Insurance companies are not dumb. If we pull the rug out from under their monopolistic practices, give them a level playing field allowing them to sell to any willing customer and the freedom to offer innovative products, they'll figure out things like Iben's suggestion (a good one - maybe not locked in for life, but periodically increasing premiums like term life insurance, up to age 65). We have to find a way to let smaller insurance companies compete, though, or break up the few that dominate the market now.