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$1 Billion In Free Life Insurance To Pay For Education;
Program Puts Money In Trust Should Parents Pass Away
SPRINGFIELD, Mass., Aug. 19 /PRNewswire/ -- As students return to school,
the Massachusetts Mutual Life Insurance Company (MassMutual) reminds working
parents of its completely free, philanthropic life insurance program for
working parents, designed to ensure that if a parent passes away, money will
be available to pay for their children's education. Under the company's $1
billion LifeBridge(SM) Free Life Insurance Program, 20,000 qualifying working
parents nationwide will each be insured by a $50,000, 10-year term life
insurance policy. MassMutual pays the premiums for these policies.
The program is simple: If a parent dies within the policy term,
MassMutual will put $50,000 in trust to pay solely for the educational
expenses of the parent's dependent children. MassMutual has so far given away
more than $100 million in insurance. To obtain an eligibility form, people
can call MassMutual toll-free at 1-800-272-2216.
"Experience tells us that some of the people who believe most fervently in
the protection that life insurance offers are often those who can least afford
it," said Robert J. O'Connell, chairman, president and chief executive officer
of MassMutual. "We want to create a level playing field for children who
might otherwise be deprived of an education if their parent dies during the
term of the policy."
Various types of schools qualify for reimbursement under the program
including, but not limited to, pre-school, private school, vocational school,
community college, universities, art and music schools or graduate schools.
Some of the educational expenses covered include books, tuition, and room and
board.
"We're trying to ensure that access to educational opportunities exists
for children of working families and not just those who are lucky enough to
have parents with adequate financial means," O'Connell added. "There is
absolutely no cost to the insured for a policy under the LifeBridge program.
This program is solely philanthropic and completely free."
To be eligible to apply for a term life insurance policy under the
LifeBridge(SM) program, applicants must meet all criteria for acceptance into
the program. Eligible applicants must be:
-- between the ages of 19-42 (inclusive);
-- a permanent, legal U.S. resident;
-- the parent or legal guardian of one or more dependent children under
the age of 18;
-- currently employed - either full- or part-time - and have a family
income of between $10,000 and $40,000 on their most recent income tax
return; and
-- in good health, as determined by MassMutual's underwriting guidelines.
If the insured parent or legal guardian dies during the 10-year term of
the policy, the $50,000 death benefit per policy will be applied solely toward
the education of the children named as beneficiaries. The money will be paid
to a trust administered by the MassMutual Trust Company, FSB that will
reimburse the educational institutions attended by the children.
"Education is a key ingredient in the recipe for success," added Cindie
St. George, director, LifeBridge Operations. "Our goal is to make it easier
for students to attain an education if their parent is no longer living, and
thus unable to provide any financial help. We want to do our part in helping
ensure money for education is available if a parent dies during the term of
the policy."
In addition to its LifeBridge program, MassMutual will fund $525,000 in
college scholarships over the next three years as part of a program with the
US Tennis Association (USTA). Beginning with graduating high-school seniors
in 2005, MassMutual will offer through the USTA's Education and Tennis
Foundation a total of 105 college scholarships - at least two scholarships to
students in each of the 17 USTA sections. In its local home office
communities in Massachusetts and Connecticut, MassMutual also donates an
additional $250,000 per year in scholarships.
MassMutual Financial Group - comprised of member companies with more than
$285 billion in assets under management as of year-end 2003 - is a global,
growth-oriented, diversified financial services organization providing life
insurance, annuities, disability income insurance, long-term care insurance,
retirement planning products, structured settlement annuities, trust services,
money management, and other financial products and services.
The MassMutual Financial Group is a marketing designation (or fleet name)
for Massachusetts Mutual Life Insurance Company and its affiliates, which
include OppenheimerFunds, Inc.; David L. Babson & Company Inc.; Cornerstone
Real Estate Advisers, Inc.; MML Investors Services, Inc.; The MassMutual Trust
Company, FSB; Antares Capital Corporation; MML Bay State Life Insurance
Company; C.M. Life Insurance Company; and MassMutual International, Inc.
MassMutual is on the Internet at http://www.massmutual.com.
SOURCE Massachusetts Mutual Life Insurance Company (MassMutual)
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Related links:
http://www.massmutual.com
CONTACT:
Mark Di Giorgio of MassMutual Financial
Group, +1-413-744-7722
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