NU Online News Service, Nov. 10, 2003, 6:11 p.m. EST – Massachusetts Mutual Life Insurance Company, Springfield, Mass., already has given away 711 10-year term life insurance policies through a new program aimed at low-income and middle-income parents.
MassMutual started the program earlier this year in Connecticut, Massachusetts, New Jersey and North Carolina. The company wants to get the program up and running in 30 states and the District of Columbia by the end of the year, says MassMutual spokesman Mark Di Giorgio.
So far, MassMutual has received 1,100 applications, Di Giorgio says.
Applicants must be between 19 and 42-years-old. They have to be permanent, legal U.S. residents, the parents or legal guardians of one or more dependent children under 18, and currently employed with a total family income between $10,000 and $40,000 per year, Di Giorgio says.
The applicants also have to be in good health, and they will go through an underwriting process, Di Giorgio says.