There is an interesting rebuttal to the option pricing argument by Zvi Bodie [1] (you can view a free copy via Google Scholar), which I don't claim to fully understand. Warren Buffett famously sold 15-year European puts in the S&P 500, FTSE, euro stoxx 50, Nikkei 225 and received premiums of $4.5B. To me, it feels like invoking Black-Scholes in this way, Bodie may be making the error of citing a mathematical formula without satisfying all of its assumptions. Perhaps Black-Scholes works for accurately pricing short-term options, but not for 15-year or higher time horizons that more closely match an average adult working career?

[1] On the risk of stocks in the long run: A note. R Taylor, DJ Brown. Financial Analysts Journal, 1996