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Longevity insurance benefits are deferred annuities that start payment at an advanced age at which a substantial … their early 80s, but when social security programs were starting in many countries, the age at which longevity insurance … a longevity insurance program, with roughly 50% of those entering the workforce surviving to receive the benefits …
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We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security - which is immune to adverse selection - affects...
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1. Introduction -- 2. The evil of a premature death -- 3. An insurance against a short life -- 4. Reversing retirement … insurance against the risk of an early death. In contrast to the way in which economically developed countries provide ways of … insuring citizens against other possibilities, such as unemployment and disease, no such social insurance mechanism exists for …
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