Massachusetts Mutual Life Insurance Company is adding another market to its LifeBridge initiative.
MassMutual, Springfield, Mass., is introducing the program, which provides $50,000 in free life insurance for eligible parents and legal guardians, in the Lakewood, N.J., area.
The program supplies 10-year, level-term life insurance coverage for working parents between the ages of 19 and 42. Children of participating parents who die can use the proceeds 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 started the program in late 2002 and since then has given away thousands of free life insurance policies.
To qualify for the free coverage, parents must be permanent, legal U.S. residents in good health.