Haven Life Insurance Agency is offering a new defense against longevity risk: a deferred income annuity contract with benefits that start when the annuitant is at least 91 years old.
Haven Life — a web-based agency arm of Massachusetts Life Insurance Company — is aiming the AgeUp annuity contract at working-age adults who want to protect their parents against the risk of outliving their assets.
MassMutual acquired another insurtech startup, Quilt, in August 2018.
MassMutual had the team that came over with Quilt shift to developing annuities. The AgeUp product is a result of the Quilt alumni annuity development effort.