How to get free life insurance
Working-poor parents and guardians may be eligible for $50,000 policies to pay for their kids' educations. And yes, it really is free.
This is not a scam. I promise. The MassMutual insurance company really has committed to writing $1 billion worth of free term life insurance policies for the working poor.
The drawback: Since it's a term life policy, you have to die for your kids to collect.
But you know what? Life is uncertain. If you got hit by a bus on the way to your part-time job, could your spouse or partner manage to get the kids through college or trade school?
If your response is "Where do I sign up?," read on. (Post continues after video)
- A permanent, legal resident of the U.S. and between ages 19 and 42.
- The parent or legal guardian of a dependent child or children under age 18.
- Employed full or part time, with total family income of between $10,000 and $40,000.
- The only member of your household who has applied for LifeBridge.
- In good health (as determined by the company).
More than just tuitionThe $50,000 can be used for college, trade school, prep school and even preschool -- or to pay off a dependent's current student loans.
Qualifying expenses include tuition, on-campus housing, fees and textbooks. In at least one case, the policy paid for a computer when a student opted for online classes.
LifeBridge is available in all 50 states. In the event of your death, the insurance payout is administered by a trust and split evenly among all your children. They have up to 10 years (or until age 35) to use it.
To find an agent in your area, use this locator tool. Learn more about the program by downloading the FAQs and/or a LifeBridge application (both are .pdf documents) from MassMutual's Corporate Responsibility page.
Few people like to think about dying, especially if they have kids. A free life insurance policy could provide some peace of mind -- and it's free.
Incidentally, the program is income-based but you get to keep the policy even if your salary were to go up during that 10-year term. Life is uncertain, after all.
More on MSN Money:
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
WHAT IS FRUGAL NATION?
Donna Freedman's Frugal Nation blog is for readers who want to live cheaply -- whether due to necessity or a lifestyle choice. It explores living sustainably and making life more meaningful at the same time.
ABOUT DONNA FREEDMAN
Donna Freedman, a writer based in Anchorage, Alaska, writes the Frugal Nation blog for MSN Money. She won regional and national prizes during an 18-year newspaper career and earned a college degree in midlife without taking out student loans. Donna also writes about the frugal life for her own site, Surviving and Thriving.
Starting Monday, this site is joining forces with MSN Money Smart Spending. Here's why.
VIDEO ON MSN MONEY
A new federal safety report shows toddlers and minority children make up a disproportionate number of drowning victims.