If people want to set up something on a prepaid basis, like an annuity that will pay out from the interest from a trust fund, or amortize that trust fund over a period of years with a decreasing balance until the fund is fully expended, that is an entirely different financial instrument from “insurance”, which is a bet you make with the insurance company on a continuing basis, that a certain set of circumstances WILL happen, and the insurance company is betting it WON’T happen.
In the long run, insurance companies are profitable, using this formula.
This is what government run Medicare and social security are. Of course the government spent all the money on other things and now they are bankrupt. The private insurance industry is solvent and turning a 3% profit. This must be stopped. We must bankrupt the entire health system as soon as possible.