the advanced age you have to accept the risk that if you die before the age of 85 the insurance company will keep the whole amount with no money returned to you or your estate after your death.
the paper gives an example of a 2011 longevity insurance quote. an investment of $100,000 at the age of 60 would give you an income of over $75,000 a year until death once you have reached the age of 85.
in the above example if you are 60 years old you have a 59% probability of dying before the age of 85.
your investment portfolio is large enough that you can afford the insurance premium.
in 