  This paper presents a method to avoid the ominous prediction of the previous
work: if insured incomes of infinitely lived individuals are unobservable, then
efficient allocations lead to permanent welfare inequality between individuals
and immiseration of society. The mechanism proposed in this paper (i) promises
within-period full insurance by postponing risks ; (ii) it does not lead to
social ranking among the same age groups; and (iii) it could be sustainable.
