Massachusetts Mutual Life Insurance Company will hold a LifeBridge promotional meeting in Greensboro, N.C., Nov. 3.
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 says it hopes to give away about $1 billion in coverage.
To qualify for the free 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.
Christopher Meadows and other financial professionals from the Greensboro Agency, Greensboro, MassMutual agency, will be donating time to explain the program to Greensboro residents, MassMutual says.
Information about applying for the coverage is available from Rebecca Burrell, at (336) 379-0037 extension 1.