The Massachusetts Mutual Life Insurance Company (MassMutual) is giving away free $50,000 term life insurance policies to benefit children of working families throughout Central Illinois. MassMutual pays all insurance premiums on the policies as part of the company’s philanthropic LifeBridgeSM program. Eligible parents and legal guardians may apply for this coverage during a public event on Saturday, September 11, 2010, from 10:00 a.m. to 2:00 p.m. at the Neighborhood House, 1020 S. Matthew, Peoria, IL.  Eligible applicants should call 309-673-3839 to schedule their 15 minute appointment.  Appointments are preferred.

“LifeBridge is a unique and important program and I am pleased to be bringing free life insurance to local families,” said Mike Pickerill, of the Central Illinois Agency, a general agency of MassMutual.

MassMutual has issued more than 11,200 10-year term life insurance policies since launching the program in 2002. This represents more than a half a billion dollars in coverage as of August 2010.

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 of 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 Central Illinois hard-working families face and their desire to make a better life for their children,” said Devon Wendler Alvord, a financial services representative with MassMutual’s Central Illinois 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,” said Alvord.

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 community groups, 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,” said Cindie St. George, Director of the LifeBridge Program at MassMutual’s Corporate Office.

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.

 About MassMutual 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(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.