Death Put

One of the strongest, biggest, most heart-warming, trust-inducing retail selling tools is the money back guarantee. The perceived elimination of financial risk exists as an added incentive for closing a sale. Buyers love having the money back guarantee; they rarely exercise it.

A death put is an option feature that some bonds carry, which is an extra value-added feature, especially for bond buyers who are elderly or in ill health. That is, the death put is a guarantee that, in the event that the bondholder becomes incapacitated (and/or starts doing the backstroke 6 feet under), a guarantee can be exercised so that the issuer (borrower of the money) will buy the bond back at face value (i.e., par), thus protecting the bondholder’s estate from the market experiencing a downturn that might cause the bond to lose value below par, as well as guarantee an exit for liquidity.

Ok, so that's a death put; anyone have a life put? Or...does that involve cereal?