I’m helping a client out who has an existing Mass Mutual Whole life policy issued in the 90s. It’s going to mature at age 100 and the owner will be issued a check. I’ve read this happens on all policies before 2007. Both fortunately and unfortunately, this is a great policy and the cost basis is low. This means she will receive a 1099 and will be taxed heavily on ordinary income above her basis. She has real concerns about living to 100.

We’re just in the early stages and I don’t know if I would have an option to replace this, but just curious what could happen on the other side.

My questions

Does MML offer an extension on old policies? What is the oldest age MML can write a new policy in an exchange? Are there any other options within MML? She’s 89 now and has about 675k of cash value. She’s comfortable with 5k premiums. Any idea what the DB would look like at age 90 and also at age 103? An illustration would be great if someone was kind enough to email one.

Thanks in advance,
BC