Massachusetts Mutual Life Insurance Company (MassMutual) is joining forces with St. Peter Claver Catholic School in Tampa, Fla., to give away $50,000 in free term life insurance policies to benefit children of working class families throughout Tampa, the company announced last month.
The giveaway is part of the 10th anniversary of MassMutual’s LifeBridge program. The mutual company has issued more than 12,500 10-year term life insurance policies and $625 million dollars in coverage since the program launched in 2002; placing it half way to its goal of issuing $1 billion dollars worth of LifeBridge policies.
In order to be eligible for the program, parents and guardians between the ages of 19 and 42 who have one or more dependents under the age of 18 and are working full or part time with a total family income between $10,000 and $40,000 may apply for coverage. They also must be determined to be in good health in accordance with MassMutual’s underwriting guidelines.
The $50,000 benefit from these policies will help pay for the education of eligible children if the insured parent or guardian dies during the ten-year policy term.
“We are working very hard with local community groups, businesses, religious organizations, schools, and lawmakers across the country to make sure families hear about this program. This is life insurance some people might not be able to afford if it weren’t for LifeBridge,” said Cindie St. George, Director of MassMutual’s LifeBridge program.