Old Age, Re-designed
A grumpy analysis of future trends from a member of the Grumpy Generation.
Only a few insurance companies have adopted the idea, but after some searching for it, a company may be found offering an option to transform life insurance into a guaranteed annuity, paying approximately 6% guaranteed for life. The rest of the companies are uncomfortable with offering guarantees which extend more than a fixed number of years, leaving the subscriber with the risk of guessing how well that matches his life expectancy. Since elderly folks near the end of life have no prospect of ever acquiring new funds after their savings run out, the idea may be widely admired, but it has not had much implementation.