The MassMutual Financial Group today announced the introduction of a free term life insurance program for working parents in Rhode Island. Under the company’s LifeBridge free life insurance program, qualifying working parents will each receive a $50,000 free life insurance policy to help pay for the education of their children, who — in the event of a parent’s death during the policy’s term — may not be able to afford their schooling.
Nicholas Lardieri and his staff at MassMutual’s Providence agency are offering the program locally.
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The Massachusetts Mutual Life Insurance Company (MassMutual), one of the nation’s largest life insurance companies, plans to give away $1 billion of free life insurance nationally to working people who are having a difficult time making ends meet. Under the LifeBridge program, MassMutual will pay the premiums for 20,000 term life insurance policies, each with a $50,000 death benefit.
To obtain an eligibility form, call 435-3800 ext. 336. People can apply for the program in Providence on Wednesday, Oct. 22, from 5 to 8 p.m., at the Volunteers in Providence Schools, 905 Westminster St. in Providence.
“Experience tells us that some of the people who believe most fervently in the protection that life insurance offers are often those who can least afford it,” said Lardieri, a general agent for MassMutual in Providence. “We want to create a level playing field for children who might otherwise be deprived of an education if their parent dies during the term of the policy.”
“We’re trying to ensure that access to educational opportunities exists for children of working families and not just those who are lucky enough to have parents with adequate financial means,” Lardieri said. “There is absolutely no cost to the insured for a policy under the LifeBridge program. This program is solely philanthropic and completely free.”
To be eligible to apply for a term life insurance policy under the LifeBridge program, applicants must meet all criteria for acceptance into the program. Eligible applicants must be:
– between the ages of 19 and 42 (inclusive)
– 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 of between $10,000 and $40,000 on their most recent income tax return
– in good health, as determined by MassMutual’s underwriting guidelines
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 per policy will be applied solely toward the education of the children named as beneficiaries. The money will be paid to a trust administered by the MassMutual Trust Company, FSB on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend.
Various types of schools qualify for reimbursement including, but not limited to, pre-school, private school, vocational school, community college, universities, art and music schools or graduate schools. Some of the educational expenses covered include books, tuition, and room and board.
The LifeBridge program was initially introduced by MassMutual last fall, and is being rolled out nationwide.
