First-of-its-kind annuity provides adult children of Boomers with guaranteed income for their parents beginning at age 91
BOSTON, Feb. 25, 2020 /PRNewswire/ -- AgeUp, an innovative annuity product issued by Massachusetts Mutual Life Insurance Company (MassMutual), today announced that it is available for purchase in 44 states, including Washington, D.C. and Puerto Rico. Developed by Haven Life Insurance Agency, AgeUp is designed to provide the adult children of the Boomer generation with financial protection for their parents once they reach an advanced age.
Millennials and Gen Xers across the majority of the country can now purchase AgeUp, a unique financial product that provides guaranteed payouts once a parent reaches the selected age and lasts for the rest of their lifetime. Built to be financially accessible to all, AgeUp does not require upfront payments or large monthly contributions. Instead, premiums are flexible, as purchasers can choose to pause, increase or decrease their payments at any time. AgeUp is exclusively available online, and buyers can sign up directly via the website.
As the Baby Boomer generation grows older, the gap between their retirement savings and longevity will increase exponentially – and the financial burden is poised to fall squarely on the shoulders of their adult children. Recent data from AgeUp found that 68% of millennials and Gen Xers expect that they'll financially support their parents should they outlive their retirement savings. However, the number of adult children who are acting on that belief is considerably smaller, with only 37% saying they have already accounted for their parents and in-laws in their own long-term financial planning. This is likely because discussing personal finances is widely considered taboo; 56% of millennials and Gen Xers surveyed said they "never" speak with their parents about their financial plans for retirement, or they speak about it "rarely" (once per year). The full findings on how millennials and Gen Xers are approaching their parents' longevity, retirement savings, and financial planning can be found here.
The AgeUp product is issued by MassMutual and was developed by MassMutual's in-house startup, Haven Life Insurance Agency, out of their newly formed Boston Studio. In 2020, AgeUp will expand its offering to allow Baby Boomers to purchase the product for themselves.
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.
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