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3 Most People Need Longevity Insurance Rather than an Immediate Annuity Remember that the immediate annuity costs \$ So, the longevity annuity costs 17% of what an immediate annuity costs. The payments are illustrated in Figure 2; I call these payments the back half of the immediate annuity. A natural question arises: What is the remainder (the front half ) of the immediate annuity, the payments shown in Figure 3? It is a product under which the insurance company pays \$1 a year, continuing while the purchaser is alive up to a maximum of age 84, and the purchaser pays \$12.26 up front. In fact, this is a reverse whole life policy, with a couple of twists. To see why, look at Figure 4. Here, we see annual premiums paid by the purchaser of a whole life policy, along with the lump sum assured paid at death by the insurance company. Simply for illustration, I have shown death occurring at age 9. The relevant numbers are \$1 paid at death and a required annual premium of \$4.43. Compare Figure 4 with the front half. It differs in three ways. The first, and most obvious, difference is that the front half involves a lump sum paid by the purchaser and annual amounts paid by the insurance company exactly the reverse pattern relative to traditional insurance. That is why it is the equivalent of the purchaser underwriting a policy on his own life. A second difference is that in the front half, the annual payments do not go beyond age 84, whereas in Figure 4, they continue until death. This feature is called limited premiums. The purchaser could arrange for the amount of whole life premiums to be slightly increased so that if he survives to age 85, the premiums cease. That s a whole life with limited premiums. Actuaries do the calculation easily. They know that the present value of a lifetime s worth of \$1 a year is \$14.78, whereas the present value of \$1 a year to no longer than age 85 is \$12.26 (the lump sum Figure 2. Cash Flows with a Longevity Annuity Back Half (\$) \$ Figure 3. Cash Flows from the Front Half of an Immediate Annuity Front Half (\$) \$ March/April 216 Ahead of Print 3

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