June 7, 2012, Murray, UT – Boys and Girls Clubs of South Valley is joined by the Massachusetts Mutual Life Insurance Company (MassMutual)
“LifeBridge is a unique and important program and I am pleased to be bringing free life insurance to local families for their children’s education,” said Bob Dunn, Executive Director of the Boys and Girls Clubs of South Valley.
MassMutual has issued more than 12,400 10-year term life insurance policies since launching the program in 2002. This represents over $620 million in coverage as of April 2012.
MassMutual expects to issue a total of $1 billion in free term life insurance coverage through the national philanthropic free life insurance program, called LifeBridge. The policy proceeds help to pay for the education of eligible children if their insured parent or legal guardian dies during the 10-year policy term.
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 between $10,000 and $40,000, and be permanent, legal residents of the U.S. They also must be in good health, as determined by MassMutual’s underwriting guidelines.
“LifeBridge will help bridge the gap between the financial realities hard-working families face and their desire to make a better life for their children,” added Dunn.
According to Mark Blocker, Financial Representative of National Affinity Services, MassMutual’s local agency, “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.”
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 groups – like the Boys & Girls Clubs of South Valley – as well as 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,”
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.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual)
About Boys & Girls Clubs of South Valley
At Boys & Girls Clubs of South Valley, we have a bold vision: that success is within the reach of every child. We believe every girl and boy deserves a safe place to learn and grow; ongoing relationships with caring adult professionals, life-enhancing programs, character development experiences, and hope and opportunity for the future.
Boys & Girls Clubs of South Valley is part of a national affiliation of more than 4,000 local Clubs and Boys & Girls Clubs of America.
Our mission is to inspire and empower youth, families and communities to realize their full potential as productive, responsible and caring citizens.
We serve almost 2,000 Club members (ages 3-18) in facilities that are kid-friendly, designed and operated exclusively for youth. We also outreach to an additional 49,000 children and youth annually through our NetSmartz Workshop. Our doors are open five days a week year-round.
For more information about Boys & Girls Clubs of South Valley, contact 801-284-4253.