I'm as skeptical as the next guy when it comes to free offers, but Massachusetts Mutual's new LifeBridge program, which puts aside $50,000 in term life insurance absolutely free toward your children's education in the event of your untimely demise, appears to be the real deal.
If you qualify, MassMutual will place $50,000 into a 10-year trust. Should you pass away within the life insurance term, the benefits are paid directly to your children's pre-school, private school, trade school or college/university to cover tuition, fees, books, on-campus room and board and other educational expenses.
One particularly nice touch: Your children have 10 years after your death or until age 35 to use the trust money, whichever is later.
To be eligible to apply, you must be:
- Between the ages of 19 and 42.
- The parent or guardian of one or more dependent children under age 18.
- A permanent legal resident of the United States.
- Employed full or part time with a total family income between $10,000 and $40,000.
- The only parent or guardian in your household to apply.
- In good health as determined by MassMutual's life insurance underwriting guidelines.
You will not be eligible to apply if you:
- Have been diagnosed with heart disease, cancer, HIV or Type 1 diabetes.
- Currently abuse drugs or alcohol or have abused them within the last 10 years.
- Are currently on probation.
Additional underwriting, including a blood and urine test, will be required. The only type of death that would void the life insurance policy is a suicide within two years of the policy's effective date.
You can find more information and an application form on the MassMutual website.
The premature death of a parent is a life-altering event. Kudos to MassMutual for coming up with a compassionate promotion to assist the most vulnerable families among us while at the same time raising awareness about the importance of planning for life's worst-case scenarios.
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