MassMutual’s LifeBridge program offers a free $50,000 term life insurance policy to eligible parents and legal guardians for ten years. Under the program, MassMutual pays the premiums and, if the insured parent or guardian dies during the covered period, the company will pay a $50,000 death benefit to a trust that will pay the proceeds directly to the designated child’s (or children’s) school to pay for educational expenses, such as tuition, fees, books, and campus room and board. The funds can be paid to preschools, private schools, trade schools, colleges or universities. Children have up to 10 years following the death of the insured parent or guardian or until they turn 35, whichever is later, to use the benefit.
To qualify for the program, you must be between the ages of 19 and 42, a permanent legal resident of the United States, the parent or guardian of a child under the age of 18, employed full- or part-time with a total annual family income between $10,000 and $40,000 and in good health as determined by MassMutual’s underwriting guidelines.
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