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Mayor Brown Massmutual Announce Program To Enable Families To Apply For Free Life Insurance
LifeBridge Program Puts Money In Trust to Pay for Children’s Educational Expenses
Mayor Byron W. Brown announced today that the MassMutual Financial Group will be offering eligible Buffalo families free $50,000 term life insurance policies under MassMutual’s philanthropic LifeBridgesm Free Life Insurance Program. If an insured parent or legal guardian passes away during the 10-year term of the policy, Massachusetts Mutual Life Insurance Company (MassMutual) will put $50,000 in trust to pay solely for the educational expenses of dependent children.
“This is an opportunity to make a valuable program available to our eligible Buffalo families at no extra cost,” said Mayor Brown. “This is an absolutely free program with MassMutual paying all the premiums.”
Joseph DiLeo, a MassMutual General Agent, and his agents 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 should they pass away during the term of the policy.”
“We’re trying to help ensure that all children in Buffalo have the same access to educational opportunities,” Mayor Brown added. “With LifeBridgesm, if the insured passes away during the policy’s term, MassMutual will put aside $50,000 to pay for the educational expenses of their children. And children have until age 35 to use the benefit. At first, we thought this was too good to be true, but the fact is that LifeBridgesm policies are indeed free, and we encourage all eligible individuals to take advantage of this opportunity.”
“It’s not every day that something comes along for free,” said Mr. DiLeo. “A LifeBridgesm policy costs a parent or legal guardian nothing, and it is a way for us to combine our philanthropic focus -- education -- with one of our primary products -- life insurance.”
To be eligible for MassMutual’s LifeBridgesm Program, applicants must meet all program criteria and be:
· 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.
A LifeBridgesm application meeting will be held at the JFK Community Center, 114 Hickory Street on August 20th, from 2:00 p.m. – 6:00 p.m. Eligible individuals should call 716-852-1321 to schedule their 15-minute appointment to apply. APPOINTMENTS ARE REQUIRED.
Each LifeBridgesm policy has a 10-year policy term. If the insured parent or legal guardian dies during that time, the $50,000 life insurance benefit will be paid to a trust administered by the MassMutual Trust Company, FSB on behalf of the children. The trust pays the educational expenses of the children directly to the educational institution.
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.
© 2001-2011 City of Buffalo
Photos by Angel Art LTP, compliments of the Greater Buffalo Convention and Visitors Bureau. Additional photos by Adrian Roselli, compliments of Algonquin Studios