Governor Douglas announced today that Massachusetts Mutual Life Insurance Company (MassMutual) will issue free $50,000 term life insurance policies to benefit children of eligible working families in the Vermont, at no cost to the families - MassMutual pays the premiums through its philanthropic LifeBridge program.
People who are eligible may apply for free life insurance at the Greater Burlington YMCA, located at 266 College St., Burlington, VT on Saturday, February 28th, from 10:00 a.m. 2:00 p.m. Eligible individuals should call the YMCA at 802-862-9622 ext. 122 to schedule their 15-minute appointment to apply. APPOINTMENTS ARE REQUIRED.
Through LifeBridge, MassMutual has identified a way to tie their philanthropic focus -- education -- with their primary product -- life insurance, said Governor Jim Douglas. The LifeBridge Free Life Insurance Program helps to level the educational playing field for parents who have limited financial means, the Governor said.
Under the LifeBridge Program, an eligible parent or legal guardian will have a $50,000, 10 year term life insurance policy issued on their life. MassMutual pays the premiums. If a covered parent dies during the policy term, the money goes directly to a trust fund, managed by The MassMutual Trust Company to pay for the educational expenses of the child or children. Covered expenses include books, tuition, fees, and room and board. The types of schools covered include pre-school, private school, trade school or college.
To be eligible for MassMutual s LifeBridge Program, applicants must meet all program criteria and be:
¢ between the ages of 19-42;
¢ 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 guidelines.
The Y s mission is to bring hope and opportunity to everyone in the community, said Mary Burns, CEO of the Greater Burlington YMCA. During this stressful economic climate, we are grateful to introduce families to the free program.
The Pastore Financial Group, LLC (affiliated with MassMutual) and their team, John Olson, Kyle Presson and Eric Dutil, are providing the free program as a community service. Our philanthropic goal is to ensure that eligible parents have the peace of mind that there will be money available for their children s education if they pass away during the term of the policy, said John Pastore.
LifeBridge is consistent with VBSR s mission statement. And, since our members are already committed to investing in human capital, we are confident that many business owners will join us in making this valuable program available to their employees and their community, said Will Patten, Executive Director of Vermont Businesses for Social Responsibility (VBSR).
It s not every day that something comes along for free, said John Olson. A LifeBridge policy costs a parent or legal guardian nothing.
Various types of schools qualify for reimbursement including pre-school, private school, vocational school, community college, universities, art and music schools or graduate schools. Some of the expenses covered include books, tuition, and on-campus room and board.
For more information, people can call The Pastore Financial Group at 1-800- 228-4067 or MassMutual at 1-800-272-2216.
Source: MassMutual
Governor Douglas unveils free life insurance for Vermonters
Submitted by tim
on