How Does AgeUp Work?
Unlike other annuity products, which require lengthy application processes, AgeUp is comparably simple. On their website, you can begin the quick estimate process.
First, you provide your ZIP code, gender, and birthdate. From there, you can choose a desired payout age, anywhere between 91 and 99. This is when your annuity will start providing you with monthly payments. The longer you wait, the higher the payouts will be.
Then you choose whether or not you want to add the return of premium option. If you choose to add this option, then –– in the event that you don’t live to be 91 and begin collecting payments –– a beneficiary will get back all of the money you’ve paid in premiums. The downside of this option is that it results in lower payouts should you reach age 91.
If you decline the return of premium option, you’ll receive greater eventual payouts; however, if you don’t live to age 91, a beneficiary will not receive your premiums.
You also have the option to put more money down at the beginning of your annuity. While AgeUp only requires a $25 initial payment, you can put down a one-time payment of up to $2,500 that will ultimately boost your eventual payout.