Massachusetts Mutual Life Insurance Co. has provided more than 12,500 free life insurance policies totaling $625 million in coverage to working families over the last 10 years, through its LifeBridge Free Life Insurance Program, the company said.
The program issues $50,000 term life insurance policies to benefit children of working families. To be eligible, parents and legal guardians between the ages of 19 and 42 must have at least one dependent child 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 U.S. residents. Applicants must also be in good health, according to MassMutual's underwriting guidelines.
If an insured parent or guardian dies during the policy's 10-year term, $50,000 is deposited into a trust to pay for the children's educational expenses. The money can be used to help pay for books, tuition, fees and campus room and board.
As part of the program's 10th anniversary celebration, the company launched a new website for LifeBridge, where families can learn more information about the program and apply.