LAKEWOOD, N.J., Jan.
2 /PRNewswire/ -- The Lakewood Resource and Referral Center and
Shimshon Lowy of Emerald Financial Resources/Massachusetts Mutual Life
Insurance Company (MassMutual) are bringing MassMutual's LifeBridge(SM)
Free Life Insurance Program to the Lakewood, New Jersey area.
MassMutual's
LifeBridge is a national philanthropic program in which the company
issues 10-year term life insurance policies to eligible working parents
to help pay for the cost of their children's education in the event
they die. Through LifeBridge, $50,000life insurance policies
are issued to a trust on the life of qualifying parents or legal
guardians to help pay for the education of their eligible children who
-- in the event of a parent's death during the policy's term -- may not
be able to afford to complete their schooling. All premiums are paid
entirely by MassMutual, with no fees ever for qualified parents or
their children.
The
Lakewood Resource and Referral Center and MassMutual are holding a
LifeBridge application meeting at the Hollander Hatzolah Building at
501 W. County Line Road next Monday, Jan. 8, for community members who
want to apply for the program. The meeting will run from 4:00 - 7:00
p.m.
"We
are extremely excited to bring LifeBridge to the Lakewood area," says
Shimshon Lowy, CLTC, insurance and financial services professional for
MassMutual, who is offering the program locally. "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."
Avrohom
Muller, Chairperson of the Lakewood Resource and Referral Center added,
"We want to help 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. There is
absolutely no cost to the insured for a policy under the LifeBridge
program."
MassMutual
has provided more than 6,100 10-year term life insurance policies since
launching the LifeBridge program in 2002, representing more than $305
million in free life insurance coverage.
To be eligible to apply for a term life insurance policy under the LifeBridge program, applicants must be:
- Between the ages of 19-42;
- 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 between $10,000 and $40,000 on their most recent income tax
return;
- The only family member who has applied for the LifeBridge program; 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 will be applied solely toward the education of the children.
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, 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. For more
information, please contact Shimshon Lowy at 732-886-7410.
MassMutual
Financial Group is the fleet name for Massachusetts Mutual Life
Insurance Company (MassMutual) and its affiliates, with more than 13
million clients and over $395 billion in assets under management at
year-end 2005.
Copyright (2007) PRNewswire. All rights reserved.
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