The United States Longevity Insurance Market
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Wharton Pension Research Council Working Papers
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Economics
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Webb, Anthony
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Abstract
This chapter documents the substantial decline in traditional sources of longevity insurance, and shows that published statistics on the individual annuity market greatly overstate its size and growth. It considers whether the decline in annuitization rates is cause for concern. It then documents in more detail the structure, size, and pricing of the individual annuity market, and discusses product innovations. It concludes by discussing policy options for increasing rates of voluntary annuitization.
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2010-09-01
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The published version of this Working Paper may be found in the 2011 publication: Securing Lifelong Retirement Income (http://pensionresearchcouncil.wharton.upenn.edu/publications/books/securing-lifelong-retirement-income/)