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.
- 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.