• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / Insurance News | Massachusetts / Insurtech | Innovation / Former Insurtech Quilt Launches New Annuity Product AgeUp

Former Insurtech Quilt Launches New Annuity Product AgeUp

March 3, 2020 by Agency Checklists

Quilt Launches New Annuity Age-Up

This is the first product launched Haven Life’s New Boston Studio

The Haven Life Insurance Agency has announced the launch of a new innovative annuity product aimed at helping the adult children of the Boomer generation. Dubbed AgeUp, the annuity offers financial protection for Millenials and Gen Xers looking to secure financial protection for their parents once they reach an advanced age.

Now available for purchase in 44 states, including Washington D.C. and Puerto Rico, the annuity claims to be a “unique financial product that provides guaranteed payouts once a parent reaches the selected age and lasts for the rest of their lifetime.” Only available online via the AgeUp website, the product has been aimed to be financially accessible to all and does not require either upfront payments nor large monthly contributions. Premiums are flexible and offer purchasers the ability to “pause, increase, or decrease their payments at any time.”

The annuity is offered by the Haven Life Insurance Agency (“Haven Life”) a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company. It was designed by Haven Life’s Boston-based team which consists of members of the former insurtech Quilt. Quilt was officially acquired by Haven Life in 2018.

According to an online survey conducted by AgeUp in January 2020 which polled approximately 1,500 men and women in the U.S. between the ages of 25-44 the survey found that “…while the majority of millennials and Gen Xers believe they will provide financial support for their parents in their old age, they don’t want to ask them about it – and they’re not currently factoring it into their own financial planning.” In addition, the survey also noted:

  • 80% of millennials and Gen Xers surveyed agreed that parents and in-laws should be taken into account when thinking about their own long-term financial plans.
  • 68% think they will provide financial contributions to their parents should they outlive their retirement savings.
  • 67% said they anticipate that they’ll make the majority of their parents’ financial decisions if they reach their 90s.
  • 47% said that it is either “very important” or “extremely important” to talk to their parents about their retirement savings.

However:

  • Only 37% have already taken their parents and in-laws into account for their long-term financial plans.
  • Respondents ranked talking about their parents’ personal finances as one of the “most awkward” subjects, second only to sex.
  • 71% said they know “little” or “nothing” about their parents’ finances.
  • 56% report either “never” speaking with their parents about their financial plans for retirement, or speak about it “rarely” (once per year).

AgeUp is the first product launched by MassMutual’s, in-house startup Haven Life Insurance Agency, our of their new formed Boston Studio.

Primary Sidebar

MA Division of Insurance Announcements

New Episode

MA Insurance Lawyers

SPONSORED

Career News

The Concord Group Appoints Michael P. Nolin, Jr. as President & Chief Executive Officer

Industry Veterans Join Plymouth Rock as Territory Sales Manager for Massachusetts

Risk Strategies Founder Mike Christian Named 2025 Insurance Professional of the Year

Risk Strategies Founder Mike Christian Named 2025 Insurance Professional of the Year

Arbella Adds Two New Members to its Board of Directors

Arbella Adds Two New Members to its Board of Directors

View More Career News

In Memoriam

In Memoriam: Roy Corso: 1943-2025

In Memoriam: Kevin Hugh Kelley, 1950-2025

In Memoriam: Kevin Hugh Kelley, 1950-2025

In Memoriam: Stephen Lee Brown, 1937-2025

In Memoriam: Stephen Lee Brown, 1937-2025

Company News

Hiring initiative bringing 100 new Farmers Insurance® jobs to four cities

Travelers Institute Announces Fall 2025 Wednesdays with Woodward® Webinar Schedule

Insurance Library Announces 2025 Members of Hess Benefactor Society

Agency Checklists, Arbella's New Cyber Endorsement, Cyber Extortion Insurance, CyberBullying Insurance, Online Fraud Insurance for Homeowners, Data Breach Insurance for Homeowners, CyberBullying Insurance for your children

Massachusetts RMV Cautions Public to Beware of Text Scams

Footer

Agency Checklists

Contact us

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

Explore Our Archives

Copyright © 2025 · Agency Checklists · All rights reserved.

 

Loading Comments...