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(SPRINGFIELD, Mass.) - Massachusetts Mutual Life Insurance Company (MassMutual) today announced the issuance of its 5,000th free $50,000 policy under its LifeBridgeSM Free Life Insurance Program. The action marks a major milestone in this unique national life insurance program launched by MassMutual just three years ago.
Now available throughout the U.S., LifeBridge provides free $50,000 insurance policies on the life of qualifying parents or legal guardians to help pay for the education of eligible children who would not be able to afford to complete their schooling in the event of a parent's death. All premiums are paid entirely by MassMutual, with no fees ever charged to qualifying families.
LifeBridge has been the subject of substantial publicity and recognition across the nation. Most recently, it was honored by the "I Have a Dream"® Foundation with its Corporate Award at the foundation's 25th Anniversary Celebration Gala at The Rainbow Room in New York City on April 24. In addition, the program received the 2004 Arthur W. Page Society Merit Award.
"Education is perhaps the most important factor in determining a family's future," said Cindie St. George, Director of LifeBridge at MassMutual. "It is our distinct pleasure to report we have achieved this very important milestone - 5,000 families now enrolled in the unique LifeBridge program - and we look forward to making many more of our LifeBridge policies available to deserving individuals and families."
Eligible LifeBridge 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 parent or legal guardian of one or more dependent children under the age of 18; |
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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; |
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The only family member who has applied for the LifeBridge program; and |
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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 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 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.
Ms. St. George added: "Through LifeBridge, we're trying to ensure that children of hard working parents have the same access to education as others. The program is for people who normally may not be able to afford the protection that life insurance provides to help surviving children get an education."
To learn more about LifeBridge visit massmutual.com/lifebridge or call 1-800-272-2216.
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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