The Massachusetts Mutual Life Insurance Company has announced its LifeBridge SM program will reach out to eligible working families in Charlotte, North Carolina, and give away free life insurance policies. MassMutual will pay all insurance premiums on the $50,000 policies given away to benefit the children of the families.
Working families can apply to become eligible for the program that has already issued 11,900 10-year term life insurance policies, totaling about $595 million in coverage, since its launch in 2011, Charlotte Business News reported. Through LifeBridge, MassMutual hopes to issue $1 billion in free term life insurance coverage to help pay for the education of the eligible children if their parent were to die in the next 10 years.
If the parent or guardian does pass away, MassMutual will place $50,000 in a trust on behalf of the recipient child to go towards school supplies, tuition and room and board. Institutions accepted by the program include private schools, pre-schools and graduate schools, the news source reported.
Parents eligible to apply for the program must be between the ages of 19 and 42, have a total family income between $10,000 and $40,000, and be a permanent, legal U.S. resident and meet the program's medical and legal requirements.