SPRINGFIELD, Massachusetts, Sept. 12, 2012 /PRNewswire-HISPANIC PR WIRE/ — Massachusetts Mutual Life Insurance Company (MassMutual), in conjunction with Life Insurance Awareness Month, is celebrating the 10th anniversary of its LifeBridge(SM) Free Life Insurance Program, the company’s philanthropic initiative for working families across the country and the only program of its kind.
“MassMutual is proud to celebrate this major milestone in providing free life insurance to families who need it the most,” said Roger Crandall, Chairman, President and CEO of MassMutual. “Our decade of investment in the LifeBridge program emphasizes the value we place on life insurance as the foundation of financial security and the difference it makes for thousands of families that we’ve helped.”
The LifeBridge program aims to protect children’s educational futures by issuing $50,000 term life insurance policies (MassMutual pays all of the insurance premiums) to benefit children of eligible working families who qualify. As of August 7, 2012, MassMutual has provided more than 12,500 policies to families across the country totaling more than $625 million in free coverage through the program. With an end goal of issuing a total of $1 billion in free coverage, MassMutual’s LifeBridge program has paid nearly $1 million in claims since the inception of the program in 2002 – demonstrating the critical need for life insurance among working families.
“LifeBridge helps fill the gap between the financial realities hard-working families face and their desire to make a better life for their children,” said Crandall. “In today’s society, education is an integral part of achieving success and financial stability.
As part of the 10th anniversary celebration, MassMutual has unveiled a new website for LifeBridge where families can get more information about the program, find out how to sign-up and watch a video of a LifeBridge participant who says the program has given her peace of mind that her children’s educational dreams would still be protected if she were to die.
In addition, MassMutual will continue to offer application events across the country including three slated for September in San Francisco, Cali., Tampa, Fla. and in MassMutual’s home office community of Springfield, Mass.
To apply, parents and legal guardians between the ages of 19 and 42 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. They must also be in good health, as determined by MassMutual’s underwriting guidelines.
If an insured parent or guardian dies during the LifeBridge policy’s 10-year term, MassMutual will deposit the $50,000 face amount into a trust administered by The MassMutual Trust Co., FSB, a wholly owned stock subsidiary of MassMutual, on behalf of the child(ren). The trust will pay educational expenses of the child(ren) directly to the educational institution they attend. The money can be used to help pay for expenses such as books, tuition, fees and campus room and board. The types of schools covered include pre-school, private school, trade school, colleges, universities, art, music and graduate schools.
LifeBridge is a completely philanthropic initiative that began in 2002 as MassMutual saw the need to provide life insurance to families with lower incomes, who likely need coverage the most but can’t fit it into their tight budgets. It is the only program of its kind.
“At a time when the economy is still struggling and life insurance ownership is at its lowest in 50 years*, LifeBridge helps provide some peace of mind for parents who otherwise may not be able to afford it,” said Crandall. “Even after ten years, MassMutual is still committed to this great program, and fulfilling this significant need in our society.”
LifeBridge application meetings are held throughout the country in coordination with MassMutual financial professionals who donate their time and services to help people apply for the free insurance coverage; agents receive no commission and MassMutual pays all the life insurance premiums. There is no cost to the insured persons or their children.
For more information about MassMutual’s LifeBridge program and how to apply, visit http://www.massmutual.com/lifebridge
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit http://www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+.
*2010 Trends in Life Insurance Ownership study by LIMRA