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(SPRINGFIELD, Mass.) - Massachusetts Mutual Life Insurance Company (MassMutual) is offering qualifying parents and legal guardians in its hometown community the opportunity to apply for $50,000 term life insurance policies under the company's LifeBridgeSM Free Life Insurance Program. The policies help provide an educational safety net if a qualifying parent or legal guardian dies before their eligible children complete their education.
On Saturday, May 13, from 10 a.m. to 2 p.m., MassMutual invites families to attend "LifeBridge Family Day" at the Naismith Memorial Basketball Hall of Fame at 1000 West Columbus Avenue, Springfield, Mass., where parents can apply for these policies. Parents who apply will also be given free admission for that day to the Basketball Hall of Fame museum for them and their children.
Under the LifeBridge Program, an eligible insured will have a $50,000, 10 year Term Life Insurance policy issued on his or her life. MassMutual pays the premiums. If an insured parent or legal guardian dies during the policy term, the money goes directly to a trust administered by The MassMutual Trust Company, FSB, to pay for the educational expenses of the child or children.
Covered expenses include books, tuition, fees, and room and board. The types of schools covered include pre-school, private school, trade school or college.
"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," said Cindie St. George, director of the LifeBridge program. "There is absolutely no cost to the insured for a policy under the LifeBridge program."
MassMutual has approved more than 5,000 policies nationally, which is more than $250 million in free life insurance coverage. The coverage is available in all 50 states and the District of Columbia.
Eligibility criteria for the LifeBridge program are as follows. Applicants must be:
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Between the ages of 19-42 |
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A permanent, legal U.S. resident |
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The legal guardian of one or more dependent children under age 18 |
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Currently employed - either full or part time - and have a total family income of between $10,000 and $40,000 annually |
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In good health as determined by MassMutual's underwriting guidelines (as with all life insurance policies). |
Those interested in applying up should also bring:
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A copy of their last 1040 or 1040A |
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A recent pay stub |
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Proper identification (photo ID, driver's license, Permanent VISA or Resident Alien Card, etc.) |
Interested parents should contact Tom Fiske at 413-744-8411, ext. 22051 or 860-562-2051 to schedule their 15-minute appointment and to reserve their tickets to the museum.
MassMutual is represented locally by Novak Charter Oak Insurance and Financial Services, a general agency.
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. Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The MassMutual Trust Company, FSB and MML Investors Services, Inc., member FINRA and SiPC (www.finra.org www.sipc.org)
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