Former prime minister Paul Keating has called for a national insurance scheme to help people pay for healthcare, accommodation and other living expenses if they outlive their superannuation savings.

Mr Keating, the architect of the nation's superannuation system, on Tuesday said the compulsory retirement saving system was not designed to support retirees living well into their 80s and 90s, which is becoming more common.

Former prime minister Paul Keating supports a national insurance scheme to help people who outlive their super. Credit:Peter Braig

In a super fund forum organised by Visy Industries executive chairman Anthony Pratt, and facilitated by Fairfax Media, Mr Keating said the government should offer a type of insurance product to help people manage the risk of outliving their savings.

“We have no policy here in Australia for the 80 to 100 cohort,” Mr Keating said. “I don’t believe that it should be left to superannuation.