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.
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To qualify for the free coverage, parents must be permanent, legal U.S. residents in good health.