The Caldwell YMCA is joining Sage Wealth Management, LLC and Massachusetts Mutual Life Insurance Company (MassMutual) to give away free $50,000 term life insurance policies to benefit children of working families in the Treasure Valley.
The $50,000 benefit from these life insurance policies will help pay for the education of children if their parent or legal guardian dies during the 10-year policy term. MassMutual will pay all the premiums on the policies as part of the companys philanthropic LifeBridge program, according to a company news release. Appointments are required for eligible parents and legal guardians to apply for this coverage at the Caldwell YMCA, 3720 S. Indiana Ave., from 5 to 8 p.m. April 24 and 25. Call Andee Sullenberger, 364-0555, to schedule a 15-minute appointment.
Parents and legal guardians between the ages of 19 and 42 may apply for this insurance coverage if they have one or more dependent children under the age of 18 and are working full- or part-time with a total family income of between $10,000 and $40,000. Applicants must be permanent, legal residents of the U.S. They also must be in good health, as determined by MassMutuals underwriting guidelines.
The insurance company expects to issue a total of $1 billion dollars in free policies nationally through LifeBridge, the company announced. No limit has been set for the number of policies that can be issued in the Treasure Valley, a company spokesman said.
MassMutual has issued more than 12,800 10-year term life insurance policies and $640 million dollars in coverage since launching the program in 2002.
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 cant afford to pay for their own education, said Lahn Simmons with Sage Wealth Management, which sells MassMutual policies.