insurance

No-cost coverage: 6 free insurance policies

Insurance » No-Cost Coverage: 6 Free Insurance Policies

Free term life insurance
Free term life insurance © fotoscool/Shutterstock.com

While some free insurance deals are fleeting, one company has offered no-cost life insurance coverage for families for more than 10 years. The policies don't require any purchase, but qualifications must be met.

MassMutual's LifeBridge program offers free $50,000, 10-year term life policies to families earning between $10,000 and $40,000 a year. An applicant must work at least part time and have a child younger than age 18. Along with age limitations for the applicant, there are health restrictions: You won't qualify if you have a potentially life-threatening condition, such as HIV or heart disease.

The free insurance has a catch, if you want to call it that: If you pass away during the policy term, your beneficiary won't receive the typical lump-sum payment. Instead, MassMutual will hold the funds in a trust and pay them directly to the child's preschool, private school, trade school, college or university. Your child can use the money until age 35, or for up to 10 years after you die. The insurance money can cover expenses such as books, tuition, dormitory fees and even student loans.

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