Longevity insurance benefits are deferred annuities that start payment at an advanced age at which a substantial proportion of the birth cohort has died. In high-income countries, that would mean that these annuities would start for people in their early 80s, but when social security programs...

The literature has addressed the problem of pensions and has reached an almost unanimous conclusion that increased longevity is the main cause of the problem. However, in our opinion, longevity itself is not a problem and, therefore, should not be the cause of the problem of pensions. The real...