Longevity insurance, also known as a deferred income annuity, is a financial product designed to provide income to an individual for a specified period, often beginning at an advanced age, to protect against the risk of outliving one's savings. The primary purpose of longevity insurance is to ensure that a person has a stable income later in life, particularly when they may no longer be able to work and have a greater need for funds due to increasing healthcare costs and other expenses.
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