A new type of life insurance is being offered called a reversionary annuity. The policy requires that the beneficiary survive the policy holder. It provides income to the beneficiary in set amounts and time increments for the life of the beneficiary. This type of life insurance can be more cost efficient than other options, but the named beneficiary is set when the policy is created and cannot be changed.
See Jeffrey Berson, A New Kind of Life Insurance Policy, Wink, August 1, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
