"I've heard of it," I said truthfully. "That's about all."
He nodded. "Most of the policies are sold off-planet, of course. It's a form of insurance for non-insurables. Spaceship crews, asteroid prospectors, people like that."
"I see," I said, unhappily. I knew right away this meant I was going to have to go off-Earth again. I'm a one-gee boy all the way. Gravity changes get me in the solar plexus. I get g-sick at the drop of an elevator.
"Here's the way it works," he went on, either not noticing my sad face or choosing to ignore it. "The client pays a monthly premium. He can be as far ahead or as far behind in his payments as he wants—the policy has no lapse clause—just so he's all paid up by the Target Date. The Target Date is a retirement age, forty-five or above, chosen by the client himself. After the Target Date, he stops paying premiums, and we begin to pay him a monthly retirement check, the amount determined by the amount paid into the policy, his age at retiring, and so on. Clear?"
I nodded, looking for the gimmick that made this a paying proposition for good old Tangiers Mutual.
"The Double R-P—that's what we call it around the office here—assures the client that he won't be reduced to panhandling in his old age, should his other retirement plans fall through. For Belt prospectors, of course, this means the big strike, which maybe one in a hundred find. For the man who never does make that big strike, this is something to fall back on. He can come home to Earth and retire, with a guaranteed income for the rest of his life."
I nodded again, like a good company man.
"Of course," said Henderson, emphasizing this point with an upraised chubby finger, "these men are still uninsurables. This is a retirement plan only, not an insurance policy. There is no beneficiary other than the client himself."
And there was the gimmick. I knew a little something of the actuarial statistics concerning uninsurables, particularly Belt prospectors. Not many of them lived to be forty-five, and the few who would survive the Belt and come home to collect the retirement wouldn't last more than a year or two. A man who's spent the last twenty or thirty years on low-gee asteroids just shrivels up after a while when he tries to live on Earth.