New York families to receive free life insurance, benefits children’s education

(Rome Friday, December 18, 2009) Rome Mayor James Brown and Superintendent Jeffrey Simons have announced that they are joining together with Massachusetts Mutual Life Insurance Company (MassMutual) to bring free $50,000 term life insurance policies to benefit children of working families throughout the Rome community and school district.

MassMutual pays all insurance premiums on the policies as part of the company’s philanthropic LifeBridge program. Eligible parents and legal guardians may apply for this coverage during a public event on January 6 and January 7 from 3:00 p.m. – 7:00 p.m. at Rome Free Academy. Between now and January, eligible applicants should call Susan McCarthy at 338-6500 to schedule their 15 minute appointment. APPOINTMENTS ARE REQUIRED.

“MassMutual wants children to have the money and means to pay for their education, even if their parents or legal guardians die and the children can’t afford to pay for their own education,” Simons said. “This program fits well with the Rome school district’s mission of providing as many opportunities to our students as possible, regardless of their personal circumstances.”

The $50,000 benefit from these life insurance policies will help pay for the education of children if their parent or legal guardian dies during the ten-year policy term. MassMutual expects to issue a total of one billion dollars in free coverage nationally through LifeBridge.

Parents and legal guardians between the ages of 19 and 42 may apply for this insurance coverage. They must have one or more dependent children under the age of 18, be working full or part time with a total family income of between $10,000 and $40,000, and be permanent, legal residents of the U.S. They must also be in good health, as determined by MassMutual’s underwriting guidelines.

“LifeBridge helps bridge the gap between the financial realities hard-working families face and their desire to make a better life for their children,” said Brian Noonan, a financial services representative with MassMutual Financial Group.

“LifeBridge is a unique and important program and I am pleased to be working with the School District and MassMutual to bring free life insurance to local families. I completely support LifeBridge and the benefit it offers,” Brown said.

MassMutual has issued more than 10,000 10-year term life insurance policies and half a billion dollars in coverage since launching the program in 2002.

If an insured parent or guardian dies during the policy’s term, MassMutual will deposit the $50,000 face amount into a trust administered by The MassMutual Trust Co., FSB, a wholly owned subsidiary of MassMutual, on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend. The money can be used to help pay for educational expenses such as books, tuition, fees and campus room and board. The types of schools covered include pre-school, private school, trade school, colleges, universities, art, music and graduate schools.

“We’re working very hard with local community groups, businesses, religious organizations and lawmakers across the country to make sure families hear about this program. This is life insurance some people might not be able to afford if it weren’t for LifeBridge,” said Cindie St. George, Director of MassMutual’s LifeBridge program.

MassMutual agents donate their time and services to help people apply for LifeBridge insurance coverage; agents receive no commission and MassMutual pays all the life insurance premiums. There is no cost to the insured or their children.

About MassMutual
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $360 billion in assets under management at year-end 2008. Assets under management include assets and certain external investment funds managed by MassMutual’s subsidiaries.

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 Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MML Investors Services, Inc., member FINRA and SIPC (www.finra.org and www.sipc.org); MassMutual International LLC and The MassMutual Trust Company, FSB. MassMutual is on the Internet at www.massmutual.com.

New York families to receive free life insurance, benefits children’s education

M3P Media LLC © 2009