Published: Apr 26, 2010 4:23 PM EDT

CHARLESTON, W.Va. - Massey Energy says it will provide financial packages providing health care and other benefits for the families of 29 miners killed in the nation's worst mining disaster in 40 years.

Massey officials announced Monday that the Virginia-based company will cover health care and college expenses for the miners' children, and provide increased life insurance payouts.

Massey board director Robert Foglesong called the compensation package unprecedented. He says officials want to ease any financial concerns the families may have.

The announcement comes a day after a memorial to those killed and injured during the April 5 explosion at Massey's Upper Big Branch mine in West Virginia. Board members attending the news conference also reiterated their support for Massey chief executive Don Blankenship.

Related:  Relatives of mine blast victims to be compensated

All 29 bodies recovered from W. Va. mine following explosion

Gases force crews to abandon search for mine accident victims