15 August 2013
As Americans' average life expectancy increases, many people are afraid of outliving their savings.
One solution that has appeared recently is what's known as "longevity insurance." Longevity insurance is designed to provide guaranteed income from the time you reach old age—usually around 85—to the time you die.
The thinking is that by age 85, your savings may be depleted. The appeal of longevity insurance is that it can allow you to remain independent as long as you desire.