Baby Boomers are just becoming aware that when they retire and because of greater life expectancies, they will probably need a steady income steam for at least 25 years, maybe for as long as 35 or more. Thus existing products such as annuities will be getting increased attention, but there are also new products designed to appeal to those worrying that they will outlive their savings. One is longevity insurance.
The name is a bit of a misnomer because, in reality, it is more of a one-time payment annuity that begins to pay off if and when the “insured” reaches a certain age, with payments continuing until death. It has been reported, in another variation, that providers have simply added a longevity element to some of their annuity offerings.
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