Massachusetts Mutual Life Insurance Co has developed a charitable program known as LifeBridge, and it is designed to provide some financial protection for working parents by paying for the education of their children should something happen to them.
The company is actually giving away $1 Billion worth of 10 year term life insurance policies spread over certain regions of the country. The latest roll out is in Buffalo, New York. The free term insurance policies are for $50,000 per family that qualifies. If a family's combined income is no more than $40,000 per year, they are able to claim a policy to cover their children. Children must be under 18 years old, and the entire $50,000 benefit can be spread over all the children in the family. This means each family is entitled to only a single policy.
The child or children will be the beneficiary of the policy and if anything happens to the parents, the money will go into trust and monies will be paid directly to the educational institutions where the children decide to go. No cash will be given directly to the families.
It is important to note that the insurer will absorb all the costs of these policies so they are 100% free to the qualifying families. This is no doubt a great thing Mass Mutual Life is doing and hopefully other insurers will follow their lead.
Insurance companies are getting a great bang for their buck here because even though it is a completely charitable program, Mass Mutual is exposing the idea of affordable term life insurance coverage to a demographic that does not traditionally take advantage of Life Insurance. In the long run, Mass Mutual will create new paying customers as a result of this program and giving away exceptional term life insurance to deserving families and receiving press is far better than paying for advertising in the traditional sense.
I applaud this effort. Residents of Buffalo, New York should contact their local Mass Mutual Agents for more information.
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