The private insurance market has proved wildly inadequate in providing financial security for millions of older Americans, in part by underestimating how many policyholders would use their coverage.
Apollo was the first to use annuities to build a major financing business. Others followed, driving the growth of the private lending market and worrying regulators.
People with children who cannot support themselves need to think well past their own lifetime and figure out how to provide for children after they are gone.