Standard life annuities are attractive mainly for healthy people. Premium rates are consequently kept high. Hence, a large portion of potential annuitants are out of reach of insurers. In order to expand their business, some insurers have started offering better annuity rates to people whose...

Frontmatter -- Foreword -- Preface -- Contents -- List of Tables -- Chapter 1. Introduction -- Chapter 2. The Development of Group Annuities -- Chapter 3. Legal Aspects of Group Annuity Contracts -- Chapter 4. General Provisions of Group Annuity Contracts -- Chapter 5. The Specific Provisions of...

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...

There are two stylised facts, namely weak demand for life-annuities and flat age-wealth profile that contradict the life-cycle hypothesis. In this paper we design a theoretical framework, which combines plausible arguments, which have been put forward in the literature to reconcile theory with...