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Joint life care annuities to help retired couples to finance the cost of long-term care

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Joint life care annuities to help retired couples to finance the cost of long-term care

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dc.contributor.author Ventura Marco, Manuel
dc.contributor.author Vidal Meliá, Carlos
dc.contributor.author Pérez Salamero González, José Manuel
dc.date.accessioned 2023-09-13T14:37:17Z
dc.date.available 2023-09-13T14:37:17Z
dc.date.issued 2023
dc.identifier.citation Ventura Marco, Manuel Vidal Meliá, Carlos Pérez Salamero González, José Manuel 2023 Joint life care annuities to help retired couples to finance the cost of long-term care Insurance Mathematics & Economics 113 122 139
dc.identifier.uri https://hdl.handle.net/10550/89230
dc.description.abstract This paper examines the possibility of including cash-for-care benefits in life care annuities (LCAs) to help retired couples to cope with the cost of long-term care (LTC). The paper develops an actuarial model to assess how much it would cost to add an extra stream of payments to annuities for couples should either or both require LTC. We also analyse how willing couples would be to choose this type of LCA. Using Australian LTC transition probability data for a realistic calibration and assuming independence of the risks involved, we numerically illustrate the model and the theoretical findings implied. The paper highlights the importance of reporting the joint life expectancy and the survivor life expectancy broken down by health state, given that this information makes the computation of the actuarial factors transparent and provides highly useful information to help the couple understand the need to be protected against the cost of LTC services. Our proposal could be welfare-improving, especially for 'dual-earner' couples, given that under the assumption that coordinated retirement behaviour exists within the couple, the availability of LCAs for couples may complete the market over and above the use of products for individuals alone.
dc.language.iso eng
dc.relation.ispartof Insurance Mathematics & Economics, 2023, vol. 113, p. 122-139
dc.subject Pensions de jubilació
dc.subject Pensions de jubilació
dc.title Joint life care annuities to help retired couples to finance the cost of long-term care
dc.type journal article
dc.date.updated 2023-09-13T14:37:18Z
dc.identifier.doi 10.1016/j.insmatheco.2023.08.002
dc.identifier.idgrec 161159
dc.rights.accessRights open access

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