Anybody have one, know of someone who does, or has substantially looked into it for an ERE'r and has any opinion on these (or if you can even get one at the age of 40)?
Once an ERE'r has determined how much is "enough", and assuming can get one that pays higher than their planned safe withdraw rate on their portfolio (maybe you can't as a 40-year old?), why wouldn't an ERE'r without heirs get one? It seems like you're basically paying any potential remainder of your portfolio at death as a premium to get rid of the chance of portfolio failure.
They appear to be backed by state guaranty agencies up to a certain amount so that should probably set limits. But heck, I guess the chance of failure of the company and the state agency may be as high as the failure chance of any other portfolio anyway, so maybe this is just another example of false security.
Other than a substantial emergency fund left over after purchase, why not do this? (I assume there are obvious issues I am missing because I never hear of this actually being done)