All parents worry about their children — about their personal happiness, providing a good education for them, and of course, about their financial futures. For low-income parents, and single parents in particular, financial worries can loom especially large.
That’s why I was pleasantly surprised to recently come across an offer for free life insurance for parents earning $40,000 or less who also have children under the age of 18. The life insurance offered is a $50,000 term-life insurance policy, and it covers the higher education expenses of your kids in the event of your death. If you die, the $50,000 gets paid directly to the school your kid is attending to pay for things like tuition, books, fees and educational supplies.
I know, I know. It sounds too good to be true. But it isn’t. This offer comes compliments of a well-known and respected mutual life insurance company, MassMutual, which has been around for 160 years and is based in Springfield, Mass. So far, more than 11,500 people nationwide have received $575 million worth of free life insurance as part of MassMutual’s LifeBridge Free Life Insurance Program.
Here’s how it works.
Under the program, MassMutual pays all the insurance premiums for a $50,000, 10-year term life insurance policy. That insurance policy gets issued to a trust at no cost to the insured individual. But if an insured parent or legal guardian passes away while the policy is in force, the trust pays $50,000 in educational costs for the deceased person’s children. And your children have up to 10 years after your death, or until age 35 (whichever is later) to use this educational benefit.
To qualify for the insurance, you have to meet these criteria:
-You must be between the ages of 19 and 42.
-You must be the parent or legal guardian of one or more dependent children under the age of 18.
-You must be a permanent, legal U.S. resident
-You must be employed full or part time and earn between $10,000 and $40,000 annually.
-You must be the only parent or legal guardian in your household who has applied for the insurance
-You must be in good health as determined by MassMutual’s underwriting guidelines.
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