NU Online News Service, June 5, 2003, 3:49 p.m. EDT – Massachusetts Mutual Life Insurance Company, Springfield, Mass., is expanding a program that provides $50,000 in free, 10-year, level-term life insurance coverage for 20,000 working parents between the ages of 19 and 42 in eligible communities.
Children who receive death benefits can use the benefits to pay for almost any kind of formal schooling, including pre-school, elementary school, high school, vocational school, college and graduate school, MassMutual says.
MassMutual will now offer the program in the Knoxville, Tenn., and Nashville, Tenn., areas.
MassMutual started offering the program in Connecticut, Massachusetts, New Jersey and North Carolina in late 2002. It branched out into the Philadelphia area in March, and MassMutual plans to make the program available throughout the United States by the end of the year.
To qualify for the free coverage, parents must be permanent, legal U.S. residents in good health.
The parents must be working and show annual family incomes of $10,000 to $40,000 on their latest tax returns.
Legal guardians who meet the eligibility requirements can also apply for coverage.
Benefits will be paid to a trust administered by the MassMutual Trust Company F.S.B. on behalf of the children. The trust will make payments directly to the schools the children attend, MassMutual says.
Timothy Sinks, MassMutual’s general agent in Nashville, and Sinks’ agency, Capital Financial Group L.L.C., are running the program in Tennessee, MassMutual says.
Parents can get an eligibility form by calling 1-800-272-2216.