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Longevity risk and annuitisation decisions in the absence of special-rate life annuities

 
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<title>Longevity risk and annuitisation decisions in the absence of special-rate life annuities</title>
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<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20250000704">
<namePart>González-Vila Puchades, Laura</namePart>
<nameIdentifier>MAPA20250000704</nameIdentifier>
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<dateIssued encoding="marc">2025</dateIssued>
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<abstract displayLabel="Summary">Longevity risk affecting older adults can be transferred to the insurance market by purchasing a lifetime annuity. Special-rate life annuities, which are priced, among other factors, on the basis of health and lifestyle factors, go beyond traditional considerations of age and sex by using modified mortality tables. However, they are not available in many countries. In regions where life annuities are priced solely via standard mortality tables, retirees with below-average life expectancy may face unfair pricing. This study aims to quantify this actuarial unfairness and proposes an alternative annuitisation strategy for these retirees. The strategy allows them to transfer longevity risk by acquiring a life annuity on the basis of their actual mortality probabilities, thereby mitigating actuarial inequities. Additionally, the paper examines how tax incentives can exacerbate actuarial unfairness and, specifically for Spanish tax regulations, compares different alternatives under two scenarios related to the sources used for purchasing life annuities</abstract>
<accessCondition type="use and reproduction">La copia digital se distribuye bajo licencia "Attribution 4.0 International (CC BY 4.0)"</accessCondition>
<note type="statement of responsibility">by Jorge de Andrés-Sánchez and Laura González-Vila Puchades</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080555016">
<topic>Longevidad</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20100044407">
<topic>Personas mayores</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080573614">
<topic>Renta vitalicia</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20090041776">
<topic>Análisis actuarial</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080613105">
<topic>Análisis probabilísticos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20200019183">
<topic>Anualidad variable</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080555306">
<topic>Mortalidad</topic>
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<classification authority="">6</classification>
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<title> Risks : special Issue Applied Financial and Actuarial Risk Analytics.- Basel : MDPI and ACS Style</title>
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<part>
<text>published 19 February 2025</text>
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<recordCreationDate encoding="marc">250922</recordCreationDate>
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<recordIdentifier source="MAP">MAP20250013988</recordIdentifier>
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