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Subject: SCZ

AgeUp to Offer New Kind of Financial Protection for Life After 90


BOSTON, Nov. 13, 2019 /PRNewswire/ -- One-third of 65-year-olds will likely live past 90, but many are underfunded for that long a life span and their families are often not prepared to cover the gap.  Launched today, AgeUp is a new product designed to provide financial protection for the adult children of the boomer generation who are concerned about their parents outliving their financial resources. AgeUp is issued by Massachusetts Mutual Life Insurance Company (MassMutual) and was developed by Haven Life Insurance Agency (Haven Life), MassMutual's in-house startup.

AgeUp Logo

"Traditional life insurance protects people from the financial strain of loved ones dying sooner than expected. AgeUp is the opposite: It protects people from the financial strain of helping support a loved one who outlives his or her resources," said Blair Baldwin, General Manager for the AgeUp product.

AgeUp was developed by a group that is uniquely qualified to help protect Americans from outliving their retirement resources.  Baldwin's team was acquired by Haven Life with a mission to rethink the buying experience for longevity products and, specifically, how income annuitization can help address the financial concerns of future retirees. The AgeUp team developed what they believe is a first-of-its-kind annuity product that provides an overlooked customer base with a simple online solution for the retirement funds gap and brought it to life using Haven Life's technology platform.

"More and more people are living into their 90s and beyond and there hasn't been a financial product specifically designed to address the problem of adult children supporting their aging parents until now," Baldwin said. "We set out to create a solution to help everyday Americans address this growing need, and found we could achieve this goal by creating a new kind of deferred income annuity we call AgeUp."

AgeUp was designed after internal research with hundreds of potential customers, mainly millennials and Gen Xers, which revealed:

In order to build a solution for parents' longevity risk, the team behind AgeUp developed an annuity that differs from all other annuities today in four important ways:

  1. AgeUp is designed for financial protection for life after 90, and as such, is the only annuity that converts into an income stream for life beginning at age 91 or later. Age 85 is typically the oldest annuitization age for other products.
  2. AgeUp is the first annuity to be financially accessible to nearly everyone, with no upfront contribution required and monthly premiums starting as low as $25.
  3. AgeUp is the only annuity specifically designed for the intergenerational use case of adult children supporting their aging parents.
  4. Adult children pay the monthly premiums for AgeUp and receive the monthly payouts once the parent reaches the trigger age. The purchase process is simple, straightforward and 100% digital. The guaranteed monthly payouts can be material, even for small monthly contributions.

AgeUp was recently approved for sale in 44 states, Washington, D.C. and Puerto Rico, with plans to reach even more of the population by the end of 2020.  In 2020, baby boomers in their early 60s and 70s will be able to purchase AgeUp directly. Learn more at age-up.com

About AgeUp
AgeUp is a new annuity product designed to help protect families from the financial risk of loved ones living into their 90s and beyond. AgeUp is sold by Haven Life Insurance Agency (Haven Life), which is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). AgeUp deferred income annuities are issued by MassMutual, a leading mutual life insurance company that is run for the benefit of its members and participating policy owners.

Sources

According to a U.S. Census Bureau report from 2014, there were 76.4 million members of the baby boomer generation living in the United States, "The Baby Boom Cohort in the United States: 2012 to 2060," Retrieved October 25, 2019.

According to the Social Security Administration, one out of every three 65-year-olds today will live past age 90. Source: Social Security Administration, "Social Security Benefits Planner - Life Expectancy," Retrieved September 20, 2019.

 

SOURCE AgeUp


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