MassMutual Offers Free Life Insurance to Working Parents in New Jersey
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.
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