ELIZABETHTOWN, Ky., Jan. 9 -- Lincoln Trail Commission on Women announcedtoday that it is teaming up with MassMutual Financial Group to offer eligiblefamilies free $50,000 term life insurance policies under MassMutual'sphilanthropic LifeBridge(sm) Free Life Insurance Program. If an insuredparent or legal guardian passes away during the 10-year term of the policy,Massachusetts Mutual Life Insurance Company (MassMutual) will put $50,000 intrust to pay solely for the educational expenses of dependent children.
"This is an opportunity to make a valuable program available to oureligible Elizabethtown area families at no extra cost," said Lisa L. Williams,Executive Committee Commissioner, Kentucky Commission on Women. "This is anabsolutely free program. MassMutual pays all the premiums."
Kevin Collins, General Agent, The Kentucky-West Virginia Agency, aMassMutual affiliate, and Ronnie Baxter, a MassMutual FinancialRepresentative, are providing the free program as a community service. "Ourphilanthropic goal is to ensure that eligible parents have the peace of mindthat there will be money available for their children's education should theypass away during the term of the policy."
Lincoln Trail Commission on Women is sponsoring a LifeBridge applicationmeeting. The meeting will be held at the Pritchard Community Center, 404 S.Mulberry St., Elizabethtown, KY, on Thursday, January 17, 2008 between3:00pm - 7:00pm. Eligible individuals should call Lincoln Trail ADD at270-769-2393, or 1-800-264-0393 to schedule their 15-minute appointment toapply.
"We're trying to help ensure that all children have the same access toeducational opportunities," Ms. Williams said. "With LifeBridge, if theinsured passes away during the policy's term, MassMutual will put aside$50,000 to pay for the educational expenses of their children. And childrenhave until age 35 to use the benefit. At first, we thought this was too goodto be true, but the fact is that LifeBridge policies are indeed free, and weencourage all eligible individuals to take advantage of this opportunity."
"It's not every day that something comes along for free," said Mr.Collins. "A LifeBridge policy costs a parent or legal guardian nothing, andit is a way for us to combine our philanthropic focus -- education -- with oneof our primary products -- life insurance."
Each LifeBridge policy has a 10-year policy term. If the insured parentor legal guardian dies during that time, the $50,000 life insurance benefitwill be paid to a trust administered by the MassMutual Trust Company, FSB onbehalf of the children. The trust pays the educational expenses of thechildren directly to the educational institution.
Various types of schools qualify for reimbursement including pre-school,private school, vocational school, community college, universities, art andmusic schools or graduate schools. Some of the expenses covered includebooks, tuition, and on-campus room and board.
MassMutual Financial Group is a marketing name for Massachusetts MutualLife Insurance Company (MassMutual) and its affiliated companies and salesrepresentatives. MassMutual and its subsidiaries have more than $450 billionin assets under management at year-end 2006. Assets under management includeassets and certain external investment funds managed by MassMutual'ssubsidiaries.
Founded in 1851, MassMutual is a mutually owned financial protection,accumulation and income management company headquartered in Springfield, Mass.MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson CapitalManagement LLC; Baring Asset Management Limited; Cornerstone Real EstateAdvisers LLC; MML Investors Services, Inc., member FINRA and SIPC(www.finra.org and www.sipc.org); MassMutual International LLC; and TheMassMutual Trust Company, FSB. MassMutual is on the Internet atwww.massmutual.com.