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Corporate Social Responsibility
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8.19.2004 ET
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Educational Safety Net For Children
$1 Billion In Free Life Insurance To Pay For Education; Program Puts Money In Trust Should Parents Pass Away
(CSRwire) SPRINGFIELD, MA - As students return to school,
the Massachusetts Mutual Life Insurance Company (MassMutual) reminds
working parents of its completely free, philanthropic life insurance
program for working parents, designed to ensure that if a parent passes
away, money will be available to pay for their children's education.
Under the company's $1 billion LifeBridgeSM Free Life Insurance Program,
20,000 qualifying working parents nationwide will each be insured by a
$50,000, 10-year term life insurance policy. MassMutual pays the premiums
for these policies.
The program is simple: If a parent dies within the policy term,
MassMutual will put $50,000 in trust to pay solely for the educational
expenses of the parent's dependent children. MassMutual has so far given
away more than $100 million in insurance. To obtain an eligibility form,
people can call MassMutual toll-free at 1-800-272-2216.
"Experience tells us that some of the people who believe most fervently in
the protection that life insurance offers are often those who can least
afford it," said Robert J. O'Connell, chairman, president and chief
executive officer of MassMutual. "We want to create a level playing field
for children who might otherwise be deprived of an education if their
parent dies during the term of the policy."
Various types of schools qualify for reimbursement under the program
including, but not limited to, pre-school, private school, vocational
school, community college, universities, art and music schools or graduate
schools. Some of the educational expenses covered include books, tuition,
and room and board.
"We're trying to ensure that access to educational opportunities exists
for children of working families and not just those who are lucky enough
to have parents with adequate financial means," O'Connell added. "There
is absolutely no cost to the insured for a policy under the LifeBridge
program. This program is solely philanthropic and completely free."
To be eligible to apply for a term life insurance policy under the
LifeBridgesm program, applicants must meet all criteria for acceptance
into the program. Eligible applicants must be:
- between the ages of 19-42 (inclusive);
- a permanent, legal U.S. resident;
- the parent or legal guardian of one or more dependent children under
the age of 18;
- currently employed - either full- or part-time - and have a family
income of between $10,000 and $40,000 on their most recent income tax
return; and
- in good health, as determined by MassMutual's underwriting
guidelines.
If the insured parent or legal guardian dies during the 10-year term of
the policy, the $50,000 death benefit per policy will be applied solely
toward the education of the children named as beneficiaries. The money
will be paid to a trust administered by the MassMutual Trust Company, FSB
that will reimburse the educational institutions attended by the
children.
"Education is a key ingredient in the recipe for success," added Cindie
St. George, director, LifeBridge Operations. "Our goal is to make it
easier for students to attain an education if their parent is no longer
living, and thus unable to provide any financial help. We want to do our
part in helping ensure money for education is available if a parent dies
during the term of the policy."
In addition to its LifeBridge program, MassMutual will fund $525,000 in
college scholarships over the next three years as part of a program with
the US Tennis Association (USTA). Beginning with graduating high-school
seniors in 2005, MassMutual will offer through the USTA's Education and
Tennis Foundation a total of 105 college scholarships - at least two
scholarships to students in each of the 17 USTA sections. In its local
home office communities in Massachusetts and Connecticut, MassMutual also
donates an additional $250,000 per year in scholarships.
MassMutual Financial Group - comprised of member companies with more
than $285 billion in assets under management as of year-end 2003 - is a
global, growth-oriented, diversified financial services organization
providing life insurance, annuities, disability income insurance,
long-term care insurance, retirement planning products, structured
settlement annuities, trust services, money management, and other
financial products and services.
The MassMutual Financial Group is a marketing designation (or fleet name)
for Massachusetts Mutual Life Insurance Company and its affiliates, which
include OppenheimerFunds, Inc.; David L. Babson & Company Inc.;
Cornerstone Real Estate Advisers, Inc.; MML Investors Services, Inc.; The
MassMutual Trust Company, FSB; Antares Capital Corporation; MML Bay State
Life Insurance Company; C.M. Life Insurance Company; and MassMutual
International, Inc. MassMutual is on the Internet at www.massmutual.com.
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