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 …

due to the limited pledgeability of human capital. We show analytically that, consistent with the life insurance data, in … account for the life-cycle variation of life-insurance holdings, financial wealth, earnings, and consumption inequality … insurance. …

with the life insurance data, in equilibrium young households are borrowing constrained and under-insured against human … capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life-insurance … to a substantial increase in the volume of both credit and insurance. …

"Standard theories of insurance, dating from Rothschild and Stiglitz (1976), stress the role of adverse selection in … explaining the decision to purchase insurance. In these models, higher risk people buy full or near-full insurance, while lower … insurance markets, in many others, it is the lower risk individuals who have more insurance coverage. If the standard model is …