2015 Conference
October 15–16, 2015
Orlando, FL
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Determinants of the stated probability of purchase for longevity insurance
Keywords: 5 words maximum
longevity insurance, deferred annuity, annuitization
Very short description for use in the program to help attendees understand more than a title can describe
We study the determinants of the stated probability of purchase for a deferred annuity that pays out at age 80 or 85, which we reframe as “longevity insurance,” using the Survey of Household Financial and Risk Management. Our results indicate that younger cohorts, women, people who do not smoke and individuals with the highest incomes are more likely to express a desire to purchase longevity insurance in the future. The stated probability of purchase for longevity insurance was lower for respondents with greater net worth and higher coefficients of relative risk aversion.
Lead & Corresponding Author
Michael A Guillemette, Ph.D., CFP(r), University of Missouri
Job Title
Assistant Professor
Additional Authors
Terrance K Martin, Jr, PhD, Univeristy of Texas Pan American
Job Title
Assistant Professor
Benjamin F Cummings, Ph.D., Saint Joseph's University
Job Title
Assistant Professor
Dr. Russell N James, III, JD., Ph.D., Texas Tech University
Job Title
Professor