MADISON -- Massachusetts Mutual Life Insurance Company (MassMutual) will issue $50,000 term life insurance policies to benefit children of eligible working families in the Madison area, at no cost to the families. MassMutual pays the premiums.
Parents and legal guardians may apply for this coverage during a special event on Tuesday, June 30, from 3 to 5 p.m. at Catholic Charities, 702 S. High Point Rd., Madison; reservations are necessary. For more information or to apply for insurance coverage through MassMutual's LifeBridge program, call 608-821-3100.
MassMutual expects to issue a total of $1 billion in free term life insurance coverage through its national philanthropic free life insurance program: LifeBridge. The policy proceeds help to pay for the education of eligible children if their insured parent or legal guardian dies during the 10-year policy term.
"MassMutual wants children to have the money and means to pay for their education, even if their parents or legal guardians die and the children can't afford to pay for their own education," said Robert DeCock of MassMutual.
MassMutual has issued more than 9,600 10-year term life insurance policies since launching the program in 2002. This represents over $480 million dollars in coverage as of April 9, 2009.
Parents and legal guardians between the ages of 19 and 42 may apply for this insurance coverage. They must have one or more dependent children under the age of 18, be working full or part time with a total family income of between $10,000 and $40,000, and be permanent, legal residents of the U.S. in good health, as determined by MassMutual's underwriting guidelines.
If an insured parent or guardian dies during the policy's term, MassMutual will deposit the $50,000 face amount into a trust administered by The MassMutual Trust Co., FSB on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend.
"We're working very hard with local community groups, businesses, religious organizations, and lawmakers to make sure families hear about this program. This is life insurance some people might not be able to afford if it weren't for LifeBridge," said Brian Cain, president of Catholic Charities.
MassMutual agents donate their time and services to help people apply for LifeBridge insurance coverage; agents receive no commission and MassMutual pays all the premiums.
For more information, go to www.massmutual.com