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首页> 外文期刊>The journal of risk and insurance >The Life Care Annuity: A New Empirical Examination of an Insurance Innovation That Addresses Problems in the Markets for Life Annuities and Long-Term Care Insurance
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The Life Care Annuity: A New Empirical Examination of an Insurance Innovation That Addresses Problems in the Markets for Life Annuities and Long-Term Care Insurance

机译：人寿保险年金：针对人寿年金和长期护理保险市场中的问题的保险创新的新实证检验

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摘要

The life care annuity-the integration of the life annuity with long-term care insurance coverage-is intended to deal with major problems in the currently separate markets for life annuities and long-term care insurance. The integration would allow the inclusion of most of the population currently rejected by underwriting-those in poor health or lifestyles but who would not go immediately into long-term care claim-who also have lower life expectancies. We make use of the Health and Retirement Study, on individuals in retirement and their disability incidence, exploiting the panel nature of the survey to estimate transition probabilities in and out of disability states according to numerous demographic and health characteristics. This allows for analysis of disability and mortality risk across a number of dimensions. We find that different risk groups at age 65 have similar projected long-term care expenses, but that the level-periodic-premium structure of most long-term care insurance policies creates incentives for individuals to separate into different risk pools according to observable characteristics, justifying the underwriting observed on the market. Yet we also find that gender-rated life care annuities could succeed in pooling risks currently segmented in the market for long-term care insurance, thus qualifying individuals at or near retirement for permanent long-term care insurance coverage who do not currently qualify, and allowing for life annuities to be purchased more cheaply than in the stand-alone annuity market now subject to adverse selection.
机译：寿险年金（寿险年金与长期照护保险的合并）旨在解决目前分开的寿险年金和长期照护保险市场中的重大问题。整合将使目前被承保拒绝的大多数人口包括那些健康状况差或生活方式差，但不会立即进入长期护理要求的人，这些人的预期寿命也较低。我们利用《健康与退休研究》对退休人员及其残障发生率进行了研究，利用调查的面板性质，根据众多人口统计和健康特征来估计进出残障​​状态的过渡概率。这样可以从多个角度分析残疾和死亡风险。我们发现65岁的不同风险人群的长期护理费用预计相近，但是大多数长期护理保险单的定期分期保费结构为个人提供了诱因，使其根据可观察到的特征分为不同的风险类别，证明在市场上观察到的承销是合理的。但是，我们还发现，按性别划分的人寿年金可以成功地将目前细分市场中的风险纳入长期护理保险市场，从而使退休时或接近退休的个人有资格获得目前尚不具备资格的永久长期护理保险，以及与现在受到不利选择的独立年金市场相比，可以更便宜地购买人寿年金。

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