SPRINGFIELD, Mass., Nov. 15, 2010 /PRNewswire/ -- Whether it is awarding college scholarships to youth, providing free life insurance to underprivileged families or supporting non-profit organizations across the country, Massachusetts Mutual Life Insurance Company (MassMutual) cares deeply about giving back.
"Through our philanthropic efforts, MassMutual is helping to strengthen communities at home and across the country," said Nick Fyntrilakis, Assistant Vice President, MassMutual Community Responsibility.
For the past 3 years, MassMutual has donated more than $7 million annually through its local and national programs. In addition, since 2002, MassMutual's LifeBridge(SM) Free Life Insurance Program has provided more than $575 million in free term life insurance coverage to eligible working families across the country, more than halfway to its goal of providing $1 billion in free coverage.
"Giving back to our community, both financially and through hands-on involvement, is a key aspect of corporate citizenship, especially in those communities where our employees and financial professionals live and work," said Fyntrilakis.
MassMutual's charitable giving encompasses three main focus areas: Education and career pathways, economic development and community vitality. Some highlights:
- MassMutual believes in the importance of education, particularly for students interested in careers in financial services. The MassMutual Scholars Program provides $5,000 renewable scholarships and career shaping opportunities to local students in Massachusetts and Connecticut, and in select metropolitan areas. Nationally, the program provides $5,000 scholarships to high-achieving college students of African American, Hispanic, and Asian/Pacific Islander decent.
- Encouraging the generosity of its eligible employees, financial professionals and company directors, MassMutual provides over $800,000 annually in matching gift donations to qualified non-profit organizations.
- MassMutual's Community Service Awards honor the dedication of our general agents and qualified agents by awarding $10,000 grants to the qualified non-profit agencies that they volunteer with.
- MassMutual's employees, general agents and retirees generously donate more than $1 million annually to the United Way through individual contributions, special events and volunteer opportunities. The company matches those contributions up to $1 million.
- The company and its employees work closely with entities like Junior Achievement to educate today's youth and provide vital volunteer services. In 2010, MassMutual was honored by Junior Achievement as one of 16 partners presented with the prestigious President's Volunteer Service Award.
"It is our hope that through our philanthropic efforts, we can serve as a role model for others to focus on positively impacting their communities through service," said Fyntrilakis.
For more information about MassMutual's community responsibility efforts, visit the company's web site www.massmutual.com/responsibility.
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) 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.