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The annuity puzzle economic of annuities_1

Cuốn sách này phát triển lý thuyết kinh tế của các thị trường annuity tin và lấp đầy một khoảng cách quan trọng trong nghiên cứu trước đây. Phân tích hệ thống và sâu sắc của nó cung cấp một nền tảng mà trên đó các sinh viên tương lai của thị trường bảo hiểm, và các nhà phân tích chính sách có liên quan với các thị trường này | CHAPTER 11 Life Insurance and Differentiated Annuities 11.1 Bequests and Annuities Regular annuities sometimes called life annuities provide payouts fixed or variable for the duration of the owner s lifetime. No payments are made after the death of the annuitant. There are also period-certain annuities which provide additional payments after death to a beneficiary in the event that the insured individual dies within a specified period after annuitization.1 Ten-year- and 20-year-certain periods are common see Brown et al. 2001 . Of course expected benefits during life plus expected payments after death are adjusted to make the price of periodcertain annuities commensurate with the price of regular annuities. These annuities are available in the United Kingdom where they are called protected annuities. It is interesting to quote a description of the motivation for and the stipulations of these annuities from a textbook for actuaries These are usually effected to avoid the disappointment that is often felt in the event of the early death of an annuitant. The calculation of yield closely follows the method used for immediate annuities and this is desirable in order to maintain consistency. The formula would include the appropriate allowance for the additional benefit. Fisher and Young 1965 p. 420. The behavioral aspect disappointment may indeed be a factor in the success of these annuities in the United States and the United Kingdom. Table 11.1 displays actual quotes of monthly pensions paid against a deposit of 100 000 at different ages. It is taken from Milevsky 2006 p. 111 and represents the best U.S. quotations in 2005. The terms of period-certain annuities provide a bequest option not offered by regular annuities. It has been argued e.g. Davidoff Brown and Diamond 2005 that a superior policy for risk-averse individuals who have a bequest motive is to purchase regular annuities 0-year in table 11.1 and a life insurance policy. The latter provides a certain amount .