With volaitlity as low as it is, it may now be a good time to hedge a portfolio against some unknown risk such as a geopolitical event, oil shock, sun spot satellite communications breakdown, or financial meltdown to loss of internet or trust in digital transactions. One good way to do that is to buy long dated call options on the VIX. All insurance costs something and stock market portfolio insurance is one of the most expensive kinds of insurance.
Source: VIX Options