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AgeUp, a product launched by Haven Life (New York) in Nov. 2019 to provide financial protection for the adult children of the boomer generation who are concerned about their parents outliving their financial resources is now available for self-purchase. The product is issued by Haven Life’s parent company MassMutual (Springfield, Mass.). AgeUp is currently available in 45 states and jurisdictions across the country, with plans to expand its reach during 2020.
AgeUp was designed to solve the potential challenge of Baby Boomers depleting their savings before the end of their exceptionally long lifetime. Each monthly payment to AgeUp buys an increment of guaranteed income that starts when the purchasers reach their chosen payout age (between 91-100) and lasts for the rest of their lives. The payments “stack” over time, combining to become a single income stream that can be used as the recipient sees fit; there are no restrictions or claims to file.
Originally made for children of Baby Boomers, the product is now available directly to members of that generation, who can visit the AgeUp website, enter a few basic details into a calculator, and instantly see an estimated monthly payout based on their desired premium and selected payout age of 91 or above. Purchase is completed entirely online, without the need for doctor’s visits, blood work, or exams to determine eligibility. Purchasers can choose their own premiums for as low as $25/month, and payments can be paused or adjusted at any time.
Haven Life notes that “buy for me” AgeUp product provides the same features and benefits as the “buy for a loved one” offering, including:
- Monthly premiums as low as $25
- The ability to pause or adjust monthly premiums at any time
- The option to return premium payments to a beneficiary if the buyer doesn’t live to the target payout age
- Cash Refund Guarantee, which guarantees the buyer will receive at least what they put in once they reach the target payout age
“When we launched AgeUp with the novel use case of adult children buying the product for their parents, we always intended to offer a buy-for-self option,” comments Blair Baldwin, General Manager, AgeUp, Haven Life. “There are many Baby Boomers who want to guarantee income for themselves in their nineties but who don’t have children to purchase AgeUp on their behalf. And those who do have children may want to plan for their own long-term financial future instead of relying on someone else to take care of them financially.”