If you've ever had a discussion with a financial planner, a common question will be "do you have longevity in your family?"  Good question, many of us have parents or relatives in their 80's or 90's.  Americans are living much longer these days.  According to the American Academy of Actuaries, the average 65-year-old man will live to age 84; the average woman, age 87.   

So several insurance companies are introducing "longevity insurance" in the form of an annuity.  

Kiplingers explains the Metropolitan Life Retirement Income Insurance.

For example, if you make a one-time $25,000 investment in Metropolitan Life's basic Retirement Income Insurance fixed-rate annuity at age 60 and are still alive at age 85, you'll receive $24,300 a year for the rest of your life. If you invest at age 55, you'll receive $38,000 a year starting at age 85. But if you die before age 85, you don't get anything. If that doesn't appeal to you, you can add a feature that pays a death benefit to your heirs if you die before the designated payout date. The death benefit would equal the amount you paid in, plus 3% a year since the date of your investment.