Strategic Group Variable Universal Life® II
Issued by Massachusetts Mutual Life Insurance Company
Massachusetts Mutual Variable Life Separate Account I
Updating Summary Prospectus – April 29, 2024
This Summary Prospectus summarizes key features of the Strategic Group Variable Universal Life® II certificate, a group, flexible premium, variable adjustable life insurance certificate issued to individuals under a group life insurance policy (certificate), issued by Massachusetts Mutual Life Insurance Company.
The prospectus for the Strategic Group Variable Universal Life II certificate contains more information about the certificate, including its features, benefits, and risks. You can find the current statutory prospectus and other information about the certificate online at www.MassMutual.com/SGVULII. You can also obtain this information at no cost by calling (800) 548-0073 or by sending an email request to LCMClientServices@MassMutual.com.
Additional information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission staff and is available at www.investor.gov.
The SEC has not approved or disapproved this certificate or determined that this prospectus is accurate or complete. Any representation that it has is a criminal offense.
1
Account Value. The value of your investment in the Separate Account Divisions and the GPA.
Certificate Anniversary. The anniversary of the Certificate Date.
Certificate Date. The date used as the starting point for determining Certificate Anniversary dates, Certificate Years and Monthly Calculation Dates.
Certificate Debt. All outstanding loans plus accrued interest.
Certificate Owner. The person who will generally make the choices that determine how the certificate operates while it is In Force.
Certificate Year. The twelve-month period beginning with the Certificate Date, and each successive twelve-month period thereafter.
Fund(s). The investment entities in which the Separate Account Divisions invest.
General Investment Account. The Company’s General Investment Account, which supports the Company’s annuity and insurance obligations. The General Investment Account’s assets include all of our assets, with the exception of the Separate Account and the Company’s other segregated asset accounts.
In Force. Your certificate has not terminated.
Insured. The person on whose life the certificate is issued.
Modified Endowment Contract (MEC). A special type of life insurance under federal income tax law. Specifically, the law prescribes a test that is intended to differentiate between policies that are purchased primarily for certain tax advantages, versus policies that are purchased primarily for death protection. MECs are still life insurance and offer tax-free death benefits and tax-deferred cash value accumulation. However, pre-death distributions (including loans) are taxed as “income first” (not cost basis first), meaning they are taxable to the extent of gain in the policy. In addition, distributions may be subject to a 10% additional tax.
Monthly Calculation Date. The Certificate Date and the same day of each succeeding calendar month on which monthly charges are due on the certificate.
Planned Premium. The amount selected by you to be paid periodically on the certificate, which establishes the basis for the premium bills we send you.
Separate Account Division. A variable investment division offered through our Separate Account that invests in the corresponding underlying Fund.
2
Updated Information About Your Certificate
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The information in this Updating Summary Prospectus is a summary of certain certificate features that have changed since May 1, 2023. This may not reflect all changes that have occurred since you purchased your certificate. |
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Fund Name Change |
Delaware Ivy VIP Asset Strategy was renamed Macquarie VIP Asset Strategy Series. |
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Sub-Adviser Change |
T. Rowe Price Associates, Inc. no longer serves as sub-adviser to the MML Equity Fund. |
3
Important Information You Should Consider About the Certificate
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FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
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Charges for Early Withdrawals |
When you withdraw a portion of your Account Value from the certificate, we deduct a withdrawal charge of up to 2% of the amount you withdraw, but not more than $25. Please note that this charge applies to any withdrawal – whether it is taken early in your holding of the certificate or later. |
Fee Tables – Transaction Fees – Withdrawal Charge |
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Transaction Charges |
In addition to withdrawal charges, you also may be charged for other transactions. These charges are as follows: |
Fee Tables – Transaction Fees – Premium Load Charge |
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Ongoing Fees and Expenses |
In addition to withdrawal charges and transaction charges, an investment in the certificate is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the certificate and the cost of optional benefits available under the certificate. These fees and expenses are set based on characteristics of the Insured under the certificate (e.g., age, sex, and underwriting class). You should view the certificate specifications pages for rates applicable to your certificate. |
Fee Tables – Periodic Charges Other than Annual Fund Operating Expenses |
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Annual Fee |
Minimum |
Maximum |
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Fund options (Fund fees and expenses) |
0.44%(1) |
1.49%(1) |
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| (1) | As a percentage of Fund assets. |
4
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RISKS |
LOCATION IN PROSPECTUS |
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Risk of Loss |
You can lose money by investing in the certificate. |
Principal Risks – Investment Risks |
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Not a Short-Term Investment |
A certificate is not a short-term investment vehicle and is not appropriate for an investor who needs ready access to cash. |
Overview of the Certificate – What is the certificate, and what is it designed to do? |
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Risks Associated with Investment Options |
An investment in this certificate is subject to the risk of poor investment performance and can vary depending upon the performance of the underlying Funds you choose. |
Principal Risks – Investment Risks |
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Insurance Company Risks |
An investment in the certificate is subject to the risks related to the Depositor (MassMutual). Any obligations (including under any fixed account investment option), guarantees, or benefits of the certificate are subject to the claims-paying ability of MassMutual. If MassMutual experiences financial distress, it may not be able to meet its obligations to you. More information about MassMutual, including its financial strength ratings, is available by calling (800) 665-2654 or by visiting www.MassMutual.com/ratings. |
General Information About the Company, the Separate Account and the Underlying Funds – The Guaranteed Principal Account |
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Certificate Lapse |
Your certificate could terminate (or lapse) if the Surrender Value becomes too low to support the certificate’s monthly charges. Factors that may cause your certificate to lapse include: insufficient premium payments, poor investment performance, withdrawals, and unpaid loans or loan interest. If your certificate lapses, you may be able to reinstate it. To reinstate your certificate, you must provide us certain written materials we require as well as a premium payment sufficient to keep the certificate In Force for three months after reinstatement. The death benefit will not be paid if the certificate has lapsed. |
Principal Risks – Certificate Termination |
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5
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RESTRICTIONS |
LOCATION IN PROSPECTUS |
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Investments |
Generally, you may transfer Account Value among the Separate Account Divisions and the Guaranteed Principal Account (GPA), subject to certain limitations. •
Transfers from the GPA to the Separate Account are limited to one per Certificate Year, and generally may not exceed 25% of your Account Value in the GPA (less any Certificate Debt). •
There is one exception to this rule. If you have transferred 25% of the GPA Value (less any Certificate Debt) for three consecutive years and you have not added any Net Premium or transferred amounts to the GPA during these three consecutive years, you may transfer the remainder of the GPA Value (less any Certificate Debt) out of the GPA in the succeeding Certificate Year. •
Transfers (including transfers through automated programs) cannot be processed during a Grace Period. In addition, we reserve the right to reject or restrict transfers if we determine the transfers reflect frequent trading or a market timing strategy, or we are required to reject or restrict the transfer by the applicable Fund. |
Transfers |
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Optional Benefits |
Optional benefits, such as riders, may alter the benefits or charges under your certificate. Rider availability and benefits may vary by state of issue, and their election may have tax consequences. Riders may have restrictions or limitations. If you elect a particular rider, it may restrict or enhance the terms of your certificate, or restrict the availability or terms of other riders. |
Other Benefits Available |
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TAXES |
LOCATION IN PROSPECTUS |
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Tax Implications |
•
You should consult with a tax professional to determine the tax implications of an investment in and payments received under the certificate. •
If you purchase the certificate through a qualified retirement plan, you do not receive any additional tax deferral. •
Withdrawals and partial surrenders are taxed as recovery of cost basis first and income second. Loans and collateral assignments are not taxable when taken. Any gain on your certificate is taxed as ordinary income. If your certificate becomes a Modified Endowment Contract (MEC), loans, collateral assignments, withdrawals, and other pre-death distributions will be taxed as income first and recovery of cost basis second. You may have to pay a penalty tax if you take a distribution before you attain age 59½. |
Federal Income Tax Considerations |
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6
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CONFLICTS OF INTEREST |
LOCATION IN PROSPECTUS |
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Investment Professional Compensation |
Your registered representative may receive compensation in the form of commissions for selling the certificate to you. If your registered representative is also a MassMutual insurance agent, they are also eligible for certain cash and non-cash benefits from us. Cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistency (certificate retention). Non-cash compensation includes various recognition items such as prizes and awards as well as attendance at, and payment of the costs associated with attendance at, conferences, seminars and recognition trips, and also includes contributions to certain individual plans such as pension and medical plans. Sales of the certificate may help these registered representatives and their supervisors qualify for such benefits. |
Other Information – Distribution |
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Exchanges |
Some investment professionals may have a financial incentive to offer you the certificate in place of the one you own. You should only exchange your current life insurance policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the certificate rather than continue to own your existing life insurance policy. |
N/A |
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7
Funds Available Under the Certificate
The following is a list of Funds currently available under the certificate. This list of Funds is subject to change, as discussed in the prospectus for the certificate. Before you invest, you should review the prospectuses for the Funds. These prospectuses contain more information about the Funds and their risks and may be amended from time to time. You can find the prospectuses and other information about the Funds online at www.MassMutual.com/SGVULII. You can also request this information at no cost by calling (800) 548-0073 or sending an email request to LCMClientServices@MassMutual.com.
The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your certificate may charge. Expenses would be higher and performance would be lower if these charges were included. Each Fund’s past performance is not necessarily an indication of future performance.
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Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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Asset Allocation |
MML Aggressive Allocation Fund (Initial Class)(1) |
0.97
%
|
18.32
%
|
10.27
%
|
7.32
%
|
|
Asset Allocation |
MML American Funds Core Allocation Fund (Service Class I)(1) |
1.00
%
|
14.37
%
|
7.94
%
|
6.44
%
|
|
Asset Allocation |
MML Balanced Allocation Fund (Initial Class)(1) |
0.85
%
|
12.47
%
|
6.44
%
|
4.95
%
|
|
Asset Allocation |
MML Conservative Allocation Fund (Initial Class)(1) |
0.82
%
|
11.65
%
|
5.54
%
|
4.37
%
|
|
Asset Allocation |
MML Growth Allocation Fund (Initial Class)(1) |
0.90
%
|
15.98
%
|
8.95
%
|
6.48
%
|
|
Asset Allocation |
MML Moderate Allocation Fund (Initial Class)(1) |
0.86
%
|
13.90
%
|
7.29
%
|
5.50
%
|
|
Money Market |
MML U.S. Government Money Market Fund (Initial Class)(2) |
0.52
%
|
4.64
%
|
1.54
%
|
0.95
%
|
|
Fixed Income |
Invesco V.I. Global Strategic Income Fund (Series I) |
0.92
%
(*)
|
8.88
%
|
1.30
%
|
1.50
%
|
|
Fixed Income |
MML Dynamic Bond Fund (Class II) |
0.57
%
(*)
|
7.99
%
|
0.97
%
|
—
|
|
Fixed Income |
MML High Yield Fund (Class II) |
0.96
%
(*)
|
13.21
%
|
5.07
%
|
4.53
%
|
|
Fixed Income |
MML Inflation-Protected and Income Fund (Initial Class) |
0.61
%
(*)
|
5.43
%
|
3.19
%
|
2.48
%
|
8
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Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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|
Fixed Income |
MML Managed Bond Fund (Initial Class) |
0.45
%
|
6.70
%
|
1.58
%
|
2.04
%
|
|
Fixed Income |
MML Short-Duration Bond Fund (Class II) |
0.58
%
|
6.94
%
|
1.30
%
|
1.58
%
|
|
Fixed Income |
MML Total Return Bond Fund (Class II) |
0.63
%
|
5.45
%
|
1.04
%
|
1.55
%
|
|
Balanced |
MML Blend Fund (Initial Class)(1) |
0.50
%
|
17.62
%
|
9.10
%
|
7.55
%
|
|
Large Cap Value |
MML Equity Fund (Initial Class) |
0.44
%
|
9.32
%
|
11.99
%
|
8.34
%
|
|
Large Cap Value |
MML Equity Income Fund (Initial Class) |
0.79
%
|
9.54
%
|
11.20
%
|
7.86
%
|
|
Large Cap Value |
MML Fundamental Value Fund (Class II) |
0.80
%
|
13.69
%
|
12.14
%
|
8.39
%
|
|
Large Cap Value |
MML Income & Growth Fund (Initial Class) |
0.71
%
|
9.19
%
|
12.00
%
|
8.79
%
|
|
Large Cap Blend |
Fidelity® VIP Contrafund® Portfolio (Service Class) |
0.66
%
|
33.34
%
|
16.54
%
|
11.50
%
|
|
Large Cap Blend |
Invesco V.I. Main Street Fund® (Series I) |
0.80
%
(*)
|
23.22
%
|
13.57
%
|
10.02
%
|
|
Large Cap Blend |
MML Focused Equity Fund (Class II) |
0.87
%
|
9.88
%
|
13.44
%
|
10.83
%
|
|
Large Cap Blend |
MML Fundamental Equity Fund (Class II) |
0.81
%
|
23.00
%
|
14.99
%
|
12.22
%
|
|
Large Cap Blend |
MML Sustainable Equity Fund (Initial Class) |
0.56
%
|
24.51
%
|
14.72
%
|
10.97
%
|
|
Large Cap Growth |
MML American Funds Growth Fund (Service Class I)(3)(4) |
1.02
%
|
37.96
%
|
18.17
%
|
13.87
%
|
|
Large Cap Growth |
MML Blue Chip Growth Fund (Initial Class) |
0.78
%
|
49.53
%
|
12.93
%
|
12.05
%
|
9
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Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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|
Large Cap Growth |
MML Large Cap Growth Fund (Initial Class) |
0.69
%
|
51.71
%
|
17.75
%
|
12.98
%
|
|
Small/Mid-Cap Value |
MML Mid Cap Value Fund (Initial Class) |
0.89
%
|
5.97
%
|
11.11
%
|
8.83
%
|
|
Small/Mid-Cap Value |
MML Small Company Value Fund (Class II) |
0.99
%
(*)
|
16.14
%
|
11.22
%
|
7.62
%
|
|
Small/Mid-Cap Value |
MML Small/Mid Cap Value Fund (Initial Class) |
0.82
%
|
17.12
%
|
11.06
%
|
7.75
%
|
|
Small/Mid-Cap Blend |
MML Small Cap Equity Fund (Initial Class) |
0.73
%
|
17.81
%
|
13.18
%
|
9.09
%
|
|
Small/Mid-Cap Growth |
Invesco V.I. Discovery Mid Cap Growth Fund (Series I) |
0.87
%
|
13.15
%
|
12.77
%
|
9.79
%
|
|
Small/Mid-Cap Growth |
MML Mid Cap Growth Fund (Initial Class) |
0.82
%
|
22.64
%
|
11.38
%
|
10.40
%
|
|
Small/Mid-Cap Growth |
MML Small Cap Growth Equity Fund (Initial Class) |
1.08
%
(*)
|
16.84
%
|
11.91
%
|
8.80
%
|
|
International/Global |
Invesco Oppenheimer V.I. International Growth Fund (Series I) |
1.00
%
(*)
|
21.06
%
|
8.72
%
|
3.80
%
|
|
International/Global |
Invesco V.I. Global Fund (Series I) |
0.82
%
|
34.73
%
|
12.30
%
|
8.47
%
|
|
International/Global |
MML Foreign Fund (Initial Class) |
0.95
%
|
16.22
%
|
6.11
%
|
2.22
%
|
|
International/Global |
MML Global Fund (Class II) |
0.83
%
|
14.37
%
|
10.46
%
|
7.39
%
|
|
International/Global |
MML International Equity Fund (Class II) |
0.95
%
(*)
|
18.51
%
|
8.11
%
|
—
|
|
International/Global |
MML Strategic Emerging Markets Fund (Class II) |
1.25
%
(*)
|
10.47
%
|
1.93
%
|
1.11
%
|
10
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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|
Specialty(5) |
Macquarie VIP Asset Strategy Series (Service Class)(6) |
0.85
%
(*)
|
13.94
%
|
8.27
%
|
3.48
%
|
|
Specialty(5) |
MML Managed Volatility Fund (Initial Class) |
1.06
%
|
12.87
%
|
5.74
%
|
4.36
%
|
| (*) | These Funds and their investment advisers have entered into contractual fee waivers or expense reimbursements. These temporary fee reductions are reflected in their current expenses. Those contractual arrangements are designed to reduce the Fund’s total current expenses for Owners and will continue past the current year. |
| (1) | These are fund-of-funds investment choices. They are known as fund-of-funds because they invest in other underlying funds. A fund offered in a fund-of-funds structure may have higher expenses than a direct investment in its 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. |
| (2) | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The yield of this Fund may become very low during periods of low interest rates. After deduction of Separate Account charges, the yield in the division that invests in this Fund could be negative. |
| (3) | The Fund is a “feeder” fund, meaning that it does not buy investment securities directly, but instead invests in shares of a corresponding “master” fund, which in turn purchases investment securities. A fund offered in a master feeder structure may have higher expenses than those of a fund which invests directly in securities because the “feeder” fund bears its own expenses in addition to those of the “master” fund. You should read the Fund prospectuses for more information about this “feeder” fund. |
| (4) | The MML American Funds Growth Fund invests all of its assets in the Class 1 shares of the American Funds Insurance Series® – Growth Fund. However, this Fund is not available directly as investment choices under your MassMutual variable product. You should read the prospectus along with the prospectus for the MML American Funds Growth Fund. |
| (5) | Specialty funds are an all-encompassing category that consists of funds that forgo broad diversification to concentrate on a certain segment of the economy or a specific targeted strategy. For example, sector funds are targeted strategy funds aimed at specific sectors of the economy, such as financial, technology, healthcare, and so on. Sector funds can, therefore, be more volatile than a more diversified equity fund since the stocks in a given sector tend to be highly correlated with each other. |
| (6) | Macquarie VIP Asset Strategy Series formerly known as Delaware Ivy VIP Asset Strategy. |
11
This Summary Prospectus incorporates by reference the Strategic Group Variable Universal Life II certificate’s statutory prospectus and Statement of Additional Information (SAI), both dated April 29, 2024, as amended or supplemented. The SAI includes additional information about Massachusetts Mutual Variable Life Separate Account I.
You can find the statutory prospectus and SAI at www.MassMutual.com/SGVULII. You can also obtain this information at no cost by calling (800) 548-0073 or by sending an email request to LCMClientServices@MassMutual.com.
EDGAR Contract Identifier: C000161953