Massachusetts Mutual Life Insurance Company

Massachusetts Mutual Life Insurance Company Home Office: 1295 State Street Springfield. Massachusetts e1111-cool Survivorship Flexible Premium Adjustable Life Insurance Policy INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 POLICY NUMBER 15,665,562 INITIAL FACE AMOUNT $5,000,000 Dear Policy Owner: READ YOUR POLICY CAREFULLY. It has been written in readable language to help you understand its terms. We have used examples to explain some of its provisions. These examples do not reflect the actual amounts or status of this policy. As you read through the policy, remember the words "we," "us," and "our" refer to Massachusetts Mutual Life Insurance Company. We will, subject to the terms of this policy, pay the death benefit to the Beneficiary when due proof of the death of both Insureds has been received at our Home Office. However, due proof of the first death must be furnished when it occurs. The terms of this policy are contained on this and the following pages. For service and information on this policy, contact the agent who sold the policy, any of our agency offices, or our Home Office, toll free: 1-800- 272-2216. YOU HAVE THE RIGHT TO RETURN THIS POLICY. If you decide not to keep this policy, return it within 14 days after you receive it. It may be returned by delivering or mailing it to our Home Office, to any of our agency offices, or to the agent who sold the policy. Then, the policy will be as though it had never been issued. We will promptly refund any premium paid for it, less any amounts withdrawn and any policy debt. Signed for Massachusetts Mutual Life Insurance Company. Sincerely yours, PRESIDENT Ootedge o Pituca-SECRETARY This Policy provides that: The benefits under this policy may Increase or decrease, and are not guaranteed as to a fixed dollar amount. A death benefit is payable when both Insureds have died. Within specified limits, flexible premiums may be paid while either Insured is living. This policy is participating - Annual dividends may or may not be paid. P9-2005(FL)a (a405myfl) EFTA00804385 Policy Summary This Summary briefly describes some of the major policy provisions. Since it does not go into detail, the actual provisions will prevail. See the provisions for full information and any limits that may apply. The "Table Of Content? shows where the provisions may be found. This is a universal life insurance policy on the lives of two Insureds. We will pay a death benefit if both Insureds die while the policy is in force. "In force" means that the insurance has not terminated. "Universal life" means that, subject to the limits and conditions stated in the policy, the amount of insurance may be adjusted and flexible premium payments may be made. Premiums for this policy are flexible. After the first premium has been paid, there is no requirement that any specific amount of premium be paid on any date. Instead, within the limits stated in the policy, any amount may be paid on any date during the lifetime of either Insured. Premiums are applied to increase the value of this policy. Monthly charges are deducted from the value of this policy each month. If the value cannot cover the monthly charges for a month, the policy may terminate at the end of 62 days. There is, however, a right to reinstate the policy. Other rights available under this policy include the rights to: • Change the Owner or any Beneficiary; • Assign this policy; • Receive any dividends that may or may not be allocated to this policy; • Change the Face Amount; • Change the Death Benefit Option; • Make loans; • Make withdrawals; and • Surrender this policy. This policy also includes a number of Payment Options. They provide alternate ways for us to pay the death benefit or the amount payable upon surrender of the policy. P9-2005(FL)a (005myll) EFTA00804386 TABLE OF CONTENTS Policy Specifications si P fit 1. - The Basics Of Thls Policy The Parties Involved • Owner, Insureds, Beneficiary, Irrevocable Beneficiary Dates - Policy Date, Policy Anniversary Date, Policy Year, Monthly Charge Date, I Issue Date Policy A Legal Contract Representations And Contestability Misstatement Of Age Or Gender Death By Suicide Meaning Of In Force Meaning Of Second Death Simultaneous Deaths Face Amount Year Of Coverage Ages - Issue Age, Attained Age Written Request Status For Federal Tax Purposes Currency Home Office Part 2. - Premium Payments The First Premium Planned Premiums Premium Flexibility And Premium Notices Where To Pay Premiums Right To Refund Premiums Net Premium Maximum Guaranteed Death Benefit Safety Test Premium Palt & Accounts, Values, And Charges Values Of This Policy Account Value GDB Premium Account Value Interest On The GDB Premium Account Specified Premium Account Value Interest On The Specified Premium Account Loaned Account Value "citify Poky Charges Monthly Charges Administrative Charge Face Amount Charge Insurance Charge Rider Charge Grace Period And Termination Grace Period Grace Period Notification Termination Page No. Determining Amount Of Premium Needed To Avoid Termination 12 1 Part 4. - Guaranteed Death Benefit Safety Test 12 Guaranteed Death Benefit Measure 12 1 Guaranteed Death Benefit Measure 2 Interest Factors 13 2 Maximum Guaranteed Death Benefit 3 Monthly Factors 13 3 Maximum Guaranteed Death Benefit 3 Monthly Face Amount Factor 14 4 Maximum Guaranteed Death Benefit 4 Monthly Insurance Factor 14 4 Safety Test Example 14 4 4 Part 5. - Ufe Benefits 15 4 Policy Ownership 15 4 Rights Of Owner 16 5 Changing The Owner Or Beneficiary 15 6 Assigning This Policy 15 Annual Report 16 6 This Policy's Share In Dividends 16 5 Policy Is Participating 15 5 How Dividends May Be Used 16 5 Dividend After Death Of Insured 16 6 Right To Change The Face Amount 16 6 No Increases In The Face Amount 16 6 Decreases In The Face Amount 16 Evidence Of Changes 17 6 Transfers Of Values 17 Transfers From The Specified Premium 7 Premium Account 17 7 Transfers From The GOB Premium 7 Account 17 7 Borrowing Against This Policy 17 8 Right To Make Loans 17 8 Effect Of Loan 17 Maximum Loan Available 18 8 Interest On Loans 18 8 Policy Debt Limit 18 9 Repayment Of Policy Debt 18 9 Surrendering This Policy And Making 9 Withdrawals 19 9 Right To Surrender 19 9 Net Surrender Value 19 11 Making Withdrawals 19 11 How We Pay 21 11 Reinstating This Policy 21 11 When Policy May Be Reinstated 21 12 Paps Na P9-2005(FL)a (.1105myll) EFTA00804387 TABLE OF CONTENTS (continued) Requirements To Reinstate 21 Withdrawals And Changes 24 Policy After Reinstatement 21 Income Protection 25 Reports To Owner 21 Other Payment Option Rules 25 Illustrative Report 21 Part 8. - Notes On Our Computations 25 Part 6. - The Death Benefit 22 Basis Of Computation 25 Amount Of Death Benefit 22 Method Of Computing Values 26 Changes In The Death Benefit Option 22 Minimum Death Benefit 22 Payment Option Rates Tables 27-33 When We Pay 22 Interest On Death Benefit 23 Part 7. - Payment Options 23 Availability Of Options 23 Minimum Amounts 23 Description 01 Options 23 Options 1, 2, 3 and 4 23 Options 5 and 6 24 Alternate Life Income 24 Electing A Payment Option 24 Effective Date And Payment Dates 24 My riders and endorsements, and a copy of the application for the policy, follow page 33. P9.2005(FL)a 0905rnyll) EFTA00804388 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE RISK CLASSES JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 ISSUE AGE GENDER 58 MALE 54 FEMALE POLICY NUMBER 15,665,562 INITIAL FACE AMOUNT $5,000,000 SEE THE TABLE(S) OF MAXIMUM MONTHLY INSURANCE CHARGES Stibject to the terms of this policy, the Face Amount is adjustable. revised or additional Policy Specifications will be sent. DEATH BENEFIT OPTION (See Part 6 of this policy.) MINIMUM FACE AMOUNT MONTHLY CHARGE DATES FIRST PREMIUM PLANNED PREMIUM PLANNED PREMIUM FREQUENCY MINIMUM ANNUAL INTEREST RATE LOAN INTEREST RATE (See Interest On Loans in Part 5.) POLICY CHARGES AND FEES: MAXIMUM PREMIUM EXPENSE CHARGE (See Net Premium provision in Part 2.) MAXIMUM MONTHLY ADMINISTRATIVE CHARGE' MAXIMUM MONTHLY FACE AMOUNT CHARGE BY YEAR OF COVERAGE Years 1 - 20 Years 21 and later MAXIMUM MONTHLY INSURANCE CHARGE RIDER CHARGES• MAXIMUM LOAN INTEREST RATE EXPENSE CHARGE MAXIMUM WITHDRAWAL FEE SURRENDER CHARGE If the Face Amount is adjusted, then 1 $100,000 26th day of each month $6,000.00 $6,000.00 Monthly 3.00% (decimal monthly equivalent 0.0024662698) (decimal daily equivalent 0.0000809863) 4% 5.00% of premium payments $12.00 $0.45 (Per $1,000 of Face Amount) $0.00 (Per $1,000 of Face Amount) See the Table(s) Of Maximum Monthly Insurance Charges See the Policy Specifications for the Rider(s), if any 1.00% $25.00 per withdrawal See the Table(s) Of Surrender Charges 'For more information, see the "Monthly Policy Charges" section in Part 3 of this policy. Monthly Charges beyond Attained Age 120 of the younger Insured are zero. Note: Unless this policy Is kept In force because the Guaranteed Death Benefit Safety Test has been met, neither the timely payment of planned premiums nor the Issuance of the policy with a planned premium of S0.00 necessarily guarantees that this policy will stay In force until the death of both Insureds. POLICY SPECIFICATIONS PAGE 1 OF 10 EFTA00804389 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 POLICY NUMBER 15,665.562 LIMIT ON PREMIUM PAYMENTS IN ANY POLICY YEAR: The maximum limit for premium payments in any Policy Year is the largest premium that would not exceed the greatest of: • $ 95,100.00 ; • The amount of premiums paid in the preceding Policy Year; and • The largest premium that would not increase the Insurance Risk. RIDER(S) ATTACHED TO THIS POLICY: Substitute of Insureds Rider Policy Split Option Rider Accelerated Death Benefit Rider POLICY SPECIFICATIONS PAGE 2 OF 10 EFTA00804390 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26,2011 DECEMBER 20, 2011 POLICY NUMBER 15,665,562 TABLE OF MAXIMUM MONTHLY INSURANCE CHARGES RATES PER THOUSAND OF INSURANCE RISK RISK CLASSES: INSURED NO.1: NON-TOBACCO INSURED NO.2: NON-TOBACCO ATTAINED AGE OF THE YOUNGER INSURED MONTHLY RATE ATTAINED AGE OF THE YOUNGER INSURED MONTHLY RATE ATTAINED AGE OF THE YOUNGER INSURED MONTHLY RATE 54 0.002600 84 5.805500 114 60.284700 55 0.008800 85 6.559400 115 63.618600 56 0.016800 86 7.278500 116 67.078800 57 0.027200 87 8.171500 117 70. 892900 58 0.040500 88 9.097900 118 75.342400 59 0.057100 89 10.069900 119 83.332500 60 0.077300 90 10.977000 120 83. 332500 61 0.101800 91 11.509800 62 0.131000 92 12.329100 63 0.164800 93 13.494700 64 0.204500 94 14.961700 65 0.250700 95 16.783500 66 0.306300 96 18.536200 67 0.371800 97 20.327100 68 0.453000 98 20.633400 69 0.547400 99 21.655100 70 0.656500 100 23.300300 71 0.784900 101 25.070700 72 0.934400 102 27.063300 73 1.109600 103 29.250600 74 1.315600 104 31.673000 75 1.556900 105 34.304100 76 1.832300 106 37.009900 77 2.149600 107 39.788500 78 2.502200 108 42.588400 79 2.892900 109 45.508200 80 3.331700 110 48.497300 81 3.866600 111 51.371700 82 4.472200 112 54.161200 83 5.111200 113 56.702100 The above rates are based on the following mortality tables: INSURED NO. 1 - Commissioners 2001 Standard Ordinary Nonsmoker Mortality Table • Male INSURED NO. 2 - Commissioners 2001 Standard Ordinary Nonsmoker Mortality Table - Female Maximum Monthly Insurance Charges beyond Attained Age 120 of the younger Insured are zero. POLICY SPECIFICATIONS PAGE 3 OF 10 EFTA00804391 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 POLICY NUMBER 15.665,562 GUARANTEED DEATH BENEFIT SAFETY TEST INFORMATION MAXIMUM GUARANTEED DEATH BENEFIT SAFETY TEST PREMIUM $6,000.00 GUARANTEED DEATH BENEFIT PAY PERIOD END DATE 10/26/2027 GUARANTEED DEATH BENEFIT GUARANTEE PERIOD END DATE 10/26/2060 NOTES 1. The Maximum Guaranteed Death Benefit Safety Test Premium amount reflected above was calculated assuming the Planned Premium Frequency listed on Policy Specifications Page 1. 2. If "Not Applicable" is reflected for the Maximum Guaranteed Death Benefit Safety Test Premium, Guaranteed Death Benefit Pay Period End Date and Guaranteed Death Benefit Guarantee Period End Date, we were unable to determine premium amounts that would guarantee your policy will not lapse based on the guarantee period and payment period you requested. 3. Even if the Guaranteed Death Benefit Safety Test is met, the policy can terminate before its Guaranteed Death Benefit Guarantee Period End Date if the policy debt limit is reached. Please read the Termination, Grace Period and Policy Debt Limit provisions for more information. POLICY SPECIFICATIONS PAGE 4 OF 10 EFTA00804392 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 POLICY NUMBER 15,665,562 GUARANTEED DEATH BENEFIT SAFETY TEST INFORMATION (Cont.) YEAR 1 GUARANTEED DEATH BENEFIT MEASURE INTEREST FACTOR 13.00% ! Decimal monthly equivalent 0.0102368444 Decimal daily equivalent 0.0003348989 YEARS 2 AND LATER GUARANTEED DEATH BENEFIT MEASURE BAND 1 INTEREST FACTOR 13.00% Decimal monthly equivalent 0.0102368444 Decimal daily equivalent 0.0003348989 GUARANTEED DEATH BENEFIT MEASURE BAND 2 INTEREST FACTOR 3.08% Decimal monthly equivalent 0.0025311312 Decimal daily equivalent 0.0000831136 TABLE OF GUARANTEED DEATH BENEFIT BANDING ANNUAL THRESHOLDS PER THOUSAND OF FACE AMOUNT ATTAINED AGE OF THE ANNUAL YOUNGER THRESHOLD INSURED AMOUNT ATTAINED AGE OF THE YOUNGER INSURED ANNUAL THRESHOLD AMOUNT ATTAINED AGE OF THE YOUNGER INSURED ANNUAL THRESHOLD AMOUNT 55, 13.5100 83 340.6100 111 2,137.8900 56, 18.9700 84 352.4600 112 2,425.8500 57. 25.1400 85 363.7100 113 2,751.2600 58 31.9700 86 374.8900 114 3,118.9500 59 39.4300 87 385.3100 115 3,534.4600 60 47.6000 88 395.1100 116 4,003.9600 61' 58.8800 89 404.2900 117 4,534.5000 62 67.0000 90 414.4300 118 5,134.0200 63 77.6600 91 426.5200 119 5,811.4900 64 88.8100 92 440.0500 120 6,577.0200 65 100.3800 93 454.3600 se 112.3000 94 469.0600 67 124.4900 95 483.7400 68 136.8500 96 499.3700 69 149.4000 97 517.4900 70 162.0600 98 541.7400 71 174.7100 99 572.0900 72 187.3200 100 609.1700 73 199.7600 101 654.8800 74 214.9000 102 711.7000 75 229.8800 103 782.8700 76 244.6800 104 872.6400 77 259.2200 105 986.7600 78 273.6200 106 1,125.0500 79 287.7700 107 1,281.3400 80 301.8200 108 1,457.9500 81 315.3600 109 1,657.5300 82 328.2400 110 1,883.0500 The Annual Threshold Amount at Attained Age 120 continues beyond Attained Age 120 of the younger Insured. POLICY SPECIFICATIONS PAGE 5 OF 10 EFTA00804393 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26,2011 DECEMBER 20,2011 POLICY NUMBER 15,665,562 GUARANTEED DEATH BENEFIT SAFETY TEST INFORMATION (Cons.) MAXIMUM GUARANTEED DEATH BENEFIT FACTORS MONTHLY FACE AMOUNT FACTOR Years 1 - 20 Years 21 and later RIDER FACTORS 0.40 0.00 See the Policy Specifications for the Rider(s), if any TABLE OF MAXIMUM GUARANTEED DEATH BENEFIT MONTHLY INSURANCE FACTORS PER THOUSAND OF GUARANTEED DEATH BENEFIT MEASURE RISK ATTAINED AGE OF THE YOUNGER INSURED MONTHLY FACTOR ATTAINED AGE OF THE YOUNGER INSURED MONTHLY FACTOR ATTAINED AGE OF THE YOUNGER INSURED MONTHLY FACTOR 54 0.001200 82 4.427700 110 11.167600 55 0.005800 83 4.771100 111 11 . 237600 56 0.013500 84 5.118700 112 11.263000 57 0.024800 85 5.473500 113 11 . 221900 58 0.041200 86 5.763900 114 11. 325100 59 0.064700 87 6.145400 115 11.358400 60 0.096900 88 6.508300 116 11.379300 61 0.137800 89 6.862500 117 11. 417900 62 0.186400 90 7.002100 118 11.390500 63 0.248700 91 7.048900 119 11.349600 64 0.325900 92 7.229300 120 11.501600 65 0.420000 93 7.552300 66 0.526400 94 7.972200 67 0.647900 95 8.492600 68 0.785200 96 8.897800 69 0.929600 97 9. 127700 70 1.085900 98 8.904200 71 1 . 255900 99 8.926200 72 1.437500 100 9.126800 73 1.637300 101 9.324700 74 2.068100 102 9.547600 75 2.322700 103 9.781900 76 2.589400 104 10.034800 77 2.870800 105 10.293800 78 3.144200 106 10.523800 79 3.440800 107 10. 725900 80 3.725200 108 10.890700 81 4.066000 109 11 .040900 There are no Guarantood Death Benefit Factors beyond Attained Age 120 of the younger Insured. POLICY SPECIFICATIONS PAGE 6 OF 10 EFTA00804394 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26,2011 DECEMBER 20,2011 POLICY NUMBER 15,665,562 TABLE OF SURRENDER CHARGES IF SURRENDER OCCURS IN POLICY YEAR 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 and later For more information on surrender charges, see Part 5 of this policy. SURRENDER CHARGE $ 100,400.00 89,356.00 81,324.00 75,300.00 70,280.00 67,268.00 63,252.00 59,236.00 56,224.00 S 52,208.00 50,200.00 5 47,188.00 44,176.00 40,160.00 33,132.00 27,108.00 21,084.00 14,056.00 7,028.00 0.00 POLICY SPECIFICATIONS PAGE 7 OF 10 EFTA00804395 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26,2011 DECEMBER 20,2011 POLICY NUMBER 15,665,562 DEATH BENEFIT FACTORS ATTAINED AGE OF THE YOUNGER INSURED FACTOR ATTAINED AGE OF THE YOUNGER INSURED FACTOR ATTAINED AGE OF THE YOUNGER INSURED FACTOR 54 3.47 80 1.46 106 1.00 55 3.34 81 1.42 107 1.00 56 3.21 82 1.39 108 1.00 57 3.09 83 1.37 109 1.00 58 2.97 84 1.34 110 1.00 59 2.86 85 1.32 111 1.00 60 2.76 86 1.30 112 1.00 61 2.65 87 1.28 113 1.00 62 2.56 88 1.26 114 1.00 63 2.46 89 1.24 115 1.00 64 2.38 90 1.22 116 1.00 65 2.29 91 1.21 117 1.00 66 2.21 92 1.19 118 1.00 67 2.14 93 1.17 119 1.00 68 2.06 94 1.16 120 1.00 69 2.00 95 1.14 70 1.93 96 1.12 71 1.87 97 1.10 72 1.81 98 1.08 73 1.76 99 1.04 74 1.70 100 1.00 75 1.66 101 1.00 76 1.61 102 1.00 77 1.57 103 1.00 78 1.53 104 1.00 79 1.49 105 1.00 Death Benefit Factors beyond Attained Age 120 of the younger Insured are 1.00. These Death Benefit Factors are used to determine the amount of the minimum death benefit. For more information, see Part 6 of this policy. POLICY SPECIFICATIONS PAGE 8 OF 10 EFTA00804396 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 POLICY NUMBER 15,665,562 OWNER SEE APPLICATION PAGE. OWNER INFORMATION POLICY SPECIFICATIONS PAGE 9 OF 10 EFTA00804397 POLICY SPECIFICATIONS SURVIVORSHIP FLEXIBLE PREMIUM ADJUSTABLE LIFE INSURANCE POLICY INSURED NO. 1 INSURED NO. 2 POLICY DATE ISSUE DATE JEFFREY KOGAN FAITH M KOGAN OCTOBER 26, 2011 DECEMBER 20, 2011 BENEFICIARY SEE APPLICATION PAGE. POLICY NUMBER 15,665,562 BENEFICIARY INFORMATION POLICY SPECIFICATIONS PAGE 10 OF 10 EFTA00804398 Part 1. The Basics Of This Policy 'n this Part, we discuss words "we," "us," and The Parties Involved - Owner, Insureds, Beneficiary, Irrevocable Beneficiary Dates - Policy Date, Policy Anniversary Date, Policy Year, Monthly Charge Date, Issue Date some definitions and insurance concepts necessary to understand this policy. The "our'' refer to Massachusetts Mutual Life Insurance Company. The Owner is the person who owns this policy, as shown in our records. The Owner has the right to exercise rights and privileges and to receive benefits under the terms of this policy during the lifetime of either Insured. If the Owner designated under the terms of this policy is not living and if the policy does not provide otherwise, the Owner will be the estate of the last Owner to die. For more information about the rights and benefits available to the Owner, see the "Policy Ownership" section in Part 5. The Insureds are the two persons whose lives this policy insures. An Insured may be the Owner of this policy, or someone else may be the Owner. Example: You buy a policy insuring your own life and your spouse's life, and naming yourself as Owner. In this case, you are both an Insured and the Owner. If you buy a policy insuring two other lives and naming yourself as the Owner, then the Owner is not an Insured. A Beneficiary is any person named in our records to receive the death benefit after both insureds have died. There may be different classes of Beneficiaries, such as primary and secondary. These classes set the order of payment. There may be more than one Beneficiary in a class. Example: Elizabeth is named as primary (first) Beneficiary. Rachel and David are named as Beneficiaries in the secondary class. If Elizabeth is alive when the second death occurs, she receives the death benefit. If Elizabeth is not alive but Rachel and David are alive when the second death occurs, Rachel and David receive the death benefit. My Beneficiary may be named an Irrevocable Beneficiary. An Irrevocable Beneficiary is one whose consent is needed to change that Beneficiary, but has no other rights under this policy. If no Beneficiary designated under this policy survives both Insureds, the Beneficiary will be the Owner unless the policy states otherwise. The interest of any Beneficiary will be subject to any assignment of this policy that is binding on us and to any payment option in effect at the time of the time of the second death. See the "Policy Ownership" section in Part 5, and see "Part 7. Payment Options." The Policy Date is shown in the Policy Specifications. It is the starting point for determining Policy Anniversary Dates, Policy Years, and Monthly Charge Dates. The first Policy Anniversary Date is one yew after the Policy Date. The period from the Policy Date to the first Policy Anniversary Date, or from one Policy Anniversary Date to the next, is called a Policy Year. PS-2005(FL) Page 1 (c406m all) EFTA00804399 The Monthly Charge Dates are the dates on which monthly charges for this policy are due. The first Monthly Charge Date is the Policy Date. Subsequent Monthly Charge Dates are the same day of each month thereafter. Example: The Policy Date is June 10, 2OX4. The first Policy Anniversary Date is one year later, June 10, 20X5. The period from June 10, 20X4, through June 9, 20X5, is a Policy Year. The first Monthly Charge Date is June 10, 20X4. The next Monthly Charge Date is one month later, July 10, 20X4. The Issue Date is also shown in the Policy Specifications. The Issue Date starts the contestability and suicide periods. We discuss contestability and suicide later in this Part. Policy A Legal This policy is a legal contract between the Owner and us. The entire contract consists of Contract the policy, which includes the application and any rider(s) and endorsement(s) the policy has. We have issued this policy in return for the application and the payment of the first premium. Any changes or waiver of its terms must be in writing and signed by our Secretary or an Assistant Secretary to be valid. A copy of the initial application is attached to and made a part of this policy. Any subsequent applications requesting changes in the policy also will become part of the contract; copies of any such applications will be sent to the Owner for attachment to the policy. Representations We rely on all statements made by or for either or both Insureds in the application(s). And Legally, those statements are considered to be representations and not warranties. Contestability We can bring legal action to contest the validity of this policy, or any policy change requiring evidence of insurability, for any material misrepresentation of a fact. To do so, however, the misrepresentation must have been in the initial application or in a subsequent application, and a copy of that application must have been attached to (or sent to the Owner for attachment to) and made a part of this policy. The initial Policy Specifications are attached to this policy when issued. If a policy change is made, we will send to the Owner any revised or additional Policy Specifications for attachment to the policy. Except for any policy change or reinstatement requiring evidence of insurability, we cannot contest the validity of this policy: • With respect to any material misrepresentation in the application regarding the insurability of Insured No. 1, once the policy has been in force during the lifetime of Insured No. 1 for two years after its Issue Date; or • With respect to any material misrepresentation in the application regarding the insurability of Insured No. 2, once the policy has been in force during the lifetime of Insured No. 2 for two years after its Issue Date. P9-2005(FL) Page 2 Ic905rnall) EFTA00804400 For any policy change requiring evidence of insurability, we cannot contest the validity of the change with respect to each Insured after the change has been in effect for two years during the lifetime of that Insured. If evidence of insurability is required to reinstate this policy (see "Reinstating This Policy" in Part 5), our right to contest the validity of this policy begins again on the date of reinstatement. For each Insured living on that date, we cannot contest the reinstated policy after it has been in force during the lifetime of that Insured for two years after that reinstatement date. Misstatement Of Age Or Gender Death By Suicide Meaning Of In Force If the date of birth or gender of either Insured as given in the application is not correct, the Face Amount (discussed in this Part) will be adjusted. The adjustment will reflect the amount provided by the most recent monthly insurance charges using the correct ages and genders. If the adjustment is made while either Insured is living, monthly charges after the adjustment will be based on the correct ages and genders. If either Insured commits suicide, while sane or insane, within two years after the Issue Date of this policy and while the policy is in force, this policy will terminate. In this case, we will refund to the Owner the amount of premiums accepted for this policy, less any amounts withdrawn and less any policy debt. If either Insured commits suicide, while sane or insane, within two years after this policy is reinstated and while the policy is in force, this policy will terminate. In this case, we will refund to the Owner any amount paid to reinstate this policy and any premiums accepted thereafter, less any amounts withdrawn and less any policy debt. Monthly charges are discussed in Part 3. Withdrawals, policy debt, and reinstatement are discussed in Part 5. "In force" means that the insurance provided by this policy is in effect and has not terminated. This policy will be in force on the later of (a) its Issue Date or. (b) the date the first premium is received, unless: • There has been a change in the insurability of either Insured prior to the Issue Date; • The Company has issued an amendment to the application or requested additional information; or • The Company has requested a statement verifying the current insurability of either or both Insureds. If any of the above conditions apply, the policy will be considered in force on the later of (a) the date all required supplemental information is received at our Home Office, and (b) the date the first premium is received. Supplemental information may include, but is not limited to: • Evidence of policy delivery, • Evidence that there has been no material change in an Insured's health, and • Completed Application amendments. This policy will continue in force to the second death unless: Page 3 (c906maif I) P9-2005(FL) EFTA00804401 • Ether Insured commits suicide within two years after the Issue Date or the date the policy is reinstated; • The policy terminates under the terms of the Grace Period and Termination provisions in Part 3; or • The policy is surrendered. Meaning Of Second Death Simultaneous Deaths Face Amount Year Of Coverage Ages - Issue Age, Attained Age Written Request Status For Federal Tax Purposes The "second death" under this policy means the death of the survivor of the Insureds. The Insureds may die at the same time, with no reasonable way to determine who died first. In this case, we will assume that Insured No. 2 died before Insured No. 1. However, the Owner may provide otherwise by written request while both Insureds are living. The Face Amount is the amount of insurance coverage this policy provides while the policy is in face. The Initial Face Amount is the Face Amount on the Policy Date. For the Initial Face Amount, each Policy Year is a year of coverage. The Issue Age for each Insured (shown in the Policy Specifications) is the age of that Insured on the birthday nearest the Policy Date. Example: Elizabeth's 32nd birthday was May 12th. The Policy Date is today, December 1. Since December 1 is closer to her 33rd birthday, her Issue Age will be 33. The Attained Age of an Insured is the Insured's Issue Age increased by the number of full Policy Years elapsed. A "written request" is a request in writing, in a form satisfactory to us, received by us at our Home Office. In the future we may also allow the telephone, Internet or other electronic media to be used for certain transactions that currently require a Written Request. We will accept such requests only after the appropriate policies, procedures and security measures have been established. This policy is intended to qualify as a "life insurance contract" for Federal tax purposes. To maintain its status as a "life insurance contract" we will monitor the policy for compliance with the limits established by the Internal Revenue Code. In any policy year, we reserve the right to take any action we deem necessary to maintain the status of the policy, including the right to refund policy premium or to distribute to you a portion of the Account Value. We may also limit or deny any change to policy benefits (such as rider additions, or face amount decreases, rider removal or reduction, or withdrawals) to the extent required to maintain the policy's status. We will adjust the limits in any Policy Year in which there is a change to policy benefits (such as rider additions or benefit decreases resulting from the face amount reduction, rider removal or reduction or withdrawals) that alters the limits for Federal tax purposes. Following the adjustment, we reserve the right to take any action necessary to maintain the status of the policy, including the right to distribute to you a portion of the Account Value. P9-2005(FL) Page 4 (c905mall) EFTA00804402 Currency Home Office All payments made to us and by us will be in the lawful currency of the United States of America. All monetary amounts shown in this policy are in U.S. dollars. Our Home Office is in Springfield, Massachusetts. The address is Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111- 0001, or any other address as we may designate in the future. Part 2. Premium Payments Premiums are the payments that may be paid to us to increase the Account Value of this policy; they also may be needed to keep this policy in force. Premiums for this policy are discussed in this Part. The First Premium Planned Premiums Premium Flexibility And Premium Notices The first premium for this policy is shown in the Policy Specifications. It is due on the Policy Date. The planned premium for this policy is shown in the Policy Specifications. The frequency of planned premiums for this policy is as elected in the application. The frequency and amount of the planned premium may be changed by written request; the frequency may be quarterly, semiannually, or annually. We also provide a pre-authorized payment plan. This plan, and any other alternate premium plans we provide, are governed by the rules we set. Timely payment of planned premiums does not guarantee that this policy will stay in force until both Insureds have died. Policy coverage may be affected by: • The amount, frequency and timing of premium payments; • Changes in the Face Amount and Death Benefit Option; • Changes in the interest credited to the Account Value; • Changes in the policy monthly charges and expense charges; • The addition of, or changes in, policy benefit riders; • Policy loans or withdrawals; and • Transfers between the GDB Premium Account and the Specified Premium Account if DBO 4 is in effect. If continued payment of the planned premium during a Policy Year would exceed the Limit On Premium Payments for the Year shown in the Policy Specifications, we may decrease the planned premium to an amount that would not exceed that limit. If premium payments are discontinued, we will continue to deduct monthly charges from the Account Value and the policy will stay in force subject to the Grace Period and Termination provisions in Part 3. Aker the first premium has been paid, there is no requirement that any amount of premium be paid on any date. Subject to the Limit On Premium Payments shown in the Policy Specifications and while this policy is in force, any amount of premium may be paid at any time while either Insured is living. However, each premium paid must be at least $20 or, if greater, the amount needed to prevent termination, as P9-2005(FL) Page 5 EFTA00804403 discussed in the Determining Amount Of Premium Needed To Avoid Termination provision, in Part 3. We will send premium notices for the planned premium based on the amount and frequency in effect. We will stop sending notices for the planned premium upon receipt of the Owner's written request to do so. We do not send premium notices if you have elected a pre-authorized payment plan. Where To Pay Premiums Right To Refund Premiums Net Premium Maximum Guaranteed Death Benefit Safety Teat Premlurn All premiums after the first premium are payable to us at our Home Office or at the place shown for payment on the premium notice. Upon request, a receipt signed by our Secretary or an Assistant Secretary will be given for any premium payment. We have the right to refund any amount of premium paid in a Policy Year that exceeds the Limit On Premium Payments stated in the Policy Specifications. A Net Premium is a premium payment we accept for this policy less the premium expense charge we deduct at that time. The Maximum Premium Expense Charge we can deduct from each premium payment is shown in the Policy Specifications. If DBO 1 is in effect, any Net Premium allocated to the GDB Premium Account will be credited as of the date we receive the premium. lt DBO 4 is in effect, any Net Premium allocated to the GDB Premium Account and the Specified Premium Account will be credited as of the date we receive the premium. For any premium payment received before the Policy Date, the Net Premium will be credited to the Account Value as of the Policy Date. If the Face Amount of this policy includes new insurance, that is, if this policy is issued as a result of a conversion or replacement, a separate "segment" for the additional face amount will be shown in the Policy Specifications. Premium payments will be allocated to each segment of the Face Amount. The Maximum Guaranteed Death Benefit Safety Test Premium ("GDB Safety Test Premium") is shown in the Policy Specifications. It is the amount of premium that must be paid to guarantee the policy will stay in-force until, but not including, the Guaranteed Death Benefit Guarantee Period End Date ("GDB Guarantee Period End Date"). The GOB Safety Test Premium shown in the Policy Specifications is the amount that must be paid to satisfy the Safety Test. This premium must be fully allocated to the GDB Premium Account. Your policy's GDB Safety Test Premium, Guaranteed Death Benefit Pay Poriod End Date ("GDB Pay Period End Date") and GDB Guarantee Period End Date are set when the policy is issued based on the guarantee you requested. They are shown in the Policy Specifications. P9-2005(FL) Page 6 lc905m all) EFTA00804404 The GDB Guarantee Period End Date and GDB Pay Period End Date can be changed upon request. These changes may, however, impact the GDB Safety Test Premium. The Maximum GDB Safety Test Premium required to keep your guarantee in force may also change due to changes to your policy and certain policy transactions. These policy changes and transactions include, but are not limited to: • Face Amount changes; • Premium payment frequency changes; • Adding or eliminating Riders; • Having a sub-standard rating reduced or removed; • Withdrawals from the GDB Premium Account; • Transfers to or from the GDB Premium Account and • Taking a loan from the GDB Premium Account. If the Maximum Guaranteed Death Benefit Safety Test Premium changes, new Policy Specification pages will not be sent. The new amount will be noted in your Annual Statement. However, you should contact your agent and request an illustration before making a policy change or transaction. Part 3. Accounts, Values, And Charges This policy provides an Account Value comprised of the GDB Premium Account Value, the Specified Premium Account Value and the Loaned Account Value, all of which are part of our general account. If your elected death benefit option is Death Benefit Option 1, premiums may only be allocated to the GDB Premium Account. If your death benefit option is Death Benefit Option 4 (at issue or if changed at a later date), premiums may be allocated to both the GDB Premium Account and Specified Premium Account. Regardless of the death benefit option chosen, the amount of any policy loan is always part of the Loaned Account Value. Values Of This Policy AOlearnt Value The Account Value is equal to: GDB Premium Account Value • The GDB Premium Account Value; plus • The Specified Premium Account Value if DBO 4 is in effect; plus • Any Loaned Account Value. Beyond the younger Insured's Attained Age 120, the Account Value will never be less than the Face Amount on the Policy Anniversary nearest the younger Insured's Attained Age 121. The GDB Premium Account Value reflects: • The net premiums allocated to this account; less • Any surrender charges for this policy due to any decreases in the Face Amount; plus • My value transferred from the Specified Premium Account; less • Any value transferred to the Specified Premium Account; less • Any value deducted because of loans; less P9-2C05(FL) Page 7 (OH/Small) EFTA00804405 • Any monthly charges for this policy deducted from this account; plus • Interest credited to this account. Interest On The GDB Premium Account The GDB Premium Account earns interest at an effective annual rate defined in this provision. Interest is credited daily. For any part of the GDB Premium Account, the interest rate we use will be the daily equivalent of the greater of: • The Minimum Annual Interest Rate; and • An alternate annual rate established by us. The alternate annual rate of interest will reflect our expectations for future investment results, profits, and expenses. This rate will be declared for each calendar month in advance; once declared for a month, it cannot bo changed. Specified Premium The Specified Premium Account Value reflects: Account Value Interest On The Specified Premium Account • The not premiums allocated to this account; plus • Any value transferred from the GDB Premium Account; less • Any value transferred to the GDB Premium Account; less • Any value deducted because of loans; less • Any monthly charges for this policy deducted from this account: plus • Interest credited to this account. The Specified Premium Account earns interest at an effective annual rate defined in this provision. Interest is credited daily. For any part of the Specified Premium Account, the interest rate we use will be the daily equivalent of the greater of: • The Minimum Annual Interest Rate; and • An alternate annual rate established by us. The alternate annual rate of interest will reflect our expectations for future investment results, profits, and expenses. This rate will be declared for each calendar month in advance; once declared for a month, it cannot be changed. Loaned Account Tho Loaned Account Value is equal to the amount of any outstanding loan and unpaid Value loan interest and will earn interest. The interest earned on any Loaned Account Value will be the daily equivalent of the greater of: • The annual loan interest rate in effect during the current Policy Year less the loan interest rate expense charge; and • The Minimum Annual Interest Rate. If DBO 1 is in effect, the interest will be added to the GOB Premium Account. If DBO 4 is in effect, the interest will be added to the Specified Premium Account as long as there is value in that account. If there is no value in the Specified Premium Account, the interest will be added to the GDB Premium Account. P9-2005(FL) Page 8 cesosmoio EFTA00804406 The loan interest rate is discussed in the Interest On Loans provision in Part 5. The Maximum Loan Interest Rate Expense Charge and the Minimum Annual Interest Rate are shown in the Policy Specifications. Monthly Policy Charges MOnthly Charges Monthly charges will be deducted monthly from the Account Value on each Monthly Charge Date prior to the younger Insured's Attained Age 121. No monthly charges will be deducted on or after that date. If DBO 1 is in effect, the monthly charges will be deducted from the GDB Premium Account. If DBO 4 is in effect, the monthly charges will be deducted from the GDB Premium Account until it is depleted. If the Guaranteed Death Benefit Safety Test is met, no additional charges will be deducted. If the Guaranteed Death Benefit Safety Test is not met, any remaining charges will be deducted from the Specified Premium Account. Four types of monthly charges are deducted from the Account Value: • Administrative Charge; • Face Amount Charge; • Insurance Charge; and • Rider Charges. Administrative The amount of the monthly administrative charge will be determined by us. However, it Charge will not exceed the Maximum Monthly Administrative Charge shown in the Policy Specifications. Face Amount The amount of the monthly face amount charge will be determined by us. However, it Charge will not exceed the result of: Insurance Charge • The Face Amount divided by 1,000; then multiplied by • The Maximum Monthly Face Amount Charge for the year of coverage. These maximum charges are shown in the Policy Specifications. If the Face Amount of the policy has separate segments, the face amount charge for each month will be the sum of the charges determined separately for each segment of the Face Amount. The maximum monthly insurance charge rates per $1,000 of insurance risk are shown in the Tablets) Of Maximum Monthly Insurance Charges of the Policy Specifications. Maximum monthly insurance charge rates for each segment of the Face Amount will be shown in a separate table. The insurance charge is the insurance charge rate per S1,000 of insurance risk times the insurance risk. The insurance risk is computed as of the date the charge is due. All amounts are calculated as of that date. The insurance risk is determined by the following steps. P9-2005(FL) Page 9 (csosmai) EFTA00804407 (a) We compute the Account Value of this policy after all additions and deductions other than the deduction of the insurance risk charge. (b) We determine the amount of benefit under the Death Benefit Option in effect (as discussed in Part 6). The minimum death benefit (discussed in Part 6) used here is based on the Account Value computed in (a). (c) We divide the amount of benefit determined in (b) by an amount equal to 1 plus the monthly equivalent (expressed as a decimal fraction) of the Minimum Annual Interest Rate shown in the Policy Specifications. (d) We subtract the Account Value, as computed in (a), from the amount determined in (c). The result is the monthly insurance risk. If there are two or more tables of maximum monthly insurance charges, the pro rata insurance risk allocated to each table will be based on the proportionate amount of Face Amount for the table to the total Face Amount. If the monthly insurance risk is increased due to the minimum death benefit (discussed in Part 6), the table that applies to the segment requiring evidence of insurability will be used for such increase. Example: The Initial Face Amount of your policy is $750,000. $500,000 of this amount is the result of a conversion from another policy, and $250,000 is additional new insurance. The Death Benefit Option is 1, and the benefit under Death Benefit Option 1 is $750,000. The pro rata portion of insurance risk to be allocated to the table for the first segment is $500,000 divided by $750,000, or two-thirds. The pro rata portion to be allocated to the table for the second segment is $250,000 divided by $750,000, or one-third. The monthly insurance risk is computed as $600,000. The maximum monthly insurance charge per $1,000 of insurance risk will be based on the charge for an amount equal to two-thirds of $600,000, or $400,000, from the first segment and an amount equal to one-third of $600,000, or $200,000, from the second segment. Suppose instead that the benefit under Death Benefit Option 1 is $810,000 due to the minimum death benefit and that the monthly insurance risk is $660,000. Then the maximum monthly insurance charge per $1,000 of insurance risk will be based on the charge for an amount equal to $400,000 from the first segment and an amount equal to $260,000 from the second segment ($200,000 plus the $60,000 due to the minimum death benefit). We may charge less than the maximum monthly insurance charges shown in the table(s). In this case, the monthly insurance charge rates will be based on our expectations for future mortality, investment, persistency and expense results, and future profits. The expense component of these rates is used to offset sales and issue expenses, which decrease over time. For each Insured, any change in these charges will apply to all individuals in the same class. P9-2005(FL) Page 10 (c005m all) EFTA00804408 Rider Charge The monthly rider charge is the sum of the monthly charges for any riders in effect on the Monthly Charge Date. The monthly charges for any rider are shown in the Policy Specifications for the rider. Grace Period And Termination We will determine whether this policy will remain in force on each Monthly Charge Date. If not, the policy will enter the Grace Period, which is the period of time during which you have the opportunity to send us enough premium to keep this policy in force. Grace Period The policy will enter the grace period, under the following conditions. 1. If the policy debt limit is exceeded, or 2. If there is an outstanding loan on the Monthly Charge Date, but the policy debt limit has not been reached, and a. The Net Surrender Value (Account Value less surrender charges and less Debt) is less than the monthly charges due, and b. The Guaranteed Death Benefit Safety Test is not met, or 3. If there is an outstanding loan on the Monthly Charge Date, but the policy debt limit has not been reached, and a. The Account Value minus Debt is less than the monthly charges due, and b. The Guaranteed Death Benefit Safety Test is met, or 4. If there is no outstanding loan on the Monthly Charge Date, and a. The Account Value is less than the monthly charges due, and b. The Guaranteed Death Benefit Safety Test is not met. The grace period begins on the date that monthly charges are due. It ends 31 days after that date or, if later, 31 days after we mail a written notice to the last known address(es) of the Owner and any assignee shown in our records. During the grace period, the policy will stay in force. If the second death occurs during the grace period, any unpaid premium amount needed to avoid termination will be deducted from the death benefit (see Amount Of Death Benefit provision in Part 6). The policy will terminate without value if we do not receive payment of the required amount by the end of the grace period. Grace Period We will send a written notification to you if the policy enters the Grace Period. The Notification notice will state the amount of premium needed to avoid immediate termination, which may include an amount needed to satisfy the Guaranteed Death Benefit Safety Test. If the required premium is based on an amount needed to satisfy the Guaranteed Death Benefit Safety Test, the notice will state t