There was a whole thing called a tontine that basically worked like inverse life insurance.
The insurers just look at the tables and give you what it will cost. It looks like an 89 year old has between 4-5 years life expectancy so expect to pay in premiums about 20% of the payout. Usually the payout is “burial insurance” at these ages.
The insurers just look at the tables and give you what it will cost. It looks like an 89 year old has between 4-5 years life expectancy so expect to pay in premiums about 20% of the payout. Usually the payout is “burial insurance” at these ages.