This isn't necessarily the case. Life insurance insures against certainty.
I think one things which would make this idea feasible is the fact that people are old by the time they receive SS so a certain percentage (a somewhat predictable one) will be dead. If a high enough percentage is expected to be dead, you could create rates which would allow you to win over the long run.
You could also make the SS insurance apply only to the individuals and not their beneficiaries who would have received the SS benefit in the event of the individual dying prior to receiving benefits.
I think one things which would make this idea feasible is the fact that people are old by the time they receive SS so a certain percentage (a somewhat predictable one) will be dead. If a high enough percentage is expected to be dead, you could create rates which would allow you to win over the long run.
You could also make the SS insurance apply only to the individuals and not their beneficiaries who would have received the SS benefit in the event of the individual dying prior to receiving benefits.
I know it's grim but just some thoughts..