The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

Get Free Life Insurance for Your Kid’s College Expenses

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Insurance
Reading Time: 3 mins read
family finances
11
SHARES
182
VIEWS
Share on FacebookShare on Twitter

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.

Apparently, the program is proving popular, especially among workers at government agencies. For example, in Fulton County, Georgia, 60 employees in the Fulton County Defined Contribution 401(a) Plan have each signed up for the free life insurance, garnering a total of $3 million in free coverage from MassMutual.

Interestingly, you don’t have to participate in a retirement plan administered by MassMutual or be a client of MassMutual’s to apply.

“MassMutual offers this great program, not just to its retirement plan clients, but to any working parent in the country who qualifies. Our MassMutual retirement plan relationship manager made us aware of this program, and we’re thrilled that so many of our employees have been able to take advantage of it,” says Tammy Goebeler, investment officer of Fulton County. “As a parent, you want the best education possible for your children. This program can give a parent peace of mind in the event that something unexpected happens.”

If you’re like me, you may be wondering how MassMutual can afford to do this, and maybe even why they’re doing it. Well, I’m no actuarial. But I have to imagine that the odds are in MassMutual’s favor that they won’t have to pay a lot of claims. For one thing, by keeping the age range for eligible applicants confined to between 19 and 42, that limits the company’s exposure.

After all, someone in their twenties, thirties or forties is statistically far less likely to pass away than someone in, say, their sixties, seventies or eighties.

Additionally, the 10-year limit on this term policy means that MassMutual won’t bear the risk forever of having to pay out claims.

Finally, it does require you to be in good health, making it far less likely that policy holders will be stricken with some kind of fatal illness or disease during the decade that the policy is in force.

Still, in an era when so many financial institutions seem to care about only one thing — making money — it’s refreshing to see this insurance company offering something free of charge that can be a huge benefit to a family in need.

As for the “why” question, MassMutual is offering this freebie as part of the company’s community programs and charitable donations initiative. MassMutual has even set a big community responsibility goal for the program: the insurer says it intends to give away $1 billion in free insurance coverage. It’s already more than halfway toward reaching that goal.

To learn more about the LifeBridge Free Life Insurance Program or to apply for this coverage, call (800) 272-2216 or visit www.massmutual.com/lifebridge.

Having life insurance is always a good idea when you have minor children. But for those who qualify, getting insurance coverage at no cost is an even sweeter deal.

Tags: Life Insurance
Previous Post

Pick the Right Credit Card For Rebuilding Credit

Next Post

5 Tips for Getting Your Financial House in Order

Related Articles

Insurance

COVID-19: How to Get Your Auto Insurance Rate Reduced

by Lynnette Khalfani-Cox, The Money Coach
lynnette khalfani cox and earl cox
Insurance

Why You May Need Travelers Insurance

by Lynnette Khalfani-Cox, The Money Coach
holidays
Insurance

Holiday Hazards That Can Harm Your Health and Finances

by Lynnette Khalfani-Cox, The Money Coach
auto insurance
Insurance

3 Ways To Get the Best Price on Auto Insurance

by Lynnette Khalfani-Cox, The Money Coach
5 Tips To Make Health Care Costs Affordable Amid ObamaCare
Insurance

5 Tips To Make Health Care Costs Affordable Amid ObamaCare

by Lynnette Khalfani-Cox, The Money Coach
insurance
Insurance

Here’s Why Having Insurance Is More Important Than You Think

by Lynnette Khalfani-Cox, The Money Coach
Where to Find Health Insurance Before COBRA Runs Out
Insurance

Where to Find Health Insurance Before COBRA Runs Out

by Lynnette Khalfani-Cox, The Money Coach
open enrollment
Insurance

3 Easy Steps to Take During Open Enrollment Season

by Lynnette Khalfani-Cox, The Money Coach
life insurance awareness month
Insurance

Life Insurance Awareness Month: The 411 on Term and Whole Life Insurance

by Lynnette Khalfani-Cox, The Money Coach
Next Post
Barack Obama

5 Tips for Getting Your Financial House in Order

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist