AgeUp Review

Guarantee a loved one has supplemental monthly income after age 91 for a simple monthly fee. AgeUp offer a new type of deferred income annuities that provide financial protection after the age of 90.

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Deferred Income Annuity


  • Guaranteed income over 90
  • Low monthly premium
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Pros & Cons


  • Backed by MassMutual
  • Lifetime income
  • Low monthly premiums
  • Guaranteed return


  • Can’t buy for oneself
  • Not yet available in California, Florida, or New York

“One in five American adults have nothing saved for retirement” reported Forbes in a 2019 article on the retirement crisis. While there is debate as to the exact nature of the retirement crisis, many Americans are worried about how to afford retirement.

This isn’t just older generations, both Generation X and Generation Y are concerned about how their parents and other loved ones will manage retirement.  As more Americans live longer, the possibility of outliving retirement savings is growing.

In a 2019 article, the AARP anticipated that Social Security benefits will run out by 2035. Social Security benefits are a lifeline for many Americans.

If the system isn’t changed, the fund will be empty. A new, first-of-its-kind product called AgeUp has stepped in to fill the retirement gap. 

AgeUp is an advanced life deferred annuity. This is an insurance-world way of saying that you can now pay a monthly rate now to guarantee future income for a loved one after they turn 91.

That’s what an annuity is: paying a fixed monthly amount now to bank future income. Monthly rates vary from $25 to $250 and have to begin when a loved one is aged 50 to 75.

AgeUp is unique in that this is the first annuity to supplement retirees after age 90, and can pay from $100 to $6,000 or more per month. AgeUp isn’t a new company, but a product created by Haven Life Insurance, the same company that brought you Haven Life Term Insurance.

Both Haven Life and AgeUp are underwritten by MassMutual - Massachusetts Mutual Life Insurance, the parent company of Haven Life.  

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Quick Summary

Product: Deferred Income Annuity

Premium: Starts at just $25/month

Promotion: No current promos

What is AgeUp?

AgeUp just brought to market a first-of-its-kind offering: a deferred life annuity. A life annuity is a product where customers purchase blocks of guaranteed future income with fixed-interval payments today.

Each month a fee (called a premium) is paid and at a specific date, a guaranteed monthly return is paid for the duration of the annuity. This monthly return can be used as supplemental income, healthcare coverage, and many other things. 

In the case of AgeUp, this is annuity is a deferred life annuity. What makes it unique is that this is the first annuity offered to help people who may not have enough money for retirement.

AgeUp specifically targets those aged 91 and older who want supplemental income for those golden years. Customers pay a monthly premium and after age 91 the insured will receive a fixed monthly income.

AgeUp calls paying the monthly premium ‘stacking’, with each ‘stack’ earning an extra guaranteed ‘slice’ of future income. 

Depending on monthly premiums, the adult child who purchased could receive anywhere from $100 to $6,000 per month after their parents turn 91. 

You may be asking yourself: Who is AgeUp and how do I know they’re going to be around in 20 or more years when my loved ones turn 90? Great question. 

AgeUp annuities are underwritten by MassMutual, a leading mutual life insurance company and an insurance goliath with over 160 years of insurance history. MassMutual is a Fortune 100 company with an A++ financial strength rating.

In short, you can be confident that the monthly payouts are safe long into the future - and any financial risk is minimal.

Company Background

AgeUp isn’t a company, but a new financial product startup offered by the insurance whiz-kids behind Haven Life.  You may have read my review of Haven Life (check it out!). 

Haven Life Insurance Agency is the in-house fintech startup of insurance giant MassMutual. Since founding, Haven Life is a life insurance company on a mission to reinvent term life insurance through tech wizardry.

In 2018 Haven Life acquired Quilt, which had successfully used technology to make renters insurance available online and at a lower cost. Quilt was an overnight success, which quickly led to an acquisition by Haven Life for an undisclosed amount.

Together with Haven Life, the Quilt team began brainstorming the next digital disruption in the insurance market. 

Taking a page from MassMutual’s playbook, AgeUp is a startup within the Haven Life startup, which was a startup within MassMutual.  Quilt’s CEO and co-founder Blair Baldwin heads the AgeUp team, based out of Boston.

AgeUp grew out of conversations Haven Life was having with customers in 2018 and early 2019.  With lifespans increasing, and total household savings flat, people were growing concerned over how to fund retirement well into people’s 90s. 

The company landed on a growing pain point: How do you help people plan for when their loved ones outlive their savings?  The U.S. is facing a retirement gap and more people are living to 90 years of age than ever before.


  • First-of-its-kind Annuity. A deferred life annuity created to guarantee financial stability for loved ones in their 90s.
  • Select Your Flexible Monthly Premium. Pay from $25 per month to $250 per month.
  • No Extra Fees. Pay only your monthly premium; pause or cancel any time.
  • Offered by Haven Life. Special offering created and operated by Haven Life.
  • Backed by MassMutual. The insurance giant MassMutual insures AgeUp’s annuities and has been in business since 1851.
  • Financial Protection For Life After Age 90. Purchase supplemental monthly income for when it’s needed most: ages 91+.
  • No Medical Exam. Skip the exam and finish the online application in just five minutes.
  • Two Types of Returns. Pay more upfront per month if you want a money-back guarantee.  
  • Available in 35 States and D.C. AgeUp continues to expand and should soon be available in every state.
  • Pay Now, Cash Out Later. $50 per month at age 50 could mean $600 per month after age 90 for your loved one.

How Does AgeUp Work?

AgeUp is an advanced life deferred annuity, bought by those ages 21 to 75 for a loved one who is now between the ages of 50 and 75.  After the loved one turns 90, they are then eligible to receive monthly supplemental income payments from the annuity.

These payments will depend on how much was paid into the annuity, for how long, and the return options chosen (more on this below).

How AgeUp Works

Each payment made to the annuity contract is guaranteed future income, even if the contract lapses.  This means that you aren’t canceling the annuity contract, though you may stop paying into the contract. 


As of early-2o22, AgeUp is available nationwide - with the exception of California, Florida, and New York.  California is reported to be 'coming soon' at the time of writing though, so it's worth checking the company's FAQs if your state is currently covered.

AgeUp has the following age restrictions for who can buy an annuity contract (purchaser) and who can receive an annuity contract (annuitant).

  • Purchaser (age 21 to 75)
  • Annuitant (age 50 to 75)

Remember, the owner (annuitant) of an annuity contract cannot receive payments from the annuity contract until after their 91st birthday.

Payments to the annuity contract continue until 13 months before an annuitant reaches the selected age for payments.

AgeUp recommends their annuity for those at or near retirement age, who are in reasonably good health, and who are at risk of outliving their financial resources after age 90. 

For example, at minimum, a purchaser will have to pay into an annuity contract monthly for a little less than 15 years, or about 179 months.  This assumes that the annuitant was 74, about to turn 75, and began receiving payments just after their 91st birthday. 

There are four additional qualifications:

  • You can not purchase an annuity contract to replace an existing life insurance policy or annuity contract.
  • You can not group two or more individuals into one policy.
  • You can not buy a policy for yourself.
  • You must select a date for payments and these payments to the contract must stop 13 months before this date (still after the annuitant’s 91st birthday)

Coverage Costs & Fees

AgeUp charges a monthly cost for those who purchase an annuity contract. This monthly cost ranges from $25 to $250.

The amount paid per month will directly affect how much money they annuity contract has when it is time to receive payments.  Also affecting the cost is the Death Before Payout Age Option.

Like it sounds, this is a guarantee that the annuity will pay out if your loved one does not reach age 91 (or any selected age between 91 and 100).

This is a small insurance policy that protects the value of the money paid into the annuity.  To get a better understanding of the costs, we did a few different trials of the costs and payments. 

Trigger Age

With early death benefit

Without early death benefit

When monthly payout for life starts

You get money back if you or loved one dies before trigger age

No money back if you or loved one dies before trigger age


























Below are some examples using AgeUp’s online quotes.

Example 1:

In this example, we want to purchase an annuity contract for our mother. Right now, she’s at the maximum age allowed by the policy: 75.

Our mother is in relatively good health, has pension income from a past employer, and has a reasonable nest egg.  We want to purchase a small annuity in the event that she needs a little extra income in his 90s, maybe to help with home bills.   

AgeUp Quote Example 1
AgeUp Quote Example 2

Example 2: 

In this example, we want to purchase a much larger monthly payment for our aunt.  While she is in good health and has saved well for retirement, health problems run in the family.

We want to make sure that she has plenty of extra income to get her through those later years, regardless of what happens.

AgeUp Quote Example 3
AgeUp Quote Example 4

Example 3: 

In this example, our father needs a guarantee that he will have enough income for his 90s.  He has owned his business for the past 20 years but ran into hard times after the financial crisis.

While the business is looking much better, we can’t count on the income from the business to provide for him in retirement.

AgeUp Quote Example 5
AgeUp Quote Example 6

How to Get Started

If you are ready to purchase an AgeUp deferred life annuity for a loved one, you’ll want to head over to the website. Make sure you’ve checked that AgeUp is available in your state and that you are ready to apply for a loved one.

You can start with an online quote, or if you need to speak with someone, you can call, email, or use the online chat.  After completing the online quote, you’ll be prompted to either complete the application online or by phone.

There is no medical check and the application should take from 5 to 10 minutes. You’ll need a phone number to begin enrollment. 

The application has five sections:

  • About you (the purchaser)
  • About your loved one (the annuitant)
  • Identity information
  • Payment
  • Review and complete

After completing the application, you will likely receive approval within a few minutes. 

Should You Invest With AgeUp?

First, we love this idea. This helps to solve a serious pain point: running out of money for retirement. With people living longer and the rising costs of living in the U.S., this is a good backup option.

For many people, this will be an important peace-of-mind purchase for family and friends who may not have enough for 30 or more years of retirement.

There are two major downsides here: a new, untested product and a relatively new company, Haven Life.

It’s great that MassMutual backs this product, but what happens if MassMutual isn’t around in 20 or 30 years when AgeUp is needed the most? 

What about any transfer fees or additional costs if Haven Life or AgeUp collapses?  Also, as a new product, does it work?

It will take at minimum 15 years to see the returns from the AgeUp annuity.  Make sure you’ve weighed the pros and cons before buying. We do think it is a good buy, but it isn’t for everyone.


Guarantee a loved one has supplemental monthly income after age 91 for a simple monthly fee. AgeUp is a new type of deferred income annuity that provides financial protection after the age of 90.

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