Philanthropic LifeBridge(SM) Program Puts Money In Trust to Pay for Children's
Education
MINNEAPOLIS, March 15 /PRNewswire/ -- On March 22, the Massachusetts
Mutual Life Insurance Company (MassMutual) and Minneapolis Financial Group
will announce a completely free term life insurance program available to
lower-income working parents in the Twin Cities. Under the company's
philanthropic LifeBridge(SM) Free Life Insurance Program, qualifying working
parents will have a $50,000 life insurance policy issued on their life. If the
parent dies during the free policy's 10-year term, the $50,000 benefit will go
to an educational trust fund to pay solely for their dependent children's
education. The advisors at Minneapolis Financial Group are donating their
time to offer the program locally.
The kick-off will take place at 7:30 a.m. on March 22 with a breakfast at
the Minneapolis Club, 729 Second Ave S, Minneapolis, when MassMutual and
community organizations that serve low-income families in the Twin Cities will
meet to discuss the rollout.
MassMutual plans to give away $1 BILLION OF INSURANCE ACROSS THE COUNTRY.
To date 3,200 policies, or $160 million in insurance, have been issued.
"We're delighted to offer this program to residents of the Twin Cities,"
said David Means, president of Minneapolis Financial Group. "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. 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."
"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," he added. "There is absolutely
no cost to the insured for a policy under the LifeBridge program."
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.
Each LifeBridge policy has a 10-year policy term. If the insured parent
or legal guardian dies during that time, the $50,000 life insurance 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 on behalf of the children. The trust will pay
the educational expenses of the children directly to the educational
institution they attend.
Various types of schools qualify for reimbursement 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.
MassMutual Financial Group is a global, growth-oriented, diversified
financial services organization with more than $325 billion in assets under
management. Member companies provide 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 Minneapolis Financial Group is a general agency of the Massachusetts
Mutual Life Insurance Company (MassMutual) and currently serves more than
30,000 clients in the upper Midwest.
Contact:
Kerri O'Meara 612-492-9302
Mark Di Giorgio 413-744-7722
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SOURCE Massachusetts Mutual Life Insurance Company
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Related links:
http://www.massmutual.com
CONTACT:
Kerri O'Meara, +1-612-492-9302, or Mark Di
Giorgio, +1-413-744-7722, both of MassMutual
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