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September 16, 2002 at 08:00 PM
NU Online News Service, Sept. 16, 2:05 p.m. – Massachusetts Mutual Life Insurance Company, Springfield, Mass., is setting up a $1 billion life insurance program to protect the ability of children of low-income workers to attend college.
MassMutual’s new LifeBridge program will award up to 20,000 term life policies with $50,000 death benefits. MassMutual polices will pay the premiums for each policy for up to 10 years.
If an insured parent dies during the 10-year term, MassMutual will pay the death benefit to a trust established for the benefit of the children named as beneficiaries. The trust will use the cash solely to pay for the children’s school expenses.
