Company offers program to low- and moderate-income residents at no charge.
By: David Campbell
Working families can soon expect to get a break on life insurance, thanks to MassMutual Financial Group.
MassMutual, one of the nation’s largest life-insurance companies with offices in Princeton, announced plans Thursday to offer completely free to qualifying low- and moderate-income parents term life insurance to fund their children’s education in the event of a parent’s death, the company said.
A kickoff meeting is scheduled for 4 to 7 p.m. Monday at Princeton Township Hall.
"We’re delighted to extend this program to our region," said Irv Urken of MassMutual Financial Group in Princeton, which is offering the program locally.
"Experience tells us that some of the people who believe most fervently in the protection that life insurance offers are often those who can least afford it," said Mr. Urken, the former owner of Urken Supply Co. on Witherspoon Street, which closed its doors last year after more than 60 years in business.
Mr. Urken, a Hale Drive resident who served on the Princeton Borough Council, said MassMutual is trying to ensure that access to educational opportunities exists for children of working families and not just those who are lucky enough to have parents with adequate financial means.
"We want to create a level playing field for children who might otherwise be deprived of an education if their parent dies during the term of the policy," Mr. Urken said.
Under the LifeBridge Free Life Insurance Program, qualifying parents will each receive a $50,000 policy to help pay for the education of their children in the event of a parent’s death during the policy’s term.
MassMutual plans to give away $1 billion of free life insurance nationally to working parents who are finding it hard to make ends meet.
Under the LifeBridge program, the company will pay the premiums for $20,000 term life insurance policies, each with a $50,000 death benefit.
To be eligible, applicants must meet all of MassMutual’s criteria for acceptance into the program, including the following:
An applicant must be between the ages of 19 and 42 and be a permanent legal United States resident.
The applicant must be the parent or legal guardian of one or more dependent children under the age of 18.
The applicant must be currently employed, either full- or part-time, and have a family income of between $10,000 and $40,000 on his or her most recent income-tax return.
An applicant must be in good health as determined by MassMutual’s underwriting guidelines.
Each LifeBridge policy has a 10-year policy term. If the insured parent or legal guardian dies during that time, the $50,000 benefit-per-policy will be applied toward the education of the children named as beneficiaries.
The money will be paid to a trust administered by the MassMutual Trust Co. on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend, according to MassMutual.
Various types of schools qualify for reimbursement, including preschool, private school, vocational school, community college, universities, art and music schools or graduate schools. Some of the educational expenses covered include books, tuition and room and board.
The LifeBridge program has already been introduced in Connecticut, Massachusetts and in New Jersey, and is being rolled out nationwide throughout the year, MassMutual said.

