LifeBridge Giving Free Life Insurance to those Who Can’t Afford It

Written on December 2, 2010 – 2:17 pm | by Brayden Sani

Thanksgiving is being celebrated a lot these days for one life insurance company in particular. It’s a way of saying thanks for a unique program that reaches out to those in need with a free life insurance policy.

MassMutual has been offering what it calls LifeBridge policies to low-income families to help pay for their children’s education expenses if the family’s primary breadwinner were to die. Should the unthinkable come to pass, the death benefit also can be used to repay student loans.

Since 2002, MassMutual has written more than 11,400 policies worth $575 million for low-income families across the nation and has paid 13 claims so far. The company is about halfway to its goal of reaching the $1 billion mark.

“In 2002, we realized there are a lot of people who couldn’t afford life insurance but needed it,” said program manager, Cindy St. George. ”We wanted to combine our focus on philanthropic service with one of our primary products — life insurance.”

The company partners with local community groups such as churches and charitable organization like United Way to host application drives for families who could benefit.

One requirement of the LifeBridge policy is that the insured person must be employed full or part time with total family income of between $10,000 and $40,000

Only 44 percent of U.S. households have individual life insurance policies, and among households with children under age 18, which arguably have the greatest need for life insurance, 11 million families have no life insurance coverage.

Marvin Feldman, president and CEO of the Life Foundation, said for children who lose a parent, the LifeBridge insurance policies can make the difference between being able to attend college or not.

For those who can afford life insurance, picking the right policy has never been so easy. For affordable life insurance rate quotes, the helpful professionals of Efinanical rate a call.

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