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AgeUp is an annuity provider that offers guaranteed income products to people over the age of 90. Below is a comprehensive AgeUp review that will help you understand the benefits and downsides of the company’s annuity plan.
AgeUp is a deferred income annuity designed to provide additional retirement income to people who live into their 90s. The annuity is backed by MassMutual Insurance. AgeUp distinguishes itself by providing late-life income to the growing nonagenarian demographic. The company also makes signing up convenient with a digital application and no medical exam requirement.
Consumers ages 50 to 75 qualify to enroll in the AgeUp annuity. At the moment, AgeUp offers plans in 47 states. New York, Florida and California residents are not currently eligible. However, the company states that it intends to offer plans in California in the near future. Enrollees must also be US citizens or permanent residents.
Once you enroll with AgeUp, you’ll make payments until 13 months before your target payout age. You can set a preferred target age anywhere from 91 to 100. Premiums are flexible and range from $50 to $250 per month. Once you reach your target age, you’ll begin receiving monthly payouts based on the premiums you’ve paid in. Those payments will then continue for the remainder of your life.
AgeUp offers customer support via phone or email. You can also use the company’s handy benefit calculator to see what your monthly payouts could be. They also offers a comprehensive product guide with in-depth information you can review with your financial advisor.
AgeUp is a solid annuity backed by one of the most time-tested insurance companies in the business. As late-life supplemental income, AgeUp offers real value to people who significantly exceed average life expectancy. The ability to set your own premiums and target age makes AgeUp a flexible solution for income in your 90s. Overall, AgeUp is a very good option for guaranteeing yourself a predictable income in your later years.