Lifecycle portfolio choice with systematic longevity risk and variable investment - Linked deferred annuities

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<title>Lifecycle portfolio choice with systematic longevity risk and variable investment - Linked deferred annuities</title>
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<abstract displayLabel="Summary">This article assesses the impact of variable investment-linked deferred annuities (VILDAs) on lifecycle consumption and portfolio allocation, allowing for systematic longevity risk. Under a self-insurance strategy, insurers set premiums to reduce the chance that benefits paid exceed provider reserves. Under a participating approach, the provider avoids taking systematic longevity risk by adjusting benefits in response to unanticipated mortality shocks. Young households with participating annuities average one-third higher excess consumption, while 80-year-olds increase consumption about 75 percent. Many households would prefer to participate in systematic longevity risk unless insurers can hedge it at a very low price.</abstract>
<note type="statement of responsibility">Raimond Maurer...[et.al]</note>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
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<text>02/09/2013 Volumen 80 Número 3 - septiembre 2013 </text>
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