On the Economics of Life Settlements
نویسنده
چکیده
Life settlements provide the possibility for individuals to convert their life insurance policies into cash in a secondary market transaction. Hence, this additional option is welcome from the current policyholders’ point of view, but the reasons for the attractiveness to financial investors as well as the equilibrium impacts on life insurers and future policyholders are not immediate clear. This paper presents economic models to analyze and explain the details of life settlement transactions. Moreover, we investigate the potential welfare effects of a secondary life insurance market. One of our key findings is that although a perfect market for life settlements could be welfare-enhancing, high fixed costs prevailing in the transactions may alleviate or even invert this effect. JEL classification: G22; D82; D60
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