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MassMutual provides 'LifeBridge' for 12,500 families

Date: 10/1/2012

By G. Michael Dobbs

news@thereminder.com

SPRINGFIELD — Around the nation more than 12,500 families have a safety net they didn't have a decade ago: the LifeBridge Free Life Insurance Program.

Officials of the Massachusetts Mutual Life Insurance Company (MassMutual) celebrated the 10th anniversary of the program last week at the Springfield Boys & Girls club.

"Ten years is a great milestone for the MassMutual LifeBridge program as we continue to provide free life insurance to families that need it the most," Nick Fyntrilakis, vice president of Community Responsibility, MassMutual, said. "Our decade of investment is a testament to the value MassMutual places on life insurance as one of the most important components of financial security and a significant means of protection for families."

Fyntrilakis explained that over the past 10 years MassMutual agents have spread the word about the program. The life insurance company has 5,000 agents nation-wide and many have talked about the free life insurance with non-profit groups and faith-based organizations.

Additional participants have learned about the program through its website, www.massmutual.com/lifebridge.

Fyntrilakis explained the program supplies a free $50,000 10-year term life insurance policies to qualifying applicants. Among the requirements are that parents must between be the ages of 19 and 42, have at least one of more dependent children under the age of 18, be a permanent legal resident of the United States and be currently employed with a total family income not less than $10,000 and not more than $40,000.

He added the company's goal is to have $1 billion in active policies and it "is more than half-way there."

While the policy is free, he added that MassMutual pays the premiums to its foundation that runs the program.

So far, MassMutual has paid out about $1 million in claims. The $50,000 payout goes into a trust fund to help pay for the education of the family's children. The money can be used to help pay for 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.

Fyntrilakis said the program is the only one of its kind in the country.

As part of the celebration last week, MassMutual announced a partnership with the Massachusetts Alliance of Boys & Girls Clubs. The two will work together to host application events offering LifeBridge to the thousands of eligible families that benefit from the services of Boys & Girls Clubs throughout Massachusetts.

"We are very excited about this new relationship as we continue to strive toward our goal of issuing $1 billion in free life insurance coverage to hard working families in Massachusetts and across the U.S.," Fyntrilakis said.