Philadelphia Working Families Encouraged to Apply for Free Life Insurance Program Benefitting Children
May 12, 2014, Philadelphia, PA – ACHIEVEability is teaming up with the Massachusetts Mutual Life Insurance Company (MassMutual) to provide free $50,000 term life insurance policies to benefit children of working families throughout Philadelphia. MassMutual pays all insurance premiums on the policies as part of the company’s philanthropic LifeBridgeSM program. Eligible parents and legal guardians may apply for this coverage during a public event:
Date: Thursday, May 22nd
Time: 5:30 a.m. – 7:30 p.m.
Location: Mercy Hospital, 501 S 54th St., Philadelphia, PA
Eligible applicants should call ACHIEVEability at 215-748-8832 to schedule their 15 minute appointment. Appointments are preferred. Additional detail about eligibility is included below.
“Town Hall Meetings are a platform to bring impactful information to the community as well as a mechanism for community residents to have a forum to ask questions and voice their concerns about various community issues. Whether residents are reentering the workforce while doing job searches in our computer lab or securing relief during tough financial times, we help residents navigate resources”, said Kimberly Snowden, Director of Community Services at ACHIEVEability . “We are excited to bring the benefits offered by MassMutual and LifeBridge to the attention of the community.”
“LifeBridge will help bridge the gap between the financial realities Philadelphia hardworking families face and their desire to make a better life for their children,” said Harris Fishman, General Agent of the First Financial Group, a general agency of MassMutual.
“MassMutual wants children to have the money and means to help pay for their education, even if their parents or legal guardians die and the children can’t afford to pay for their own education,” added Andrew Albergo, a financial representative with First Financial Group.
MassMutual expects to issue a total of $1 billion in free term life insurance coverage through LifeBridge, its national philanthropic free life insurance program. MassMutual agents donate their time and services to help people apply for LifeBridge insurance coverage; agents receive no commission and MassMutual pays all the life insurance premiums. There is no cost to the insured or their children.
Parents and legal guardians between the ages of 19 and 42 may apply for this insurance coverage. They must have one or more dependent children under the age of 18, be working full- or part-time with a total family income of between $10,000 and $40,000, and be permanent, legal residents of the U.S. They also must be in good health, as determined by MassMutual’s underwriting guidelines.
If an insured parent or guardian dies during the 10-year policy term, MassMutual will deposit the $50,000 face amount into a trust administered by The MassMutual Trust Co., FSB, a wholly owned stock subsidiary of MassMutual, on behalf of the children. The trust will pay the educational expenses of the children directly to the educational institution they attend. The money can be used to help pay for educational 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.
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 consistently 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, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
Since 1981, ACHIEVEability has worked to improve the quality of life of single parent, low-income, formerly homeless families, and the community through education, supportive services, community and economic development, housing and accountability.
ACHIEVEability’s Office of Community Services offers direct services to help residents of Haddington and Cobbs Creek improve their financial stability and access programs and services for meeting basic needs. In conjunction with our citizen-elected Community Advisory Council, we also provide and promote programs and services that contribute to the positive growth of community and economic development for West Philadelphia.
The Community Services Office is a one-stop and compassionate service point for residents in need. We currently offer free tax preparation, utility assistance, rental and security deposit assistance, rental/property tax rebates, assistance with financial aid applications, zoning meetings (as a Registered Community Organization), foreclosure diversion outreach, a public access computer center, youth activities, financial education workshops, Individual Development Accounts to save for education or home ownership and referrals to employment training programs, housing counseling, and food banks.