Massachusetts Mutual Life Insurance Company is holding a second LifeBridge promotional meeting in New Orleans.
MassMutual, Springfield, Mass., set up the LifeBridge program to provide $50,000 in free life insurance for eligible parents and legal guardians.
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 said it hoped to give away about $1 billion in coverage.
Since then, MassMutual has given away 6,700 free life insurance policies and a total of $335 million in coverage.
MassMutual held its first New Orleans LifeBridge meeting in October 2004, about a year before Hurricane Katrina struck the city. The company ended up giving LifeBridge policies to 82 residents.
No holders of the LifeBridge policies filed claims linked to Katrina, but some parents who attended the October 2004 meeting and failed to follow through decided to complete the application process after seeing the effects of the hurricane, a company spokeswoman says.
To qualify for LifeBridge 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.
Only 1 member of a family can 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.
The office of Renaissance Financial, a New Orleans MassMutual general agency led by Homer Fouqier, is donating time to explain the program to New Orleans residents this time around, MassMutual says.