Connecticut and Massachusetts healthcare workers on the front lines of the COVID-19 crisis are being given the ability to apply for free life insurance. MassMutual has committed to offering three-year term life policies. Eligible workers will not be expected to undergo medical testing. MassMutual has said that they could accommodate 140,000 policies and plans to offer policyholders aged 18 – 50 a $25,000 death benefit and $10,000 to policyholders aged 51 – 60.
MassMutual has innovated in the provision of life insurance as a charitable tool in the past and now appear to be making a habit of it. It is a strategy that could be picked up by insurers or advisers, it just takes a little creativity to develop an attractive program and knowledge of who to talk with.