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Demographicchallengeandlongevityinsurancebenefits…
11
annuitiesthroughNewYorkLifepurchaseanannuitythatissolelyalongevity
insuranceannuity.Mostpurchasesuchannuitiesthatalsoprovidedeathbenefits
[NewYorkLife2012].
Annuitiesprovidedthroughemployer-providedretirementplansintheUnited
StatesandtheEuropeanUnionmustcalculatebenefitsonaunisexbasis.Because
ofthelongerlongevityofwomen,annuitiesprovidedoutsideofpensionplansare
generallyprovidedonagenderspecificbasis.Thus,employer-sponsoredpension
plansarerequiredtousethesamemortalityratesformenandwomen,despitethe
factthatwomenattypicalretirementagesonaverageliveaboutthreeyearslonger
thanmenintheUnitedStates[Arias2014].
Thegenderdifferenceinlifeexpectancyisconsiderablygreateratolderages.
TheU.S.lifetablesfor2009showthatwomenage62are35percentmorelikely
thanmenthatagetosurvivetoage85[Arias2014].Atage85,women’slifeex-
pectancyis17percentlongerthanthatofmen.Thus,whenpricedusinggender-
basedmortalityrates,women’ssinglelifelongevityinsuranceannuitiespurchased
atage62andbeginningpaymentsatage85wouldcostconsiderablymorethan
thoseformen,perhapsasmuchas50percentmore.Thusunisexlongevityinsur-
anceannuitiesprovidedbypensionplanswouldnotbeagooddealformen
[TurnerandMcCarthy2013].
Problemswiththeprovisionoflongevityinsuranceannuitiesintheprivatesec-
tor,comparedtouniversalprovisionthroughpublicpensionold-agebenefitpro-
grams,alsoincludethatadverseselectionmaybemoreofanissueinthatthey
presumablywouldonlybepurchasedbypeoplewithreallylonglifeexpectancies.
Further,potentialpurchasersmaybeconcernedwiththeriskoflifeinsurancecom-
panyinsolvencyoveralongtimeperiod,withgovernmentreinsurancenotprovid-
ingadequateprotection,aconcernthatmaybeoverstated.NewYorkLife[2012]
intheUnitedStatesexpressedtheopinionthatpurelongevityinsuranceannuities
wouldhavelimitedappeal,butthatthoseannuitiescombinedwithanotherbenefit
paymentfeature,inparticularadeathbenefit,wouldbemarketable.Whilesuch
abenefitwouldreducetheannuityincomeprovidedbytheannuity,itwouldnone-
thelessprovidesomelongevityinsurancebenefits.
3.3.LongevityInsuranceAnnuitiesProvidedbyGovernment
Thegovernmenthasseveraladvantagesovertheprivatesectorinproviding
longevityinsuranceannuities.First,itisabletolimititsliabilityagainstthepossi-
bilityofanunexpectedimprovementinlifeexpectancybyindexingtolifeexpec-
tancyimprovementstheageofeligibilityforbenefitreceipt.Whiletheprivate
sectorcoulddothisprospectivelyfornewclients,thegovernmentisabletodothis
forpeoplenearingtheageofentitlementforthebenefit.Forexample,adjustments
tobenefitgenerosityaremadeatretirementageinSwedenforimmediateannuities