In the wake of the tornado that ripped through Springfield, Massachusetts, on June 1, the Massachusetts Mutual Life Insurance Company recently announced it will host a Community Rebuilding Fair on September 28. The fair will help families affected by the tornado make final rebuilding preparations before the notoriously harsh winter hits the area.
Topics of discussion will cover virtually every aspect of life affected by the disaster, ranging from career counseling to construction advice and coping with psychological stress. Life insurance advisers from MassMutual will answer questions and present the company's LifeBridgeSM program, a free life insurance policy that provides $50,000, 10 year life insurance policies to help parents cover the cost of their childrens' education. To date, the program has paid more than $600 million to over 12,000 people nationwide.
While disaster and flood insurance is at the forefront of the discussion in the wake of a natural disaster, many new life insurance policies are adopting new features and riders to attract customers. Long term care insurance, for instance, may offer current policy holders tax benefits as well as coverage in the event of necessary nursing home care.
According to the Insurance Information Institute, in 2010, only about one in every three Americans subscribed to an individual insurance policy. Today, hybrid policies are attracting new customers, and the market has seen some improvement in recent reports.