FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3041143654> ?p ?o ?g. }

• W3041143654 abstract "With aging populations, the role of private insurance in financing long-term care and longevity risks is likely to grow in developed countries. Nonetheless, the demand for long-term care insurance (LTCI) and life annuities (hereafter annuities) is very limited and lags behind economic projections. A recurrent explanation holds that adverse selection dampens insurance demand. Integrating these products in a life care annuity (LCA) may effectively mitigate such adverse selection. In this Netspar Survey Paper we first analyze which factors impact the demand for LTCI and annuities. Next, we discuss whether LCAs can indeed increase insurance uptake. To do so, we systematically review the large and growing body of theoretical and empirical literature that analyzes LTCI and annuity uptake.Our results show that similar factors hinder the uptake of both LTCI and annuities. Specifically, we find that uptake is lowered not only by adverse selection, but also by substitution, nonstandard preferences, and limited rationality. Moreover, these factors may also explain why uptake is concentrated among wealthier and subjectively healthier individuals. An integrated product – only focusing on solving adverse selection issues – is unlikely to solve other aspects that limit uptake. Particularly, our results show that uptake for integrated products will likely continue to be concentrated among wealthier and subjectively healthier individuals. However, when insurers are able to cater to country-specific demand-side traits of substitution and nonstandard preferences, this may well increase the uptake of both separate and integrated products.The fact that uptake of private insurance is unequally distributed has important consequences for policymakers. Insofar as low uptake reflects an active choice to substitute for private insurance or reflects a dislike of private insurance, it echoes individual preferences and requires no action. However, insofar as it reflects adverse selection or limited rationality, lower uptake is a product of underlying inequalities in health, longevity and financial literacy and may warrant policy interventions.If the goal is to increase insurance uptake in private insurance markets, policymakers and insurers could undertake several actions to create a more inclusive insurance market. First, individuals with low financial literacy should be empowered to make their own insurance decisions. This can be achieved not only by policies that increase financial literacy, to provide for a better understanding of LTCI and annuity products, but also by making insurance decisions easier to comprehend. Second, risk awareness increases insurance uptake; policymakers and insurers could thus focus on raising awareness of LTC and longevity risks. Particularly, governments should be clear as to the scope of social benefits and as to the contribution that is expected from citizens themselves. Third, since our results show that distrust of insurers additionally drives low uptake, regulation that protects insured persons by guaranteeing the payout of fair claims may help to increase uptake. Finally, evidence on the importance of perceptions, framing, and defaults suggests that these may provide effective means for increasing insurance uptake." @default.
• W3041143654 created "2020-07-16" @default.
• W3041143654 creator A5076461599 @default.
• W3041143654 creator A5084516593 @default.
• W3041143654 date "2019-01-01" @default.
• W3041143654 modified "2023-09-28" @default.
• W3041143654 title "A systematic review of the reasons for low uptake of long-term care insurance and life annuities: Could integrated products counter them?" @default.
• W3041143654 hasPublicationYear "2019" @default.
• W3041143654 type Work @default.
• W3041143654 sameAs 3041143654 @default.
• W3041143654 citedByCount "0" @default.
• W3041143654 crossrefType "journal-article" @default.
• W3041143654 hasAuthorship W3041143654A5076461599 @default.
• W3041143654 hasAuthorship W3041143654A5084516593 @default.
• W3041143654 hasConcept C100001284 @default.
• W3041143654 hasConcept C10138342 @default.
• W3041143654 hasConcept C144133560 @default.
• W3041143654 hasConcept C154945302 @default.
• W3041143654 hasConcept C159110408 @default.
• W3041143654 hasConcept C162118730 @default.
• W3041143654 hasConcept C162324750 @default.
• W3041143654 hasConcept C2524010 @default.
• W3041143654 hasConcept C2780233487 @default.
• W3041143654 hasConcept C2780899237 @default.
• W3041143654 hasConcept C2781058065 @default.
• W3041143654 hasConcept C3020299011 @default.
• W3041143654 hasConcept C32252159 @default.
• W3041143654 hasConcept C33923547 @default.
• W3041143654 hasConcept C41008148 @default.
• W3041143654 hasConcept C44465351 @default.
• W3041143654 hasConcept C71924100 @default.
• W3041143654 hasConcept C76485209 @default.
• W3041143654 hasConcept C81917197 @default.
• W3041143654 hasConcept C90673727 @default.
• W3041143654 hasConceptScore W3041143654C100001284 @default.
• W3041143654 hasConceptScore W3041143654C10138342 @default.
• W3041143654 hasConceptScore W3041143654C144133560 @default.
• W3041143654 hasConceptScore W3041143654C154945302 @default.
• W3041143654 hasConceptScore W3041143654C159110408 @default.
• W3041143654 hasConceptScore W3041143654C162118730 @default.
• W3041143654 hasConceptScore W3041143654C162324750 @default.
• W3041143654 hasConceptScore W3041143654C2524010 @default.
• W3041143654 hasConceptScore W3041143654C2780233487 @default.
• W3041143654 hasConceptScore W3041143654C2780899237 @default.
• W3041143654 hasConceptScore W3041143654C2781058065 @default.
• W3041143654 hasConceptScore W3041143654C3020299011 @default.
• W3041143654 hasConceptScore W3041143654C32252159 @default.
• W3041143654 hasConceptScore W3041143654C33923547 @default.
• W3041143654 hasConceptScore W3041143654C41008148 @default.
• W3041143654 hasConceptScore W3041143654C44465351 @default.
• W3041143654 hasConceptScore W3041143654C71924100 @default.
• W3041143654 hasConceptScore W3041143654C76485209 @default.
• W3041143654 hasConceptScore W3041143654C81917197 @default.
• W3041143654 hasConceptScore W3041143654C90673727 @default.
• W3041143654 hasLocation W30411436541 @default.
• W3041143654 hasOpenAccess W3041143654 @default.
• W3041143654 hasPrimaryLocation W30411436541 @default.
• W3041143654 hasRelatedWork W1485759520 @default.
• W3041143654 hasRelatedWork W1963916300 @default.
• W3041143654 hasRelatedWork W1982253043 @default.
• W3041143654 hasRelatedWork W1993686803 @default.
• W3041143654 hasRelatedWork W2146066689 @default.
• W3041143654 hasRelatedWork W2177153412 @default.
• W3041143654 hasRelatedWork W2214477833 @default.
• W3041143654 hasRelatedWork W2214734861 @default.
• W3041143654 hasRelatedWork W261921277 @default.
• W3041143654 hasRelatedWork W2626411744 @default.
• W3041143654 hasRelatedWork W2757562332 @default.
• W3041143654 hasRelatedWork W2884376540 @default.
• W3041143654 hasRelatedWork W2895412739 @default.
• W3041143654 hasRelatedWork W300779831 @default.
• W3041143654 hasRelatedWork W3121311177 @default.
• W3041143654 hasRelatedWork W3121515897 @default.
• W3041143654 hasRelatedWork W3121877241 @default.
• W3041143654 hasRelatedWork W3121996577 @default.
• W3041143654 hasRelatedWork W3124073586 @default.
• W3041143654 hasRelatedWork W347995922 @default.
• W3041143654 isParatext "false" @default.
• W3041143654 isRetracted "false" @default.
• W3041143654 magId "3041143654" @default.
• W3041143654 workType "article" @default.