(Waterbury, CT) – State Senator Joan V. Hartley (D-Waterbury) and the Boys & Girls Club of Greater Waterbury are teaming up with the Massachusetts Mutual Life Insurance Company (MassMutual) to give away free $50,000 term life insurance policies to benefit children of working families throughout Greater Waterbury. MassMutual pays all insurance premiums on the policies as part of the company’s philanthropic LifeBridgeSM program. Eligible parents and legal guardians may apply for this coverage during a public event on Wednesday, December 11, 2013 from 5:00 – 7:00 p.m. at the Boys & Girls Club of Greater Waterbury, 1037 East Main St., Waterbury, CT. Eligible applicants should call the Boys & Girls Club at 203-756-8104 to schedule their 15 minute appointment. Appointments are preferred.
“MassMutual’s LifeBridge Program which is being offered through the Boys & Girls Club of Greater Waterbury represents a significant and vital collaboration in the City of Waterbury. This exceptional program is targeted to meet a critical need of our urban families. I would like to thank MassMutual for their investment in our community and recognize the important relationship that has been established with the Boys & Girls Club of Greater Waterbury,” said Senator Hartley.
“LifeBridge is a unique and important program and I am pleased to help bring it to our community,” said John Chiero, Executive Director of the Boys & Girls Club of Greater Waterbury.
MassMutual has issued more than 13,200 10-year term life insurance policies since launching the program in 2002. This represents more than $660 million in coverage as of November, 2013.
MassMutual expects to issue a total of $1 billion in free term life insurance coverage through the national philanthropic free life insurance program, called LifeBridge. The policy proceeds help to pay for the education of eligible children if their insured parent or legal guardian dies during the 10-year policy term.
Parents and legal guardians between the ages of 19 and 42 may apply for this insurance coverage. They must have one or more dependent children 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 residents of the U.S. They also must be in good health, as determined by MassMutual’s underwriting guidelines.
“MassMutual wants children to have the money and means to help pay for their education, even if their parents or legal guardians die and the children can’t afford to pay for their own education,” added Cindie St. George from Community Responsibility at MassMutual.
If an insured parent or guardian dies during the policy’s term, MassMutual will deposit the $50,000 face amount into a trust administered by The MassMutual Trust Co., FSB, a wholly owned stock subsidiary of MassMutual, on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend. The money can be used to help pay for educational expenses such as books, tuition, fees and campus room and board. The types of schools covered include pre-school, private school, trade school, colleges, universities, art, music and graduate schools.
“We’re working very hard with local community organizations, like the Boys & Girls Club of Greater Waterbury, as well as businesses, religious organizations and lawmakers across the country to make sure families hear about this program. This is life insurance some people might not be able to afford if it weren’t for LifeBridge,” added St. George.
MassMutual agents donate their time and services to help people apply for LifeBridge insurance coverage; agents receive no commission and MassMutual pays all the life insurance premiums. There is no cost to the insured or their children.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.