AgeUp FAQs

About us

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.)

If you’d like to be notified when AgeUp is available where you live, you can join our waitlist here.

How AgeUp works

When purchasing AgeUp, you’ll choose a target age from 91-100 to begin receiving monthly income. The higher the target age you choose, the larger your monthly payouts will be. (Similar to the way deferring your Social Security benefits means more monthly income.)

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 income is yours to use however you like, without restrictions or limitations. That’s also true of the refund to your beneficiary if you choose the return of premium option and don’t live to your target age of 91-100.
Since AgeUp is an annuity, the amount you contribute is up to you. The monthly premiums range from $25-$250 per month. The more you contribute, the more income you’ll receive when you reach your target age. (Or the more your beneficiary will receive if you choose return of premium and don’t live to your target age.)

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.

You can increase, decrease, or stop your monthly premium payments at any time – just let us know 10 days before your premium is due. You can also pause premium payments for a time if you need to, then start again when your finances improve. Who is covered by AgeUp, the target payout age, and your choice for the return of premium option are set at the time of purchase and can’t be changed, so think carefully before making those decisions.
Monthly premium payments start when you buy AgeUp, and last until 13 months before your target age. For example, if you choose to begin receiving AgeUp payouts at 91, you’d pay premiums from now until one month before your 90th birthday.

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.

Applying for AgeUp

To purchase AgeUp for yourself, you just need to be a U.S. citizen or permanent resident between the ages of 50-75, and live in a state where AgeUp is offered. (We’re currently in every state except California, Florida, and New York.)

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.

You won’t pay any taxes until AgeUp income begins. And since AgeUp is purchased with post-tax money, only a portion of each payout will be subject to taxes. Some of your monthly income will be a tax-free return of principal, so only the investment growth will be taxed. (We can’t give tax advice, so please consult an expert about your situation if you have further questions.)

Buying AgeUp for a loved one

If you’re buying AgeUp to help someone else, they’ll need to be a close family relation, including your parent, grandparent, mother- or father-in-law, or an aunt or uncle. (You’ll also both need to meet the eligibility requirements below.
To buy AgeUp for a loved one, you (the contract owner) need to live in a state where AgeUp is offered, and be between the ages of 21 and 75. Your loved one (the annuitant) has to be 50-75. You’ll also both need to be U.S. citizens or permanent residents.
AgeUp payouts are partially based on an individual’s age and life expectancy, so each AgeUp contract can only cover one person. However, you can buy more than one AgeUp – one for each parent, for example.

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.

Learn more about AgeUp for a loved one

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AgeUp glossary

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.

This is a term for the date on which you’ll begin receiving annuity income. In AgeUp’s case, this would be the day you reach your target age. So, if you choose a target age of 91, the annuity date is your 91st birthday.

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.

The contract owner is the person who purchases AgeUp and has ownership rights to the annuity contract. If you’re buying AgeUp for yourself, you are both the annuitant and the contract owner. If you’re buying AgeUp to help a loved one, you would be the contract owner and he or she the annuitant.
The maximum monthly premium is $250, but you can choose to add up to $2,500 up front as a one-time payment. Adding extra money early will increase your payouts without increasing your monthly premiums.

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.

Premiums are your monthly payments to AgeUp, in exchange for your payouts. You can choose from $25 to $250 per month. The premiums are flexible, so you can increase, decrease, or pause your premium payments over time if needed.

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.

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