SPRINGFIELD, Mass., Dec. 7, 2010 /PRNewswire/ -- As part of MassMutual's LifeBridge(SM) Free Life Insurance Program, 11,500 individuals across the country have received $575 million in free life insurance, including employees of Fulton County, Georgia. To date, the program has provided 60 participants in the Fulton County Defined Contribution 401(a) Plan each with a $50,000 free term life insurance policy, totaling $3 million in free coverage from MassMutual.
Under the program, MassMutual pays all insurance premiums for a $50,000 10-year term life insurance policy. If an insured parent or legal guardian dies during the term of the policy, $50,000 will be put in trust to pay the educational expenses of his or her children. The program is available to all parents between the ages of 19 and 42 who meet the criteria of the program. Individuals need not participate in a retirement plan administered by MassMutual or be a client of MassMutual's to apply.
"MassMutual offers this great program, not just to its retirement plan clients, but to any working parent in the country who qualifies. Our MassMutual retirement plan relationship manager made us aware of this program and we're thrilled that so many of our employees have been able to take advantage of it," says Tammy Goebeler, Investment Officer of Fulton County. "As a parent, you want the best education possible for your children. This program can give a parent peace of mind in the event that something unexpected happens. Our hope is that other working parents in our community will explore the LifeBridge Program and take advantage of this great program as well," says Goebeler.
"We're pleased that so many Fulton County employees were able to take advantage of this great program," says Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "By offering group meetings for its employees, Fulton County has helped raise awareness of this valuable free life insurance program among its retirement plan participants. We encourage every MassMutual retirement plan sponsor to inform their employees about the availability of the LifeBridge program," she adds.
MassMutual also offers a convenient onsite application event for large groups. For more information about the LifeBridge Free Life Insurance Program, please call (800) 272-2216 or visit www.massmutual.com/lifebridge. Existing MassMutual Retirement Services clients interested in learning more about the program can also request information from their MassMutual relationship manager.
MassMutual's Retirement Services Division has been serving retirement plans for more than 60 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 1.2 million participants.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
For more information, visit massmutual.com.
Copyright © 2010 Massachusetts Mutual Life Insurance Company (MassMutual) and affiliates, Springfield, MA 01111-0001. All rights reserved.
SOURCE MassMutual Retirement Services