New annuity aimed at adult children of aging parents
November 20, 2019 by Insurance Forums Staff
One-third of 65-year-olds will likely live past 90, but many are underfunded for that long a life span and their families are often not prepared to cover the gap.
That’s why Haven Life Insurance Agency, MassMutual’s in-house startup, just introduced AgeUp, a new product designed to provide financial protection for the adult children of the boomer generation who are concerned about their parents outliving their financial resources.
“Traditional life insurance protects people from the financial strain of loved ones dying sooner than expected. AgeUp is the opposite: It protects people from the financial strain of helping support a loved one who outlives his or her resources,” said Blair Baldwin, General Manager for the AgeUp product.