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Why do life insurance policyholders lapse? The roles of income, health, and bequest motive shocks

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      <subfield code="a">Fang, Hanming</subfield>
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      <subfield code="a">Why do life insurance policyholders lapse? The roles of income, health, and bequest motive shocks</subfield>
      <subfield code="c">Hanming Fang, Edward Kung</subfield>
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      <subfield code="a">We present and empirically implement a dynamic discrete choice model of life insurance decisions to assess the importance of various factors in explaining life insurance lapsation. We estimate a model using information on life insurance holdings from the Health and Retirement Study. Counterfactual simulations using the estimates of our model suggest that a large fraction of life insurance lapsations are driven by idiosyncratic shocks, uncorrelated with health, income, and bequest motives, particularly when policyholders are relatively young. As the remaining policyholders get older, however, the role of such independent and identically distributed (i.i.d.) shocks gets smaller, and more of their lapsation is driven by income, health, or bequest motive shocks. As anticipated, income and health shocks are relatively more important than bequest motive shocks in explaining lapsation when policyholders are young, with bequest motive shocks playing a more important role as we age.

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      <subfield code="0">MAPA20080570590</subfield>
      <subfield code="a">Seguro de vida</subfield>
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      <subfield code="0">MAPA20080586294</subfield>
      <subfield code="a">Mercado de seguros</subfield>
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      <subfield code="0">MAPA20080579258</subfield>
      <subfield code="a">Cálculo actuarial</subfield>
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      <subfield code="0">MAPA20200006145</subfield>
      <subfield code="a">Kung, Edward </subfield>
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      <subfield code="w">MAP20077000727</subfield>
      <subfield code="g">01/12/2021 Volumen 88 Número 4 - diciembre 2021 , p. 937-970</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>