• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Sponsor An Email
  • Post A Job
  • Merger & Acquisition Services

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.

Print Friendly, PDF & Email

Filed Under: Insurtech | Innovation Tagged With: Agency Checklists, Haven Life, insurtech news Boston, Insurtech News Massachusetts, Insurtechs news New England, massachusetts insurance news, MassMutual Massachusetts, Quilt

Primary Sidebar

Sponsored

Sponsored

DOI Announcements

Latest Agency Sales

Accretive Announces Acquisition of Platinum Worksite Benefits

Agency Checklists, MA Insurance Jobs, Hub International, MA Insurance News, Mass. Insurance News, MA Insurance Jobs

Hub Expands Stop Loss Services With Mass-based Stop Loss Insurance Brokers

Massagent insurance aquisitions, Hilb Group

The Hilb Group Acquires King & Cushman

Alera Group Expands Into Vermont with Acquisition of Noyle Johnson Group

More Agency Sales

Career News

Corvus Insurance Names Madhu Tadikonda as New CEO to Lead Accelerated InsurTech Growth and Global Expansion

Alexander & Schmidt Names John Natale Its New Chief Executive Officer

Agency Checklists, MA Insurance News, Mass. Insurance News, Liberty Mutual, Liberty Mutual Life Assurance Co of Boston, top insurers in Massachusetts, largest Mass. P&C insurance carriers,

Liberty Mutual Insurance Appoints Two New Underwriting Leaders to Global Risk Solutions to Better Serve Commercial Customers

Plymouth Rock Appoints New Chief Operating Officer

Insurance Executive Hires Leading Renaissance Alliance

Renaissance Alliance Promotes Insurance Industry Leader Bob Bondi as CEO

In Memoriam

In Memoriam: William J. “Bill” Waldron, 1929-2022

In Memoriam: Christine Anastasi, 1951-2022

In Memoriam: Christine Anastasi, 1951-2022

In Memoriam: Joan D. Small, 1928-2022

In Memoriam: Joan D. Small, 1928-2022

CAR News

4th Look: The Private Passenger Auto Insurance Marketplace in Massachusetts

Eastern Insurance Group LLC Acquires Operating Assets of John T. Burns Insurance Agency, Inc.

Two Governing Committee Seats Freed Up For Independent Agents At CAR

Right to Repair Group Files Amicus Brief & Urges Prompt Ruling on Ballot Question After 1 Year Delay

View More CAR News

Massachusetts Law Updates

New Rule Would Make Insurers Pay Insured For Preventing An Insured Loss

New Rule Would Make Insurers Pay Insured For Preventing An Insured Loss

A formal request by Federal Appeals Court to the SJC to decide if insurers owe costs to prevent a covered loss.

Front view of the Quincy Mass. Masonic Temple with Roman Columns

Confused Voicemail Leads to E&O and Coverage Suits

SJC Construed For 1st Time Meaning of “Doing Business As” In Relation to CGL Coverage.

5 Points On New Ruling: Unreasonable Storage Reduces ACV Payment

A short opinion with a disproportionate impact on first-party property damage total loss claims.

Agency Checklist article on COVID-19 Closings in Massachusetts

First State High-Court COVID-19 Decision On Business Interruption Claims

Dismissed by Superior Court, the restaurants took their appeal directly to the SJC.

More Mass. Law Updates

DOI News

The 2022 Home Insurance Report Part III | Policy Numbers by Massachusetts County

The 2022 MA Home Insurance Report Part II | MA FAIR Plan Review

The 2022 MA Home Insurance Report | Part I

Mass. Business Entity License Renewals on Hold

View More DOI News

Insurance Fraud

Agency President Sentenced for Embezzling $300,000 In Insurance Premiums

Quinn Group Ins. Owner’s Trial to Begin on Federal Benefit and Social Security Fraud Today

First Guilty Plea in No-Fault PIP Auto Insurance Fraud Scheme

GM Financial Will Pay Over $1.8 Million For GAP Coverage Refunds and Loan Violations

More Insurance Fraud News

Footer

Agency Checklists

About us
Contact us

14 Summer Street
Suite 102
Malden, MA 02148
617-598-3800

Advertise on Agency Checklists

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.

SEARCH OUR SITE

Explore Our Archives

Copyright © 2022 · Agency Checklists · All rights reserved.

 

Loading Comments...