If social security and 401(k) is for retirement, and you're going to receive this mythical unemployment until you die - you really don't have a need for the other stuff, do you?
Or are we looking for the fine print of why it wouldn't work? I mean, if the unemployment goes away at some pre-determined age and you then have to rely on retirement savings, then that wouldn't work for most people saying "yes" to the unemployment option I'm guessing.