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AgeUp is a longevity annuity, also called a deferred income annuity, or DIA. In a nutshell, longevity annuities let you trade money now for lifetime income in the future, similar to a pension or Social Security. With AgeUp, that income is backed by MassMutual and begins at any age you choose from 91-100.
If you’re concerned about not living into your 90s, AgeUp has an optional return of premium. Choosing this option will reduce your future income, but refunds 100% of the premiums you’ve paid to a beneficiary if you die before payouts begin. Your beneficiary can use that money for anything, including helping to ease the burden of funeral costs or estate debts, or just kept as an inheritance.
Most longevity annuities are purchased in one lump sum of at least $10,000 up front, but AgeUp splits the purchase into more affordable monthly premiums. You can pay as little as $25 a month, or as much as $250.. This gives AgeUp a much lower cost of entry, and allows you to adjust your contributions as your finances change.
AgeUp payouts also start later than a typical longevity annuity. Most can only be deferred to age 85, but AgeUp payouts begin at any age you choose between 91-100. You’ll need to wait longer for the payouts to start, but they’ll be higher than you’d get from a typical longevity annuity, dollar for dollar.
AgeUp is issued and backed by MassMutual, and sold by Haven Life Insurance Agency, a MassMutual-owned innovation hub. MassMutual has been in business since 1851 and is rated A++ for financial strength by A.M. Best1.
We’re currently available nationwide, with the exception of California, Florida, and New York. (But California is coming soon.)
It’s up to you. AgeUp has two versions to choose from: return of premium and no return or premium.
If you choose return of premium and die before your target age, 100% of the money you’ve paid into AgeUp will be refunded to your beneficiary. He or she can use the money for anything, including helping to cover funeral costs or settle debts, or just kept as an inheritance.
If you choose no return of premium, your monthly payouts will be larger if you reach your 90s, but there’s no refund to your beneficiary if you die before then.
Which option is right for you will depend on your situation and risk tolerance, and whether you’d prefer to maximize your future income or leave money to a loved one.
AgeUp always comes with a Cash Refund Guarantee. That means the day you reach your target age, you’re guaranteed to receive at least what you put in, no matter which return of premium option you choose.
For example, if you choose a target age of 91 and pay a total of $15,000 in premiums, the day you turn 91, you’re guaranteed to receive at least $15,000. If you were to die after receiving only $2,000 in payouts, your beneficiary would receive a check for the remaining $13,000.
With longevity annuities like AgeUp, you’re buying a set amount of future income, rather than building up cash value. Think of it as more like a pension, and less like a savings or investment account.
Not having a defined cash value is actually a good thing, since it means the income will never run out as long as you’re alive. However, that also means there isn’t a defined cash value to withdraw from or borrow against. You can always reduce or pause your monthly premium payments if money becomes an issue.
MassMutual invests your premiums conservatively, but it’s important to remember that AgeUp isn’t like a savings or investment account. You’re buying future income, rather than building up cash value. MassMutual takes on all of the investment risk, and your payouts are set in stone at the time of purchase, regardless of market performance.
Getting an estimate takes just 30 seconds, and the application can be completed in minutes, start to finish.
You won’t need to take a medical exam, or even provide health information during the application process. Still, we wouldn’t recommend AgeUp for anyone with a health condition that could limit their life expectancy.
You’ll need to provide your date of birth, contact info, Social Security number for identity verification, and your bank details for automatic premium payments.
Why do you need my Social Security number?
Companies selling financial products are required by law to verify their customers’ identity to prevent money laundering and other illegal or unethical activities. Your Social Security number is used only for the ID verification – we don’t run credit checks, and your information will be kept private and secure.
If you buy AgeUp for a loved one, the payouts will come directly to you, and can be used as you see fit.
It depends on whether your loved one has reached the target age, and your choice for the return of premium option.
Before payouts begin:
If you die before your loved one reaches the target age, the contract expires. If you choose return of premium, 100% of the premiums you’ve paid to that point will be refunded to your beneficiary or estate.
If you choose no return of premium, there’s no refund.
After payouts begin:
If you die after your loved one has reached the target age, the payouts will continue for the rest of his or her life. They’ll be paid to your beneficiary, so it’s important to choose someone you trust to use the payouts in your loved one’s best interest. (You can also name your loved one as the beneficiary, and he or she will receive the payouts directly.)
AgeUp always comes with a Cash Refund Guarantee. That means once your loved one reaches the target age, you’re guaranteed to get back at least what you put in. That’s true no matter which return of premium option you choose.
The annuitant is the person whose life expectancy the annuity payouts are based on. If you’re buying AgeUp for yourself, this would be you.
If you’re buying AgeUp to help a loved one, he or she is the annuitant, and you would be the contract owner.
Your beneficiary is the person who will receive the refund if you select return of premium and don’t live to your target age. If you don’t select a beneficiary, the refund will go to your estate by default.
Beneficiaries are also important if you’re buying AgeUp for a loved one, such as a parent. In that case, if you die after your parent reaches the target age, the beneficiary is the person who will receive the payouts. Your beneficiary in that case should be someone you trust to use the money in your loved one’s best interest. You can also name your loved one as the beneficiary, and he or she will receive the payouts directly.
No matter which return of premium option you choose, AgeUp always comes with a Cash Refund Guarantee. This means that the day you reach your target age, you’re guaranteed to get back at least what you put in.
For example, if your target age is 91 and you’ve paid a total of $15,000 in premiums, you’re guaranteed to receive at least $15,000 if you live to 91. If you die after collecting only $5,000 in AgeUp payouts, your beneficiary or estate would receive a refund of $10,000.
This is our term for your annuity income, or the money you’ll receive from AgeUp when you reach your target age of 91-100.
When purchasing AgeUp, you can choose from two options: return of premium or no return of premium.
If you choose return of premium, 100% of the money you’ve paid into AgeUp will be refunded to your beneficiary if you don’t live to your target age of 91-100. Choosing this option will reduce your monthly payouts, but eliminates the risk of getting back less than you put in. (In the contract and illustration, this option is called the “Single Life Annuity – Death Benefit Prior to Annuity Date.”)
If you choose no return of premium, your payouts will be larger, but there’s no refund if you die before reaching your target age. (This is called “Single Life Annuity – Death Benefit Prior to Annuity Date” in the contract and illustration.)
The target payout age, or target age, is your age from 91-100 when you’ll begin receiving AgeUp payouts. The higher the target age you choose, the more monthly income you’ll receive.
See how AgeUp can help with a quick online estimate.
©2022 Haven Life Insurance Agency, LLC. All rights reserved.
Haven Life Insurance Agency does not make recommendations or provide tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
AgeUp is a Deferred Income Annuity (ICC19DTCDIA) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Contract and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in Arkansas is 100139527.
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