Real Longevity Insurance with a Deductible: Introduction to Advanced-Life Delayed Annuities (ALDA)
Real Longevity Insurance with a Deductible: Introduction to Advanced-Life Delayed Annuities (ALDA)
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DOI：
10.1080/10920277.2005.10596229
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发表时间：
2005-10
影响因子：
1.4
通讯作者：
M. Milevsky
中科院分区：
文献类型：
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作者：
M. Milevsky
摘要本文探讨了一种名为高龄延迟年金(ALDA)的概念产品的财务特性。ALDA是纯递延年金合同的变种，通过分期付款获得，根据消费者价格通胀进行调整，并在人类生命周期接近尾声时获得回报。ALDA概念针对的是北美日益增长的人口，他们无法获得传统的固定收益(DB)养老金计划和DB计划包含的隐性长寿保险。我证明，在相当合理的定价假设下，消费者可以在为退休储蓄的同时，每月投资或分配1美元，每月获得20至40美元的福利，假设这份保单中的免赔额设定得足够高。ALDA的概念可能会在很大程度上缓解自愿一次性年化的心理障碍。
Abstract This paper explores the financial properties of a concept product called an advanced-life delayed annuity (ALDA). The ALDA is a variant of a pure deferred annuity contract that is acquired by installments, adjusted for consumer price inflation, and pays off toward the end of the human life cycle. The ALDA concept is aimed at the growing population of North Americans without access to a traditional defined benefit (DB) pension plan and the implicit longevity insurance that a DB plan contains. I show that under quite reasonable pricing assumptions, a consumer can invest or allocate $1 per month, while saving for retirement, and receive between $20 and $40 per month in benefits, assuming the deductible in this insurance policy is set high enough. The ALDA concept might go a long way in mitigating the psychological barrier to voluntary lump-sum annuitization.