AA sold a "lifetime" airpass in the 1980s for $250,000; the price eventually went to over $1 million before it was discontinued.

They now sell a new product called the "AAirpass" with which you prepay a set amount, say $25,000, which is "redeemed" at the rate of so many cents per mile flown. The actual pre-pay amount and the value per mile "redeemed" is negotiated. For example, if the per-mile "value" was 40c, $25K would get you 100,000 flown miles. At the mileage rates shown in the table in the link below, this would only be attractive for people who fly in premium cabins, and with very little advance purchasing.

http://www.flyerguide.com/wiki/index.php/AAirpass_%28AA%29

Oops, math error. $25K @ $.40/mi = 62500 mi.

Wow, that isn't anything like the program I had heard of. I thought it was a set price for a year, and maybe cost $5000-$10,000. It has been a number of years since I first heard about it, so maybe that version, if it ever really existed, is gone now.

Thanks!