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A Bridge to the Future
No-cost Life Insurance Ensures Education for Children of Qualified Parents
By Lyn Mettler
What would happen to your child if you or your spouse were to die suddenly? Could your spouse afford to live at your current level? Could he or she pay for your child's education? These are questions no parent wants to think about, but if you want to safeguard your children's futures, it's important that you do.
To ensure their children's well-being and future education, many parents take out life insurance policies that will pay upon their death. However, these policies require monthly payments that may be just beyond some parents' budgets. But LifeBridge(SM), a new program by Mass Mutual Insurance Company and the first of its kind, is helping those parents plan for their children's futures without worrying about an added monthly cost.
"Mass Mutual realized that one segment of the population that believes most fervently in the value of our product sometimes can be those who can least afford it," says Cindie St. George, director of LifeBridge Operations for Mass Mutual. "We decided to find a way to make life insurance available – at no cost – to those hard-working income-eligible families."
The LifeBridge(SM) Free Life Insurance Program provides life policies, each with a $50,000 death benefit, to qualified parents for no out-of-pocket cost. Mass Mutual pays the insurance premiums, and if the insured parent dies during the life of the policy, his or her children will receive $50,000.
This money is put into a trust to pay education expenses, including tuition, fees, books and campus room and board. "The trust will make payments on behalf of the children for the educational expenses that occur up to 10 years after the death of the insured parent or to the children's age 35, whichever is later," says St. George.
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