MassMutual offering free life insurance
SPRINGFIELD MassMutual will issue $50,000 term life insurance policies to benefit children of eligible working families in the Greater Springfield 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 Oct. 25 from 10 a.m. to 4 p.m. at the Eastfield Mall Family Health and Wellness Fair.
"LifeBridge helps bridge the gap between the financial realities hard-working families face and their desire to make a better life for their children," Peter Novak, general agent, of Charter Oak Insurance & Financial Services, said. "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."
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 a citizen or legal resident of the U.S. They must also be 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, a wholly owned subsidiary of MassMutual, on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend. The money can be used to help pay for educational expenses at any school level.
"We're working very hard with local community groups, businesses, religious organizations and lawmakers across the country to make sure families hear about this program," Cindie St. George, director of MassMutual's LifeBridge program, said.
If you are eligible to apply, please call Carolyn at 534-8000 ext. 11 to schedule your 15-minute appointment.