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The Massachusetts Mutual Life Insurance Company is launching an initiative that will provide free term life insurance coverage to health care workers who are on the frontline of the coronavirus pandemic in both Massachusetts and Connecticut. The initiative is has been named “MassMutal HealthBridge” and will offer no-cost policies that are up to $25,000 for local health care workers who risking their lives to combat the potentially deadly illness.
WILL LIFE INSURANCE PAYOUT FOR CORONAVIRUS PANDEMIC?
(Massachusetts Mutual Life Insurance Company)
“MassMutual HealthBridge is our way of helping the everyday heroes on the front lines who are sacrificing so much in the fight against COVID-19,” said Roger Crandall, the chairman, president and CEO of MassMutual in a company statement. “We are giving back by doing what we have done best for nearly 170 years – helping to provide financial security and protection to individuals and families for events both planned and unplanned. We can never repay healthcare workers for their selfless efforts during this crisis, but by helping them protect their loved ones, we hope we can contribute to their peace of mind as they work to protect us all.”
HealthBridge, which is an extension of MassMutual’s current LifeBridge program, is offering a total of $3 billion in coverage – an amount that can provide life insurance coverage for at least 120,000 health care workers.
PRUDENTIAL SUSPENDS APPLICATIONS FOR SOME LIFE INSURANCE POLICIES
All active employees who are working in licensed hospitals, urgent care centers or emergency medical services where coronavirus exposure is inevitable are said to be eligible for the three-year term life policies so long as they are employed in Massachusetts or Connecticut.
To apply for HealthBridge, MassMutual says eligible health care workers will need to fill out an application online and upload proof of employment. Once applicants are approved, HealthBridge guaranteed-issue policies will be paid out to beneficiaries in the unfortunate case of a coronavirus-related death.
Applications will begin to be accepted by the end of April, according to MassMutual.
“Healthcare workers are on the frontline supporting our communities during this unprecedented public health crisis and the risks that they face are significant,” said Massachusetts Insurance Commissioner Gary D. Anderson. "Now more than ever, it is critical that regulators and insurers recognize the importance of flexible and innovative products that enable these essential personnel to do their jobs as efficiently as possible while knowing that their families are protected.”
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“We already work closely with MassMutual on their LifeBridge program. This is a natural – and much welcome – addition during a time when healthcare professionals are worried about themselves and their families,” added State of Connecticut Insurance Department Commissioner Andrew N. Mais. “We’re thankful that MassMutual is stepping up to support these vital personnel who are tenaciously battling the virus with a multi-year, multi-million dollar commitment.”
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Aside from launching HealthBridge to aid the fight against the coronavirus, MassMutal has donated $1.5 million in support of response funds across Massachusetts, such as the Community Foundation of Western Massachusetts’ COVID-19 Response Fund and the Boston Resiliency Fund.
The company has also redeployed its Wellness Center health professionals from Springfield to the nonprofit hospital system Baystate Health, which MassMutal has donated personal protective equipment to in addition to Mercy Hospital.
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Moreover, MassMutual has extended its free FutureSmart digital financial literacy curriculum to families who are currently educating children at home.
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