Believe it or not, MassMutual is offering free term life insurance policies to working parents. Yes, you read that last sentence correctly: free life insurance.
“Free life insurance” is a phrase you’d expect to find in your email’s spam folder, but this is legit.
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.