2 3 4 5
6 − − − −
7 − − − −
2-Year 7% 7%
−
− −
− − −
3-Year 7% 7% 7%
4-Year 7% 7% 7% 6%
5-Year 7% 7% 7% 6% 5%
6-Year 7% 7% 7% 6% 5% 4% − 7-Year 7% 7% 7% 6% 5% 4% 3% Surrender Charge Schedule for Renewal Guarantee Periods Years 1 2 3 4 5 6 7 1-Year − − − − − − − 2-Year 6% 6% − − − − − 3-Year 6% 6% 6% − − − − 4-Year 6% 6% 6% 5% − − − 5-Year 6% 6% 6% 5% 4% − − 6-Year 6% 6% 6% 5% 4% 3% − 7-Year 6% 6% 6% 5% 4% 3% 2% Surrender charges and MVA never apply during the one-year guarantee period. As each multi-year guarantee period approaches its end, there is a window period. The window period is the last 30 calendar days of the guarantee period plus the renewal date. During this time, you can decide whether to: • Renew into any available multi-year guarantee period, which is effective on the renewal date. A new surrender charge schedule will apply to withdrawals as compared to the initial guarantee period. Note the MVA would restart at this time as well. • Make a subsequent purchase payment if renewing into a multi-year guarantee period. • Take a partial or full withdrawal (no surrender charge and no MVA). • Fully annuitize the contract value (no surrender charge and no MVA). If no action is taken by the end of the window period, your contract will automatically default into a one-year guarantee period without a surrender charge or MVA. There is a 10 calendar day cancellation option for any multi-year guarantee period renewal and any subsequent purchase payment made. The free withdrawal amount can be withdrawn without a surrender charge or MVA, and is calculated as follows: • During the initial guarantee period: After the first 30 calendar days in your first contract year, you can take a free withdrawal of up to 10% of the initial purchase payment you made. During each subsequent contract year, you can take a free withdrawal of up to 10% of the contract value as of the most recent contract anniversary. • During each multi-year renewal guarantee period: In the first year of your renewal guarantee period, you can take a free withdrawal of up to 10% of the contract value on the renewal date for that multi-year renewal guarantee period. During each subsequent year of the renewal period, you can take a free withdrawal of up to 10% of the contract value as of the most recent anniversary of the last renewal date. Unused free withdrawal amounts cannot be accumulated from year to year.
Window Period
Free Withdrawal Provisions
19
PRODUCT HIGHLIGHTS
Partial Withdrawals 15
• Minimum: $250; a minimum contract value of $5,000 must remain in the contract after a partial withdrawal. • Available elections include the maximum free withdrawal amount, a specific dollar amount, a specific percentage of contract value, or the interest earned. • RMD Program is available to automatically calculate and distribute annual RMDs. • RMDs calculated under this program can be taken free of surrender charge and MVA. • Annuity payment options range from income for life to payments for a specific period. • The earliest date you can annuitize is five years after your contract is issued or the end of the initial guarantee period — whichever is sooner. (Thirteen months after issue for contracts issued in Florida.) • The later of the 95th birthday of the oldest owner, joint owner, annuitant, or joint annuitant or ten years after contract issue.
Systematic Withdrawal Program 15 and
Required Minimum Distribution (RMD) Program
Annuity Options 16
Maximum Age Income May Begin Nursing Home and Hospital Waiver
• Withdraw all or a portion of the contract value without a surrender charge or MVA, provided you are confined to a licensed nursing home or accredited hospital for at least 90 continuous days and meet all contract eligibility requirements. • The Premier Voyage Nursing Home and Hospital waiver is not currently available in California. Terminal Illness Waiver • Withdraw all or a portion of the contract value without a surrender charge or MVA if you become terminally ill and meet all contract eligibility requirements. Death Benefit 16 • Accumulation phase: Death benefit is equal to the contract value as of the date we receive both proof of death and the beneficiary’s election of a payment method. • Income phase: Death benefit is determined by the annuity option chosen.
15 Withdrawals of earnings will be subject to ordinary income tax and may be subject to an additional 10% federal income tax if taken prior to age 59½. Surrender charges and MVA may also apply to withdrawals other than free withdrawal amounts. 16 For qualified contracts, upon the death of the owner (annuitant if the contract is held as a Custodial IRA), we may shorten the remaining payment period in order to ensure that payments do not continue beyond the 10 year post-death distribution period provided under IRC section 401(a)(9), or beyond the beneficiary’s life or life expectancy for certain classes of beneficiaries, such as a spouse or an individual who is not more than 10 years younger than the decedent. 20
Notes:
21
MassMutual... Helping you secure what matters most.
Since 1851, MassMutual has been building a reputation for financial strength and integrity. At MassMutual, we operate for the benefit of our customers. Our business decisions are based on a single guiding principle: to help people secure their future and protect the ones they love.
Contact your Financial Professional today.
This material does not constitute a recommendation to engage in or refrain from a particular course of action. The information within has not been tailored for any individual. Any guarantees explicitly referenced herein are based on the claims-paying ability of the issuing insurance company. The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, 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. MassMutual Premier Voyage SM (Contract Form #FPFA22-PV, and ICC22-FPFA-PV in some states including NC) is a fixed deferred annuity contract issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111.
© 2023 Massachusetts Mutual Life Insurance Company (MassMutual ® ), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. AN8700 723
MM202606-305637
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