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dc.creatorSchendel, Lorenz S.
dc.date.accessioned2021-09-28T09:19:10Z
dc.date.available2021-09-28T09:19:10Z
dc.date.issued2014-03-03
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2145
dc.description.abstractI analyze a critical illness insurance in a consumption-investment model over the life cycle. I solve a model with stochastic mortality risk and health shock risk numerically. These shocks are interpreted as critical illness and can negatively affect the expected remaining lifetime, the health expenses, and the income. In order to hedge the health expense effect of a shock, the agent has the possibility to contract a critical illness insurance. My results highlight that the critical illness insurance is strongly desired by the agents. With an insurance profit of 20%, nearly all agents contract the insurance in the working stage of the life cycle and more than 50% of the agents contract the insurance during retirement. With an insurance profit of 200%, still nearly all working agents contract the insurance, whereas there is little demand in the retirement stage.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectHousehold Finance
dc.titleCritical Illness Insurance in Life Cycle Portfolio Problems
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1388?Destatis
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1480?PSID
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1384?Datastream
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1378?CoverTen
dc.source.filename44_SSRN-id2403875
dc.identifier.safeno44
dc.subject.keywordshealth shocks
dc.subject.keywordshealth expenses
dc.subject.keywordslabor income risk
dc.subject.keywordsstochastic mortality risk
dc.subject.keywordsportfolio choice
dc.subject.jelD91
dc.subject.jelG11
dc.subject.jelI13
dc.subject.topic1row
dc.subject.topic1psid
dc.subject.topic1calibration
dc.subject.topic2conditional
dc.subject.topic2normalized
dc.subject.topic2solve
dc.subject.topic3average
dc.subject.topic3healthy
dc.subject.topic3insurance
dc.subject.topic1nameMonetary Policy
dc.subject.topic2nameConsumption
dc.subject.topic3nameHousehold Finance
dc.identifier.doi10.2139/ssrn.2403875


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