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MassMutual to give away free term insurance June 6

The Massachusetts Mutual Life Insurance Company (MassMutual) is giving away free $50,000 term life insurance policies to benefit children of working families throughout Jacksonville. MassMutual pays all insurance premiums on the policies as part of the company’s philanthropic LifeBridge program.

Eligible parents and legal guardians may apply for this coverage during a public event on Monday, June 6, 2011, from 3p.m. to 7p.m. at the First United Methodist Church, 225 E. Duval St., Jacksonville. Eligible applicants should call Family Promise at 904-354-1818 Monday through Thursday from noon until 5 p.m. to schedule their 15-minute appointment. Appointments are preferred.

“LifeBridge is a unique and important program and I am pleased to be bringing free life insurance to local families,” said Mark Landschoot, executive director of Family Promise of Jacksonville.

MassMutual has issued more than 11,800 10-year term life insurance policies since launching the program in 2002. This represents more than $590 million in coverage as of April 2011.

MassMutual expects to issue a total of $1 billion in free term life insurance coverage through the national philanthropic free life insurance program, called LifeBridge. The policy proceeds help to pay for the education of eligible children if their insured parent or legal guardian dies during the 10-year policy term.

Parents and legal guardians between the ages of 19 and 42 may apply for this insurance coverage. They must have one or more dependent children under the age of 18, be working full- or part-time with a total family income of between $10,000 and $40,000, and be permanent, legal residents of the U.S. They also must be in good health, as determined by MassMutual’s underwriting guidelines.

“LifeBridge will help bridge the gap between the financial realities Jacksonville hard-working families face and their desire to make a better life for their children,” said Landschoot.

“MassMutual wants children to have the money and means to pay for their education, even if their parents or legal guardians die and the children can’t afford to pay for their own education,” said Parks Stallings, a financial services representative with Financial Design Associates, a general agency of MassMutual.

If an insured parent or guardian dies during the policy’s term, MassMutual will deposit the $50,000 face amount into a trust administered by The MassMutual Trust Co., FSB, a wholly owned subsidiary of MassMutual, on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend.  The money can be used to help pay for educational expenses such as books, tuition, fees and campus room and board. The types of schools covered include pre-school, private school, trade school, colleges, universities, art, music and graduate schools.

“We’re working very hard with local community groups – like Family Promise of Jacksonville – as well as businesses, religious organizations and lawmakers across the country to make sure families hear about this program. This is life insurance some people might not be able to afford if it weren’t for LifeBridge,” added Stallings.

MassMutual agents donate their time and services to help people apply for LifeBridge insurance coverage; agents receive no commission and MassMutual pays all the life insurance premiums. There is no cost to the insured or their children.

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