Here’s how it works: MassMutual’s LifeBridge Program offers qualified parents  $50,000 in term life insurance for a period of 10 years. If the parent should  die within that time period, the money goes to cover their children’s  educational expenses.

Money can be used for tuition, fees, textbooks, on-campus room and board and  other expenses. Pre-school, private schools, universities and trade schools all  qualify. The children have 10 years after their parent’s death or until age 35,  whichever is later, to use the money.

So, in a nutshell, qualified parents get $50,000 in term life insurance  coverage to be used toward their children’s education–absolutely  free.