With this long period of very low interest rates, the risk that savers are going to outlive their savings is increasing. That's where longevity insurance may help. However, there are several downsides. This Wall Street Journal article
provides a good overview of longevity insurance including the pros and cons. It also offers several tips for those looking into policies. This excerpt shows what a policy can provide:
Currently, a 65-year-old man paying $100,000 for an immediate fixed annuity can get about $6,950 a year for life, according to ImmediateAnnuities.com, a website that provides free quotes from insurers. But with a longevity policy that starts issuing payments at age 85, his annual payout will be $63,990, New York Life says.