Free life insurance for working parents

The MassMutual Financial Group has introduced a free term life insurance program for working parents in New Jersey.

Under the LifeBridge Free Life Insurance Program, a $50,000 free life insurance policy will be issued to a trust on the life of a qualifying parent or legal guardian to help pay for the education of their children who, in the event of a parent’s death during the policy term, may not be able to afford to complete their schooling.

Under the program, MassMutual (Massachusetts Mutual Life Insurance Co.) will pay the premiums for 20,000 term life insurance policies, each with a $50,000 death benefit.

To be eligible, applicants must be between the ages of 19 and 42 (inclusive); a permanent legal U.S. resident; a 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; and be in good health, as determined by MassMutual’s underwriting guidelines.

Each policy has a 10-year policy term. If the insured person dies during that time, the $50,000 benefit 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 Co. on behalf of the children. The trust will pay the education expenses of the children directly to the educational institution they attend.

Parents who wish to obtain an eligibility form, or employers who wish to make the program available to their employees, can call Robin Bolton at the company’s Bridgewater office, (908) 252-2317.