Predictive risk assessment and stratification models based on geodemographic postcode-based consumer classification are widely used in the pension life insurance industry. However, these static socio-economic not directly related to health information. Health information is increasingly for annuity underwriting UK, using status when purchased. In real life, people develop new conditions lifesty...

This paper seeks to explain why annuity purchases are postponed a later age. We consider an overlapping generations model with uncertain lifetime and two types of annuities. It is shown that, if the economy dynamically inefficient, individuals demand annuities without delay. However, it efficient, postponed. also show that these results robust several extensions.

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Academics and practitioners alike have developed numerous techniques for benchmarking investment returns to properly adjust seemingly-high numbers for excessive levels of risk. The same, however, can not be said for liquidity, or the lack thereof. This paper develops a model for analyzing the ex ante liquidity premium demanded by the holder of an illiquid annuity. The annuity is an insurance pr...

SunAmerica is a major financial services company that primarily sells fixed and variable annuity products. Its assets (owned or under management) currently total approximately 11 billion dollars. SunAmerica was confronted with the industrywide problem that all agents, broker-dealers, and corporations must be appointed to the State Board of Insurance in each state for each product line to be sol...

* James M. Poterba is the Mitsui Professor of Economics at the Massachusetts Institute of Technology. Professor Poterba is also a Research Associate at the National Bureau of Economic Research (NBER) and the Director of the NBER's Public Economics Research Program. The research reported herein was supported in part by the Center for Retirement Research at Boston College pursuant to a grant from...