-time pension insurance, we consider a model where for each period of retirement separate contracts can be purchased. Demand for the … retirement and two types of individuals, who differ in their life expectancy. In order to introduce the existence of limited … choose sequential contracts can be an equilibrium and that this outcome is favourable for the long-living, but is …

retirement. In order to introduce the existence of limited-time pension insurance, we assume that for each period of retirement … separate contracts can be purchased. Demand for the two periods can be decided either sequentially or simultaneously. We show … that different risk-groups prefer different types of contracts, and that only the sequential contracts, which are …

with two retirement periods. In this framework annuity companies can offer contracts with different payoffs over the … periods of retirement. Varying the time structure of the payoffs affects annuity demand and welfare of individuals with low … and high life expectancy in different ways. By this, annuity purchasers can be separated according to their survival …