That the MassMutual Financial Group will be offering eligible Quad Cities families free $50,000 term life insurance policies under MassMutual’s philanthropic LifeBridge Free Life Insurance Program. If an insured parent or legal guardian passes away during the 10-year term of the policy, Massachusetts Mutual Life Insurance Company (MassMutual) will put $50,000 in trust to pay solely for the educational expenses of dependent children.
“This is an opportunity to make a valuable program available to our eligible families at no extra cost,” said John Budish. “This is an absolutely free program with MassMutual paying all the premiums.”
Budish, MassMutual’s local representative, and his team are providing the free program as a community service. “Our philanthropic goal is to ensure that eligible parents have the peace of mind that there will be money available for their children’s education should they pass away during the term of the policy.”
“We’re trying to help ensure that all children in the Quad Cities have the same access to educational opportunities,” Genesis spokesperson Ken Croken added. “With LifeBridge, if the insured passes away during the policy’s term, MassMutual will put aside $50,000 to pay for the educational expenses of their children. And children have until age 35 to use the benefit. At first, we thought this was too good to be true, but the fact is that LifeBridge policies are indeed free, and we encourage all eligible individuals to take advantage of this opportunity.”
“It’s not every day that something comes along for free,” said Mr. Budish. “A LifeBridge policy costs a parent or legal guardian nothing, and it is a way for us to combine our philanthropic focus — education — with one of our primary products — life insurance.”
To be eligible for MassMutual’s LifeBridge Program, applicants must meet all program criteria and 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; and
• in good health, as determined by MassMutual’s underwriting guidelines.
A LifeBridge application meeting will be held at the Larson Center Conference room Classroom “C” located on 855 Hospital Road, Silvis, IL, on January 6th, from 2:00 – 6:00 p.m. Eligible individuals should call (309) 721-7022 to schedule their 15-minute appointment to apply. APPOINTMENTS ARE REQUIRED.
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 paid to a trust administered by the MassMutual Trust Company, FSB on behalf of the children. The trust pays the educational expenses of the children directly to the educational institution.
Various types of schools qualify for reimbursement including pre-school, private school, vocational school, community college, universities, art and music schools or graduate schools. Some of the expenses covered include books, tuition, and on-campus room and board.