Free Life Insurance

Do you worry that your children will not be able to attend college should you die? Even if you cannot afford life insurance, your child's dream of higher education may not have to die with you. If you or you and your spouse make from between $10,000 and $40,000 a year, you may be eligible for LifeBridge free life insurance that will cover up to $50,000 in educational expenses.

The Massachusetts Life Insurance Company (Mass Mutual) is offering LifeBridge, a free life insurance benefit for education, on a trial basis. They'll be offering this program until 20,000 policies have been issued, or through December 31, 2009, whichever comes first. At that time, they will reassess the program to decide if they will extend it.

How does it work?

The policy runs for ten years. Should you die during that period, MassMutual will put the death benefit of $50,000 into a trust. The money from that trust will be paid directly to the school or schools that your eligible children attend. The $50,000 will be split evenly between the eligible children - it is not $50,000 per child. The money will stay in the trust for 10 years or until your child is 35 (whichever date is later), should the children not be ready to go to school for some time.

Eligibility

You must be between the ages of 19 and 42, and the parent or legal guardian of one or more dependent children under the age of 18. You can be a single or married parent or grandparent - as long as you meet the age requirement and are the legal guardian of the children. Only one parent or legal guardian may apply for this policy.

You must be a permanent, legal resident of the United States, and employed full- or part-time. Your family income must not be less than $10,000 a year, but no more than $40,000 annually. (However, if your income increases after you have qualified for the insurance, the insurance will remain in effect.)

You must also be in good health. If you have heart disease, cancer, HIV, or Type I Diabetes, you are not eligible. If you abuse drugs or alcohol, or if you have abused them within the last ten years, you are ineligible. And if you are currently on probation, you cannot apply for this benefit.

What's in it for Mass Mutual?

Mass Mutual is offering this program because they feel that it is simply good "corporate citizenship." As a company with 150 years of success, they know how important the children of this country are to our future - and how important education is.

For more information, including a downloadable eligibility form, visit the MassMutual website.