To call it "insurance", you need to at least imagine how the accounting and risk management might work if it were like a car/homeowners/term-life insurance policy.

First of all, do the payments alone support the program, or does it need cash infusions from taxes or money supply increases? How much would the premiums be if it was self-supporting?

Second, are those making higher premium payments (when you also account for the money infusions) at proportionally higher risk of payouts? What factors should be considered in the premium payment?