There are going to be a lot of Baby Boomers who head into retirement just as uncertain about their financial future as the day they took their first jobs. Medical technology has resulted in people outliving most of their functioning appendages – and increasingly, outliving their retirement savings.

“Longevity insurance” provides guaranteed income typically starting after you turn 85, in exchange for an initial investment made perhaps 20 years earlier. Payouts are fixed and cover you and your spouse for as long as you live. There are some variations of this product (as with all insurance products, enough choices to confuse).You can opt for a death benefit, which guarantees that your account will hold a certain value that can be paid out to your heirs if you die before the payout age.

The products are a new spin on ‘deferred fixed annuities,’ which are typically tax-deferred investments set up to provide a guaranteed income stream starting at a predetermined age. According to an analyst with the Insurance Information Institute, a trade organization, “Longevity insurance is an old product that’s been dressed up in new clothing.” In other words, it’s an annuity with a few new features set up to emphasize a lifetime income guarantee.

If you’re someone who loses sleep over the prospect of outliving your savings, you may want to consider longevity insurance. But you also need to be fully aware of the downsides, which include the distinct possibility that you may not live long enough to see one dime in the way of return on your investment. It’s worth spending some money to keep the 2 AM pacing at bay, but be aware of the options so that you can maximize your investment.