人寿与健康保险第四讲-年金part

1、第4讲年金保险人寿与健康保险课程参考讲义1学期安排11/1：第四讲 年金保险11/6 &11/8：第五讲 健康保险11/15 & 11/20：第六讲 团体保险11/22：第七讲 寿险公司评估11/29 &12/4：第八讲 保单评估：法律分析12/6：第九讲 保单评估：成本收益分析12/13：第十讲 个人家庭寿险规划运用 （交小组12/18：第十一讲 企业寿险规划运用12/20：第十二讲 寿险产品定价12/27：第十三讲 寿险核保）1/3：第十四讲 寿险公司经营管理（小组展示）年金保单常见种类Periodic-premium deferred annuity 期缴延期年金flexible pre

2、mium 可变保费fixed premium 固定保费single-premium deferred annuity 趸缴延期年金single-premium immediate annuity 趸缴即期年金variable annuity 变额年金equity-indexed annuity 股指年金3flexible-premium deferred annuity (FPDA)OverviewIt permits the contract owner to pay premiums at whatever time and in whatever amount he or she wis

3、hes, subject to insurer minimums.Cash surrender valueFree withdrawal corridorwithin 10% of CV, no surrender charge. Surrender chargeIt is usually sed asrcentage of CV anddecreases with duration.e.g., 7% (on all withdrawals in exs of 10% of CV)4for theyear, 6% the second, 0% the eighth.4.3.1 flexible

4、-premium deferred annuity (FPDA)3.erest ratesA minimumThe actualerest rate is typically guaranteed.erest rate credited will be a function of :the earnings rate of the insurer, andits desired competitiveition withhe finanlservi4. Illustrationmarketplace.See Table 8-2 (7-2 in 12th)保费（灵活）利率（保证利率和现行利率）退

5、保费用（逐年递减）5表82 灵活保费延期年金的假定积累价值年末现金价值年末解约现金价值保单年度保费保证利率（4%)现期利率（8）保证利率（4%)现期利率（8）1$2,000$2,080$2,160$1,934$2,00922,0004,2434,4933,9894,22331,0005,4535,9325,1805,63641,0006,7117,4876,4437,18755007,4998,6267,2758,367607,7999,3167,6439,129708,11110,0618,0309,960808,43610,8668,43610,866910,00019,17322,535

6、19,17322,535105,00025,14029,73825,14029,73811026,14632,11726,14632,11712027,19234,68627,19234,6861330028,59137,78528,59137,7851449330,24841,34130,24841,34115031,45844,64831,45844,648162,00034,79650,38034,79650,38017036,18854,41036,18854,410185,00042,83564,16342,83564,163198,00052,86977,93652,86977,9

7、362015,00070,583100,37170,583100,3716single-premium deferred annuity （SPDA）OverviewA deferred annuity purchased wisingle premium.As with FPDA, a minimum sed rate oferest isguaranteed for the duration of the contract, but mostinsurers credit competitive market rates.TypesMarket-value annuity(2)of ann

8、uity7(1) Market-value annuity (MVA)Also called market-value adjusted annuityIt permits contract owners to lock in a guaranteed erest rate over a specified maturity period, typicallyfrom 3 to 10 years.Unlike the situation with other fixed-value annuities, ifwithdrawals occur, the cash value will be s

9、ubject not onlytosible surrender charges but also to a market-valueadjustment.8(1) Market-value annuity (MVA)The adjustment may beitive or negative.Iferest rates at surrender were highern those attime of iitive?e, the adjustment would be negative orThe adjustment isended to reflect the changes inmar

10、ket value of the assets typically bondsbackingthe annuities.9(1) Market-value annuity (MVA)The theory for MVAs ist, if the actual available cashsurrender value reflects this market value, the insurer, ineffect, shifts much of the risk of market-value changes of assets to the contract owner.Insurers

11、can limit their disermediation risk and bettermatch the duration of assets backing the MVA with itscorresponding liabilities.10(2)of annuity (COA)It provides for a fixed, guaranteederest rate for a setperiod of time, typically 3 to 10 years.It is similar to a bt, as an annuity,-iedof deit, exceptere

12、st earnings are tax deferred.The COA differs from other annuitieshat nounscheduled withdrawals are ordinarily permitted duringthe guarantee period.The full cash value is available on deand annuitization.11(2)of annuity (COA)of the selected guaranteed period, the ownerAtcan renew the COA for anoththe

13、 standard annuity options.Other things being the same, theeriod or select any oferest rate credited tothe cash value should be quite competitive (tocompensate for the illiquidity).The contract is appealing to individuals who are near retirement, have little prospect of needing the fundsduring the gu

14、arantee period, and areerested inlocking in anerest rate.12single-premium immediate annuity (SPIA)OverviewSPIAs are often used by those who have large sums of money and desire to have the fund liquidated forretiremente pures.Life insurance death proceeds are often paid out ininstallments via an SPIA

15、.Use of SPIAStructured settlement annuityReverse annuity mortgage13(1) Structured settlement annuity (SSA)A contemporary use of SPIAs has evolved from liabilityinsurers efforts to minimize their loss payouts.A SSA is a SPIA contract ied by a life insurer wherebythe plaiff (the injured party) receive

16、s periodicpayments from the defendant inrsonal injury lawsuit.14(1) Structured settlement annuity (SSA)The periodic payments are funded through an SSApurchased by the defendant or the liability insurer from alife insurert guarantees to make the agreed-uponpayments, usually for the life of the injure

17、d(or adesignated benefiry)Unlike the situation with most other annuities,underwriters must assist in SSA pricing.The greater the assessed likelihood of an early death, the lower the insurers offered price can be or the higher the benefits can be.15(2) Reverse annuity mortgageAn elderlyenterso an agr

18、eement wifinanl institution.An individual who owns a debt-free home receives a life-time, fixed monthlye in return fradually givingunership of his or her home.At the owners death, the finanl institution gains titleto the property, which it can sell for a profit.16(2) Reverse annuity mortgageA variat

19、ion:The homeowner obtains a loan on the security of hisor her home.A portion or all of the loan proceeds is used topurchase an immediaWhen the elderlyife annuity.s home is sold because ofdeath or otherwise, the loan is repaid from the saleproceeds, and the individual would have enjoyed alifetimee fr

20、om the annuityheerim.17反向年金抵押实施18RMI620RMI620Story highlightAndre Francois thought he had a great deal 30 years ago:He would pay a 90 year old woman 2500 francs (about$500) per monttil she died, then moveo hergrand apartment in a town Vincent van Gogh onceroamed. But this Christmas, Mr. Raffray died

21、 at age 77,having laid out the equivalent of moren $184,000 foran apartment he never got to live in. On the same day,Jeanne Calment, now listedRecords as the worlds oldesthe Guinness Book ofat 120 is stillenjoying her meal at retirement home.His widow is obligated to keep sending check.t monthlyRMI6

22、204.3.4 variable annuityOverviewA variable annuity is an annuity contract whose cash values and benefit payments vary directly with theexperience of assetsCash surrender valueMost do not containhe separate account.erest guarantees.No minimum cash value is guaranteed.234.3.4 variable annuity3. Death

23、benefitVariable annuities typically promise a GuaranteedMinimum Death Benefit (GMDB), which often equals the greater of the cash value or the amount investedhe contract, if the annuity owner dies during theaccumulation period.The feature invites adverse selection.e.g., variable annuity owners have a

24、n incentive topurchase multiple contracts rathern to seek theidentical investments through a single contract.244.3.4 variable annuityAnnuity liquidationAt maturity, the totaits accumulatedhe cash-value account may be appd, according to actuarialprinciples and based on current valuation of a unit, to

25、convert accumulation units to annuity units to bevalued annually for the annuitants lifetime.RegulationInsurance lawSecurities law25变额年金计算示例今年65 岁， 他40 岁时了一份变额年金保单（variable annuity），经过25年的缴费，目前他一共拥有6,000个累积（accumulation unit）。在积累期向给付期的转换日，每个累积的价值为15元。趸缴即期纯粹生在转换日，该保险公司对于一份65岁存年金（single premium, immed

26、iate pure life annuity），每1,000元保费可以获得的年金给付为每月6.08元。在转换日，变额年金的每个给付价值为54元。请问：（liquidation unit）的当月可以得到多少给付？如果第二个月每个给付的价值变为60元，则在第二个月可以得到多少给付？26如果第三个月每个给付的价值变为50元，则在第三个月可以得到多少给付？4.3.5 equity-indexed annuity (EIA)An EIA is a nonvariable annuity contract whoseerestcrediting mechanism is tied directly to

27、some externalindex, such as the S&P 500 IndexThey offer a minimum guaranteed downside guarantee)he US.erest rate. (aThey offer the potential for stock-market-like gains.(upside participation)274.4 年金保单的作用1. Thee is certain; the annuitant may spend itwithout fear of outliving it.he absence of an annu

28、ity, the risk exists ofspending too much or too little.284.4 年金保单的作用2. The annuitans the benefit of the investmentmanagement offered by insurers.This can be important for oldersons who maydesire to be freed of investment cares andmanagement.294.4 年金保单的作用3. Tax advantages(1) Usesax-Qualified marketsa

29、ny countries, contributions to certain qualifiedal retirement plans may be deducted fromtaxablee.(2) Uses in Nonqualified marketsEach year individuals purchase thousands of annuitiesunrelated to employment and not qualified under any plan for deductibility of contributions.Unlike the situation with

30、tax-qualified retirement plans,annuity owners face no contribution limiions yetenjoy tax deferral of investmentSee Fig 8-4 (Fig 7-4 in 12th edition).e.30假设从工资收入中拿出1000进行储蓄个人所得税率为28年度税前投资收益率为10比较三种储蓄/年金计划一般储蓄计划非税优个人年金计划税优个人年金计划31（1）一般储蓄计划没有储蓄本金不能延税储蓄利息不能延税税前工资投资n年后累积值为：1(1 )1 r(1 )n32（2）非税优个人年金计划政策年金本金不能延税投资收益可延税税前工资投资n年后累积值为：1(1 )(1 r)n (1 r)n133（3）税优个人年金计划政策年金本金可延税投资收益可延税税前工资投资n年后累积值为：1(1 r)n (1 )34三种储蓄计划税后累积价值比较计划投资年限（年）12510203040一般储蓄772827101914432892579711618非税优计划772829103615463689924723664税优计划792871116018674844125643258735图8-4 延期纳税利益示意图积累价值140,000120,000$