SPRINGFIELD, Mass.- Considering all the negative press about the insurance industry lately here's a welcome surprise-an insurance company is giving away free life insurance policies to as many 20,000 lower-income parents to help their children get through school if the worst happens. Under the new LifeBridge Free Life Insurance Program, Massachusetts Mutual Life Insurance Company will provide up to a total of $1 billion in term life insurance coverage to help qualified parents protect their children's education. MassMutual pays the premiums for all policies issued and there is no out-of-pocket cost to any covered insured or his/her children. If an insured parent dies during the 10-year term of the policy, the $50,000 death benefit will be applied to help cover school expenses, including books and tuition. To be eligible for the program, a parent must be between 19 and 39 years old and must also be entitled to the federal Earned Income Tax Credit. Parents also must be employed, with at least a two-year work history and be in good health. The program is being piloted in Connecticut, Massachusetts, New Jersey and North Carolina through the end of 2002. Plans are underway to roll it out across the nation beginning in 2003.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the September-25, 2002 issue of Credit Union Times Magazine • Subscribe!
MassMutual Life Insurance puts money where heart is
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
- The 4 Major Designs of the $100 Bill (Slide Show)
- Anonymous May 7 Target List Includes 12 Large Credit Unions
- Theresa Portillo Sentenced to 6½ Years in Prison for Looting Feminist CU
- WesCorp’s Legacy Losses Outpace Other Corporates
- Stacie Wyss-Schoenborn Seeks Innovation One Step at a Time: Women to Watch
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
