MassMutual Has 1,100 Applications For Free Term Life Program

If a parent who receives a policy dies during the 10-year policy term, $50,000 will be put into a trust fund to pay for the education of the children named as beneficiaries. The trust fund, managed by the MassMutual Trust Company, will pay the educational institution directly.

Expenses covered include books, tuition, fees and room and board.

Any type of educational institution is covered, including pre-school, private school, trade school, college and graduate school, Di Giorgio says.

MassMutual has committed to giving away 20,000 policies, or $1 billion in face amount of life insurance, over the next five years, Di Giorgio says.

"There's a significant portion of the population that believes in life insurance but is unable to afford it," Di Giorgio says. "Less than 18% of workers below poverty level have any form of life insurance. MassMutual is attempting to level that educational playing field so that all children have the opportunity for an education."