The adequacy of life insurance: evidence from the health and retirement survey
This study examines the adequacy of life insurance among married American couples approaching retirement. It improves upon previous work in two ways. First, it is based on recent, high quality data (the 1992 Health and Retirement Survey with matched Social Security earnings histories). Second, it em...
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| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Cambridge, Mass.
1999
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
7372 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | This study examines the adequacy of life insurance among married American couples approaching retirement. It improves upon previous work in two ways. First, it is based on recent, high quality data (the 1992 Health and Retirement Survey with matched Social Security earnings histories). Second, it employs new financial planning software to evaluate the life insurance needs of each household. This software embodies an elaborate life- cycle planning model that accounts for a broad array of demographic, economic, and financial characteristics. We find that a sizable minority of couples in the HRS sample are significantly underinsured. Almost one third of wives and more than 10 percent of husbands would have suffered living standard reductions of 20 percent or more had their spouses died in 1992. Underinsurance tends to be more common among low income households, couples with asymmetric earnings, younger households, couples with dependent children, and non-whites. In general, households with greater vulnerabilities do not appear to compensate adequately for these vulnerabilities through greater life insurance holdings. Among some groups, the frequency of underinsurance exceeds two-thirds, and the frequency of severe underinsurance (a reduction in living standard of 40 percent or greater) exceeds one-quarter. |
| Physical Description: | 52 S. |
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| id | DE-604.BV013175862 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:40:19Z |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | The adequacy of life insurance evidence from the health and retirement survey B. Douglas Bernheim ... Cambridge, Mass. 1999 52 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7372 This study examines the adequacy of life insurance among married American couples approaching retirement. It improves upon previous work in two ways. First, it is based on recent, high quality data (the 1992 Health and Retirement Survey with matched Social Security earnings histories). Second, it employs new financial planning software to evaluate the life insurance needs of each household. This software embodies an elaborate life- cycle planning model that accounts for a broad array of demographic, economic, and financial characteristics. We find that a sizable minority of couples in the HRS sample are significantly underinsured. Almost one third of wives and more than 10 percent of husbands would have suffered living standard reductions of 20 percent or more had their spouses died in 1992. Underinsurance tends to be more common among low income households, couples with asymmetric earnings, younger households, couples with dependent children, and non-whites. In general, households with greater vulnerabilities do not appear to compensate adequately for these vulnerabilities through greater life insurance holdings. Among some groups, the frequency of underinsurance exceeds two-thirds, and the frequency of severe underinsurance (a reduction in living standard of 40 percent or greater) exceeds one-quarter. Wirtschaft Life insurance United States Retirees Insurance requirements United States Retirees United States Economic conditions Retirement Economic aspects United States USA Bernheim, Bert Douglas 1958- Sonstige (DE-588)124552226 oth Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7372 (DE-604)BV002801238 7372 http://papers.nber.org/papers/w7372.pdf kostenfrei Volltext |
| spellingShingle | The adequacy of life insurance evidence from the health and retirement survey National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Wirtschaft Life insurance United States Retirees Insurance requirements United States Retirees United States Economic conditions Retirement Economic aspects United States |
| title | The adequacy of life insurance evidence from the health and retirement survey |
| title_auth | The adequacy of life insurance evidence from the health and retirement survey |
| title_exact_search | The adequacy of life insurance evidence from the health and retirement survey |
| title_full | The adequacy of life insurance evidence from the health and retirement survey B. Douglas Bernheim ... |
| title_fullStr | The adequacy of life insurance evidence from the health and retirement survey B. Douglas Bernheim ... |
| title_full_unstemmed | The adequacy of life insurance evidence from the health and retirement survey B. Douglas Bernheim ... |
| title_short | The adequacy of life insurance |
| title_sort | the adequacy of life insurance evidence from the health and retirement survey |
| title_sub | evidence from the health and retirement survey |
| topic | Wirtschaft Life insurance United States Retirees Insurance requirements United States Retirees United States Economic conditions Retirement Economic aspects United States |
| topic_facet | Wirtschaft Life insurance United States Retirees Insurance requirements United States Retirees United States Economic conditions Retirement Economic aspects United States USA |
| url | http://papers.nber.org/papers/w7372.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT bernheimbertdouglas theadequacyoflifeinsuranceevidencefromthehealthandretirementsurvey |