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10
GerardHughes,JohnA.Turner
3.LONGEVITYINSURANCEINTHEPUBLIC
ANDPRIVATESECTORS
3.1.LongevityInsuranceintheHistoricalDevelopment
ofPublicPension
In1940,whenbenefitswerefirstprovidedintheUnitedStates,thebenefiteli-
gibilityagewas65.Takingintoaccountthatpeopleenteredtheworkforceatearli-
eragesthancurrently,fromU.S.lifetablesfor1910forthepopulationage18that
year,54percentofthepopulationwouldstillbealiveatage65[Glover1921].
Thus,theU.S.datasuggestthatslightlymorethanhalfofthoseenteringthework-
forcesurvivedtoreceivebenefitsintheearlyyearsofSocialSecurity.
Overtime,threechangeshavefundamentallyalteredthenatureoftheold-age
benefitsthatSocialSecurityprovides.First,thebenefiteligibilityagehasbeen
loweredtoage62.Second,lifeexpectancyhasincreased.Third,theaverageageat
whichworkersenterthelaborforcehasincreased.Withthesethreechanges,the
UnitedStatesSocialSecurityhastransitionedfromalongevityinsuranceprogram
toaprogramprovidingold-agebenefitsforasubstantialproportionofthepopula-
tionthatenteredtheworkforceintheiryouth.Now,87.8percentofthoseage20
survivetoage62.Bycomparison,thepercentageage18stillaliveatage65is81.1
percent[Arias2014],somostofthedifferenceisduetoimprovementsinlifeex-
pectancy,ratherthandelayedentryintothelaborforceorthereductioninthebene-
fiteligibilityage.
Similarly,publicpensionsprovidedlongevityinsurancebenefitsinGermany,
theU.K.andIreland,butwithreductionsinretirementageandincreasesinlongev-
itytheyarenotbenefitsthatmostpeoplereceive.
3.2.LongevityInsuranceinthePrivateSector
MostU.S.lifeinsurancecompaniesdonotofferlongevityinsuranceannuities.
Recently,however,anincreasingnumberofcompanieshavestartedofferingde-
ferredannuities.Symetrabegansellinglongevityinsuranceannuitiesin2008,
whileNorthwesternMutualbeganin2011[Tergesen2012].Fivecompaniesbegan
offeringdeferredannuitiesin2013,andbymidyear2014anadditionalthreecom-
paniesbeganofferingthem[LIMRA2014].NewYorkLifeisthelargestsellerof
thistypeofannuityintheUnitedStates.In2011,itlauncheditsGuaranteedFuture
IncomeAnnuity[NewYorkLife2011].Thisannuityproductprovidesdeferred
annuitiesthatstartatretirementages,suchasage62,butitcanalsobeusedto
providealongevityinsuranceannuitystarting,forexample,atage82.However,
only4percentofthepeoplemakingpurchasesoutsideofpensionplansofthese